-think about and build value. These results did not begin here. They are a consequence of an initial strategy started in 2023, when we decided to accelerate a new investment cycle all across our portfolio, combining expansions, revitalizations, tenant mix enhancement, and discipline at capital allocation. During this period, we operated in an environment of uncertainties, high interest rates, and a lot of volatility. Yet, we still implemented our long-term vision, delivering solid results and creating value for shareholders. We ended the quarter with sales growing, and we have a high occupancy across all our shopping centers. The seven expansions completed over the last three years are a central part of these results. We do not view these projects as just an increase of gross leasable area. We see them as opportunities to modernize assets, and MorumbiShopping, for example, is a great reference.
The expansion is enhancing the asset's appeal and contributing for the performance of the shopping mall as a whole. Other assets that have received recent investments also show a positive evolution, such as Parque Shopping Maceió. This year alone, we had four expansions. Besides MorumbiShopping, we have new areas in BH Shopping and BarraShopping. To conclude the cycle on November 18th, we will deliver the 10th expansion of ParkShopping at Brasília. All of this transformative project and the portfolio is followed by more and more efficiencies at the company. We are preparing Multiplan to use AI in a responsible way, practical, and guided towards results, both at the offices and enhancing our shopping centers for our clients. Along this direction, Multi, our app, expands our relationship and engagement with tenants and creates new points of contact with them.
The growth of the app shows that we are advancing down this path. Over the last 12 months, over 82 million engagements with the platform. Just in 2026 alone, over one million benefits redeemed through the relationship program. There's still much to be done. We continue to be confident in the future, supported by the quality of our assets, the dedication of our team, and the solidity of Multiplan. Regardless of the challenges, we will always be there. We will remain focused on what is within our control. Well execution, investing with discipline, and generating value at the long term. I would like to thank our employees for the excellent work, our investors, analysts, and journalists for the ongoing dialogue. Thank you very much.
We're going to start the Q&A session for investors and analysts. Should you have any questions, please click in the Q&A button, write down your name. Your questions will be answered as we will receive them. [Non-English content]
Oh.
[Non-English content] Fanny Oreng, Santander.
Next question. From Santander. Let's open your audio. Continue.
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Hello. Good morning, everyone. Clarissa. Eduardo. I have a question, and it goes along the lines of the initial considerations that you've done, Eduardo. I think they added a lot of value to the portfolio, and there is another four potential expansions to come. I wanted to understand how you would see the possibility of keeping these expansions, given that the scenario changed a little bit.
The initial scenario that the company is different from the initial scenario that the company expected, so I wanted to understand capital allocation and what do you think about maybe distributing more capital to the shareholders once we are in the process of deleveraging. You closed the quarter with 1.7x debt-to-EBITDA, so the cash generation will continue to be strong. We expect that for the next quarter. I want to understand how is your mind in growth and capital distribution for the shareholders. Thank you.
Thank you for the question. Very pertinent. Let me start by the end. Capital allocation and distribution of dividends. I don't see any problem in distributing more than what we already do. Nonetheless, for the dividend distribution and the development of projects, I need to understand in which world we're going to live from now on. We just had an event. We are at the beginning of the government, fourth government of President Lula. We don't know who is the economical team. We don't know anything, so we need to know what is the level and the economic conditions that we're going to have for one thing or the other, distributing more dividends or getting back these four projects or the other one close. So, it depends on the rhythm of the music.
Thank you very much.
Our next question is Ygor Altero, XP. Let's open your audio. Ygor, continue.
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Hi, everyone.
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Thank you for taking my question. Along those lines of the higher interest rates and less appetite for investments, makes sense to reduce the CapEx. What would be more discretionary, on your opinion, on what you can do to adjust this CapEx lower and getting some color on your idea on the alíquotas that were published on CBS and IBS taxes? Was that aligned with what you expected, and do you think that the tenants have a capacity to absorb it?
Hi, Ygor. Thank you for the questions. Let me start by the IBS/CBS taxes. No, it's not aligned. I didn't think that it would be so high. I think nobody thought, Hans, Armando, we were working with the 28 base, maybe 30, but nobody knows where that's going. Another uncertainty of the current moment. You asked me of, what's our mind to develop and allocate in developing projects? We are always going to prioritize the philosophy of the company, which is the shopping mall experience.
As long as that's executable. I'm not going to try and build or do a project that I want to do. A shopping mall is formed of tenants, so I need to develop, I need to have an economic climate that is positive, where the tenants also want to grow. I cannot do this by myself. So, it might happen that we're not going to have this moment of doing more projects. Yes. It might be that we're going to have to operate the ones that we've done, and I'm very at ease to do this. The presentation shows the last three years, we're going to develop Brasília in November.
We're going to have 50,000 sq m of GLA, of expansion. So I'm sure of everything that we wanted to do and improve in the experience of the malls has been done. If this company has to be five years without getting a nail on the wall, zero problem. Shopping malls are revamped, but we had a potential for expansion, we did. What's going to be now in the future? I'm not a magician. We're going to have to wait and understand what are we living in the future. I could be irresponsible and give you scenarios. I have no idea. Government will change or will continue as it was, but we need to see where this boat is headed.
My comment is, the first question of Fanny. First of all, you have a CapEx that is reduced because we didn't launch a project at this moment, the four expansions that we indicated in the last quarter. Naturally, even if it's good commercialized, you're going to have a reduction of the CapEx completed by this calendar. Then we prepared for a moment of uncertainty. That same doubt that we have looking forward, it's the same one as a year before. At the beginning of this year, I said a few times, there's going to be a moment of election that things can change. We're going to prepare for this moment, and let's be ready. What did we do? We finished the capital commitment, and we have Golden Lake , which is self-financed. We don't have a capital commitment, which another point, Eduardo, even liability management is very little.
We prepared to have this freedom that Eduardo did to do this, and it might be a scenario of stress, and we might have another investment. But I think that be ready is always important. It's not that I need to do something to continue alive. No. I've lived this situation, and I never going to live again. My sense of responsibility where I am obliges me to be very cautious. More so, to complement what you said on the modernization that we've done on the malls, another data that is published, and we don't pay attention at the long term. Between 2023, 2026, the period that Eduardo commented that we announced this revamping cycle, we changed 206,000 sq m of stores, on the turnover of stores, plus the expansion. 9,000 stores changed in this period, besides the expansions. We've done 4,500 events. And this doesn't change.
This work will continue. We'll continue to improve. Me and Eduardo, we always say, there is no limit to do the best. The important thing is to know, whatever you find of the shopping mall experience will reflect in a result of the company. This is a maxim. You can take it. It's a truth. It works. It cannot be a company that delivers a service that is bad and it has wonderful results. That doesn't last. It's not the DNA of Multiplan. Clear?
Thank you.
Thank you, Eduardo. Our next question is Gustavo Cambauva, BTG. Gustavo, the floor is yours.
Hi, good morning. Two questions. First is if you can tell us on the side of cost, with these changes, the tax next year and the five by two, did you have any discussion? Well, thinking about the suppliers and service providers, do you have an increase of cost for next year? And the second question is in regards to understanding the dynamic of the end of the year, the Christmas, how is the company preparing for Well, sales are doing strong even though we're having retail that is more difficult, but your portfolio is doing very well. So I wanted to understand if you think, if we need to do another campaign investment for marketing, how do you see the tenants being prepared for Are you more excited? So we wanted to understand how is this expectation for the fourth quarter. Thank you.
Well, Gustavo, talking about the operational part and doing the additional investments, we are very invested as every year. Christmas, you start your program in January. So now when you're here, there's nothing else to do. You start to open the Christmas decorations now, on the first in Rio de Janeiro and other places, you're going to have the launch of several campaigns and the decorations with its attractions for each mall. I don't see the need. We're always deeply invested in this. I don't know.
It seems that today in Rio, it will be the only Christmas tree in the city. I hope that it's not. I want to have others. But it's a very important event, which is BarraShopping, the launch of the Christmas tree, so we are very careful with that since the beginning of the year. That is very scheduled. Every event and special dates, especially Christmas, that we know that has a fundamental importance for the survival of the tenant, is scheduled with in advance. So it's very much worked and invested.
It's going to be very strong this Christmas. My expectation, taking into consideration what happened in the election, is that we're going to have a very strong end of the year. How the next year is going to handle, I don't know. The end of the year is going to be strong because of everything that we are investing and that inertia of the consumption. The launch gives this additional push for the shopping malls that we've just opened, the expansions. You have a big part on BarraShopping, another one on the 18th in Brasília. That will give a push for the shopping mall. New brands. The first part of the question, if I understand correctly, you are mentioning the effects of the changes, six by one, five by two, in condominium cost. If it's that, let me tell you the following.
My biggest concern with the increase of the condominium cost is with the tax reform. Obviously, these scale changes have their cost, inherent cost, but we can handle them very well. But we need to see the effect of the tax reform, what can be used as credits or not, and the channels. I wanted to bring you, we saw in the report on page 22, 23, and 26, we saw the expenses of property expenses adjusted by inflation over the last five years. The property expenses, specifically in condominium, it dropped in real terms 41.7%. And the expenses of the company in the same period, in real terms, it just grew 2.7%. We're talking about the first period of the pre-pandemic. See how much efficiency we saw, which helps us to absorb these things that appear naturally. There's always going to be something.
The increase was the increase of the cost of energy. There's always something, and this is what we want to create. We want to be sustainable. To summarize, occupancy cost, which was 40% in the third quarter of 2022, is 13% now, because the sales are growing faster. Specifically, the cost of rent and condominium cost. This is what we want to create, a healthier environment in the shopping mall for our tenants. The delinquency is negative in nine of three quarters. It's very high, even with this amount of stores that we have with the opening and the expansion. Thank you, Gustavo, and I hope that I answered.
Well, thank you very much.
Next question is Pedro Peroni, Bank of America.
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Good morning, Eduardo, Armando.
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Thank you for the space.
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Two questions. First, PIS and COFINS tax. So the results of the last quarter. In the last quarter, you show a solution of the 144, where we question the credits of PIS/COFINS on the allocation, and while that are permanently for allocation. So, I wanted to get the context of how is your discussion on this recognition of the credits? Does that change the credit? And while that is not decided, how can you think that first is PIS/COFINS, and the second one is expansion? We saw MorumbiShopping of almost 19%. If we include the effects, this is the level that is normal for the expansions for BarraShopping in this fourth quarter and the next quarters, just to get a bit of a notion for the pipeline expansion. Thank you.
Pedro, just to correct here. Well, this is Multiplan team, not Iguatemi. Sorry.
Well, first of all, in regards to the appointment, we had a second consultation, which doesn't affect the accounting that was done by the company in the second quarter of this year. So, in regards to the expansions, each expansion, if the question is correct, you are mentioning about the return of the expansion comparing with Morumbi. So every expansion is going to have their own specificity. Every expansion, we're going to need other investments, infrastructure. So you get Barigüi, we build the machinery. So each of them are going to have a dynamic, and they're going to help us reflect with this expansion, and especially, how long can you grow?
So what type of operation do you want? If it's something that pays more, something that pays less, now that doesn't change the direction. You know that we like to use this as the best reference. Well, there is always a discussion of the inputs. We can use one, we can use the other, but we need to leave the capacity of this company to allocate. Well, every real that we get here has to be very well reflected. So, even though I can say that you're not going to have the same returns of Morumbi, well, we have the best capital allocation well thought out for our shareholders.
Well, thank you. Sorry for the confusion.
Next question. André Mazini, Citibank. Please continue.
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Good morning, everyone. Thank you for the opportunity. To the first about same-store sales, we had an interesting number, 3%. The clothing apparel a bit worse than the rest, being affected by Zara of BarraShopping, but even the satellite Apparel is not so strong. At the same time, in the margin, in clothing apparel, it increased as a proportion of GLA. How do you think about the services, the articles that are doing better in the margin? Of course, that's going to be for the long term. For the short term, it shouldn't dictate the mix, but thinking structurally, how do you see in clothing apparel that? The second, on the Golden Lake, we saw that Itaú, Bradesco increased the real estate interest rate.
What do you think about [inaudible] and the other phases that are going to be delivered before [inaudible] with a higher cost? Does it change your mindset to launch more space, and can you finance the buyers? Since you have a balance, it's deleveraged, as it was commented. Is that a possibility that you consider?
André, let me start by Golden Lake. The good news of Golden Lake is that we don't have any more investments in common areas to be done. The investments in common areas that was supposed to be done in 10 years is done. From now on, we're going to select what we're going to launch, when we're going to launch. We have two expansions, or three. You have Lake Victoria, small stock. You have Lake Eyre, which is being built with a smaller stock, so it doesn't worry us.
It's 80-some percent sold. You have [inaudible], which is at the beginning of the launch. What can happen? [inaudible] is not moving forward. It didn't sell enough. We're going to do the project, but the important thing is I'm not going to invest and continue to build without the enterprise being sold. How we're going to develop it is going to depend on the scenario that we're going to face in the future. To finance the company, we do it for a long time. Finance the buyer, the company. This is a path that we're exploring. The part of the mix of shopping malls, we chose. The consumer chooses who stays in the mall. To get more or less an activity, again, it will depend on how the retail will look at the future.
We see a big trend for food and experiences, but whenever we have a good brand, we want to bring it close, because from these good brands, whether if it's cosmetics, whatever. Our mind is more connected to good operators than for a specific sector that we want to cover or not. There is a technical question. We have the same-store sales, so the stores that exist for another year. Today we cannot say that apparel decreased 1.6 just because there was new areas that got in with the clothing apparel that are doing well. There are some stores that. We cannot generalize. More important, for years, the increase of GLA has been in the food courts, and this quarter has been. The same store has dropped. We cannot just get a conclusion from this indicator.
Thank you.
Our next question is Tainan Costa, UBS. Continue.
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Thank you, Armando, Hans, Clarissa. I wanted to hear from what you can open on the sales of October. You had the third quarter on August, September. If you can show what is the trend for October, should we wait for something more close by for the third quarter, or is it going to be close to September? Do you see any changes in trends in regards to the mix of same-store sales per category? The second point is the working scales, six by one. There was a little bit of how your team operates. Should we wait for a change? How is the discussion on the work of the shopping mall? Should that be impacted by the six by one scale?
The scale, we've done that math. We've done it with the possibility of the existence of this condition. The shopping mall absorbs well without increases of costs for the tenant and in the operation. I always defended, and I thought that we should have more flexibility of scale, but the current rule is being worked out, but the cost. The expectation for October. We see 5% of growth of sales. You're comparing with a base, with a lower effect with the increase of sales that is generated wave, and the shopping malls continue to sell well.
I believe that this trend will continue until the end of the year. The same point of the stores opening, and besides the events that we commented for Christmas. More than choosing where we want to work, we choose the good operator, where this guy is going to stay in the shopping mall. They're going to do a great work, because if it's not sales, it's services.
You need to understand the head of the consumer to create the tenant with. We are building the shopping mall with the tenant. This is a pillar of our strategy, which is Multi. It is more tenants asking to understand who goes to the mall, who goes to their store, what do they want. This is a way of success, helping the tenant to do well.
Thank you. Have a nice weekend.
Our next question is Juliana Veiga, Itaú. The floor is yours.
Thank you for the opportunity. I wanted to ask on the line of cost of property. We saw an effect of a PDD increasing, and excluding the PDD, even the cost of property have dropped year-on-year. I wanted you to detail on those lines if there was an impact, the one-off that we shouldn't expect for the future, and what do you see on the PDD, and if there is any impact on this quarter?
Juliana, thank you for your question. The PDD or not, we are just going to understand. Last year, it was less than 1.9 and was less than one, and it increased, and it continues negative. As we said in the presentation, nine in three quarters, we had a prediction that is negative, a delinquency that is negative. We also had comparable with requests that are difficult to follow, because last year, we could recover a lot of expenses that had the property expenses below. Everything considered, the margin is above 91% of margin NOI, which is exceptional. It shows that even though there is a higher growth of expenses of properties, the margin is very high due to these comparables. This is the best opinion. Did I answer?
Thank you.
Next question is Marcelo Motta, JP Morgan. The floor is yours.
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Two questions. First, a follow-up on the lines of delinquency. With the macro scenario that is challenging retail deteriorating, are we going to have a negative over the next quarters, specifically in 2027? When you look at this, maybe you have a backlog to be recovered by your legal team or your commercial team, or you are going to say, no, in fact, there should still be a lot of recovery over the next 6- 12 months. I just want to understand this point. The second question is the selling of land properties. You had the sales of Campo Grande, Canoas, Jacarepaguá. Just wanted to understand if this conclusion should happen this year, maybe by the change in the macro scenario, this is something that can be for the future.
Selling the land, I think that, yes, is more of an issue of the approved projects. There might be delays. It happened in the first quarter of next year. The important thing to guarantee the development of the shopping mall, that it brings recurrence, foot traffic, and we are going to continue with this outlook. There are other opportunities that we are studying, São Caetano, Anália Franco. There are other possibilities of the shopping mall developing and bringing the company forward. You have the challenging scenario of retail. I cannot say that it is going to be challenge or not, but we are going to have to see the future.
I can guarantee that the company will continue with the same will to and seeking for efficiency that you had. Not every quarter you can have a delinquency that is negative. The search for that is incessant. The team is working with this, looking for the recovery of credits. I cannot say that this will happen or not. A point, Eduardo.
The lands that you commented, they still haven't impacted the accounting. They're being negotiated on the conditions, et cetera. Second point, it's interesting that issue of retail when you ask the question, we look ahead. It's very difficult to look at the future.
Let's get the third quarter. The third quarter, we saw the data of the Brazilian Association of Shopping Malls, that July, it dropped 2.5%. Ours came up 4.3%. In August, it is less than 1.4% in shopping malls. Ours was +4%. In September, ours is +8.1%. It's important to see what we are doing to gain the market share and understand. We've discussed this many times with the events at Multi in the expansions and revitalizations. The last point is we don't think that negative delinquency is normal. But as Eduardo said, we're going to continue to work strongly. Let's just say that we can work with this. It would be wonderful, but I cannot guarantee anything. I can guarantee that we are going to try and keep the levels of today.
Next question. Jorel Guilloty, Goldman Sachs.
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Thank you for accepting the question. One is occupancy cost and the other one is parking. Occupancy cost, you've discussed in your report that the cost of occupancy is dropping. Now is less. In your opinion, that opens the space for more expressive rents, even with a scenario that can be more challenging. The second question is parking. I wanted to understand if you can comment on how do you see the changes in the alíquotas of the tax reform. I wanted to know how that can impact the revenue and the NOI of this. Thank you.
Let me answer the two questions all in one. Everything is connected to the amount of people that you can attract to the shopping mall. There is an impact, differentiated alíquotas for parking lot charges. There is margin for us to grow the rent. But it depends on the amount of people that we can get into the mall and that the tenants can transform. So, up until now, we are growing and we're bringing the sales records of foot traffic, and I want you to understand that that will continue to happen.
So there is no We shouldn't have an increase of rent in the future because the index that corrects our rent has been Well, I'm optimistic, and we are here at a new cycle, and next year is going to be a different year. So, we don't have the economic team of the government still, so we don't know what is going to be the mindset of the government.
Our next question is João Caldas, Genial. You can open your microphone.
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Can you hear me now?
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Good morning, everyone. Thank you for taking my question. I wanted to understand on your appetite for the expansion of the tenant. We saw volatility, and I wanted to understand if there is today more appetite, thinking and comparing with last year, even if the election we saw more expansion from the tenants. It is unfair to ask, but was there a change over last week? I wanted to know if we can connect in regards to the adherence in the pipeline of the expansions. Thank you.
João, nothing changed. We are doing committees of commercialization. We still have interest for opening stores, but remember, the committee depends on the proposals that arrive. If these proposals are going to become contracts, they are going to depend on the future. I cannot answer completely because it was good up until now, but now we are going to have to face the future.
But there was not any change between the first and the second part of the election. It has been very good. The next committee is the committee that will take place in one or two weeks, which is close to the end of the year. There is a seasonal decrease of proposals because of the moment. The tenant does not want to open, and they do not want to talk about stores because they are close to Christmas. So, it is difficult to measure clearly that effect of the election. I cannot tell you now, but maybe up ahead it is going to be better known.
Next question, Rafael Rehder, Safra. Rafael, continue.
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I have just one quick point where Eduardo is talking about increasing the capital distribution for the shareholders. I just wanted to understand, in your opinion, how is this dynamic between the more payment of the interest on capital, more tax efficiency, or increasing the repurchasing? It should be very attractive given the price, or do you have a preference in this scenario?
If you look financially, the interest on capital has a big incentive for you to Well, you have the tax base. Of course, there is a limit. There is retroactive that you can use, but there is a limit that we can eventually, if there is nothing to do with the money, you can return more than that via other instruments. The repurchase is very interesting. Now, it depends on the market. The priority would be to return until a certain amount with the interest on capital, and then we can see the convenience. Dividends, it can be anything. We have to evaluate the market to see.
Our next question is Herman Lee, Bradesco.
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There are two points on the expansion. We have the expansion of MorumbiShopping. There is a growth of sales. I wanted to understand your expectation for ParkShopping. How is the demand for the tenants for the allocation? What is your return on these projects? The second point, what is the exposure of Multiplan, and what is the impact?
Thank you for your question. The expectation is enormous by the expansion. First, Barigüi, we have a unique brand that was in a mall that is doubling the size of the store. We are doing one of their bigger stores, so the expectation is very high. It impacted the same store. In Brasília, it is transformational. It is an expansion, as we have seen in ParkShoppingBarigüi in 2024. This year, in March 2026, MorumbiShopping.
We are going to connect two very relevant points of the shopping mall. The shopping being modernized and revamped several changes of the mix in the original mall, and this expansion will bring new operations complementary to the mall. We have a big, good expectation on these expansions and others that might come in our portfolio in the future. Casas Bahia. We have a board, and I do not remember the number, but if you take the 25 biggest groups and how much they represent on the rent revenue, that is not the 100% of the revenue of Multiplan.
The 25 biggest groups, if we take any brand, it is just one group. All the brands are there represented in one. They represent these 25 higher. They represent 23%, if I am not wrong, of our revenue of rent. The number is right. The number of stores is very low, so every single time that there is a big movement of tenants, people ask, and you do not see that reflected in the next quarters, either in sales or rent. We continue to grow because of that.
Thank you for the question. Next question. Mario Simplicio, Morgan Stanley.
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Good morning. My question is, what do you think about the organic levers of growth for the company since we can have a scenario that the interest on capital might be reduced? About the tax reform, I wanted to understand how is the appetite for international companies to be more interested in getting interpreted with the tax simplification. Thank you.
Mario, ask the first part of the question first because it was not clear to me. I wanted to understand on how do you see the organic levers of growth for the company, the possibility for it to continue to grow with parking lot services, what are the rent, because the contribution of inflation has been low, so more of a perspective of growth without disbursing capital. We are excited. We expect to see the growth of the NOI, and then you have a growth of the revenue and services, and then we see a big activity and an exchange of stores that generates a revenue of services.
We have seen a concentration of the big points, which is what we deliver to our tenants, and that increases the occupancy rate with the NOI, and it increases all those revenue for services. We have, I do not expect. We always evaluate all the scenarios, but the organic growth we see, when you see parking lot, you see an increase of visits to the shopping mall. You have 2.5% of the growth in a universe that has 60 million cars, 2.5%, it is very big. What we are always looking is the best experience of the consumer.
It reminds us that the localization of our shopping mall. We are optimistic in regards to this, in a sense. Second question. The rent, which is the main revenue, we see the long period, and it's negative or very low. The effect of IGP-DI is 1.2%. If I'm not wrong, it's 3.8% accumulated. So you start to see a movement that helps with this growth in the allocation revenue. I don't know if the tax reform has already caused an effect of the simplification being enough to attracting international brands. Look at the productivity in Brazil.
The good assets are coming here because when you look at the world, you see it's not obvious where you go. Here, it was a low penetration of international brands, whether if it's new names or being concentrated. How many brands are in São Paulo? How many are in Brasília, Belo Horizonte, Curitiba, big centers, Porto Alegre? There is an expansion, natural expansion, regardless of all that volatility that we see in Brazil, the world is volatile. The tax reform, you have. Maybe in the future, there is going to be the simplification that will stimulate more.
Thank you.
Thank you for all the questions and your interest. Now we're going to close the Q&A session. We invite the participants that still have questions, you can talk to the IR department. Eduardo Peres to close the event. Mr. Eduardo, you can continue.
I wanted to thank the partners, the analysts, my entire team that has worked intensely to make this company prepared for any environment. That is the key. There will be opportunities for growth. There will be opportunities for distributing dividends. There will be opportunities of doing M&As. We still do not know. It's the beginning of a new cycle, but we are always prepared for any situation. I would like to thank all of you that followed us. Thank you very much.
Thank you. The earnings call of the results of the third quarter of 2026 of Multiplan is closed. Have a nice day.