By Brazil Stock Guide – Multiplan Empreendimentos Imobiliários SA (MULT3) posted another year of solid financial performance in 2025, with net income surpassing R$1 billion for the third consecutive year and EBITDA exceeding R$2 billion for the first time.
The company, one of Brazil’s largest shopping mall operators, said the results reflected a combination of stronger revenues, tighter cost controls and continued investment in its portfolio, even as financial expenses increased due to its share repurchase program.
Retail momentum drives sales and strengthens portfolio performance
Tenant sales across Multiplan’s malls rose 8% year-on-year to R$25.9 billion in 2025. During the fourth quarter, sales reached R$8.0 billion, up 5.3% from the same period in 2024.
DiamondMall posted the strongest annual growth, with sales rising 22.6%, followed by ParkShoppingBarigüi, up 19.2%, and New York City Center, which grew 14.8%. Multiplan said the performance was supported by expansion and revitalization projects completed over the last two years.
The company also outperformed the broader Brazilian shopping center sector during the Christmas week period, reporting a 7.1% increase in tenant sales between Dec. 19 and Dec. 25. Over the same period, industry sales grew 0.3%, according to Abrasce data cited by Multiplan.
Occupancy climbs to highest level since 2019
Multiplan reported an average occupancy rate of 96.3% in 2025, its highest annual level since 2019. The company said the result came despite the delivery of 5,500 square meters of new gross leasable area in November.
The company also highlighted a lower turnover rate, with store replacements accounting for 4.6% of total gross leasable area in 2025, one of the lowest levels recorded since 2020.
Revenue reaches record high as services and parking expand
Gross revenue climbed 8% to R$2.96 billion in 2025, supported by growth across several business lines.
Rental revenue increased 7.5% to R$1.86 billion, boosted by inflation-linked adjustments, contributions from newly delivered expansions and higher complementary rent tied to tenant sales. Multiplan also pointed to a 21.6% increase in mall and media revenue, supported by a strong Christmas campaign.
Services revenue jumped 22.4% to R$183.3 million, reflecting higher NOI and increased service fees. Parking revenue rose 9.1% to R$346.4 million, driven mainly by tariff adjustments implemented during the year.
Sharp cost reductions lift profitability
Multiplan reported a sharp drop in property expenses, which fell 32.2% to R$111.5 million, reaching the lowest annual level since 2015. The company said the decline was supported by lower delinquencies, the recovery of prior-period expenses and higher occupancy.
Net delinquency reached -0.4% for the year, the lowest level on record, with Multiplan reporting negative delinquency in both the third and fourth quarters.
The improvements helped push NOI margin to a record 94.9% in 2025, while fourth-quarter NOI margin climbed to 96.1%.
NOI and EBITDA hit record highs
Net operating income rose 12% to R$2.08 billion, the highest level since the company’s IPO, while NOI margin reached 94.9%.
EBITDA increased 8.4% to R$2.00 billion, with the EBITDA margin improving to 73.1%. The company attributed the growth to operating efficiency and broad-based cost reductions, including lower property expenses, reduced leasing project costs and a decline in share-based compensation expenses.
Net income declines amid higher financial expenses
Despite the record operating performance, Multiplan reported net income of R$1.14 billion in 2025, down 14.9% from 2024. The company said the decline was primarily driven by an 89.9% increase in financial expenses.
Multiplan linked the rise in expenses to costs associated with its R$2.0 billion share repurchase program. Fourth-quarter net income totaled R$421.6 million, down 17.7% year-on-year.
Capital allocation includes acquisitions and shareholder remuneration
Multiplan said it allocated roughly R$1.4 billion in 2025 and R$7.8 billion over the last five years, balancing investments in its malls with shareholder returns.
The company highlighted the acquisition of a minority stake in BarraShopping at a 9.2% cap rate, describing the mall as one of the most dominant in Brazil. It also reported selective share repurchases during the year.
Multiplan announced R$500 million in interest on equity (JCP) for 2025, corresponding to a payout ratio of 46.1%.
Multi app strengthens digital strategy
Multiplan continued to expand its digital ecosystem through the Multi app, which generated more than 62 million digital interactions in 2025 and surpassed 1.5 million downloads during the year.
In December, the platform reached 1.5 million unique users and ranked 8th in Apple’s App Store shopping category. The company said digital engagement also helped strengthen the connection between consumers and retailers across its malls, supporting long-term customer loyalty and marketing efficiency.
The company also reported that its loyalty program captured 20% of total tenant sales in 2025 through receipts uploaded to the Multi platform, generating nearly R$5 billion in tracked transaction volume, up 27% from the previous year.