By Brazil Stock Guide – Multiplan Empreendimentos Imobiliários S.A., one of Brazil’s largest shopping mall operators, reported a robust 13.3% year-on-year increase in net revenue for the third quarter of 2025, to R$617.5 million (approximately US$116 million), driven by the strong operational performance of its portfolio. However, consolidated net income fell 20.9% compared to the same period last year, to R$221.1 million, pressured by a significant increase in financial expenses.
Net Operating Income (NOI) reached R$498.0 million, with a record margin of 94.1% for a third quarter, reflecting efficiency gains and cost control. EBITDA rose 8.6% to R$435.6 million. Funds From Operation (FFO), however, fell 21.4% in the quarter to R$238.4 million, also impacted by higher interest costs.
Management highlighted operational efficiency as a key driver. “We achieved the highest NOI margin for a third quarter since our IPO, driven by the highest occupancy rate in the historical series, the lowest net delinquency, and below-average turnover,” the company’s Investor Relations team stated in the report, emphasizing its active asset management strategy.
The performance comes amid high financial costs in Brazil, with the Selic rate ending the period at 15.00% p.a. Multiplan managed to dilute administrative and property expenses but saw its net financial expenses more than double (+135.4%) in the quarter, partly due to a previous share buyback program. The physical retail sector, however, shows resilience, with tenant sales in Multiplan’s malls growing 6.9% in the period.
MULT3 shares have performed positively year-to-date, appreciating 13.4% by the end of September, with a closing price of R$29.08. The stock is a component of major B3 indices, such as the Ibovespa and IMOB.
Analysts are likely to monitor the trajectory of the company’s net debt, which rose to R$4.4 billion, and the execution of its expansion and mixed-use project pipeline, such as the new phases of Golden Lake, which are expected to continue generating future cash flow. The share buyback and dividend strategy, which totaled R$2.6 billion in returns to shareholders over the last 12 months, also remains on the market’s radar.