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EARENINGS RELEASE 3Q25 3Q25 EARNINGS RELEASE
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EARENINGS RELEASE 3Q25SALES PERFORMANCE Sales growth per region 3Q25 x 3Q24 4.6% MIDWEST 8.8% NORTH 4.9% NORTHEAST 3.1% SOUTH 5.5% SOUTHEAST Total Sales R$9.9 Billion 3Q25 +5.5% (YoY) RS PR SP MG RJ ES GO BA CE PA AM AL MS MT MA PE Sales/sqm +50% CAGR 7.0% NOI/sqm +66% CAGR 8.8% R$ 1.282 R$ 1.925 R$ - R$ 500,00 R$ 1.000, 00 R$ 1.500, 00 R$ 2.000, 00 R$ 2.500, 00 3Q19 3Q25 R$ 284 R$ 472 3Q19 3Q25
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EARENINGS RELEASE 3Q25COMMERCIAL HIGHLIGHTS 241 Signed Contracts 90 Contracts only in the month of September 96.5% Occupation Rate RECENT OPENINGS EARENINGS RELEASE 3Q25 96,4% 96,8% 96,8% 96,4% 96,5% 3Q24 4Q24 1Q25 2Q25 3Q25 Occupancy Rate H&M Shopping Parque Dom Pedro SEPHORA Mooca Plaza Shopping
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EARENINGS RELEASE 3Q25SNAPSHOT 3Q25 0,56 0,61 1T24 1T25 Indicators ex-linear rent adjustment. Ref. ∆% date: 3Q25 vs. 3Q24 Proforma NET REVENUE EBITDA ADJ. FFO NOI R$485.6 MM +6.6% R$304.9 MM +3.5% FFO PER SHARE +9,0% 3Q24 3Q25 R$663.0 MM +5.2% R$585.9 MM +7.8%630,3 663,0 3Q24 3Q25 (R$ million) 543,6 585,9 3Q24 3Q25 (R$ million) 455,5 485,6 3Q24 3Q25 (R$ million) 294,7 304,9 3Q24 3Q25 (R$ million)
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EARENINGS RELEASE 3Q25OPERATIONAL INDICATORS 5 Inadimplência Líquida¹ Occupation ¹ Net delinquency refers to the ratio of the total billed for the period (rent billed, excluding cancellations) to the total received within the same period. OCCUPANCY COST NET DELINQUENCY¹ -0,5% -1,2% 2,5% 1,9% 0,9% 3Q24 4Q24 1Q25 2Q25 3Q25 (%) 6,4% 6,4% 6,7% 6,3% 6,4% 4,0% 3,3% 4,4% 4,0% 4,1% 10,4% 9,7% 11,2% 10,2% 10,5% 3Q24 4Q24 1Q25 2Q25 3Q25 (% of Sales) Rent Common Area & Marketing Costs
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EARENINGS RELEASE 3Q25 THE STRENGTH OF THE PORTFOLIO: SOUTHEAST 21% Southeast TOP SALES/SQM | 3Q25 EARNINGS RELEASE 3Q25 SALES MARKET SHARE ¹ ¹Regarding Abrasce's portfolio in each region. Image 3: Plaza Shopping Niterói - RJ Image 1: Taste Lab NorteShopping Image 2: Retrofit Praça de Alimentação Shopping Leblon 2.788 2.898 2.920 3.096 5.273 Plaza Niterói Shopping Villa Lobos Manauara Shopping Shopping Tijuca Shopping Leblon
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EARENINGS RELEASE 3Q25MEDIA REVENUE EVOLUTION 00616F 0D454A 368C82 CD5151 6CC680 EDA754 CCC5BC E5DED4 (R$ MM) Media Revenue 45.7 57.1 +25.2% +130 bps 22,2 28,7 23,4 28,5 3Q24 3Q25 Media | Rent Media | Service 6,7% 8,0% 3Q24 3Q25 R$57 MM Revenues in 3Q25 25.2% Growth 3Q25 x 3Q24 +130 bps Growth as a percentage of gross revenue 8.0% Of the Company´s gross revenue in 3Q25 Media as % of gross revenue
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EARENINGS RELEASE 3Q25DEBT PROFILE 8 ¹ Considers debt at the end of the period, excluding asset purchase obligations ²Pre-fixed indices include TR; ³ Inflation indices include IPCA and IGP-DI LEVERAGE DEBT COMPOSITION¹ AVERAGE COST OF DEBT (CDI + Spread) 1,7x Net Debt / EBITDA 0,7% 0,8% 0,8% 0,8% 0,7% 3Q24 4Q24 1Q25 2Q25 3Q2598,2% 1,8% Floating rate Fixed rate²
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EARENINGS RELEASE 3Q25UNLOCKING SHAREHOLDER VALUE 99 531,0 501,7 495,2 459,7 2022 2023 2024 Set25 LTM SG&A Inflacionado -13,4% Reduction of Bureaucracy Flow Optimization Resizing structures System Efficiency SIMPLIFICATION GUIDELINE SG&A Inflation Adjusted | R$ MM Sep25 LTM SG&A Inflation - adjusted
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EARENINGS RELEASE 3Q25NEW GUIDANCES | CAPEX 10 822 419 589 2022 2023 2024 2025E 2026E PRE BUSINESS COMBINATION Total CAPEX ex-aquisições¹ | R$ mn CREATION OF ALLOS ¹ Historical values adjusted for accumulated inflation until 2026, considering inflation projected for 2025 (5%) and 2026 (4%). 2023 vs 2022 YoY 2025E vs 2024 YoYE -49% 2024 vs 2022 YoY-28% -15% 2026E vs 2025 YoYE -20% -51% 450 550 350 450
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EARENINGS RELEASE 3Q25 0,12 0,09 0,09 0,10 0,10 0,10 0,10 0,10 0,10 0,10 0,10 0,29 0,29 0,29 0,29 0,29 0,29 0,29 0,29 0,29 0,29 0,29 0,29 0,29 jan-25 fev-25 mar-25 abr-25 mai-25 jun-25 jul-25 ago-25 set-25 out-25 nov-25 dez-25 jan-26 fev-26 mar-26 abr-26 mai-26 jun-26 jul-26 ago-26 set-26 out-26 nov-26 dez-26 NEW GUIDANCE| DIVIDENDS 11¹ Considers dividends already approved for December 2025 and the first quarter of 2026, added to the central point of the expectation of dividends/IoE for the other months of 2026. *Approximately ² Considers the closing prices of 11/10/2025 +3x* Dividends/IoE per share¹| R$ High balance sheet liquidity Strong operating cash generation Extended amortization schedule Lower CAPEX R$1,9 billion in Dividend s until de c/2026¹ LEVERAGE EFFICIENT BALANCE SHEET AROUND 2.0x NET DEBT/EBITDA
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EARENINGS RELEASE 3Q25 THANK YOU I N V E S T O R R E L AT I O N S