Earnings release
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EARNINGS RELEASE 3Q25 EARNINGS RELEASE 3Q25
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EARNINGS RELEASE 3Q25 2 IR CONTACTS Daniella Guanabara CFO and IRO André Coutinho IR Director Diego Canuto IR Manager Phone: +55 (21) 2583-9800 E-mail: ri@allos.com.br ri.allos.com.br/en RESULTS CONFERENCE CALL ENGLISH With simultaneous translation into Portuguese November 13th, 2025 – Thursday 02:00 p.m. (BRT) | 12:00 p.m. (US ET) Webcast - Click here For analysts who wish to participate in the Q&A session– Click here
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EARNINGS RELEASE 3Q25 3Q25 HIGHLIGHTS SSR +6.5% AND FFO PER SHARE +9% 3Q25 The managerial financial information contained in this document, as well as other non-accounting information of the Company presented in this Results Report, were not reviewed by the independent auditors. For analysis of the reconciliation between such managerial financial information and the Company's consolidated financial statements, and other relevant information, see charts and tables in the “Appendices” section. The historical management information presented in this document refers to the sum of information from the former Aliansce Sonae Shopping Centers S.A. and Br Malls Participações S.A. as if the companies were already combined at the time. The comparisons shown throughout the document consider current ownerships applied to the historical basis . Rio de Janeiro, November 12th, 2025 – A ALLOS S.A. (B3: ALOS3), the most complete experience, entertainment, services, lifestyle, and shopping platform in Latin America, announces its results for the third quarter of 2025 (3Q25). At the end of 3Q25, the Company held ownership of 45 malls, totaling 1,908 thousand sqm of Total GLA and 1,242 thousand sqm of Owned GLA. The Company also provided planning, management and leasing services to 10 third-party malls with a total GLA of 227 thousand sqm. SALES GROW 5.5% Sales at ALLOS' malls continue to outperform national retail. In 3Q25, sales were 5.5% higher than in 3Q24, reinforcing the strength of the Company's portfolio. SSR INCREASE 6.5% The strong sales performance accumulated in recent years enables lease renewals to be negotiated with leasing spreads above inflation. As a result, ALLOS recorded, in 3Q25, same-store rents (SSR) 6.5% higher than the indicator reported in 3Q24. 3 MALL COSTS DECREASE In 3Q25, mall operating costs decreased by 8.1% compared to 3Q24, primarily due to lower expenses associated with vacant stores. This contributed to an 80 basis point increase in NOI margin, which closed the quarter at 93.4% MEDIA GROWS 25.2% The third quarter of 2025 marked the launch of Helloo's operation in airports. This expansion, combined with the media performance in shopping malls, contributed to the 25.2% increase in media revenues in 3Q25 compared to 3Q24. REDUCTION OF SG&A Driven by an organizational efficiency program, in 3Q25 SG&A remained stable despite inflation, which, combined with the drop in costs, contributed to the 97bps increase in the EBITDA margin. This program was started in May this year and should start to show more relevant effects as of 1Q26. FFO PER SHARE GROWS 9,0% In 3Q25, FFO totaled R$304.9 million, representing a 3.5% increase from 3Q24, despite the elevated interest rate environment. FFO per share (FFOPS) rose 9%, driven by the operational performance and the execution of ALLOS’s share buyback program. R$1.9 BILLION IN DIVIDENDS UNTIL DECEMBER 2026 ALLOS’ Board of Directors has approved dividends of R$146 million to be paid in December 2025. Additionally, it approved dividend guidance between R$0.28 and R$0.30 per share per month for 2026. Combined, dividends may reach up to R$1.9 billion between December 2025 and December 2026. CAPEX GUIDANCE 2026 Due to the current macroeconomic scenario, the Company expects a cycle of lower investments for next year. As a result, the CAPEX guidance for the year 2026 will be between R$350 and R$450 million, a reduction of R$100 million over the range projected for 2025. HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 4 This factor ended up influencing the SSS indicator, which grew 2.9% in 3Q25, compared to a strong SSS base of 6.2% in 3Q24. Our sales performance far exceeds the growth of national retail, reinforcing the leadership of our assets and maintaining them as the main malls and experience destinations in their regions. This position also strengthens the attractiveness for tenants, who continue to consistently demand space. In the quarter, we signed 241 new contracts, ending the period with an occupancy rate of 96.5%. Among the openings, two Farm stores (Shopping Villagio Caxias do Sul and Catuaí Shopping Maringá), a Coco Bambu at Independência Shopping, and two Sephora stores, one at Mooca Plaza Shopping and another at Shopping Campo Grande, stand out. It is worth mentioning that in October, we inaugurated the first H&M store in our portfolio at Parque Dom Pedro in Campinas, the only one in the country with a home segment, and signed another store at NorteShopping in Rio de Janeiro, which is scheduled to open in 2026. The solid sales performance continues to drive real gains in rental revenues: in 3Q25, we achieved a 6.0% increase in rental income, with SSR up 6.5%. The media segment, which began operations in airports at the end of July, maintained a strong pace, growing 25.2% compared to 3Q24. Parking revenues also stood out, with an increase of 10.2% in the period. By combining revenue growth with cost and expense reductions, we enhanced NOI and EBITDA results, with significant margin gains. Our costs decreased by 8.1%, and SG&A expenses remained stable despite inflation. NOI reached R$586 million (+7.8%), and EBITDA margin closed at 73.2%, a gain of 97 bps compared to the previous year. FFO totaled R$304.9 million (+3.5% vs. 3Q24), even in a high-interest-rate environment, and FFO per share grew 9.0%, driven by share buyback programs. Given our strong balance liquidity, robust operational cash generation, extended financing amortization schedule, and lower CAPEX projection, we have the opportunity to make our capital structure increasingly efficient. Therefore, we are adopting a strategy to re-leverage our balance sheet to around 2x net debt/EBITDA, returning cash to our shareholders. Accordingly, the Board of Directors approved the payment of R$146 million in dividends for December 2025, and for 2026, a guidance of between R$0.28 and R$0.30 per share per month was approved, which is nearly three times higher than the monthly payments throughout 2025. The forecast for dividends to be paid between December 2025 and December 2026 may reach a total of R$1.9 billion. Additionally, the Company set its CAPEX projection for 2026 between R$350 and R$450 million, a reduction of R$100 million compared to the 2025 estimate. This projection reflects the Company's decision to focus on smaller, faster-to-implement projects with higher returns, given the uncertain macroeconomic and political scenario for 2026. We wish everyone a good read, and the Investor Relations team is available for any questions ALLOS Team MESSAGE FROM MANAGEMENT In this third quarter, ALLOS consolidated an important pillar of its integration with the completion of the ERP unification process and the overcoming of the stabilization phase. Today, we have a very robust, integrated back-office and systems structure, operating smoothly. Another key pillar is operational integration, implemented seamlessly. This integration encompassed several aspects: (i) revenue; (ii) tenant relations; (iii) sales performance; and (iv) execution of expansion and redevelopment projects. The result is clear: the Company has achieved consistent growth in every quarter since its creation. Operational excellence stands out, and the consolidation of ALLOS’ culture shows that we are on the right path. The third point is our portfolio adjustment. We made several divestments and invested in our main malls so they can continue to grow consistently. This strengthened our results, as reflected in the gains in sales per square meter and NOI per square meter, with increases of 50.1% (CAGR of 7.0%) and 66.0% (CAGR of 8.8%) in 3Q25 compared to 3Q19, respectively. Finally, the fourth pillar is our balance sheet. An exceptional job was done reprofiling and extending our financing. When we created the Company in January 2023, our cost was CDI + 2.5%. Today, we have a much lower cost, at CDI + 0.7%, with the latest funding below CDI. This allows us, as soon as interest rates fall, to capture the full effect of the rate drop, since our spread is very low compared to the best companies in the market. As proof of this, we maintained our AAA ratings, giving us a unique balance sheet position. Now, we look inward and see important opportunities, which we have already started to tackle. One is to gain more operational efficiency, now that we have correctly integrated the Company, which accomplished something very difficult in a post-merger moment: delivering growing results every quarter, without setbacks. The opportunities lie in optimizing processes, reducing bureaucratic flows, and seeking greater efficiency, with a short, medium, and long-term program that we have already begun to implement. In the short term, we have already executed important measures. In recent quarters, we implemented a reduction in organizational structure and a review of mandates, with process changes that will generate results, especially from the first quarter of 2026 on. This is a gradual process, carried out carefully, respecting ALLOS’s culture and continuing to deliver excellent execution, which is our main objective. Another possibility that this successful integration gives us is to seek a more efficient capital structure, re-leveraging the Company’s balance sheet. Today, we have a lot of liquidity, operating with a much higher cash level than in the past, for two important reasons: (i) high conversion of results into cash and (ii) reduction of our indebtedness and cost of debt. Therefore, we are comfortable gradually and carefully re-leveraging the Company’s balance sheet, given our current capital structure. Now, speaking about our operational results, in 3Q25, ALLOS malls recorded sales of R$9.9 billion, a growth of 5.5% compared to 3Q24, even with the impact of movie theatres, which did not have audiences as strong as the releases in 2024. HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 5 3Q25 RESULT The Proforma concept addressed throughout this report consists of applying current ownerships to historical bases to make them comparable. KEY INDICATORS HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX Main indicators 3Q25 3Q24 Proforma 3Q25 / 3Q24 Δ% Proforma 9M25 9M24 Proforma 9M25 / 9M24 Δ% Proforma Managerial information (Amounts in thousands of Reais, except percentages) Financial Perfomance Net revenue 679.888 637.678 6,6% 1.981.799 1.841.730 7,6% NOI 602.775 550.963 9,4% 1.757.123 1.620.409 8,4% Margin % 93,6% 92,7% 88 bps 93,4% 92,7% 71 bps Adjusted EBITDA 502.438 462.887 8,5% 1.448.566 1.325.338 9,3% Margin % 73,9% 72,6% 131 bps 73,1% 72,0% 113 bps Net Income 125.865 100.201 25,6% 581.937 478.903 21,5% Margin % 18,5% 15,7% 280 bps 29,4% 26,0% 336 bps FFO 304.927 294.716 3,5% 884.249 858.339 3,0% Margin % 46,0% 46,8% -77 bps 45,6% 47,1% -144 bps FFO per share 0,61 0,56 9,0% 1,77 1,63 8,5% 0 0 0 Financial Performance Ex-Straight-line rent adj. 0 0 0 Net revenue 663.010 630.283 5,2% 1.937.763 1.823.386 6,3% NOI 585.897 543.569 7,8% 1.713.087 1.602.065 6,9% Margin % 93,4% 92,6% 80 bps 93,3% 92,6% 63 bps Adjusted EBITDA 485.560 455.492 6,6% 1.404.530 1.306.993 7,5% Margin % 73,2% 72,3% 97 bps 72,5% 71,7% 80 bps Net Income 108.987 92.807 17,4% 537.901 460.558 16,8% Margin % 16,4% 15,7% 73 bps 29,4% 26,0% 33611,8% FFO 304.927 294.716 3,5% 884.249 858.339 3,0% Margin % 46,0% 46,8% -77 bps 45,6% 47,1% -144 bps FFO per share 0,61 0,56 9,0% 1,77 1,63 8,5% Total shares ex- treasury shares 499.190.947 525.702.980 -5,0% Total shares 504.190.947 542.936.909 -7,1% (-) Total tereasury shares (5.000.000) (17.233.929) -71,0% 0 0 0 Main indicators 3Q25 3Q24 3Q25 / 3Q24 Δ% 9M25 9M24 9M25 / 9M24 Δ% Managerial information (Amounts in thousands of Reais, except percentages) Operating Performance Total Sales @100% ('000 R$)¹ 9.860.879 9.346.498 5,5% 29.094.529 27.266.762 6,7% Total Sales @Proforma ('000 R$)¹ 6.406.486 6.086.072 5,3% 18.897.351 17.736.710 6,5% Sales/sqm (R$) 1.925 1.862 3,4% 1.895 1.805 5,0% Sales/sqm @Proforma (R$) 1.925 1.866 3,2% 1.895 1.809 4,8% SSS (% same store sales) 2,9% 6,2% -327 bps 4,2% 5,4% -120 bps SSR (% same store rent) 6,5% 4,2% 230 bps 6,4% 3,7% 267 bps Occupancy Cost (% of sales) 10,5% 10,4% 9 bps 10,6% 10,7% -3 bps Net Delinquency (% of revenues) 0,9% -0,5% n/a 1,8% 1,5% 30 bps Occupancy Rate (%) 96,5% 96,4% 5 bps 96,4% 96,3% 11 bps Total GLA (sqm) 1.907.960 2.080.910 -8,3% 1.907.960 2.080.910 -8,3% Owned GLA (sqm) 1.242.246 1.291.465 -3,8% 1.242.246 1.291.465 -3,8% 0 0 0 ¹ Araguaia Shopping and Rio Des ign Leblon are not cons idered.
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EARNINGS RELEASE 3Q25 6 DESEMPENHO FINANCEIRO REVENUE In the third quarter of 2025, ALLOS reported a R$663.0 million net revenue, 5.2% higher than the amount recorded in 3Q24. Highlights include a continued increase in rental and parking lines, which will be detailed below. Rent revenue reached R$489.1 million, representing a 6.0% increase compared to 3Q24. The performance was driven by contract adjustments, which led the minimum rent line to register a 5.9% rise in the quarter and a 6.5% increase in same-store rents (SSR). The strong performance in Media, which continued to maintain a fast pace of growth, reached 29.0% in 3Q25 compared to 3Q24, was also a highlight of the period. Parking revenues reached R$126.4 million in 3Q25, a 10.2% increase compared to the same quarter of 2024. The growth can be mainly attributed to index adjustments made throughout 2025. In 3Q25, service revenues totaled R$86.1 million, representing a 9.2% increase compared to the previous year, driven by the continuous advancement of Helloo's media services, which started operations at airports at the end of July 2025. Other revenues include revenues from real estate development, which do not have a regular periodicity. In 3Q24, R$12.9 million were recorded with the sale of land, while in 3Q25, there was no recognition of revenues of this nature. Excluding real estate development revenue, net revenue would have grown 7.4% in 3Q25 compared to 3Q24. 68,6% 17,7% 12,1% 0,9% 0,7% Net Revenue Composition Rent revenue Parking result Services revenue Other revenues Key money Revenues per Type 3Q25 3Q24 3Q25 / 3Q24 Δ% 3Q24 Proforma 3Q25 / 3Q24 Δ% Proforma Managerial Financial Information (Amounts in thousands of Reais, except percentages) Rent revenue 489.068 471.992 3,6% 461.536 6,0% Key money 5.348 7.184 -25,6% 7.004 -23,6% Parking result 126.398 116.726 8,3% 114.749 10,2% Other revenues¹ 6.503 16.771 -61,2% 16.689 -61,0% Services revenue 86.067 78.784 9,2% 78.784 9,2% Straight-line rent adjustment 16.878 7.486 125,5% 7.395 128,3% Taxes on revenue (50.373) (48.479) 3,9% (48.479) 3,9% Net Revenue 679.888 650.463 4,5% 637.678 6,6% Net Revenue (ex-Straight-line rent adj.) 663.010 642.977 3,1% 630.283 5,2% ¹Includes Real estate developments and New businesses Revenues per Type 9M25 9M24 9M25 / 9M24 Δ% 9M24 Proforma 9M25 / 9M24 Δ%Proforma Managerial Financial Information (Amounts in thousands of Reais, except percentages) Rent revenue 1.437.766 1.408.706 2,1% 1.363.420 5,5% Key money 15.558 19.108 -18,6% 18.580 -16,3% Parking result 368.007 342.621 7,4% 332.044 10,8% Other revenues¹ 15.584 34.493 -54,8% 33.263 -53,1% Services revenue 248.252 221.294 12,2% 221.294 12,2% Straight-line rent adjustment 44.036 18.753 134,8% 18.345 140,0% Taxes on revenue (147.404) (145.216) 1,5% (145.216) 1,5% Net Revenue 1.981.799 1.899.760 4,3% 1.841.730 7,6% Net Revenue (ex-Straight-line rent adj.) 1.937.763 1.881.007 3,0% 1.823.386 6,3% ¹Includes Real estate developments and New businesses HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX FINANCIAL PERFORMANCE
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EARNINGS RELEASE 3Q25 7 77,0% 5,8% 11,3% 5,9% Rent Revenue Compositon Minimum rent Overage rent Mall Media +6.0% RENT REVENUE Rent revenue reached R$489.1 million, a 6.0% increase compared to 3Q24. The highlights of the period were the minimum rent and media lines. In 3Q25, minimum rent revenue totaled R$376.6 million, representing a 5.9% increase compared to 3Q24, with an SSR indicator, net of discounts, of 6.5%. This result was primarily due to higher contract adjustments, in many cases exceeding the inflation recorded during the period. Overage rent revenue was impacted by the performance of theaters, with releases in 3Q25 that did not exceed the 2024 box office. In 3Q25, Mall revenue reached R$55.4 million, and Media revenues totaled R$28.7 million, representing 5.0% and 29.0% increases compared to 3Q24, respectively. For another quarter, the consistency of the media line’s growth trajectory stands out. NOI In 3Q25, ALLOS’ NOI reached R$585.9 million, considering the provision for doubtful accounts effect. The indicator increased by 7.8% compared to the same period of the previous year, primarily driven by the rise in rental revenue and the positive result from parking, which maintained the double-digit growth level observed throughout the year. In addition, the operating costs of the malls decreased by 8.1% in 3Q25, primarily due to lower costs of vacant stores during the period, which contributed to the NOI margin in 3Q25 being 93.4%, an increase of 80 basis points compared to 3Q24. 630,3 630,3 646,0 646,0 657,6 663,0 663,0 17,3 (1,7) 11,6 7,3 (1,9) Net Revenues 3Q24 Rent Revenue & Other Revenue Key Money Parking Revenue Services Revenue Taxes on Revenue Net Revenues 3Q25 (R$ million) Net Revenue Build-Up 5,2% 461,5 461,5 482,6 485,2 487,9 489,1 21,1 (2,6) 2,6 6,4 300 .000.0 00 350 .000.0 00 400 .000.0 00 450 .000.0 00 500 .000.0 00 550 .000.0 00 600 .000.0 00 Rent revenue 3Q24 Minimun rent Overage rent Mall Media Rent revenue 3Q25 Rent Revenue Build Up HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 8 ADJUSTED EBITDA In the third quarter of 2025, EBITDA reached R$485.6 million, an increase of 6.6% compared to 3Q24. The EBITDA margin was 73.2%, representing a 97-basis-point growth, driven by operational performance and efficiency gains in expenses. ¹SG&A reported, adjusted by the IPCA from October 1 of the initial year to September 30, 2025. ²Considers SG&A 2023 with the equalization of compensation, which occurred in December 2023, redistributed among all quarters of that same year. Selling, General and Administrative Expenses (SG&A) were R$114.6 million in 3Q25, stable compared to 3Q24, despite the inflation. ALLOS has been implementing actions aimed at achieving efficiency gains with resource utilization since its inception — such measures generated relevant financial impacts, as shown by the SG&A evolution graphic on the side. In real terms, there was a 14.7% reduction in 3Q25 compared to 3Q22, the year immediately preceding the creation of ALLOS. At the end of September, we continued the organizational efficiency program with a reduction in structure and a review of mandates, which is expected to have a more significant impact in the first quarter of 2026. This is a continuous effort focused on making the use of resources increasingly efficient, with a reduction in operating expenses as a percentage of the Company's revenues. Non-recurring expenses refer mainly to: (i) an agreement to extinguish the collection of IRPJ and CSLL on tax use of goodwill in the incorporation of companies, with reductions of up to 65% on fines, interest and legal charges, in addition to partial amortization with balances of tax losses; and (ii) severance expenses linked to the structure reductions mentioned above. 134,4 112,4 120,7 114,6 3T22 3T23² 3T24 3T25 -14.7% SG&A¹ Evolution 3Q22 3Q23² 3Q24 3Q25 NOI 3Q25 3Q24 3Q25 / 3Q24 Δ% 3Q24 Proforma 3Q25 / 3Q24 Δ% Proforma Managerial Financial Information (Amounts in thousands of Reais, except percentages) Rent revenue 489.068 471.992 3,6% 461.536 6,0% Straight-line rent adjustment 16.878 7.486 125,5% 7.395 128,3% Key money 5.348 7.184 -25,6% 7.004 -23,6% Other revenues 6.503 3.843 69,2% 3.761 72,9% Parking Result 126.398 116.726 8,3% 114.749 10,2% Operational Income 644.195 607.230 6,1% 594.445 8,4% (-) Mall operating costs (28.564) (31.834) -10,3% (31.089) -8,1% (-) Provision for doubtful accounts (12.856) (11.861) 8,4% (12.392) 3,7% (=) NOI 602.775 563.535 7,0% 550.963 9,4% NOI Margin 93,6% 92,8% 77 bps 92,7% 89 bps (=) NOI (ex-Straight-line rent adj.) 585.897 556.050 5,4% 543.569 7,8% NOI Margin (ex-Straight-line rent adj.) 93,4% 92,7% 68 bps 92,6% 80 bps NOI 9M25 9M24 9M25 / 9M24 Δ% 9M24 Proforma 9M25 / 9M24 Δ%Proforma Managerial Financial Information Rent revenue 1.437.766 1.408.706 2,1% 1.363.420 5,5% Straight-line rent adjustment 44.036 18.753 134,8% 18.345 140,0% Key money 15.558 19.108 -18,6% 18.580 -16,3% Other revenues 15.584 16.712 -6,7% 15.482 0,7% Parking Result 368.007 342.621 7,4% 332.044 10,8% Operational Income 1.880.950 1.805.900 4,2% 1.747.871 7,6% (-) Mall operating costs (84.687) (94.244) -10,1% (89.099) -5,0% (-) Provision for doubtful accounts (39.140) (40.208) -2,7% (38.363) 2,0% (=) NOI 1.757.123 1.671.448 5,1% 1.620.409 8,4% NOI Margin 93,4% 92,6% 86 bps 92,7% 71 bps (=) NOI (ex-Straight-line rent adj.) 1.713.087 1.652.695 3,7% 1.602.065 6,9% NOI Margin (ex-Straight-line rent adj.) 93,3% 92,5% 78 bps 92,6% 63 bps HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 9 FINANCIAL RESULT In 3Q25, ALLOS' financial revenues totaled R$118.4 million, a 1.3% decrease compared to the same period of the previous year, due to a lower average cash balance. Financial expenses totaled R$254.0 million in 3Q25, an increase of 9.3% compared to 3Q24, mainly due to a higher interest rate. EBITDA 3Q25 3Q24 3Q25 / 3Q24 Δ% 3Q24 Proforma 3Q25 / 3Q24 Δ% Proforma Managerial Financial Information (Amounts in thousands of Reais, except percentages) NOI (ex-Straight-line rent adjustment) 585.897 556.050 5,4% 543.569 7,8% (-) Taxes on revenue (50.373) (48.479) 3,9% (48.479) 3,9% (-) Net service revenue 67.800 61.908 9,5% 61.908 9,5% (+) Other recurring operational revenues/(expenses) (3.140) 325 n/a 325 n/a (+) SG&A (114.624) (114.758) -0,1% (114.758) -0,1% (=) Adjusted EBITDA (ex-Straight-line rent adj.) 485.560 467.973 3,8% 455.492 6,6% Adjusted EBITDA Margin (ex-Straight-line rent adj.) 73,2% 72,8% 45 bps 72,3% 97 bps EBITDA 9M25 9M24 9M25 / 9M24 Δ% 9M24 Proforma 9M25 / 9M24 Δ%Proforma Managerial Financial Information NOI (ex-Straight-line rent adjustment) 1.713.087 1.652.695 3,7% 1.602.065 6,9% (-) Taxes on revenue (147.404) (145.216) 1,5% (145.216) 1,5% (-) Net service revenue 192.197 171.345 12,2% 171.345 12,2% (+) Other recurring operational revenues/(expenses) (11.832) (1.408) n/a (1.408) n/a (+) SG&A (341.518) (337.574) 1,2% (337.574) 1,2% (=) Adjusted EBITDA (ex-Straight-line rent adj.) 1.404.530 1.357.623 3,5% 1.306.993 7,5% Adjusted EBITDA Margin (ex-Straight-line rent adj.) 72,5% 72,2% 31 bps 71,7% 80 bps Financial Result 3Q25 3Q24 3Q25 / 3Q24 Δ% 3Q24 Proforma 3Q25 / 3Q24 Δ% Proforma Managerial Financial Information (Amounts in thousands of Reais, except percentages) Financial Revenues 118.392 119.963 -1,3% 119.963 -1,3% Financial revenue 126.008 127.438 -1,1% 127.438 9,7% Taxes on financial revenue (7.616) (7.475) 1,9% (7.475) 1,9% Financial Expenses (254.015) (232.404) 9,3% (232.404) 9,3% Interest expenses (220.476) (206.740) 6,6% (206.740) 6,6% Structuring cost (3.348) (6.752) -50,4% (6.752) -50,4% Other financial expenses (30.190) (18.912) 59,6% (18.912) 59,6% SWAP (Fair Value) (13.303) (25.355) -47,5% (25.355) -47,5% Recurring Financial Result (148.925) (137.796) 8,1% (137.796) 8,1% Non-recurring financial revenues and expenses 4.728 (4.497) n/a (4.497) n/a Financial Result (144.197) (142.293) 1,3% (142.293) 1,3% Financial Result 9M25 9M24 9M25 / 9M24 Δ% 9M24 Proforma 9M25 / 9M24 Δ%Proforma Managerial Financial Information Financial Revenues 334.714 300.862 11,3% 300.862 11,3% Financial revenue 358.219 326.551 9,7% 326.551 9,7% Taxes on financial revenue (23.505) (25.690) -8,5% (25.690) -8,5% Financial Expenses (733.175) (608.751) 20,4% (608.751) 20,4% Interest expenses (639.473) (541.551) 18,1% (541.551) 18,1% Structuring cost (15.870) (18.317) -13,4% (18.317) -13,4% Other financial expenses (77.833) (48.883) 59,2% (48.883) 59,2% SWAP (Fair Value) 27.634 (7.535) n/a (7.535) n/a Recurring Financial Result (370.827) (315.424) 17,6% (315.424) 17,6% Non-recurring financial revenues and expenses 8.990 (6.415) n/a (6.415) n/a Financial Result (361.837) (321.839) 12,4% (321.839) 12,4% HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 10 FFO In 3Q25, FFO per share grew 9.0%. The positive variation of the indicator is explained by the strong operating performance, driven by share buybacks executed since 4Q24. Additionally, controlled leverage enabled the indicator to maintain an upward trajectory even in scenarios with higher interest rates. FFO reached R$ 304.9 million in 3Q25, an increase of 3.5% compared to 3Q24. FFO margin reached 46.0% in 3Q25. Center Shopping Uberlândia Funds from Operations - FFO 3Q25 3Q24 3Q25 / 3Q24 Δ% 3Q24 Proforma 3Q25 / 3Q24 Δ% Proforma Managerial Financial Information (Amounts in thousands of Reais, except percentages) Adjusted EBITDA 502.438 475.459 5,7% 462.887 8,5% (+) Financial revenue 118.392 119.963 -1,3% 119.963 -1,3% (-) Financial expenses (254.015) (232.404) 9,3% (232.404) 9,3% (-) Current income and social contribution taxes (45.011) (48.335) -6,9% (48.335) -6,9% (-) Straight-line rent adjustment (16.878) (7.486) 125,5% (7.395) 128,3% (=) FFO 304.927 307.197 -0,7% 294.716 3,5% FFO Margin % 46,0% 47,8% -179 bps 46,8% -77 bps FFO per share 0,61 0,58 4,5% 0,56 9,0% Funds from Operations - FFO 9M25 9M24 9M25 / 9M24 Δ% 9M24 Proforma 9M25 / 9M24 Δ%Proforma Managerial Financial Information Adjusted EBITDA 1.448.566 1.376.376 5,2% 1.325.338 9,3% (+) Financial revenue 334.714 300.862 11,3% 300.862 11,3% (-) Financial expenses (733.175) (608.751) 20,4% (608.751) 20,4% (-) Current income and social contribution taxes (121.820) (140.765) -13,5% (140.765) -13,5% (-) Straight-line rent adjustment (44.036) (18.753) 134,8% (18.345) 140,0% (=) FFO 884.249 908.969 -2,7% 858.339 3,0% FFO Margin % 45,6% 48,3% -269 bps 47,1% -144 bps FFO per share 1,77 1,73 2,4% 1,63 8,5% HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 11 ¹Considers debt at the end of the period, excluding obligations for purchasing assets. ²Pre-fixed indices include TR; ³Inflation indices include IPCA and IGP-DI. As of September 2025, ALLOS's debt exposure linked to the CDI index was 98.2%. Further details on the costs and maturities of each debt, as well as the reconciliation between consolidated net debt and the managerial net debt, are available in the Annex of this Report. INDEBTEDNESS AND CAPITAL STRATEGY ALLOS’ average cost of debt was 14.1% in 3Q25 (versus 12.9% in 2Q25), equivalent to the CDI floating rate + 0.7%. The level achieved is a result of liability management actions from past quarters. In 3Q25, the Company's Net Debt/EBITDA ratio was 1.7x. The charts below summarize the Company’s debt amortization schedule and demonstrate that its cash position is sufficiently robust to support the upcoming maturities. -232,4 -229,5 -239,7 -239,4 -254,0 CDI+0,8% CDI+0,8% CDI+0,8% CDI+0,8% CDI+0,7% CD I+0,7% CD I+2,7% CD I+4,7% CD I+6,7% CD I+8,7% CD I+10,7 % CD I+12,7 % -265.00 0.000 -245.00 0.000 -225.00 0.000 -205.00 0.000 -185.00 0.000 -165.00 0.000 -145.00 0.000 3Q24 4Q24 1Q25 2Q25 3Q25 Financial expenses vs Debt Cost Financial Expenses (R$ million) Cost of Debt (%)¹ Debt Breakdown Short-Term Long-Term Total Debt Managerial financial information (Amounts in thousands of Reais) Loans and financing, real estate credit notes and debentures¹ 267.309 5.654.231 5.921.540 Obligations for the purchase of assets 419.251 17.522 436.773 Financial securities - 130.748 130.748 Gross Debt 686.560 5.802.502 6.489.062 Cash and Cash Equivalents (2.902.014) (166.659) (3.068.673) Net debt (2.215.454) 5.635.843 3.420.389 3.068,7 107,2 144,8 57,9 762,1 777,3 3,5% 4,7% 1,9% 24,8% 25,3% -1 -0 -0 0 0 1 0,0 200 .000.0 00,0 400 .000.0 00,0 600 .000.0 00,0 800 .000.0 00,0 1.0 00.000 .000,0 1.2 00.000 .000,0 1.4 00.000 .000,0 1.6 00.000 .000,0 1.8 00.000 .000,0 2.0 00.000 .000,0 3Q25 2025 2026 2027 2028 Avg. 2029-2034 Principal Amortization Schedule Cash balance (R$ million) Principal amortization (R$ million) Cash & Cash equivalents (%) HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX 90,6% 89,1% 97,9% 98,2% 98,2% 9,2% 10,8% 2,0% 1,8% 1,8% 0,2% 0,2% 0,1% 3Q24 4Q24 1Q25 2Q25 3Q25 Debt Profile Index¹ Floating rate Fixed rate² Inflation³
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EARNINGS RELEASE 3Q25 12 CASH FLOW ALLOS presented operating cash generation of R$ 1,194.7 million in the first nine months of 2025. The change in the cash balance can be explained, to a large extent, by: i) receipts from divestments; ii) amortization of principal and interest on financing and new funding; iii) share buybacks; iv) payment of dividends; v) Capex; and other initiatives aligned with the Company's long-term strategic planning. CAPEX In the third quarter of 2025, ALLOS' realized Capex was R$121.1 million, distributed as follows: (i) R$50.4 million invested in expansions and redevelopments. This group includes projects with direct returns assigned that aim to expand GLA, increase market share, and/or enhance portfolio dominance. Investments in this group were mainly in Shopping Recife, Parque Shopping Maceió, Shopping Tijuca, Shopping Campo Grande, Shopping Del Rey, Parque Dom Pedro, Shopping da Bahia, and Shopping Leblon (see details of the projects in the annexes of this report). (ii) R$40.5 million invested in revitalization, corresponding to 6.9% of the NOI in 3Q25. (iii) R$30.3 million in fixed assets and intangibles. As mentioned last quarter, significant reductions in this line are expected in the coming years, as the Company's ERP unification project is completed. Parque Shopping Maceió EXPANSION/REDEVELOPMENT Shopping Campo Grande Shopping Tijuca Shopping Recife Projects with direct return assigned, aiming to expand GLA, expand market share and/or increase portfolio dominance Shopping da Bahia Parque Dom Pedro Shopping Leblon Shopping Del Rey In line with the capital allocation strategy, the Company has established its new CAPEX projection for 2026, between R$350 million and R$450 million, representing a reduction of R$100 million compared to the 2025 estimate. The projection takes into account the Company's decision to focus on smaller, fast-to-implement projects with higher returns, given the uncertain macroeconomic scenario for the year 2026. HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX Capex 3Q25 9M25 Managerial financial information (Amounts in thousands of Reais) Expansions and Redevolopments 50.367 142.267 Revitalization 40.473 100.670 Maintanance and Revitalization 30.307 86.099 Fixed Assets and Intangible - 2.355 Total 121.147 331.391 Total ex-Acquisitions 121.147 331.391 3.474,6 4.669,2 2.997,4 2.997,4 3.453,0 3.121,6 2.662,6 2.662,6 3.068,73.474,6 1.194,7 334,7 (2.006,6) 608,5 (152,9) (331,4) (459,0) 406,1 Cash Balance 4Q24 Cash Flow from Operations Financial revenue Principal Amortizati on + Interest Debt Emission Share Sales & Buyback Capex Dividends Divestmen ts Cash Balance 3Q25 (R$ million) Cash Flow
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EARNINGS RELEASE 3Q25 SIMPLIFICATION: UNLOCKING GREATER EFFICIENCY IN SG&A ALLOS’s integration is supported by four main pillars: (i) systems and technology integration; (ii) operational efficiency; (iii) a stronger portfolio; and (iv) a robust balance sheet. With the completion of ERP unification and the stabilization phase, the Company now operates with a robust back-office and systems structure, fully integrated and running stably and securely. Operational efficiency was implemented seamlessly, covering revenues, tenant relationships, sales performance, and the execution of expansion and redevelopment projects. As a result, the Company has delivered consistent growth in every quarter since its inception. Portfolio optimization, through strategic divestments and investments in the most relevant assets, strengthened the Company’s results, as evidenced by gains in sales/sqm and NOI/sqm, which grew 50.1% (CAGR of 7.0%) and 66.0% (CAGR of 8.8%) in 3Q25 compared to 3Q19, respectively. The robust balance sheet reflects the maintenance of a controlled level of indebtedness, an extended amortization schedule, and strong cash generation. When ALLOS was created in January 2023, its average debt cost was CDI + 2.5%. Today, that cost is significantly lower, at CDI + 0.7%, with the latest funding below CDI. Additionally, SG&A expenses decreased by 13.4% when comparing the last twelve months ended September 2025 to the inflation-adjusted year of 2022 — a significant result of a safe and carefully executed integration. 531,0 501,7 495,2 459,7 2022 2023 2024 Set25 LTM SG&A Inflation Adjusted | R$MM SG&A Inflacionado -13.4% SG&A Inflation-adjusted Sep25 LTM 13 CAPEX PRIORITIZATION AND GUIDANCE FOR 2026 Given the current macroeconomic environment characterized by high interest rates and political uncertainty, the Company has been focusing on smaller projects that can be implemented quickly and yield higher returns. For 2026, ALLOS has established a CAPEX projection between R$ 350 and R$ 450 million, a reduction of R$ 100 million compared to the expected range for 2025. This CAPEX level reflects a significant reduction compared to the pre-combination levels of the business, representing a reduction of 51%, considering the central point of the projection for 2026 compared to an inflated 2022. UNLOCKING VALUE TO SHAREHOLDERS 822 419 589 2022 2023 2024 2025E 2026E PRE BUSINESS OMBINATION Total CAPEX ex-acquisitions¹ | R$ mn ALLOS FORMATION ¹ Historical values adjusted for accumulated inflation until 2026, considering inflation projected for 2025 (5%) and 2026 (4%). 450 550 350 450 -51% (vs. 2022) HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX With the four pillars firmly in place, the Company is now focused on achieving additional efficiency and simplification gains through a program of short-, medium-, and long-term actions already underway, with the most significant impacts expected in the first quarter of 2026. The program, which has already begun implementation, includes initiatives to streamline the organizational structure and review mandates, accompanied by process improvements. This is a continuous and gradual process, carried out with care, respecting ALLOS’s culture and ensuring excellence in execution, which remains our primary objective.
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EARNINGS RELEASE 3Q25 14 HIGHER SHAREHOLDER RETURN The current balance sheet liquidity, strong operating cash generation, extended financing amortization schedule and reduced CAPEX forecast would lead to a strong deleveraging of the balance sheet. In this context, the Company adopted the strategy of deleveraging the balance sheet to around 2x net debt/EBITDA, returning cash to shareholders, seeking greater efficiency in its capital structure. Thus, the Board of Directors approved the payment of R$146 million in dividends for the month of December 2025 and, for 2026, guidance of between R$0.28 and R$0.30 per share per month was approved, which is almost 3x higher than what had been paid monthly throughout 2025. The forecast of dividends to be paid between December 2025 and December 2026 may reach a total of R$ 1.9 billion. The chart below shows the total amounts returned to shareholders annually since 2023, including share buybacks and the estimated dividends to be paid in 2026 (based on the midpoint of the estimate). The total return projected for 2026 is approximately twice the amount returned to shareholders in 2025. 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 +3x* Dividends per share¹ | R$ HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX 348 1.007 160 - 293 762 708 1.752 2023 2024 2025 2026 Retorno de Capital aos Acionistas (R$MM) Recompra Dividendos/JCP 1.768 1.752 868 641 +2x (vs. 2025) Capital Return to Shareholders Share Buybacks Dividends/Interest on Equety UNLOCKING VALUE TO SHAREHOLDERS ¹Considers the central point of the dividend management projection for the year 2026
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EARNINGS RELEASE 3Q25 RS PR SP MG RJ ES GO BA CE PA AM AL MS MT M A PE 15 PERFORMANCE BY REGION ALLOS malls are present in the five regions of the country and are located in important urban centers in 16 states. In the third quarter of 2025, the North region stood out, with growth of 8.8% compared to 3Q24. The other regions also maintained a positive pace of sales in the third quarter of 2025, surpassing the performance achieved by Brazilian retail, a fact that demonstrates that ALLOS malls are leaders in their areas of influence, consolidating them as the main shopping and experience destinations. SOUTH +3.1% NORTH + 8.8% NORTHEAST + 4.9% SOUTHEAST + 5.5% SALES PER REGION 3Q25 vs. 3Q24 MIDWEST + 4.6% SSS% by Segment 3Q25 9M25 Managerial Financial Information Accessories, Beauty Items and Jewelry 5,3% 5,3% Food 2,9% 3,1% Services, Convenience, Leisure and others 1,0% 2,9% Housewares, Stationary, Tech and others 2,4% 3,1% Apparel and Shoes 3,1% 5,4% Total 2,9% 4,2% SALES PERFORMANCE In the third quarter of 2025, ALLOS reached R$9.9 billion in total sales. Growth on the same basis versus 3Q24 was 5.5%, with August showing a 7.0% increase compared to the same period in 2024. In 3Q25, sales/sqm reached R$1,925, with a positive change of 3.4% versus 3Q24. The “same-store sales” (SSS) indicator grew 2.9% in the quarter, impacted by cinema performance, which had film releases in 2024 that achieved higher box office results and had posted SSS above 11% in 3Q24. During the quarter, the top-performing segments were: Accessories, Beauty Products, and Jewelry (+5.3%); Apparel and Footwear (+3.1%); and Food & Beverage (+2.9%). The highlights in the sales performance in the quarter were: Shopping Leblon (15.3%), Shopping Grande Rio (11.8%), Boulevard Shopping Belém (+10.4%), Shopping Vila Velha (+11.0%), Amazonas Shopping (+9.7%), and Shopping Bangu (+8.9%). HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX OPERATIONAL PERFORMANCE
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EARNINGS RELEASE 3Q25 16 SEPHORA Mooca Plaza Shopping Lacoste Kids Shopping Estação Cuiabá FARM Rio Villagio Caxias R$1.282,27 R$1.925,00 3T19 3T253Q19 3Q25 Among the highlights of recently signed contracts are: Adidas at NorteShopping, Osklen at Manauara Shopping, Daiso at Shopping Villa Velha, Madero + Jeronimo at Shopping Estação BH, and Levi's at Franca Shopping. Recent openings include: Sephora at Mooca Plaza Shopping, Vans, Shoulder, and Farm at Catuaí Shopping Maringá, Melissa and Smart Fit at Caxias Shopping, Tommy Hilfiger at Goiânia Shopping, and Lacoste at Shopping Estação Cuiabá. In the third quarter of 2025, a total of 241 contracts were signed in the Company’s owned malls, resulting in an increase of 35.2 thousand square meters in Gross Leasable Area (GLA). Notably, September alone accounted for 90 of these new contracts. Additionally, 45 new operations were successfully commercialized in managed malls, contributing an extra 7.1 thousand square meters. SALES/SQM Sales/sqm in 3Q25 reached R$1,925, a 3.4% increase compared to the same period of the previous year. This level of sales/sqm reflects, in another quarter, the consistent growth trajectory that the Company has been presenting since 2019, with a total increase of 50.1%, which represents a CAGR of 7.0%, comparable to the average IPCA for the same period, which was 5.9%. +7,0% +50,1% Sales/sqm (R$) OCCUPANCY RATE AND LEASING ACTIVITY At the end of 3Q25, the occupancy rate was 96.5%, 10bps higher than 3Q24. The indicator reflects the attractiveness of ALLOS malls for tenants, who continue to consistently demand space 96,4% 96,8% 96,8% 96,4% 96,5% 3Q24 4Q24 1Q25 2Q25 3Q25 Occupancy Rate HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX *Considering numbers released in the respective quarters
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EARNINGS RELEASE 3Q25 17 NET DELINQUENCY In 3Q25, net delinquency was 0.9%, an increase of 140 bps compared to the same quarter of the previous year. This variation reflects specific adjustments in renegotiations and specific delays, remaining at a controlled level and without structural change in the quality of the tenant base. ¹Only considers tenants who sold during the period. OCCUPANCY COST In the third quarter of 2025, the occupancy cost¹ was 10.5%, representing a 30 basis point increase compared to the figure reported in the second quarter of 2025. Rent expenses accounted for 6.4% of the total costs, while common costs and promotion fund expenses made up 4.1%. ¹Considers only tenants who made sales in the period. 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) Occupancy Cost Rent Common Area & Marketing Costs -0,5% -1,2% 2,5% 1,9% 0,9% 3Q24 4Q24 1Q25 2Q25 3Q25 (%) Net Delinquency Parque Shopping Maceió Shopping Recife HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 18 THE PORTFOLIO STRENGTH IN THE SOUTHEAST REGION Chart 1: Sales Growth SE YoY Region (2024 vs 2023) |Total Vision RELEVANCE TO ALLOS' PORTFOLIO The Company operates 27 malls in the Southeast Region, which collectively generated R$23.8 million in sales in 2024, equivalent to 59% of the total sales recorded in the ALLOS portfolio. Of these assets, 10 exceeded the R$1 billion mark in annual sales, with Parque Dom Pedro being a notable highlight, achieving sales of over R$2 billion. In the markets of Greater São Paulo and Rio de Janeiro, our assets are leaders in LTM sales, reaching R$7.7 billion and R$8.5 billion, respectively. From a sales growth perspective, the Company's top three malls in the region — Shopping Leblon (RJ), Shopping Campo Limpo (SP), and Boulevard Shopping Belo Horizonte (MG) — experienced significant growth between 2019 and 2024, with increases of 25%, 21%, and 13% in real terms, respectively, as shown in Chart 2. Additionally, the strength of the malls in the Southeast can also be illustrated by the sales per square meter (sales/sqm) metric. Among the top five assets in the entire ALLOS portfolio, four are located in this region, as depicted in Graph 3. 7,4% 1,7% ALLOS ABRASCE 895 416 684 1.495 672 1.031 Shopping Leblon Shopping Campo Limpo Boulevard Shopping Belo Horizonte 2019 2024 + 25% + 21% + 13% Chart 2: Top 3 Real Sales Growth SE | (R$ mn) 00616F 0D454A 368C82 CD5151 6CC680 EDA754 CCC5BC E5DED4 Chart 3: Top 5 Sales/sqm | R$ 3Q25 The Company's assets in the Southeast totaled more than 1 million sqm of GLA and, in terms of NOI, generated more than R$1.5 billion in 2024, which corresponds to 65% of the NOI of the entire portfolio. The NOI/sqm of the Southeast is also a highlight, occupying the top 4 positions in the ALLOS portfolio in 3Q25, as evidenced by chart 4. These results demonstrate the high operational efficiency of these assets and their ability to generate value for the Company. Chart 4: Top 5 NOI/sqm | R$ 3Q25 As part of our ongoing series of case studies showcasing the strength of ALLOS' portfolio, this quarter’s edition highlights the Southeast Region (SE). In 2024, ALLOS malls accounted for 21% of total sales in malls across the region¹, despite representing only 11.7% of the total Gross Leasable Area (GLA) in the SE. Notably, sales from the Company's assets in this region grew 4.4 times more than the overall growth of ABRASCE's portfolio¹, as illustrated in Chart 1. Source: Census Abrasce 2024. 2.788 2.898 2.920 3.096 5.273 Plaza Niterói Shopping Villa Lobos Manauara Shopping Shopping Tijuca Shopping Leblon 761 889 900 1.077 1.357 Shopping Recife Plaza Niterói Shopping Villa-Lobos Shopping Tijuca Shopping Leblon CASE ANALYSIS THE PORTFOLIO STRENGTH: SOUTHEAST REGION HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 19 ALLOS places the consumer at the center of its business operations. The company continually strives to offer experiences that engage mall customers and increase their share of life. The mall is not just a shopping destination, it is now part of the consumer’s life, being responsible for occupying a relevant portion of the consumption of entertainment, lifestyle, leisure, gastronomy, and convenience. An example of this was the creation of the Taste Lab, a gastronomic space featuring several culinary options inspired by traditional European food halls, with a distinct ambiance and art. Currently, ALLOS has two Taste Labs already open in the Southeast, one at Shopping Tamboré and the other at NorteShopping. Additionally, one more is under construction and is expected to open in the first half of 2026 at Shopping Tijuca. The Company has been transforming its mix, focused on gastronomy. At the beginning of 2019, ALLOS had approximately 72,000 sqm of GLA designated for follow-up, and by September 2025, the value had already increased to approximately 122,000 sqm. In the Southeast alone, the sector's GLA experienced a 62% growth. In addition to mix changes, to reach this milestone, a series of actions were carried out, which include resumption of areas, expansions and retrofits, such as the inauguration of Taste Labs and the retrofit of the food court at Shopping Leblon. Shopping Leblon, an asset with a profile focused on the Company's high income, always aims for innovation and the enchantment of consumers. Since 2019, important changes have been made to the asset's mix, bringing exceptional curatorship to the South Zone of Rio de Janeiro. The changes in tenant mix were accompanied by financial returns, with increases in monthly minimum rent reaching triple-digit levels. Following ALLOS' strategy of space optimization, in 2022, the mall underwent its first expansion, which added another 1.7 thousand sqm of GLA, in a place previously intended for parking operations, with an annual revenue, generated in that space, of R$ 90 thousand per year. The new area, in line with the search for increasing consumers' share of life, has been transformed into a wellness area, with a mix focused on healthy living and eating, and has the presence of brands such as Bodytech, Studio Velocity, Vidya Studio, Aera Pilates and Café Zinn. The current revenue generated in the expansion area is around R$ 3 million annually, more than 30 times the revenue generated in the space before the intervention, which highlights ALLOS' ability to identify opportunities to extract commercial and financial value from its assets. MIX STRATEGY: SHOPPING LEBLON STRATEGIC SEGMENTATION: THE GROWTH OF GLA IN GASTRONOMY Image 1: Taste Lab NorteShopping Image 2: Retrofit Praça de Alimentação Shopping Leblon OCCUPANCY RATE The company's average occupancy rate in the Southeast region in Q3 2025 was 96.5%, exceeding ABRASCE's rate in the same region by 0.6 percentage points. ALLOS's superior performance demonstrates the quality of the assets, the result of the combination of a curatorship mix of excellence, which keeps the assets attractive to consumers, efficiency in commercial management, and strategic location. These aspects combined, sustain the flow of customers at high levels, and provide the right conditions for tenants to generate business with resilience, while remaining financially and operationally healthy. Chart 5: Southeast Occupancy Rate vs ABRASCE Source: Monthly Market Monitoring Sep/2025 | ABRASCE 96,5% 95,9% ALLOS ABRASCE CASE ANALYSIS THE PORTFOLIO STRENGTH: SOUTHEAST REGION HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 20 Tamboré Shopping has undergone significant redevelopments and the conversion of areas into in-line stores, further strengthening its tenant mix strategy. One of the main initiatives was the transformation of a 6,500 sqm area, previously occupied mainly by a C&C store, into approximately 30 smaller in-line stores. This transformation resulted in a 126% increase in minimum rent and a 224% increase in sales for these areas. Sales/sqm jumped from R$ 430 to R$1,234, a growth of 186%. Another example of optimization was the division of a 130 sqm store into three operations, which provided an increase of more than 152% in the minimum rent. In addition to the improvements in the store mix, the mall also reinforced its gastronomic offer, adapting its plant to the implementation of the Fogo de Chão restaurant, resulting in a 280% increase in total sales of the leased GLA. MIX STRATEGY: SHOPPING TAMBORÉ RELEVANCE OF MARKET SHARE GAIN IN BRAZIL ALLOS has a nationwide portfolio and is a leading reference in the sector, with strategically distributed top-performing assets across Brazil. The Company accounts for 20% of total sales in the Brazilian shopping mall market. This significant market share has been built over time through a consistent tenant mix strategy, the offering of more than 2,000 exclusive events across all regions, a diverse gastronomic experience within the malls, innovation, and strong consumer loyalty. The portfolio’s resilience can be analyzed in Chart 6, which shows market share gains in sales despite all divestments over the years and, consequently, the reduction in the Company’s GLA. ALLOS operates a complete and integrated ecosystem that goes beyond the physical boundaries of its malls. ALLOS consumers are engaged through HELLOO screens, present in various locations such as airports and commercial buildings, and increasingly connected through loyalty programs that drive retention and recurring visits to its assets. 15,6% 15,5% 16,5% 18,0% 19,1% 20,1% 12,4% 12,3% 12,1% 11,9% 11,2% 10,6% 0,0 % 5,0 % 10, 0% 15, 0% 20, 0% 25, 0% 30, 0% 35, 0% 40, 0% 10, 0% 12, 0% 14, 0% 16, 0% 18, 0% 20, 0% 22, 0% 2019 2020 2021 2022 2023 2024 Chart 6: Representativeness of ALLOS in Brazil¹ Vendas ABL 1 Source: ABRASCE | Internal data ¹Considers core malls In addition to curating the mix, the mall serves as a reference point for experience and culture. The ArtWall, located in the main entrance corridor, exhibits works by renowned artists, making the experience and arrival at the mall much more distinctive. The events held on the G3 floor are giving new meaning to the space, bringing entertainment to the mall's audience, generating an additional flow of customers and, consequently, generating sales. The mall, which receives most of its traffic via app car or on foot, attracts 8.4 million people annually and has benefited even more from the city's record tourism in 2025. By September, the growth in the number of tourists in Rio de Janeiro had increased by 52% according to the State Secretariat of Tourism, with Argentina and Chile being the main countries of origin. CASE ANALYSIS THE PORTFOLIO STRENGTH: SOUTHEAST REGION HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX Sales GLA
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EARNINGS RELEASE 3Q25 MIXED USE PROJECTS – LOCAL VALORIZATION STRATEGIES The Southeast region, which encompasses the country's largest urban centers, concentrates ALLOS' strategic assets in highly consolidated markets. In a context of high population density, land scarcity, and growing demand for integrated solutions, the Company has accelerated its urban transformation strategy through multipurpose projects that connect housing, work, leisure, and services. This approach drives asset appreciation and promotes qualified densification, extending dwell time, diversifying traffic flows, and consolidating the malls as complete, dynamic, and desirable urban hubs. Below, we highlight some properties located in the Southeast region, including: Shopping Parque Dom Pedro, Shopping Piracicaba, São Bernardo Plaza Shopping, NorteShopping, and Independência Shopping. 21 00616F 0D454A 368C82 CD5151 6CC680 EDA754 CCC5BC E5DED4 CAMPINAS/SP – COMPLEX WITH NEW TOWERS UNDER DEVELOPMENT Parque Dom Pedro, the largest shopping mall in Latin America in terms of continuous area, began a broad renovation process in 2022 to mark its 20 years of operation, with more than 48,000 sqm revitalized. As part of the densification and diversification strategy, ALLOS is moving forward with the consolidation of the multipurpose complex, with an approved project for 17 towers. Contracts were signed for an AAA corporate tower, with Aurea Finvest, and a hotel, with the Diamond Group, totaling 30 thousand sqm of private area and PSV estimated at R$ 438 million. The arrival of approximately 3,000 people will reinforce the qualified densification and the continuous flow, consolidating the asset as a vector of urban transformation in the region. Corporativo AAA Parque Dom Pedro SÃO BERNARDO/SP – QUALIFIED HOUSING BOOTS DENSIFICATIONS IN ABC PAULISTA A reference in leisure, culture and shopping in ABC Paulista, São Bernardo Plaza Shopping advances in its strategy of qualified densification in the primary area. In the 2nd quarter of 2025, ALLOS entered into a partnership with the developer MG Tec, which has already delivered more than 5 thousand residential units in its trajectory in the ABC and in the capital of São Paulo, for the development of three residential towers with 19 thousand sqm of private area and PSV estimated at R$ 166 million. Located in the Greater ABC region, the 2nd largest industrial center in the country, the project will offer quality housing close to employer centers such as Mercedes-Benz, Volkswagen and GM. São Bernardo occupies the 7th place in the national ranking of industrial employment, with 73,700 workers and an income above the Brazilian average, reinforcing its economic and urban relevance. PIRACICABA/SP – RESIDENTIAL TOWERS AS A NEW VECTOR OF URBAN DEVELOPMENT In the 1st quarter of 2025, ALLOS reinforced its partnership with the developer EBM/Cyrela, with a strong presence in the interior of São Paulo, for the development of three residential towers around Shopping Piracicaba, totaling 441 units, more than 30 thousand sqm of private area, and an estimated PSV of R$ 309 million. Following the successful launches in Goiânia, the initiative reaffirms the synergy between the companies and the potential of the qualified densification model, thereby strengthening the vitality and appreciation of the primary area of the project. CASE ANALYSIS THE PORTFOLIO STRENGTH: SOUTHEAST REGION HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 22 00616F 0D454A 368C82 CD5151 6CC680 EDA754 CCC5BC E5DED4 NORTH RIO DE JANEIRO – WORKS IN THE SURROUNDINGS ADVANCE NorteShopping continues to consolidate itself as a vector of urban transformation, this time with the progress of the works of Only by Living, launched by RJZ Cyrela adjacent to the mall. The project comprises five residential towers, featuring 780 apartments and three stores, totaling 56,000 sqm of private area and an estimated PSV of R$450 million. With 90% of the units already sold, the development confirms the strong demand for high-end housing in the region. When completed, the project will contribute to the qualified densification of the neighborhood, which has traditionally lacked launches of this size, with the expectation of attracting 2,500 new residents to the primary area. The buildings are positioned in front of the entrance to the Taste Lab, a gastronomic space inspired by traditional European food halls, creating a direct connection between the new residences and the complex. This integration will expand the daily flow and bring residents closer to the wide range of leisure, convenience and experiences that the mall already has, with a corporate tower, supermarkets, theater, gym, clinics, schools, colleges, restaurants and a wide public transport network, consolidating the asset as a complete and vibrant urban ecosystem. Obras Only by Living NorteShopping JUIZ DE FORA/MG – RESIDENTIAL TOWERS BOOST COMPLEX Located in Juiz de Fora, the largest city in southern Minas Gerais, Independência Shopping is a commercial hub in the region. Located on one of the main access roads, the asset was chosen to receive a new residential development in partnership with the Diamond Group, the construction company with the most significant number of launches in the region, with an estimated PSV of R$140 million. With a profile aimed at students, health professionals, teachers, singles and couples at the beginning of their careers, the project dialogues with a growing demand for qualified housing close to teaching and health centers: the Federal University of Juiz de Fora (UFJF), one of the leading higher education institutions in the country, and the Monte Sinai hospital complex, both located in the immediate surroundings of the mall. The initiative consolidates qualified densification, bringing new residents closer to a complete ecosystem of services, leisure and convenience. CASE ANALYSIS THE PORTFOLIO STRENGTH: SOUTHEAST REGION HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 23 00616F 0D454A 368C82 CD5151 6CC680 EDA754 CCC5BC E5DED4 SUSTAINABILITY ALLOS' sustainability strategy is intrinsically connected to the business strategy, since the Company recognizes sustainability as an opportunity to corroborate environmental, social, and governance aspects, using shopping malls as hubs to enhance these advances. Assets in the Southeast region achieved a recycling rate of 65% in 2024, with the most notable highlight being Parque Dom Pedro (PDP), which reached a 96% mark. The mall is a concrete example of how sustainability can be effectively incorporated into the operation of a large enterprise. The PDP's Estação Produtora de Água de Reuso (EPAR) treats approximately 16 million liters of sewage per month and has the capacity to treat the wastewater of a city of 15,000 inhabitants. 100% of the sewage generated is treated, with 25% of the waste returning to the mall for use in non-potable purposes (irrigation and sanitation), another 25% is reused in the mall's air conditioning system and the remaining 50% is disposed of in the river, already clean. Additionally, waste is transformed into a resource, as the biological sludge generated at EPAR is sent for composting, which converts it into organic fertilizer, reaching a production of 230 tons of fertilizers per year. NorteShopping is another notable example of sustainability. The NorteShopping Acolhedor Program, in force since 2021, initially came up with the idea of offering shelter for the night, food and basic hygiene care for homeless people. But, over the years, the project has evolved, expanding its social impact through partnerships aimed at professional training, issuance of documents, family reintegration and access to job opportunities. Since the first edition, more than 200 people have been welcomed, 21 of whom have returned to their homes and 62 have won jobs. CASE ANALYSIS THE PORTFOLIO STRENGTH: SOUTHEAST REGION HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX Image 3 and 4: PDP Reuse Water Production Station (EPAR) Image 5: NorteShopping Acolhedor Program
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EARNINGS RELEASE 3Q25 24 DESEMPENHO FINANCEIRO 24 HELLOO Helloo has reached a total of 113 malls and is now present in over 6,000 residential buildings. The company is also expanding its operations to airports. In the third quarter, Helloo took over the leasing of five airports through a consortium formed with NEOOH. This new operation began on July 1 and includes airports in Congonhas, Aracaju, Campina Grande, Juazeiro do Norte, and Montes Claros. The beginning of this project was marked by great achievements, including the sale of fingers to Banco do Brasil for 12 months and the boarding access gantry project, which involves major brands such as C6 Bank, Latam and GAC. HELLOO LIVE An important milestone during this period was the achievement of the award in the Special Projects category of the 24th Outdoor Central Award for the project carried out at Shopping Tijuca to launch the Round 6 series. Helloo LIVE solidifies its presence in the market, delivering unique solutions that elevate the advertiser experience. MEDIA REVENUE GROWTH In 3Q25, Gross Revenue showed an evolution of 25.2% compared to the same quarter of 2024, representing 8.0% of ALLOS' gross revenue in the quarter, an increase of 130 basis points. This result reflects the increase in turnover, driven by seasonality and improved performance across the four operational verticals. 45,7 57,1 +25.2% Media Revenue Media as % of gross revenue +130 bps (R$ Million) 22,2 28,7 23,4 28,5 3Q24 3Q25 Media | Rent Media | Service 6,7% 8,0% 3Q24 3Q25 HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX MEDIA
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EARNINGS RELEASE 3Q25 25 SHOPPING TIJUCA Shopping Tijuca continues to expand the new gastronomic space Taste Lab., scheduled to open in Q1 2026. SHOPPING RECIFE Shopping Recife continues to advance in its transformation journey. The first major delivery was a Gourmet Park: 6,000 sqm area inaugurated in November 2025, which featuring leading names from the local and national scene and positioning the mall as a true destination for experiences. HIGHLIGHTS PROJECTS ALLOS continues to advance its strategy of development and portfolio transformation through structuring projects of expansion, revitalization, and redevelopment. These initiatives aim to expand the regional dominance of assets, strengthen the commercial mix, and generate sustainable value over time. All projects are designed to focus on return on invested capital, urban integration, and high standards of sustainability, innovation, and consumer experience. The company remains committed to maximizing the potential of each asset, consolidating its leadership as a national platform for the development of shopping malls. In 3Q25, the execution of key projects that achieved significant progress in assets such as: SHOPPING DEL REY The first outdoor space at Shopping Del Rey has been inaugurated, combining gastronomy and leisure in a single environment. Located in parking lot G, this new area connects the restaurants of “Alameda Gastronômica” to a spacious living and entertainment space. It features gardens, a playground, Instagram-worthy spots, and rest areas, providing a versatile and inviting experience for visitors. HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX DEVELOPMENT AND MIXED USE
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EARNINGS RELEASE 3Q25 26 MIXED USE STRATEGY – PROJECTS THAT TRANSFORM CITIES In increasingly dense urban markets, characterized by land scarcity and a growing demand for integrated solutions, ALLOS has established a unique real estate appreciation platform through the development of multipurpose projects linked to its shopping malls. Complexo Multiúso Maceió Parque Shopping Maceió By 3Q25, the program already involves more than 69 planned towers in 14 malls, spread across 8 states. These projects reinforce the company's role as a protagonist in the urban development of the regions where it operates, with positive effects on the NOI, SSS, SSR and the valuation of integrated shopping malls. In this report, we highlight a new case with projects in operation and under development in the Southeast Region, the country's primary economic and demographic market, where the multipurpose strategy has already demonstrated concrete results and a significant local impact. More than an efficient occupation of the landbank, the Company's Real Estate program is based on the creation of complete urban centralities, which integrate housing, work, services and leisure around consolidated operating assets. With partnerships structured mostly via financial exchange, and under an asset-light model (without the need for its own investment), ALLOS monetizes idle land, increases the attractiveness of its assets and generates additional value through direct cash inflow and increased qualified flow, with audiences with higher purchasing power and recurring frequency. HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX DEVELOPMENT AND MIXED USE
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EARNINGS RELEASE 3Q25 27 ALLOS’s ability to connect data, qualified audience, and their physical presence on a national scale enables the creation of integrated and customized solutions for major brands, combining consumer relationships, media, and activation within their assets. This unique advantage allows the execution of strategic partnerships with significant potential for value creation. Shopping Leblon has signed a partnership with BTG Pactual, incorporating the Ultrablue and Black cards into the mall's benefits program. Ultrablue customers can access category 3 directly, while Black customers qualify for category 2. CASE BTG PACTUAL ALLOS continues to expand the relevance and reach of its digital ecosystem, currently present in 35 malls through applications that incorporate the relationship program. The platform connects millions of consumers with over 600 unique brands, offering benefits and personalized experiences. Between January and September 2025, more than 10 million purchases made through the program were registered, totaling R$3 billion in transacted volume. Digital initiatives already have robust performance indicators. In malls with a mature-stage loyalty program, there was an average increase of 17% in the frequency of visits by members after they joined the program. This engagement reinforces loyalty and the concentration of purchases in ALLOS' assets, driving results for tenants and advertisers. In addition, ALLOS advances in the direct monetization of its digital products, with hyper-segmented media solutions that allow brands to connect with highly qualified audiences at strategic moments in the consumer journey. This capacity consolidates the company's positioning as an integrated business platform, with the potential to generate value and results on multiple fronts. ALLOS ADVANCES IN THE MONETIZATION OF ITS DIGITAL ECOSYSTEM PRODUTOS DIGITAIS DIGITAL FEATURES This initiative was part of an integrated activation and communication strategy that aimed not only to enroll customers in the relationship program but also to run campaigns on the digital screens of the Helloo circuit and secure naming rights for the KARG charging station. The project highlights the increasing synergy among different ALLOS business areas while enhancing the overall integrated performance of the portfolio. Eletroposto KARG – Shopping Leblon HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 28 ALLOS' commitment to sustainability permeates a series of perennial initiatives and projects, conducted by the Company's malls, supporting social causes and local development. Below are outstanding recent campaigns and achievements. SUSTAINABILITY CONSCIOUS FASHION Shopping Campo Limpo, in partnership with the NGO Gerando Falcões, a national reference in social projects, inaugurated an itinerant store in the format of a bazaar. For three months, pieces in excellent condition, donated by individuals and brands, will be available at affordable prices, and all the amount raised will be destined to the NGO's initiatives aimed at reducing social inequality in favelas throughout Brazil. This action reflects our commitment to creating experiences that care, support and generate real impact. COP 30 IN BELEM During COP30, held in Belém (PA), ALLOS reinforced its leadership in sustainability by anticipating environmental goals for its malls in the Amazon Basin, including the use of 100% renewable energy, infrastructure for water reuse, carbon neutrality and 90% of waste recovered. The company promoted an agenda of more than 250 days with cultural, educational and social actions at the Boulevard Belém and Parque Belém, in line with the concept of "Spaces that Transform". IDIVERSA B3 For the third consecutive year, ALLOS has been awarded with IDIVERSA B3 seal. The index is the first in Latin America to combine gender and race criteria, recognizing companies that ensure representation on boards and executive teams, and that advance in governance and diversity performance. Once again, being part of the index reinforces ALLOS’s commitment to Diversity, Equity, and Inclusion. “DE OLHO NOS OLHINHOS” ALLOS supports, for the third consecutive year, the “De olho nos olhinhos" campaign, aimed at raising awareness about retinoblastoma. This rare eye cancer mainly affects children in the first years of life. Conceived by journalists Tiago Leifert and Daiana Garbin, the initiative promotes information and reception for families, highlighting the importance of early diagnosis. This year, Shopping Plaza Sul, in São Paulo, received a special program with playful activities for children, distribution of informative materials and service to the public by doctors and volunteers, expanding the reach of the cause in an affective and educational way. The campaign also extends to nine other ALLOS malls, which function as true channels of communication with society. With wide dissemination on Helloo’s websites, social networks, and digital totems, the action reinforces the role of the enterprises as spaces for coexistence and social transformation. By connecting information, health and entertainment, ALLOS reaffirms its purpose of generating a positive impact in the communities where it operates, promoting access and awareness through the strength of its experience platform. The active presence at the conference and the engagement with the local community are evidence of ALLOS' long- term strategy, which integrates sustainability with value creation and business resilience. HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 29 HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX PORTFOLIO Owned Malls State Ownership Total GLA (sqm) Owned GLA (sqm) Private area Mixed Use Occupancy Rate (%) Services rendered Amazonas Shopping AM 24,7% 37.525 9.264 48.801 97,5% A / C / CSC Araguaia Shopping GO 50,0% 21.758 10.879 - 97,8% - Bangu Shopping RJ 90,0% 57.889 52.100 8.838 93,0% A / C / CSC Boulevard Shopping Belém PA 80,0% 39.430 31.540 30.030 98,4% A / C / CSC Boulevard Shopping Belo Horizonte MG 70,0% 41.683 29.178 27.114 97,8% A / C / CSC Carioca Shopping RJ 65,0% 36.287 23.586 - 97,1% A / C / CSC Catuaí Shopping Londrina PR 93,0% 57.185 53.182 67.419 98,8% A / C / CSC Catuaí Shopping Maringá PR 100,0% 33.313 33.313 55.724 97,8% A / C / CSC Caxias Shopping RJ 65,0% 27.781 18.057 42.313 95,8% A / C / CSC Center Shopping Uberlândia MG 21,0% 56.876 11.944 50.925 95,2% A / C / CSC Shopping Estação BH MG 60,0% 37.520 22.512 - 95,9% A / C / CSC Franca Shopping SP 76,9% 18.955 14.582 56.460 99,0% A / C / CSC Goiânia Shopping GO 48,8% 30.153 14.727 - 97,0% A / C / CSC Independência Shopping MG 83,4% 23.672 19.752 - 98,9% A / C / CSC Manauara Shopping AM 100,0% 47.279 47.279 - 95,9% A / C / CSC Mooca Plaza Shopping SP 60,0% 42.173 25.304 9.069 99,1% A / C / CSC Norteshopping RJ 72,5% 71.165 51.595 65.783 95,0% A / C / CSC Parque Dom Pedro SP 51,6% 126.137 65.086 319.310 97,3% A / C / CSC Parque Shopping Belém PA 51,0% 36.544 18.638 - 98,8% A / C / CSC Parque Shopping Maceió AL 50,0% 39.659 19.829 18.416 99,4% - Passeio das Águas Shopping GO 90,0% 74.432 66.989 332.120 91,2% A / C / CSC Plaza Niterói RJ 100,0% 44.592 44.592 - 93,8% A / C / CSC Plaza Sul Shopping SP 50,1% 24.375 12.212 - 96,5% A / C / CSC Rio Anil MA 0,0% 0 0 - A / C São Bernardo Plaza Shopping SP 60,0% 42.943 25.766 - 94,9% A / C / CSC Shopping ABC SP 1,3% 44.602 566 - 97,3% - Shopping Campo Grande MS 70,9% 44.401 31.480 80.761 98,9% A / C / CSC Shopping Campo Limpo SP 20,0% 30.232 6.046 - 97,6% A / C / CSC Shopping Curitiba PR 49,0% 22.379 10.966 - 96,9% A / C / CSC Shopping da Bahia BA 71,5% 71.077 50.813 93.376 94,3% A / C / CSC Shopping Del Rey MG 80,0% 38.069 30.455 - 95,0% A / C / CSC Shopping Estação Cuiabá MT 75,0% 48.273 36.205 13.200 97,5% A / C / CSC Shopping Grande Rio RJ 50,0% 43.984 21.992 54.940 95,1% A / C / CSC Shopping Leblon RJ 51,0% 27.473 14.011 - 97,6% A / C / CSC Shopping Metrô Santa Cruz SP 100,0% 18.767 18.767 - 95,0% A / C / CSC Shopping Metrópole SP 100,0% 28.951 28.951 - 96,8% A / C / CSC Shopping Parangaba CE 40,0% 33.563 13.425 13.546 96,3% A / C / CSC Shopping Piracicaba SP 75,3% 44.995 33.895 11.352 97,1% A / C / CSC Shopping Recife PE 30,8% 72.363 22.309 27.600 97,9% C Shopping Taboão SP 92,0% 37.394 34.403 85.766 98,3% A / C / CSC Shopping Tamboré SP 100,0% 50.003 50.003 24.300 98,4% A / C / CSC Shopping Tijuca RJ 90,0% 35.359 31.823 - 98,2% A / C / CSC Shopping Vila Velha ES 50,0% 71.504 35.752 48.180 96,7% A / C / CSC Shopping Villagio Caxias do Sul RS 61,0% 29.667 18.097 51.821 96,9% A / C / CSC Shopping Villa-Lobos SP 63,4% 28.394 18.002 - 97,3% A / C / CSC Lojas C&A - 87,4% 11.809 10.322 - 100,0% Total Portfólio 65,1% 1.907.960 1.242.246 1.637.164 96,5%
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EARNINGS RELEASE 3Q25 EXPANSION/REDEVELOPMENT AND RENOVATION PROJECTS APPENDIX 30 RENOVATION EXPANSION/REDEVELOPMENT HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX Expansion/Redevelopment: Facades and gastronomic boulevard Opened in August 2025. The project includes the modernization of the façade and the creation of 2.5 thousand sqm of new spaces, including 2 new restaurants that will be part of the new Gastronomic Boulevard. SHOPPING DEL REY Expansion/Redevelopment: Gourmet Park Redevelopment Under construction. Creation of a new Gourmet Park with 6 thousand sqm dedicated to 13 new restaurants. SHOPPING RECIFE Expansion/Redevelopment: Expansion of 45 new stores Under construction. The project includes an increase of 6 thousand sqm of GLA. PARQUE SHOPPING MACEIÓ Expansion/Redevelopment: Taste Lab and new vertical circulation Under construction. The new gastronomic space with 5 thousand sqm will add 22 new gastronomic options. SHOPPING TIJUCA PARQUE D. PEDRO SHOPPING Expansion/Redevelopment: Requalification of the Colinas Sector Under construction Modernization and redevelopment of the Colinas Sector. Inauguration on Aug-25 Inauguration in 4Q25 Inauguration in 4Q25 Inauguration in 1S26
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EARNINGS RELEASE 3Q25 31 Renovation: Modernization of the L3 floor The revitalization of the third floor is under development. GOIÂNIA SHOPPING RENOVATION EXPANSION/REDEVELPMENT Expansion/Redevelopment: Requalification of L3 and Modernization of the Façade Under construction. Completion of the main façade and the modernization of the look & feel of the third floor. SHOPPING DA BAHIA SHOPPING VILLA LOBOS Expansion/Redevelopment: Extension of the Gastronomic Boulevard. Under construction. Expansion of the Gastronomic Boulevard, with 3 thousand sqm distributed in four new stores, three of which are intended for restaurants. CENTER UBERLÂNDIA Renovation: Modernization of the Promenade at Villa Lobos In project development. Creation of a new Gastronomic Boulevard integrated with the Villa Lobos Building. HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX Expansion/Redevelopment: New L4 floor Creation of new spaces for more than 5 thousand sqm of Gastronomic area. SHOPPING LEBLON Expansion/Redevelopment: Expansion of 150 new stores In bidding. The project foresees more than 150 new stores distributed in 24 thousand sqm, 12 thousand sqm of which are new GLA. SHOPPING CAMPO GRANDE
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EARNINGS RELEASE 3Q25 32 CAPITAL STRUCTURE The values below relate to ALLOS's share in each debt, excluding structuring costs, obligations for asset purchases, fair value swap adjustments, and the fair value of debts related to the business combination. For further information, please refer to the corresponding Explanatory Note within the Company's consolidated financial statements. The table below shows the reconciliation between the consolidated accounting net debt and the managerial net debt. Debt Breakdown | Consolidated Financial Statements 3Q25 Effects of CPC 18/19 Managerial 3Q25 (amounts in thousands of reais) Loans and financing, CCI/CRI's and debentures 5.921.540 - 5.921.540 Obligation for purchase of assets 436.953 (180) 436.773 Derivative financial instruments 130.748 0 130.748 Gross Debt 6.489.241 (180) 6.489.061 Cash and Cash Equivalents (3.075.886) 7.213 (3.068.673) Net debt 3.413.355 7.033 3.420.388 HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX Debts Index Interest Total Cost Total Debt (%) Total Debt Maturity TR 12,4% 107.169 1,8% Itaú (CRI - ICVM 476) TR 11,3% 13,1% 48.169 0,8% Jun-27 Itaú TR 9,9% 11,7% 59.000 1,0% May-30 CDI 14,1% 5.888.517 98,2% Debenture VIII (CRI - ICVM 400) CDI 1,0% 14,4% 80.426 1,3% Jun-29 Debenture XII (CRI - ICVM400) CDI 1,2% 14,6% 529.111 8,8% Jul-28 Debenture 7ª (CRI - ICVM160) CDI 1,0% 14,4% 316.547 5,3% Mar-28 Debenture 7ª (CRI - ICVM160). CDI 1,2% 14,6% 298.838 5,0% Mar-30 Debenture (8ª emissão. 1ª serie) CDI 0,6% 13,9% 376.150 6,3% Apr-29 Debenture (8ª emissão. 2ª serie) 105% CDI 0,0% 13,9% 403.873 6,7% Apr-29 Debenture (8ª emissão. 3ª serie) CDI 0,5% 13,8% 494.051 8,2% Apr-31 CCB Itaú CDI 1,3% 14,7% 220.340 3,7% Oct-26 Debenture (11ª emissão.1ª serie) CDI 0,6% 14,0% 652.647 10,9% Aug-31 Debenture (11ª emissão. 2ª serie) CDI 1,0% 14,3% 1.890.160 31,5% Aug-34 Debenture (12ª emissão.1ª serie) 98% CDI 0,0% 13,0% 156.872 2,6% Jan-30 Debenture (12ª emissão. 2ª serie) CDI 0,0% 13,3% 469.501 7,8% Jan-32 Total 14,1% 0,0% Total CDI+ 0,74% 5.995.686
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EARNINGS RELEASE 3Q25 33 CONSOLIDATED AND MANAGERIAL FINANCIAL STATEMENTS FOR SEPTEMBER 30, 2024 AND 2025 RECONCILIATION OF THE CONSOLIDATED AND MANAGERIAL FINANCIAL STATEMENTS The managerial financial information is shown as consolidated in thousands of Reais (R$), and reflects the Company’s ownership in each mall, in line with the consolidated financial statements. The managerial financial statements were prepared based on the balance sheets, income statements, and financial reports of the Company and assumptions that the Company's Management considers to be reasonable and should be read in conjunction with the period's financial statements and explanatory notes. Consolidated Income Statement 3Q25 3Q24 3Q25 / 3Q24 Δ% 3Q24 Proforma 3Q25 / 3Q24 Δ% Proforma (Amounts in thousands of Reais, except percentages) Gross revenue from rent and services 727.239 707.275 2,8% n/a n/a Taxes, contributions and other deductions (48.921) (49.895) -2,0% n/a n/a Net revenue 678.318 657.380 3,2% n/a n/a Cost (160.933) (178.090) -9,6% n/a n/a Gross income 517.385 479.291 7,9% n/a n/a Operating income/(expenses) (171.628) (165.888) 3,5% n/a n/a Sales, general and administrative expenses (175.513) (181.739) -3,4% n/a n/a Equity income 18.896 18.325 3,1% n/a n/a Other net income (expenses) (15.011) (2.475) n/a n/a n/a Financial income/(expenses) (138.738) (138.435) 0,2% n/a n/a Net income before taxes and social contributions 207.020 174.968 18,3% n/a n/a Current income and social contribution taxes (43.982) (48.896) -10,1% n/a n/a Deferred income and social contribution taxes (7.115) 8.995 n/a n/a n/a Net income in the period 155.922 135.068 15,4% - n/a Income (loss) attributable to: Controlling Shareholders 125.865 112.773 11,6% n/a n/a Minority Shareholders 30.057 22.295 34,8% n/a n/a Net income in the period 155.922 135.068 15,4% - n/a Managerial Income Statement 3Q25 3Q24 3Q25 / 3Q24 Δ% 3Q24 Proforma 3Q25 / 3Q24 Δ% Proforma (Amounts in thousands of Reais, except percentages) Gross revenue from rent and services 730.261 698.943 4,5% 686.157 6,4% Taxes, contributions and other deductions (50.373) (48.479) 3,9% (48.479) 3,9% Net revenue 679.888 650.463 4,5% 637.678 6,6% Cost (175.139) (172.750) 1,4% (172.537) 1,5% Cost of rent and services (59.686) (60.571) -1,5% (60.358) -1,1% Depreciation and amortization (115.453) (112.179) 2,9% (112.179) 2,9% Gross income 504.749 477.713 5,7% 465.141 8,5% Operating income/(expenses) (181.063) (183.116) -1,1% (183.116) -1,1% Sales, general and administrative expenses (106.361) (107.995) -1,5% (107.995) -1,5% Long-term incentive plan (8.263) (6.763) 22,2% (6.763) 22,2% Equity Income - - n/a - n/a Depreciation and Amortization expenses (38.374) (37.473) 2,4% (37.473) 2,4% Other net income (expenses) (28.065) (30.885) -9,1% (30.885) -9,1% Financial income/(expenses) (144.197) (142.292) 1,3% (142.292) 1,3% Net income before taxes and social contributions 179.489 152.304 17,8% 139.732 28,5% Current income and social contribution taxes (45.011) (48.335) -6,9% (48.335) -6,9% Deferred income and social contribution taxes (8.613) 8.804 n/a 8.804 n/a Net income in the period 125.865 112.773 11,6% 100.201 25,6% HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 34 BALANCE SHEET Managerial Balance Sheet 30/09/2025 31/12/2024 30/09/2025 31/12/2024 30/09/2025 31/12/2024 ASSETS (amounts in thousands of Reais) Current Cash and cash equivalents 48.994 47.771 1.429 (715) 50.423 47.056 Short-term investments 2.860.233 3.321.334 (8.641) (83.847) 2.851.592 3.237.488 Accounts receivable 361.509 492.367 7.349 (5.268) 368.858 487.099 Dividends receivable 27 423 (27) (423) (0) 0 Taxes recoverable 146.921 149.785 344 2.132 147.265 151.918 Anticipated expenses 22.574 15.715 (1.040) (260) 21.534 15.455 Other receivables 352.741 244.456 6.394 10.895 359.135 255.351 Total 3.792.999 4.271.853 5.807 (77.486) 3.798.806 4.194.367 Non-Current Assets held for sale - - - - - - Total Current Assets and non-current assets held for sale 3.792.999 4.271.853 5.807 (77.486) 3.798.806 4.194.367 Non-Current Taxes recoverable 42.719 39.158 2.272 68 44.991 39.226 Deferred income and social contribution tax 7.350 7.511 (0) (51) 7.350 7.459 Legal deposits 176.415 169.019 805 (311) 177.220 168.707 Borrowings and other accounts receivable - 13.762 - (13.762) - - Values receivable 114.904 92.825 (1.244) 1.324 113.660 94.149 Anticipated expenses 17.142 17.993 (6) (12) 17.136 17.981 Long-term investments 166.659 190.051 - - 166.659 190.051 Other receivables 302.923 237.190 (277) (66) 302.646 237.124 Investments 605.001 624.928 (605.001) (624.928) 0 (0) Properties for investment 20.217.115 20.700.140 (166.064) (168.081) 20.051.051 20.532.059 Property, plant and equipment 93.013 97.391 1.770 (800) 94.783 96.590 Intangible assets 807.339 826.970 549.044 102.700 1.356.383 929.670 Total Non-current Assets 22.550.580 23.016.938 (218.702) (703.922) 22.331.878 22.313.016 Total Assets 26.343.579 27.288.791 (212.894) (781.407) 26.130.684 26.507.383 LIABILITIES (amounts in thousands of Reais) Current Suppliers 81.096 89.934 1.180 651 82.276 90.585 Loans and financing, real estate credit notes and debentures 267.309 1.123.404 - - 267.309 1.123.404 Taxes and contributions payable 77.158 112.162 2.015 1.869 79.173 114.031 Deferred income 10.626 15.813 4.683 468 15.309 16.281 Dividends payable 156.167 211.798 (3.167) (3.329) 153.000 208.469 Obligations for purchase of assets 419.251 407.484 - (607) 419.251 406.877 Leasing 20.431 20.765 117.836 6.112 138.267 26.877 Other liabilities 209.456 284.100 6.639 (88.493) 216.095 195.607 Total Current Liabilities and liabilities related to non-current assets held for sale 1.241.494 2.265.459 129.187 (83.329) 1.370.681 2.182.130 Non-Current Loans and financing , real estate credit notes and debentures 5.654.231 5.521.620 - - 5.654.231 5.521.620 Taxes and contributions to collect 6.560 7.721 (110) (110) 6.450 7.610 Deferred income 15.229 16.742 612 925 15.841 17.668 Financial securities 130.748 158.383 0 - 130.748 158.383 Deferred income and social contribution tax 4.695.326 4.755.405 (4.720) (5.469) 4.690.606 4.749.936 Obligations for the purchase of assets 17.702 19.752 (179) (180) 17.522 19.572 Leasing 156.803 158.658 415.254 83.327 572.057 241.985 Other liabilities 3.556 8.981 (847) (5.613) 2.709 3.368 Provision for contingencies 250.977 241.548 (379) (1.331) 250.598 240.217 Total Non-Current Liabilities 10.931.132 10.888.811 409.630 71.549 11.340.762 10.960.359 Shareholders' Equity (amounts in thousands of Reais) Share capital 15.092.136 15.092.136 0 - 15.092.136 15.092.136 Expenditure on issuance of shares (72.332) (72.332) 0 - (72.332) (72.332) Capital reserves 9.617 0 (0) - 9.617 0 Legal reserve 234.265 234.265 (0) - 234.265 234.265 Shares held in treasury (104.855) (776.697) (0) - (104.855) (776.697) Retained earnings (losses) 377.937 0 (0) 0 377.937 0 Income reserves 1.886.791 2.891.838 (1) - 1.886.790 2.891.838 Carrying value adjustments (4.004.316) (4.004.316) (0) - (4.004.316) (4.004.316) Minority Interest 751.710 769.628 (751.710) (769.628) - - Total Shareholders' Equity 14.170.953 14.134.523 (751.711) (769.628) 13.419.242 13.364.895 Total liabilities and shareholders' equity 26.343.579 27.288.792 (212.894) (781.408) 26.130.684 26.507.384 Adjustments ALLOS Managerial Consolidated ALLOS Financial Statements HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 35 CASH FLOW Cash Flow Statement ALLOS Financial Statements Adjustments ALLOS Managerial Consolidated 30/09/2025 30/09/2025 30/09/2025 (amounts in thousands of reais) Operating Activities Net Profit for the period 663.964 (82.027) 581.937 Adjustments to net profit due to: - - - Straight line rent adjustment (42.422) (1.614) (44.036) Depreciation and Amortization 453.216 (53) 453.163 Equity Income (53.960) 53.960 - Provisions for doubtful accounts 39.119 21 39.140 Stock Option plan 39.171 - 39.171 Monetary variation over financial debts 696.598 7.060 703.658 Fair value of financial derivatives instruments (2.432) (41.718) (44.150) Deferred income and social contribution tax (59.918) 31.241 (28.677) (Gain) loss on sale of investment property (148.540) 38.368 (110.172) Income financial debts (301.471) 6.718 (294.753) Write-off of asset added value 170 (170) - Provision for loss of investments and investment properties 515 (515) - Others 16.841 6.767 23.608 1.300.851 18.038 1.318.889 Decrease (increase) in assets 26.180 (6.068) 20.112 Accounts receivable 97.943 (8.457) 89.486 Legal deposits (7.976) (1.117) (9.093) Taxes recoverable (311) (811) (1.122) Others (63.476) 4.317 (59.159) Increase (decrease) in liabilities 105.161 59.542 164.703 Suppliers (8.252) 529 (7.723) Collectable taxes 215.910 (23.567) 192.343 Other obligations (95.920) 78.679 (17.241) Deferred income (6.577) 3.901 (2.676) Taxes paid - IRPJ e CSLL (134.150) (911) (135.061) Taxes paid - PIS, COFINS e ISS (112.460) (323) (112.783) Net Cash Used in Operating Activities 1.185.582 70.278 1.255.860 Investment Activities Acquisition of fixed assets (6.403) (1.177) (7.580) Acquisition of Intangible Assets (76.337) 115 (76.222) Acquisition of properties for investment - Shopping malls (254.553) 9.314 (245.239) Capital increase/Decrease in controlled companies (2.284) 2.284 - Capital Increase (decrease) in subsidiaries/ associets/ amortization of cotas 1.494 - 1.494 Decrease (increase) in short-term investments 1.046.890 (81.923) 964.967 Dividends and interest on capital received 64.191 (64.191) - Receipt for the sale of equity and/or real estate interests in shopping malls 161.682 - 161.682 Net Cash Used in Investment Activities 934.680 (135.578) 799.102 Financing Activities Receipt of loans to related parties 3.164 (3.164) - Interest payment - loans, financings and real estate credit notes (54.105) - (54.105) Principal payment loans and financing and real estate credit notes (752.552) - (752.552) Issuance of debentures 625.000 - 625.000 Interest payment - debentures (584.009) - (584.009) Principal payment - debentures (582.252) - (582.252) Payment of debenture structuring costs (16.542) - (16.542) Leasing - Payment of principal and interest (24.259) (17.348) (41.607) Share Buyback Program (159.799) - (159.799) Buyback - debentures - - - Share Sales 6.919 - 6.919 Dividends paid to stockholders (459.000) - (459.000) Dividends paid to non-controlled stockholders (87.349) 87.349 - Payment of obligations for the purchase of companies (34.255) 607 (33.648) Net Cash Used in Financing Activities (2.119.039) 67.444 (2.051.595) Net cash and cash equivalent increase (reduction) 1.223 2.144 3.367 Cash and Cash Equivalents at the end of the period 48.994 1.429 50.423 Cash and Cash Equivalents at the beginning of the period 47.771 (715) 47.056 Net change in Cash and Cash Equivalents 1.223 2.144 3.367 HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 36 RECONCILIATION BETWEEN CONSOLIDATED AND MANAGERIAL FINANCIAL STATEMENTS | 2025 HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX Conciliation Financial statements vs. Managerial financial information Period ended September 30, 2025 ALLOS Consolidated 2025 - Financial Statements Adjustments ALLOS Consolidated 2025 - Managerial (amounts in thousands of reais) Gross revenue from rental and services 2.174.240 (45.037) 2.129.203 Taxes and contributions and other deductions (148.196) 792 (147.404) Net revenues 2.026.044 (44.245) 1.981.799 Cost of rentals and services (515.861) (5.034) (520.895) Gross income 1.510.183 (49.279) 1.460.904 Operating income/expenses (371.143) (52.844) (423.987) Sales, general and administrative expenses (512.868) 196.336 (316.532) Long-term incentive plan n/a 24.985 (24.985) Equity Income 53.960 (53.960) - Depreciation and Amortization n/a 112.151 (112.151) Other net operating income (expenses) 87.766 (58.085) 29.681 Financial income/(expenses) (388.635) 26.798 (361.837) Net income before taxes and social contributions 750.406 (75.326) 675.080 Income and social contribution taxes (86.442) (6.702) (93.143) Net income in the period 663.964 (82.027) 581.937 Income attributable to: Controlling shareholders 581.937 0 581.937 Minority shareholders 82.027 (82.027) - Conciliation between EBITDA / Adjusted EBITDA Period ended September 30, 2025 ALLOS Consolidated 2025 - Financial Statements Adjustments ALLOS Consolidated 2025 - Managerial (amounts in thousands of reais, except percentages) Net income for the period 663.964 (82.027) 581.937 (+) Depreciation and amortization 453.217 (54) 453.163 (+)/(-) Financial expenses / (income) 388.635 (26.798) 361.837 (+) Income and social contribution taxes 86.442 6.702 93.143 EBITDA 1.592.257 (102.178) 1.490.079 EBITDA margin % 78,6% 75,2% (+)/(-) Non-recurring (expenses)/income (41.513) - (41.513) Adjusted EBITDA 1.550.744 (102.178) 1.448.566 Adjusted EBITDA margin % 76,5% 73,1% (-) Straight line rent adjustments - CPC 06 (10.059) (33.977) (44.036) Adjusted EBITDA (Ex- Straight line rent adjustments) 1.540.685 (136.154) 1.404.530 Conciliation between FFO / Adjusted FFO Period ended September 30, 2025 ALLOS Consolidated 2025 - Financial Statements Adjustments ALLOS Consolidated 2025 - Managerial (amounts in thousands of reais, except percentages) Net income for the period 663.964 (82.027) 581.937 (+) Depretiation and amortization 453.217 (54) 453.163 (=) FFO * 1.117.181 (82.082) 1.035.099 (+)/(-) Non-recurring expenses (41.513) - (41.513) (-) Straight line rent adjustments - CPC 06 (10.059) (33.977) (44.036) (+)/(-) Non-cash taxes (59.915) 31.238 (28.677) (+)/(-) SWAP (Fair Value) (27.634) - (27.634) (+)/(-) Other non-recurring financial expenses (8.990) - (8.990) (=) Adjusted FFO * 969.068 (84.820) 884.249 AFFO margin % 48,1% 45,6% * Non-accounting indicators
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EARNINGS RELEASE 3Q25 37 RECONCILIATION BETWEEN CONSOLIDATED, MANAGERIAL AND PROFORMA FINANCIAL STATEMENTS | 2024 Conciliation Financial statements vs. Managerial financial information Period ended September 30, 2024 ALLOS Consolidated 2024 - Financial Statements Adjustments ALLOS Consolidated 2024 - Managerial Adjustments ALLOS Consolidated 2024 - Proforma (amounts in thousands of reais) Gross revenue from rental and services 2.092.003 (47.027) 2.044.975 (58.030) 1.986.946 Taxes and contributions and other deductions (148.605) 3.390 (145.216) - (145.216) Net revenues 1.943.397 (43.637) 1.899.760 (58.030) 1.841.730 Cost of rentals and services (538.739) 12.167 (526.572) 6.991 (519.581) Gross income 1.404.659 (31.471) 1.373.188 (51.039) 1.322.149 Operating income/expenses (399.964) (3.360) (403.324) - (403.324) Sales, general and administrative expenses (526.705) 208.011 (318.694) - (318.694) Long-term incentive plan n.a 18.880 (18.880) - (18.880) Equity Income 55.818 (55.818) - - - Depreciation and Amortization n.a 111.604 (111.604) - (111.604) Other net operating income (expenses) 70.923 (25.069) 45.854 - 45.854 Financial income/(expenses) (307.667) (14.172) (321.838) - (321.838) Net income before taxes and social contributions 697.028 (49.003) 648.026 (51.039) 596.987 Income and social contribution taxes (86.186) (31.898) (118.084) - (118.084) Net income in the period 610.843 (80.901) 529.942 (51.039) 478.903 Income attributable to: - - - Controlling shareholders 529.942 (0) 529.942 (51.039) 478.903 Minority shareholders 80.901 (80.901) - - - Conciliation between EBITDA / Adjusted EBITDA Period ended September 30, 2024 ALLOS Consolidated 2024 - Financial Statements Adjustments ALLOS Consolidated 2024 - Managerial Adjustments ALLOS Consolidated 2024 - Proforma (amounts in thousands of reais, except percentages) Net income for the period 610.843 (80.901) 529.942 (51.039) 478.903 (+) Depreciation and amortization 460.698 (6.924) 453.774 - 453.774 (+)/(-) Financial expenses / (income) 307.667 14.172 321.838 - 321.838 (+) Income and social contribution taxes 86.186 31.898 118.084 - 118.084 EBITDA 1.465.393 (41.755) 1.423.638 (51.039) 1.372.600 EBITDA margin % 75,4% 74,9% 0,0% 74,5% (+)/(-) Non-recurring (expenses)/income (47.262) - (47.262) - (47.262) Adjusted EBITDA 1.418.131 (41.755) 1.376.376 (51.039) 1.325.338 Adjusted EBITDA margin % 73,0% 72,5% 72,0% (-) Straight line rent adjustments - CPC 06 (16.205) (2.548) (18.753) 409 (18.345) Adjusted EBITDA (Ex- Straight line rent adjustments) 1.401.926 (44.303) 1.357.623 (50.630) 1.306.993 Conciliation between FFO / Adjusted FFO Period ended September 30, 2024 ALLOS Consolidated 2024 - Financial Statements Adjustments ALLOS Consolidated 2024 - Managerial Adjustments ALLOS Consolidated 2024 - Proforma (amounts in thousands of reais, except percentages) Net income for the period 610.843 (80.901) 529.942 (51.039) 478.903 (+) Depretiation and amortization 460.698 (6.924) 453.774 - 453.774 (=) FFO * 1.071.541 (87.825) 983.716 (51.039) 932.677 (+)/(-) Non-recurring expenses (47.262) - (47.262) - (47.262) (-) Straight line rent adjustments - CPC 06 (16.205) (2.548) (18.753) 409 (18.345) (+)/(-) Non-cash taxes (90.347) 67.666 (22.681) - (22.681) (+)/(-) SWAP (Fair Value) 7.535 - 7.535 - 7.535 (+)/(-) Other non-recurring financial expenses 6.415 - 6.415 - 6.415 (=) Adjusted FFO * 931.676 (22.708) 908.969 (50.630) 858.339 AFFO margin % 48,3% 48,3% 47,1%- * Non-accounting indicators HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 38 GLOSSARY Abrasce: Brazilian Association of Shopping Centers. Adjusted EBITDA: EBITDA + pre-operational expenses +/(-) other non-recurring expenses/(revenues). Adjusted FFO (Funds From Operations): Net income from controlling shareholders + depreciation + amortization + non-recurring expenses / (revenue) – straight-line rent +/(-) non- cash taxes – capitalized interest + SWAP effect. Anchor Stores: Large, well-known stores (with more than 1,000 sqm of GLA) with special marketing and structural features that can attract customers, thereby ensuring permanent flows and uniform traffic in all areas of the mall. CAGR: Compound annual growth rate. Capex: Capital Expenditure. Estimate of the amount of funds to be spent on the development, expansion, improvement or acquisition of an asset and others. CCI: Real Estate Credit Note. Key Money: The amount charged to the tenant for the right to use the technical infrastructure of the real estate development. CPC: Accounting Pronouncements Committee. CRI: Real Estate Receivables Certificates. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization): Net revenue - operating costs and expenses + depreciation and amortization. Federal Law 11.638: on December 28th, 2007, Federal Law 11,638 was enacted with the purpose of including publicly-held companies in the international accounting convergence process. Consequently, certain financial and operating results were subject to accounting effects due to the changes introduced by the new law. GLA (Gross Leasable Area): Equivalent to the sum of all areas available for leasing in shopping malls, except for kiosks and sold areas. Greenfield: development of new shopping center projects. In-line Stores: Small stores (less than 500 sqm of GLA) with no special marketing and structural features located around the anchor stores and intended for general retailing. Jr. Anchors: Medium-sized stores (between 500 and 1,000 sqm of GLA), which frequently have special marketing and structural features on a lesser scale, but which still attract and retain customers. They are also known as "megastores". Management Fee: Fee charged to tenants and other partners of the mall to defray management costs. Minimum Rent: The minimum monthly rent determined in a tenant's lease agreement. Net delinquency: The ratio between total period billings (rent receivables, excluding cancelled invoices), and total revenue received over the same period. NOI (Net Operating Income): Gross mall revenue (excluding revenue from services) + parking result – mall operating costs – provision for doubtful accounts. Occupancy Cost: The cost of leasing a store as a percentage of sales: Rent (minimum + overage) + common charges + marketing fund (FPP). Occupancy Rate: Leased area divided by total mall GLA at the end of the period in question. Overage Rent: The rent whose calculation is based on the difference (when positive) between the value of a tenant's monthly sales and the breakeven point determined on the tenant's lease contract, multiplied by a percentage also determined on the lease contract. HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX
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EARNINGS RELEASE 3Q25 39 Owned GLA: Refers to total GLA weighted by the Company’s ownership in each shopping mall. PDA: Provision for doubtful accounts. Total Sales: Sales of products and services in the period declared by the stores in each mall, including kiosk sales. Sales/sqm: Sales in the period divided by the area that report sales. Does not include kiosk sales, given that these operations are not included in total mall GLA. SSR (Same-Store Rent): Ratio between the rent earned in the same operation in the current period versus the previous year. Considers the current ownership held by the Company in each shopping mall. SSS (Same-Store Sales): Ratio between sales in the same operation in the current period versus the previous year. Considers the current ownership held by the Company in each shopping mall. Tenant Mix: Strategic composition of stores defined by the mall manager. Vacancy: The mall's gross leasable area available for rent. GLOSSARY HIGHLIGHTSMESSAGE FROM MANAGEMENTKEY INDICATORSFINANCIAL PERFORMANCE UNLOCKING SHAREHOLDER VALUE CASE ANALYSISMEDIADEVELOPMENT AND MIXED USESUSTAINABILITYPORTFOLIO OPERATIONAL PERFORMANCEDIGITAL FEATURESAPPENDIX