Slides
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Shopping Iguatemi Esplanada IGUATEMI S.A. CONFERENCE CALL 2Q26 IGUATEMI
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2 1. Quarter Highlights 2. Operational and Financial Performance Agenda
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3 TOTAL SALES GROW 4.6% AND SAS MAINTAINS PROGRESS IN LINE WITH INFLATION Sales Shopping malls per m² (R$ thousands)Total sales in 2Q's (R$ billion) 2Q22 2Q23 2Q24 2Q25 2Q26 4.28 4.62 4.95 6.30 6.59 +4.6% 2Q23 2Q24 2Q25 2Q26 2Q25 - ABL % IGTI 2Q26 - ABL % IGTI 7.3 7.9 9.2 9.6 8.7 9.8 +4.6% +13.3%
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4 RENTALS ARE RISING FASTER THAN INFLATION, LEAVING ROOM FOR FURTHER PRICE INCREASES Progress in occupancy cost (% of sales) - quarter Real growth - SAR and Rental/m² 2Q23 2Q24 2Q25 2Q26 11.3 10.8 10.5 10.8 +0.3 p.p.688 711 629 703 2Q25 2Q26 2Q25 - % IGTI 2Q26 - % IGTI +3.3% +11.8% IGPM readjustment effect on the portfolio SSR 2Q26 SAR 2Q26 Grow. Rent/m2 0.9% 2.7% 2.5% 3.3%+1.6 p.p. Rental per square meter (m²) – Shopping Malls (quarterly)
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5 OCCUPANCY RATE RISES TO 96.9% WITH THE EXPANSION OF GLOBAL BRANDS REINFORCING THE QUALITY OF THE PORTFOLIO Occupancy rate progression (% GLA 2Q25 3Q25 4Q25 1Q26 2Q26 96.4% 96.1% 96.7% 97.3% 96.9% 0.5p.p. Iguatemi São Paulo was chosen by Dior to house a new 600 square meters store for the Maison • Shopping RIOSUL: inauguration of H&M and Birkenstock; • Iguatemi Campinas: expansion of Zara to a new store of 2.8 thousand m², inauguration of Carolina Herrera and signing of a contract for Birkenstock; • Shopping Iguatemi São Paulo: inauguration of the Ara Vartanianjewelry store and the Dominique kiosk (Diptyque), in addition to the signature for the Ladurée. • Shopping Pátio Higienópolis: signing of a contract with the Casa Europa restaurant and with the Foxton and Océane brands; HIGHLIGHTS
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6 % Portfólio Iguatemi 2Q26 2Q25 1Q25 Pátio Higienópolis 29.0% 29.0% 11.5% Pátio Paulista 14.5% 11.5% 0.0% Rio Sul 16.6% 16.6% 16.6% Market Place 51.0% 100.0% 100.0% Market Place Torres 51.0% 100.0% 100.0% Iguatemi Alphaville 51.0% 60.0% 60.0% Galleria 51.0% 100.0% 100.0% Iguatemi Ribeirão Preto 65.0% 89.0% 89.0% Iguatemi Rio Preto 70.0% 88.0% 88.0% Praia de Belas 50.6% 57.6% 57.6% Between 2Q25 and 2Q26, Iguatemi adjusted its stake in 10 assets, reallocating capital to projects with higher productivity: CAPITAL RECYCLING QUALIFIES PORTFOLIO AND GENERATES SHAREHOLDER VALUE 16.847 43.914 Shopping Malls Sold Shopping Malls Acquired +161% 1.311 4.022 Shopping Malls Sold Shopping Malls Acquired +207% Sales in ShoppingMalls/sqm ShoppingMalls Rentals/sqm LTM Vision – 2Q26 2005 2010 2015 2020 2025 100 200 300 400 500 600 700 800 900 1.000 1.100 1.200 0 69 115 137 161 235 298 348 454 504 521 541 559 542 319 486 714 920 1.024 1.178 185 GLA expansion of the market Recovery Serious Crisis Cost- effective Stagnation Pandemic The combined result of these movements is visible in the trajectory of Adjusted EBITDA: since 2022, the indicator has registered a CAGR of 18.1%, a pace significantly higher than the growth of the industry. LTM Vision – 2Q26
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7 STATUS OF DEVELOPMENT AND PORTFOLIO EXPANSION PROJECTS Casa Figueira - Campinas Rooftop Iguatemi São Paulo Iguatemi Brasília Obras Iguatemi Tower Campinas Iguatemi São Paulo Iguatemi Brasília Iguatemi Tower (Torre A) Casa Figueira - Infrastructure Expected Opening 1Q27 4Q27 2Q28 3Q26 Total GLA (thousand m2) 4.9 15.5 16.7 - % Iguatemi 60.0% 64.0% 52.0% 24.8% % Sold 70.0% 60.0% - 6.1% % Completed Physical Work 42.2% 1.5% 1.5% 87.7% % Capex (million) 35.4% 12.5% 2.5% 46.6%
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8 IGUATEMI – EXPERIENCES, CULTUREAND ESG COMMITMENT • Brasil Contemporâneo: debates on the challenges and opportunities of Brazil, conducted by Fernando Schüler, with the participation of Professor HOC, Marcos Troyjo and Luiz Felipe Pondé. • Cine Vista: 12th edition, with the exhibition of 23 films, 100% occupancy and bringing together more than 2 thousand people. • Arraiá Shopping RIOSUL: 2nd edition of the event, bringing together more than 5 thousand people. • Pátio Gourmet: 3th edition held at Pátio Higienópolis, bringing together 15 restaurants and attracting more than 8,000 visitors. IGUATEMI TALK WELLNESS • Iguatemi Talks Wellness: 1st edition at JK Iguatemi, bringing together national and international experts to discuss well-being, longevity and quality of life, with activations of partner brands. • Sustainability Report: publication of the 4th edition, reinforcing the evolution of the Company's ESG agenda. • Environmental: maintenance of 100% renewable energy, 94.3% reuse of waste and GHG Protocol Gold Seal. • Social: emphasis on female leadership, 56% of the Executive Committee and 54% of the leaders occupied by women. • Governance: maintenance in ISE B3, grade B in CDP and 94.3% approval of the Board of Directors. ESG REFERENCE Teatro Iguatemi – Brasil Contemporâneo JK Iguatemi CULTURE & EVENTS
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9 1. Quarter Highlights 2. Operational and Financial Performance Agenda
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95/95/95 216/196/158 190/156/94 64/64/64 Operational Indicators 2Q26 2Q25 Change % 06M26 06M25 Change % Average Total GLA (m²) 789,465 788,588 0.1% 780,732 769,820 1.4% Final Owned GLA (m²) 426,327 489,095 -12.8% 427,517 484,170 -11.7% Average Owned GLA (m²) 426,327 489,095 -12.8% 427,517 484,170 -11.7% GLA Total Average Shopping Mall (m²) 735,955 735,078 0.1% 736,140 716,310 2.8% Average Owned GLA Shopping Mall (m²) 399,757 448,445 -10.9% 400,947 443,521 -9.6% Total Shopping Malls (1) 17 17 0.0% 17 17 0.0% Total Sales (BRL thousand) 6,594,833 6,303,976 4.6% 12,275,201 11,341,450 8.2% Same-Store Sales (SSS) 1.7% 12.1% -10.4 p.p. 3.1% 9.4% -6.3 p.p. Same-Area Sales (SAS) 4.2% 14.4% -10.1 p.p. 5.6% 11.7% -6.1 p.p. Same-Store Rents (SSR) 2.7% 10.4% -7.7 p.p. 4.1% 7.4% -3.3 p.p. Same-area rents (SAR) 2.5% 10.0% -7.4 p.p. 4.3% 7.2% -2.9 p.p. Occupancy Cost (% of sales) 10.8% 10.5% 0.3 p.p. 11.4% 11.1% 0.3 p.p. Occupancy rate 96.9% 96.4% 0.5 p.p. 97.1% 96.5% 0.6 p.p. Net Delinquency Rate 0.1% 0.3% -0.2 p.p. 0.7% 0.7% 0.0 p.p. Sales/m² - Shopping Malls (2) 9,609 9,190 4.6% 17,853 16,439 8,6% Rental/m² - Shopping Malls (2) 711 688 3.3% 1,393 1,310 6,3% Rental/m² (3) 631 610 3.3% 1,251 1,162 7,6% Sales/m² - Shopping Malls % IGTI (4) 9,837 8,686 13.3% 17,976 15,949 12,7% Rental/m² - Shopping Malls % IGTI (4) 703 629 11.8% 1,334 1,189 12,2% KEY OPERATIONAL INDICATORS (1) It considers Iguatemi Esplanada and Esplanada Shopping as one venture. (2) It considers sales and rental revenue from shopping malls and total GLA shopping malls (excluding towers, outlets, and Po wer Center Iguatemi Campinas). (3) It considers total GLA of shopping malls, outlets, and towers. (4) Considers sales and rental revenue from shopping malls and GLA of shopping malls in the Company's participation (excludes towers, outlets and Power Center Iguatemi Campinas).
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11 COMPARISON OF RESULTS ADJUSTED FOR M&AS Adjusted EBITDA Breakdown (R$ million) Recurring Adjusted FFO Breakdown (BRL million) Adjusted Net Revenue Breakdown (R$ million) Recurring Adjusted Net Profit Breakdown (BRL million) (1) Capital gain from the sale of Interests in the Market Place Shopping Center and Shopping Center Galleria; (2) Recurring view, disregards the stakes of Pátio Higienópolis and Pátio Paulista of the investors who are partners of the operation, as well as the capital gain from the sales of Market Place and G alleria. (3) Pro forma view excludes the result of assets with a change in equity interest between the two periods, as shown in the compar ability table (page 6). 0 18,157 34,219 41,230 Net Revenue 2Q26 407,165 389,008 354,790 396,020 +11.6% EBITDA 2Q25 139,065 17,891 Recurring EBITDA 2Q25 26,120 Pro Forma Effect EBITDA pro forma 2Q25 28,243 Growth YOY EBITDA 2Q26 445,398 288,442 262,322 290,565 +10.8% FFO 2Q25 Capital Gain (1) 6,917 FFO Recurring 2Q25 29,694 FFO 2Q26 240,431 92,284 141,230 170,923 +21.0% Net Profit 2Q25 6,647 Net Profit Recurring 2Q25 24,225 Growth YOY Net Profit 2Q26 208,510 92,284 109,579 133,803 +22.1% Net Revenue 2Q25 Capital Gain (1) Pátios Partners Result (2) Net Revenue Recurring 2Q25 Pro Forma Effect (3) Net Revenue pro forma 2Q25 Growth YOY Capital Gain (1) Pátios Partners Result (2) Growth YOYPátios Partners Result (2) Capital Gain (1) Pátios Partners Result (2)
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12 ECONOMIC AND FINANCIAL PERFORMANCE – PRO FORMA Adjusted Managerial Income Statement – Reconciliation of Recurring and pro forma 2Q26 excluding straight-line effect 2Q25 excluding straight-line effect % partners and capital gain adjustment 2Q25 Recurring 2Q26 vs 2Q25 Recurring Pro Forma adjustment 2Q25 pro forma 2Q26 vs 2Q25 pro forma Minimum monthly rental 217,947 246,127 13,696 232,431 -6.2% -24,489 207,942 4.8% Percentage Rental 29,742 29,943 1,048 28,895 2.9% -2,216 26,679 11.5% Temporary lease 31,123 31,749 1,658 30,091 3.4% -3,767 26,323 18.2% Management fee 23,882 20,469 0 20,469 16.7% 0 20,469 16.7% Parking 65,354 72,539 3,512 69,027 -5.3% -10,893 58,134 12.4% Others (Mall) 6,236 4,717 0 4,717 32.2% -349 4,368 42.8% Retail (Iguatemi 365 and I-Retail) 67,111 53,334 0 53,334 25.8% 0 53,334 25.8% Gross Revenue 441,394 458,878 19,915 438,964 0.6% -41,715 397,249 11.1% Taxes and discounts -45,374 -51,713 -1,758 -49,955 -9.2% 7,496 -42,459 6.9% Net Revenue 396,020 407,165 18,157 389,008 1.8% -34,219 354,790 11.6% Costs -72,979 -72,555 -1,671 -70,883 3.0% 8,347 -62,536 16.7% Administrative expenses -36,019 -32,359 -172 -32,187 11.9% 0 -32,187 11.9% Pre-Operational Expenses -1,704 -1,088 0 -1,088 56.6% 0 -1,088 56.6% Other Revenues (Exp.) Operating 4,881 143,824 140,643 3,181 53.5% -248 2,933 66.4% Income using the equity equivalence 366 411 0 411 -10.9% 0 411 -10.9% EBITDA 290,565 445,398 156,956 288,442 0.7% -26,120 262,322 10.8% Depreciation and amortization -37,120 -31,921 -270 -31,651 17.3% - - - EBIT 253,445 413,477 156,686 256,790 -1.3% - - - Financial Revenues 61,555 25,674 0 25,674 139.8% - - - Result from SWAP operation 0 0 0 0 n/a - - - Financial Expenses -146,051 -211,147 -49,738 -161,408 -9.5% - - - Income Tax & Social Contribution on Net Profit (CSLL) -35,114 -19,465 -8,017 -11,448 206.7% - - - Minority interest -31 -29 0 -29 5.2% - - - Net profit 133,803 208,510 98,932 109,579 22.1% - - - FFO 170,923 240,431 99,202 141,230 21.0% - - - (1) Recurring basis, excluding the interests held by operating partners in Pátio Higienópolis and Pátio Paulista, as well as the capital gains from the sales of Market Place and Galleria. (2) Pro forma basis, excluding the results of assets whose ownership stakes changed between the two periods, as presented in the comparability table (page 6).
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13 Adjusted Managerial Income Statement – Reconciliation of Recurring and pro forma 6M26 excluding straight-line effect 6M25 excluding straight-line effect % partners and capital gain adjustment 6M25 Recurring 6M26 vs 6M25 Recurring Pro Forma adjustment 6M25 pro forma 6M26 vs 6M25 pro forma Minimum monthly rental 438,436 456,611 13,696 442,915 -1.0% -24,489 418,426 4.8% Percentage Rental 49,447 45,537 1,048 44,489 11.1% -2,216 42,273 17.0% Temporary lease 56,689 55,658 1,658 54,000 5.0% -3,767 50,232 12.9% Management fee 46,796 39,688 0 39,688 17.9% 0 39,688 17.9% Parking 128,735 132,591 3,512 129,079 -0.3% -10,893 118,186 8.9% Others (Mall) 12,246 11,295 0 11,295 8.4% -349 10,945 11.9% Retail (Iguatemi 365 and I -Retail) 123,800 88,939 0 88,939 39.2% 0 88,939 39.2% Gross Revenue 856,148 830,319 19,915 810,404 5.6% -41,715 768,690 11.4% Taxes and discounts -91,261 -93,179 -1,758 -91,422 -0.2% 7,496 -83,925 8.7% Net Revenue 764,887 737,140 18,157 718,983 6.4% -34,219 684,764 11.7% Costs -143,601 -133,595 -1,671 -131,923 8.9% 8,347 -123,576 16.2% Administrative expenses -72,972 -68,292 -172 -68,119 7.1% 0 -68,119 7.1% Pre-Operational Expenses -2,786 -1,543 0 -1,543 80.6% 0 -1,543 80.6% Other Revenues (Exp.) Operating 149,416 155,116 140,643 14,473 932.4% -248 14,225 950.4% Income using the equity equivalence 838 804 0 804 4.3% 0 804 4.3% EBITDA 695,783 689,630 156,956 532,674 30.6% -26,120 506,554 37.4% Depreciation and amortization -72,363 -56,542 -270 -56,272 28.6% - - - EBIT 623,420 633,088 156,686 476,402 30.9% - - - Financial Revenues 118,760 63,313 0 63,313 87.6% - - - Result from SWAP operation 0 0 0 0 n/a - - - Financial Expenses -304,006 -330,826 -49,738 -281,087 8.2% - - - Income Tax & Social Contribution on Net Profit (CSLL) -64,859 -43,168 -8,017 -35,151 84.5% - - - Minority interest -54 -56 0 -56 -2.9% - - - Net profit 373,261 322,352 98,932 223,421 67.1% - - - FFO 445,624 378,894 99,202 279,694 59.3% - - - (1) Recurring basis, excluding the interests held by operating partners in Pátio Higienópolis and Pátio Paulista, as well as the capital gains from the sales of Market Place and Galleria. (2) Pro forma basis, excluding the results of assets whose ownership stakes changed between the two periods, as presented in the comparability table (page 6). ECONOMIC AND FINANCIAL PERFORMANCE – PRO FORMA
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14 Debt amortization schedule - Annual (R$ millions) Cash coverage 200 318 118 150 150 367 712 547 229 443 73 426 6986 86 86 86 2026 16 2027 2028 2029 2030 2031 46 2032 12 37 2033 37 2034 2 37 2.298 37 2036 2037-2043 251 420 648 309 662 436 759 49 584 39 37 229 Current cash 8 43 2035 Bonds Real Estate Receivables Certificate (CRI) Other loans ENDIVIDAMENTO E LIABLITY MANAGEMENT (1) Cash basis; does not include the early redemption of the 2nd series of the 11th debenture issuance (IGTAB1), carried out on July 1, 2026. Net Debt/EBITDA: 1.60X disregarding capital gain and sales of minority stakes in 1Q26 and 2Q25. The Company prepaid the 11th bond issuance on 07/01/26. With that, the 2027 and 2028 maturities were brought forward, extending the term and reducing the cost of the debt. (1) Visão caixa; não inclui o pré pagamento da 2ª série da 11ª emissão de dêbenture (IGTAB1) realizado no dia 1º de julho de 2026; Consolidated Data (BRL thousand) 03/30/26 03/31/26 Change % Total Deb 4,436,282 3,941,725 12.5% Cash and Cash Equivalents 2,298,069 2,033,267 13.0% Net Debt 2,138,213 1,908,458 12.0% EBITDA (LTM) 1,292,761 1,437,961 -10.1% Adjusted EBITDA (LTM)(1) 1,322,778 1,477,612 -10.5% Net Debt/EBITDA 1.65x 1.33x 0.33 Net Debt/Adjusted EBITDA (1) 1.62x 1.29x 0.32 Cost of Debt (% CDI) 101.9% 102.2% -0.3 p.p. Debt Term (years) 4.7 4.5 0.22
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15 Considerations regarding the business prospects, estimates of operating and financial results, and Iguatemi's growth prospects, which may be expressed in this report, are only projections and, as such, are based exclusively on the expectations of Iguatemi's management regarding the future of the business and its continued access to capital to finance the Company's business plan. Such considerations depend substantially on changes in market conditions, government rules, competitive pressures, the performance of the sector and the Brazilian economy, among other factors, and are therefore subject to change without notice. Ciro Neto CEO Guido Oliveira CFO and IR Officer Marcos Souza IR Director Victor Barbosa IR Manager Victor Conceição IR Analyst Ana Beatriz Lima IR Analyst +55 11 3137-7134/ 7037 ri@Iguatemi.com.br https://ri.Iguatemi.com.br/ Contact