Multiplan (MULT3) reported net income of R$ 427.4 million in 2Q26, an increase of 61.7% compared to the same period in 2025. Net revenue totaled R$ 846.8 million, up 22%, supported by the revision of the PIS/COFINS credit methodology, which led to the recognition of around R$ 253 million in the quarter.
On the operating front, the company’s malls generated R$ 6.8 billion in sales in 2Q26, an increase of 7.7% year over year, with an average occupancy rate of 96.2% and net delinquency of -1.2%. Same-store sales grew 4.3% and same-store rent increased 4.1% in the period, with real SSR growth of 2.7% above the IGP-DI adjustment.
EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 699.2 million in 2Q26, up 52% over 2Q25, with a margin of 82.6%. Net Operating Income (NOI) came to R$ 529.9 million, an increase of 6.7%, and the NOI margin reached 95.9%. Funds From Operations (FFO) totaled R$ 515.7 million, growth of 76.3%, with a margin of 60.9%.
In the 12 months through June 2026, Multiplan’s accumulated net income was R$ 1.386 billion, a new all-time record, while EBITDA totaled R$ 2.358 billion and FFO R$ 1.652 billion. The net debt/EBITDA ratio closed June at 1.93x, with net debt of R$ 4.551 billion and the fair value of investment properties at R$ 33.051 billion.
In the quarter, the company approved Interest on Equity (JCP) of R$ 140 million, totaling R$ 550 million in the 12 months through June 2026, equivalent to R$ 1.12 per share. Investments (CAPEX) were R$ 129.9 million in 2Q26, focused on mall expansions and refurbishments, while the land bank totaled 137.3 thousand m² of potential GLA for expansions and 856.8 thousand m² of private area for sale in future projects.
