On Thursday, August 13, 2026, SYN Prop & Tech (SYNE3) reported net income of R$ 5.4 million in the second quarter of 2026 (2Q26), a 67.2% drop compared to 2Q25. Net revenue totaled R$ 58.9 million, up 4.7% on the same comparison basis, while recurring revenue reached R$ 63.2 million, an increase of 4.0%.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) came to R$ 25.0 million in 2Q26, up 27.2% year over year, with an adjusted EBITDA margin of 42.9%, 7.8 percentage points above 2Q25. Excluding Park Place’s result, the adjusted EBITDA margin reached 65.9%. NOI (net operating income from rentals) was R$ 26.4 million, an 18.2% increase, with an ex-CDU NOI margin of 88.3%.
SYN’s FFO (Funds From Operations) was R$ 9.0 million in the quarter, down 58.6% versus 2Q25, while adjusted FFO reached R$ 10.1 million, a 33.1% decline, mainly impacted by lower financial income. Adjusted net income totaled R$ 6.5 million, a 34.3% decrease, with an adjusted net margin of 11.2%.
In 2Q26, the company recorded financial expenses of R$ 18.8 million, 34.3% lower than in 2Q25, and financial income of R$ 7.2 million, down 66.2%, resulting in a negative adjusted financial result of R$ 11.9 million. SYN ended the quarter with gross debt of R$ 500.0 million and cash (cash and cash equivalents, financial investments and receivables) of R$ 198.3 million, which corresponds to net debt of R$ 301.3 million and a net debt/adjusted EBITDA ratio for the last 12 months of 3.18x.
On the operating side, the physical occupancy rate of SYN’s portfolio was 94.1% at the end of 2Q26, and the financial occupancy rate was 94.5%. Total sales at the shopping malls reached R$ 788.8 million, up 5.1% compared to 2Q25, with an occupancy cost of 11.5% and growth of 2.9% in same-store sales (SSS) and 3.2% in same-store rent (SSR). The CLD logistics complex remained 100% leased, with net rental revenue of R$ 2.5 million, growth of 165.0% versus 2Q25, and NOI of R$ 2.4 million, 3.8 times higher than in the same period of the previous year.
