Multiplan (MULT3) reported net income of R$ 383.2 million in the third quarter of 2026 (3Q26), up 73.3% compared to 3Q25, with a net margin of 45.3%. Net revenue totaled R$ 846.0 million in 3Q26, an increase of 37.0% year over year, driven mainly by property sales, higher parking and services revenue, and real growth of 3.1% in same-store rent (SSR).
In the 12 months ended September 2026, net income reached R$ 1,548.3 million, growth of 25.7% versus the same prior period and a margin of 45.2%. Funds from operations (FFO) came to R$ 405.3 million in 3Q26, an increase of 70.0% over 3Q25, with a margin of 47.9%, while 12‑month FFO reached R$ 1,818.7 million, 26.2% above September 2025.
EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 598.2 million in 3Q26, up 37.3% year over year and a margin of 70.7%. Of this total, Property EBITDA, which excludes property sales and expenses for future developments, was R$ 479.6 million, growth of 8.6% and a margin of 83.8%. Net Operating Income (NOI) totaled R$ 509.0 million, 2.2% above 3Q25, with a margin of 91.6%; over 12 months, NOI reached R$ 2,134.9 million, up 6.5%.
The company’s gross revenue reached R$ 891.9 million in the quarter, an increase of 34.4% compared to 3Q25. Property sales stood out at R$ 288.3 million, up 209.4%, mainly reflecting the sale of a 9.33% stake in ParkShoppingBarigüi for R$ 250.0 million, in addition to contributions from the Lake Victoria and Lake Eyre residential projects. Parking revenue totaled R$ 99.6 million, growth of 17.5%, and services revenue was R$ 47.0 million, up 9.6%.
In capital allocation, in 3Q26 Multiplan invested R$ 122.7 million in capex, mainly in mall expansions, announced R$ 139.0 million in interest on equity (JCP) and bought back R$ 49.9 million in shares. The company also completed the sale of its minority stake in ParkShoppingBarigüi for R$ 250.0 million. At the end of September 2026, net debt totaled R$ 4,444.8 million and the Net Debt/EBITDA ratio for the last 12 months was 1.76x.
