Multiplan (MULT3) reported net income of R$ 383.2 million in the third quarter of 2026 (3Q26), up 73.3% from 3Q25, when the result was R$ 221.1 million, with a net margin of 45.3%. Earnings per share reached R$ 0.78, an increase of 73.1%. Net revenue totaled R$ 846.0 million in 3Q26, up 37.0% year over year, supported mainly by real estate sales, higher parking and services revenue, and 3.1% real growth in same-store rent (SSR).
In the last 12 months ended September 2026, net income reached R$ 1,548.3 million, growth of 25.7% over the prior-year period, with a margin of 45.2%, a record since the IPO. Funds from operations (FFO) totaled R$ 405.3 million in 3Q26, up 70.0% from 3Q25, with a margin of 47.9%, while 12-month cumulative 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, an increase of 37.3% year over year, with a margin of 70.7%. Of this total, Properties EBITDA, which excludes real estate sales operations and future development expenses, was R$ 479.6 million, growth of 8.6%, with 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, up 34.4% from 3Q25. The real estate sales line was a highlight, 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. Rental revenue grew 2.8%, to R$ 443.6 million. Parking revenue totaled R$ 99.6 million, growth of 17.5%, and services revenue was R$ 47.0 million, up 9.6%. Tenant sales totaled R$ 6.4 billion, up 5.9%, with an average occupancy rate of 96.0%.
In capital allocation, in 3Q26 Multiplan invested R$ 122.7 million in CAPEX, mainly in mall expansions, announced Interest on Equity (JCP) of R$ 139.0 million and repurchased R$ 49.9 million in shares. Over the last 12 months, it distributed R$ 569.0 million in dividends and distributions, or R$ 1.16 per share. The company also completed the sale of its minority stake in ParkShoppingBarigüi for R$ 250.0 million and raised R$ 300.0 million in CRI at 96.5% of the CDI. 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 1.76 times.
