ALLOS (ALOS3) reported net revenue of R$ 776.5 million in 3Q26, up 18.2% from pro forma 3Q25 (R$ 656.8 million). According to the company, the increase was driven by the media and real estate development verticals. Excluding the Tijuca mall, growth was 17.8%.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 580.1 million, up 20.9% from R$ 479.9 million in 3Q25 (+22.0% ex-Tijuca). The EBITDA margin was 74.7%, an increase of 164 bps. NOI (net operating income of the malls) was R$ 609.7 million, up 5.1% from R$ 580.2 million. FFO (funds from operations) reached R$ 384.5 million, up 28.5% from R$ 299.3 million (+31.2% ex-Tijuca). The indicators exclude the straight-line rent adjustment.
Total mall sales came to R$ 10.0 billion, up 3.8% ex-Tijuca. Same-store sales (SSS) rose 2.7% ex-Tijuca (2.5% in the total portfolio). By segment: convenience, services and leisure, 10.3%; food, 6.7%; accessories, beauty items and jewelry, 1.8%; home goods, stationery, IT and miscellaneous, 1.1%; clothing and footwear, -1.6%. The rent adjustment on renewals (SSR) was 5.3% ex-Tijuca.
The occupancy rate was 95.2%. The company attributes the change mainly to the return of some of the stores of an electronics retailer in judicial reorganization, and says the spaces are already being reoccupied. A total of 253 new lease agreements were signed, adding 39.9 thousand m² of GLA (gross leasable area). Net delinquency was 0.9% ex-Tijuca, and the occupancy cost was 10.6% of sales.
Media revenue totaled R$ 82.4 million, up 44.7%, about 10% of gross revenue. General and administrative expenses (SG&A) were R$ 108.1 million, down 5.7% from 3Q25 and 8.2% year to date. Net debt/EBITDA is 1.8x, the average cost of debt is CDI + 0.6%, and 98.8% of the debt is indexed to the CDI. The real estate development pipeline has 72 contracted towers and 757 thousand m² of private area.
