Iguatemi (IGTI11) reported adjusted net income of R$ 438.2 mn in 3Q26, up 239.9% over 3Q25. The result was boosted by a capital gain of R$ 353.5 mn from the sale of stakes in five assets to TRXF11, completed on September 30, 2026. Excluding this gain, adjusted net income would have been R$ 140.9 mn, up 9.3% over 3Q25.
Adjusted net revenue was R$ 408.9 mn, up 7.3% (9.1% on a pro forma basis, which excludes from 3Q25 the assets with changed ownership stakes). Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 663.4 mn, up 119.4%, with a margin of 162.2%. Excluding the capital gain, adjusted EBITDA would have been R$ 309.9 mn. Adjusted FFO (operating cash generation) was R$ 477.2 mn, up 197.7%.
Gross revenue reached R$ 442.1 mn, up 2.3%. Adjusted NOI (net operating income of the properties) at Iguatemi's ownership share was R$ 299.0 mn, up 0.3%, with a margin of 95.6%. Managerial accounting net income was R$ 435.0 mn.
Total mall sales came to R$ 6.1 bn, up 1.6%. Same-store sales changed by 0.1% and same-area sales by 1.6%. The occupancy rate was 96.7%, up 0.7 percentage point. Rent per m² grew 8.2% on a basis proportional to the company's ownership share.
The sale to TRXF11 totaled R$ 876.1 mn, at an average cap rate (annual return on NOI) of 7.3%. Leverage (net debt/adjusted EBITDA) ended the quarter at 1.04x, versus 1.62x in 2Q26. Excluding the capital gains from the sales in 1Q26 and 3Q26, it would have been 1.47x. Total debt fell 10.1%, to R$ 4.0 bn.
