IGTI11: quote, dividends and indicators for Iguatemi

Iguatemi S.A. is a Brazilian publicly held company, registered with the CVM, with shares traded on B3 under the tickers IGTI3, IGTI4 and IGTI11. Its roots date back to the early 20th century in the textile trade in the State of Ceará, later evolving into real estate and industrial activities through the creation of Companhia Imobiliária Jereissati in 1946 and the acquisition of Metalúrgica La Fonte in 1960. The former La Fonte Fechaduras S.A. went public in 1985 and, in 1987, was renamed Jereissati Participações S.A., a holding company that consolidated businesses in different sectors. In 1996, the group formally incorporated the commercial operation and planning of shopping centers into its corporate purpose, anchored in its subsidiary Iguatemi Empresa de Shopping Centers S.A. (IESC), whose track record in the sector began in 1979 with the acquisition of an interest in Iguatemi São Paulo, considered the first shopping center in Brazil. The subsequent expansion trajectory, based on greenfield openings, acquisitions and expansions of existing assets, consolidated the group as one of the main private shopping mall operators in the country.

Iguatemi’s business model combines the characteristics of a holding company with direct operational activities in shopping centers and mixed-use developments. Its main revenues come from equity interests in other companies, especially vehicles related to real estate developments, and from the operation of retail assets through store rentals, shopping center management, consulting services, parking operations, commercialization of promotional spaces and related activities. The company defines itself as a full-service shopping center platform, integrating development, planning, implementation, operational management and expansion of its projects. In the fiscal year ended December 31, 2025, net rental and service revenue accounted for 100% of consolidated net revenue, highlighting the central role of shopping centers in its results generation.

Iguatemi’s portfolio includes stakes in 15 shopping centers, all managed by the company itself, as well as 2 premium outlets and 4 office towers, totaling approximately 751.1 thousand square meters of average total gross leasable area (GLA). The company’s own GLA, i.e., proportional to Iguatemi’s interest in the projects, reaches around 450 thousand square meters. Among the most relevant assets in the portfolio are Iguatemi São Paulo, JK Iguatemi, Shopping Pátio Higienópolis, Shopping Pátio Paulista and RioSul, which rank among the highest rental levels per square meter in the country, according to market data, with Iguatemi São Paulo standing out in leasing metrics in Latin America among publicly traded companies in the sector. In addition to malls, the company also holds interests in office towers integrated into mixed-use complexes, such as the Market Place towers in São Paulo and the Sky Galleria Tower in Campinas, inaugurated in 2022, reinforcing its strategy of real estate development associated with its shopping centers.

Iguatemi’s activities cover the entire development cycle of shopping centers and related assets. In the production and implementation phase of new projects, the company carries out detailed planning for each development, defining size, style, positioning and price per square meter, as well as specifications for tenant mix and anchor tenants. To this end, it hires architects, engineers and project managers, and also relies on an in-house team specializing in business plans and budgeting. In the operational phase, it conducts strategic management and day-to-day administration of the malls, including financial, legal, commercial and operational management, as well as planning for expansions and refurbishments. The company also operates parking lots, either through third-party operators remunerated by area rent or directly, capturing additional revenue. Another relevant front is the intermediation and commercialization of promotional and merchandising spaces, using common areas, indoor and outdoor panels, kiosks and stands for advertising, product launches and events.

Iguatemi’s activities go beyond traditional brick-and-mortar retail, integrating digital channels and proprietary brand operations. Since 2009, the company has been developing the I-Retail operation, conceived as a platform for incubating and managing international luxury brands in the country, participating in operations through joint ventures, franchises or service provision. This structure facilitates the entry and local development of brands such as Birkenstock, Comme des Garçons, Christian Louboutin, Golden Goose, Goyard, Loewe, Missoni, Polo Ralph Lauren and Villebrequin, among others, reinforcing the differentiation and positioning of its malls. In 2019, Iguatemi launched Iguatemi 365, an e-commerce marketplace focused on the premium segment, which combines curated brands present in its properties with other brands outside its physical base, in an omnichannel strategy that integrates inventory, logistics, payment methods and relationships with tenants and consumers. Added to this is the Iguatemi One loyalty program, aimed at building customer loyalty through benefits in services, events and amenities in the centers it manages.

Iguatemi’s geographic positioning favors regions of high income and consumption in Brazil. The company operates in the State of São Paulo, which concentrates most of its own GLA and includes the capital and important inland cities such as São Paulo, Campinas, Barueri, Sorocaba, Ribeirão Preto and São José do Rio Preto. It also operates in Rio Grande do Sul, with projects in Porto Alegre, including Iguatemi Porto Alegre and Praia de Belas; in Santa Catarina, with an asset in Tijucas; in Rio de Janeiro, with an interest in the RioSul mall; and in the Federal District, through Iguatemi Brasília. The company also holds interests in outlets in Novo Hamburgo (Rio Grande do Sul) and Santa Catarina, as well as a power center adjacent to Iguatemi Campinas. This geographic distribution concentrates the portfolio in states with high per capita income and strong consumption potential, guiding its strategy aimed at upper-income (A and B) consumer segments.

Iguatemi’s commercial relationships are diversified, without significant concentration in any single tenant or economic group. There are no customers accounting for more than 10% of total net revenue, which reduces dependence on major anchors or specific retailers. The tenant base ranges from large international and national brands to service, food, entertainment and convenience operations. In addition to store leases, the company offers consulting and planning services to tenants in areas such as promotion, merchandising and use of promotional spaces, reinforcing integration between asset management and the sales performance of occupants. Partnerships such as the one established with iFood in 2019 to structure food delivery and takeout solutions in the malls illustrate the pursuit of formats that connect physical operations to digital channels, impacting foot traffic and portfolio productivity.

Iguatemi’s operations are subject to a broad federal, state and municipal regulatory framework, involving rules on land use and occupation, zoning, construction, condominium, leasing, protection of historical heritage and environmental licensing. Each project depends on specific authorizations, such as project approvals, building permits, installation and operating licenses and registry regularizations. In the environmental sphere, licensing is generally carried out by state or municipal agencies, in accordance with the legislation of the National Environmental System, and may require compensatory measures such as tree planting or vegetation management. The company maintains licenses for the operation of shopping centers and related activities, including thermoelectric generation units where applicable, and reports a history of compliance with these regulations. Structurally, the projects may be organized as pro-indiviso condominiums, special purpose entities, consortia or real estate investment funds, reflecting the diversity of legal structures used in the Brazilian real estate market.

In terms of evolution and growth, Iguatemi has significantly increased its own GLA since IESC’s initial public offering on B3 in 2007, through acquisitions, development of greenfield projects, expansions of existing malls and increased stakes in assets already integrated into the portfolio. Its track record includes the development of iconic projects such as Iguatemi Campinas, Iguatemi Porto Alegre, Praia de Belas, Market Place, Iguatemi Brasília, JK Iguatemi, Iguatemi Ribeirão Preto, Iguatemi Rio Preto and subsequent expansions of several of these assets, as well as the construction of integrated office towers. The company also maintains a pipeline of future expansions, with projects announced for Iguatemi São Paulo and Iguatemi Brasília, which provide for increased GLA and enhanced gastronomy, specialty retail and entertainment areas. This set of initiatives illustrates its strategy of creating value by densifying and upgrading its assets, focusing on premium properties in Brazil’s main urban markets.