Brazilian shopping centre and real estate operator Iguatemi reported a third-quarter adjusted net profit of 438 million Brazilian reais (R$ 438 million) in a financial statement released on Tuesday, November 10, jumping from the R$ 129 million recorded a year earlier.
The company posted adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of R$ 663 million for the quarter. That figure was more than double the amount obtained in the third quarter of 2025, while its adjusted EBITDA margin rose from 79.4% to 162.2%.
On an unadjusted basis, Iguatemi recorded a third-quarter net profit of R$ 435 million and EBITDA of R$ 659.1 million, according to its earnings report.
The quarterly figures beat market expectations by a wide margin. The average forecast of analysts compiled by the London Stock Exchange Group (LSEG), a global financial markets data provider, had projected that Iguatemi would post a net profit of R$ 126.2 million and EBITDA of R$ 280.3 million from July to September.
Mall occupancy and operating performance
Iguatemi also reported adjusted net operating income, known across the retail real estate sector by the English acronym NOI, of R$ 299 million. The metric, which measures the operational efficiency of a shopping centre by tracking property revenue after operating expenses, remained practically flat compared with a year earlier.
Same-store sales, a standard retail gauge that compares revenue at locations open for at least one year, grew 0.1% during the third quarter, compared with 5.8% growth in the same period of 2025. Across the company's property portfolio, the occupancy rate increased from 96.1% to 96.7%.
The company further disclosed that its net tenant delinquency rate held steady at -0.3% over the three months ended in September. In commercial real estate, a negative net delinquency rate occurs when a property operator recovers more overdue rent from prior periods than the amount of new unpaid rent recorded during the quarter.
Headquartered in Sao Paulo, Iguatemi is one of Brazil's leading commercial property companies, developing and managing shopping malls, retail outlets and mixed-use commercial complexes focused on upper-income consumers.
