MallPlaza 2Q26 Conference Call Highlights

Research evidence excerpt

J P M O R G A N

Latin America Equity Research

05 August 2026

MallPlaza

2Q26 Conference Call Highlights

Mallplaza hosted today its 2Q26 conference call with top management present.

Please refer below to our notes. We see MallPlaza trading at 16.8x P/FFO 2027e

vs CENCOMAL at 13.3x and PARAUCO at 19.0x.

Same Store Sales. During 2Q Same Store Sales in Chile were impacted by

changes and adjustments in the tenant mix.

Colombia M&A comments. Company sees synergies in this transaction both

on the commercial and on the cost side. Mallplaza also sees upside through

improving the tenant mix and value proposition (including entertainment and

specialty retail) and by growing the assets through brownfield expansions. The

initial cap rate of 9.4% (last 12 months) could be expanded further as happened

with assets acquired in Peru.

Recent M&A details. Malls to be acquired are: El Ensueño (GLA of 38.9k m2),

Soacha (GLA of 32.9k m2), Bosa (GLA of 21.1k m2), Soledad (GLA of 26.2k

m2), Florencia (GLA of 17.7k m2), Ipiales (GLA of 15.6k m2), Yopal (GLA of

14.3k m2), Pitalito (GLA of 11.9k m2).

Future acquisitions. Mallplaza still has room to continue to grow thru M&A

and expansions focused in the Andean region. The goal is to continue to

increase the quality and dominance of its portfolio.

Capital markets. Mallplaza continues to show strong capital markets metrics,

with ADTV (180 days) reported at US$9.0bn in 2Q26 (vs US$4.9bn in 2Q25)

and a free float of 53.1%. The shareholder base includes pension funds at

22.8%, the founding family at 11.4%, investment funds at 8.4%.

Contract maturity. The average remaining lease term stands at 9.6 years,

with 57.0% of contracts having a remaining term over 5 years.

Capital allocation. Reported ongoing expansion projects imply total project

investment of US$613mn (with US$562mn remaining).

Parking revenues. Parking continues to gain prominence as a complementary

business line.

Overweight

MALLPLAZA.SN, MALLPLAZ CI

Price (04 Aug 26):Ch$3,800.00

Latin American Cement &

Construction / Real Estate

Marcelo Motta AC

(55-11) 4950-6712

Banco J.P. Morgan S.A.

Jonathan S. Koutras

(55-11) 4950-3549

Banco J.P. Morgan S.A.

Adrian E Huerta

(52-81) 8152-8720

…