Iguatemi S.A.: 2Q26 Results: In-Line; Qualification at Work

Research evidence excerpt

M

Update

August 5, 2026 12:01 AM GMT

Morgan Stanley México, Casa de Bolsa, S.A. de C.V.+

Iguatemi S.A. | Latin America

Alejandra Obregon

Equity Analyst

2Q26 Results: In-Line;

Qualification at Work

Morgan Stanley C.T.V.M. S.A.+

Mario Simplicio

Research Associate

Iguatemi S.A. (IGTI11.SA, IGTI11 BZ)

AlphaSignals Earnings Reaction

Unchanged

In-line

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Bottom line: 2Q26 provides further evidence that portfolio qualification is gradually

Brazilian Real Estate | Brazil

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Overweight

Attractive

R$36.00

R$25.57

R$7,587

R$30.43-20.15

working. Flagship assets delivered strong operating momentum, tenant sales rose

5% YoY, and recent divestments further concentrated the portfolio in higher quality

2Q26 Conference Call Details

assets, supporting stronger productivity and a more resilient earnings base.

Date: Wednesday, August 5, 2026

Impact on our views: 2Q26 results showcased the benefits of Iguatemi’s ongoing

strategic initiatives. Continued progress on asset integration, portfolio qualification,

Time: 9:00 AM (ET) / 10:00 AM (Brasilia)

Webcast: Link

and operational initiatives are enhancing the quality of the platform and creating a

more durable earnings base, we think. This should leave the company well equipped

to sustain growth ahead, and even more so as inflation linked tailwinds become

more pronounced towards 2027. We highlight the strong performance of flagship

assets such as JK Iguatemi (rental revenues up +8% YoY), P. Paulista (+7% YoY) and

P. Higienópolis (rental revenues up 6% YoY), which continue to gain relevance within

the overall portfolio KPIs contributing to a more resilient consolidated performance.

At the same time, recent portfolio pruning through the divestment of less dominant

assets (along with a solid tenant base; tenant sales up 5% YoY, vs industry of -2%

YoY) reinforces management’s commitment to portfolio qualification, resulting in a

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