1Q26 Mall by Mall Update - Brazil Sales Growth Outpaces Chile

Research evidence excerpt

1Q26 Mall by Mall Update - Brazil Sales Growth Outpaces Chile

Equity Research

8 July 2026 | 4:35AM BRT

BRAZIL AND ANDEAN MALLS

Our Take: Our quarterly LatAm mall by mall analysis is a detailed mapping of +150 Jorel Guilloty

+55(11)3372-3522 |

malls owned by our covered companies across Brazil and the Andean region. This jorel.guilloty@gs.com

Goldman Sachs do Brasil CTVM S.A.

analysis follows our recent downgrade of Chilean malls to Sell (link) as we believe that

Igor Machadocurrent valuation levels are not justified by the growth outlook; on the other hand we +55(11)3372-0227 |

prefer Brazilian malls (Multiplan and Iguatemi), given valuation levels and continuing igor.machado@gs.comGoldman Sachs do Brasil CTVM S.A.

healthy sales and rent growth despite macro concerns. Our analysis reinforces our

relative preference for Brazilian malls which shows that our preferred name

Multiplan’s portfolio saw real sales growth (+3.7% based on owned stakes) for its

portfolio that outperformed Mallplaza and Parque Arauco’s Chile portfolio in 1Q26

(+0.5% and -6.0% respectively).

Valuation: Further, we note that our analysis shows Brazilian malls with materially

higher sales and rent levels than Chilean malls, yet they trade at a material discount.

We see that on average Brazilian malls have 2x sales and NOI/sqm when compared to

Chilean malls, even on a same tier basis as Brazil A tiered assets with US$46/sqm vs

Chile on US$29/sqm for example. At the same time, Chilean malls trade at the

highest FFO multiple premia in history vs Brazilian malls (nearly 100%) while on a

yield spread basis trade at the same level (~300 bps) for the first time ever. This is

despite the fact that we expect a higher FFO CAGR for Iguatemi and Multiplan (13%