Chilean Malls: 2Q26 Model Update

Research evidence excerpt

Equity Research

10 August 2026 | 1:50AM BRT

Chilean Malls: 2Q26 Model Update

Our Take: We are updating our models for Parque Arauco and Mallplaza following

2Q26 results and revised FX assumptions. For Parque Arauco, our 2027-2028

revenues and EBITDA are increasing 4-5%, by an improving CLP/COP FX outlook but

also by higher multifamily income as the portfolio has expanded. Our Price Target is

broadly unchanged at CLP 3,393 on higher Chile 10-Year risk-free rate. For Mallplaza,

we are adjusting our NOI margin assumption down to 92.8% from 94.1% following a

cost restatement in 2Q. However, EBITDA is increasing 2% for 2027-2028 on the

back of lower-than-expected administrative expenses. Our Price Target is slightly

increasing 1% to CLP 3,377, as the improved estimates are partially offset by a

higher Chile 10-Year risk-free rate assumption (5.8% from 5.5%). We maintain our

Sell rating on Chilean malls on a challenging outlook (please see our downgrade note

here) and continue to prefer Brazilian mall operators, which benefit from superior

asset productivity, lower occupancy costs, and more potential from a continuing

easing cycle.

Jorel Guilloty

+55(11)3372-3522 |

Goldman Sachs do Brasil CTVM S.A.

Igor Machado

+55(11)3372-0227 |

Goldman Sachs do Brasil CTVM S.A.

Model Changes

Parque Arauco. Revenues are increasing 1% for 2026 to CLP 441bn and 4/4% for

2027-2028 to CLP 479/500bn, as FX assumptions improve (CLP/COP is up

12/15/15% vs our prior forecast for 2026-2028) and we are incorporating higher

multifamily income as the portfolio has increased. We note we are 1/-1/-4% vs BBG

consensus on revenues. NOI is following a similar trajectory (1/4/4% revision to CLP

354/383/400bn). EBITDA is seeing a comparable increase to CLP 316/344/359bn

(1/5/4% revision); we are 1/-1/-4% vs BBG consensus. Our FFO/sh is flat for 2026 at

CLP 201, while increasing 5/5% for 2027-2028 to CLP 215/224; we are -4/-6/-11%

below BBG consensus. Our Price Target is broadly unchanged at CLP 3,393, as the

improved FX outlook and higher multifamily income are offset by a higher Chile

10-Year risk-free rate assumption (5.8% from 5.5%).

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