Brazilian Malls "2Q26 Preview: Business as usual, resilient trends despite..."

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Brazilian Malls "2Q26 Preview: Business as usual, resilient trends despite..."

Global Research

14 July 2026ab

Brazilian Malls Equities

Americas2Q26 Preview: Business as usual, resilient

trends despite some calendar impacts Real Estate

Tainan Costa

Analyst

tainan.costa@ubs.com

What to expect from the Malls sector in 2Q26? +55-11-2767 6091

We expect the malls under our coverage to continue posting good operating Ana Julia Zerkowski

metrics, outperforming broader retail. However, we believe sales growth may be Associate Analyst

more modest, lower than in 1Q (potentially impacted by world cup and Easter ana-julia.zerkowski@ubs.com

calendar differences), although we still see healthy and most likely above inflation +55-11-2767 6303

figures. We also expect an improvement in occupancy, whereas we do not

anticipate a deterioration in tenant health; on the contrary, we expect delinquency

to be in line with or better than 1Q. In terms of rent growth, IGP-M, which has

recently reversed its negative trend, should return to have a more positive

contribution, and we also expect SSR to remain in a good shape at mid single digits.

By company, we view IGTI and MULT as the most positive highlights for sales, while

ALOS may deliver slightly lower performance.

ALOS: Despite potential softer sales than peers, operating trends remain solid

While Tijuca impacted sales growth and SSS by, on average, ~200bps in 1Q, we

expect the asset to continue affecting results in 2Q, but in a lower magnitude.

Excluding this asset, we see sales growth marginally lower than last quarter, at

around low to mid single digits, potentially below main peers, but still above

broader retail. Also, we keep our expectation of improved occupancy along with

healthy delinquency ahead.