Iguatemi 2026年第二季度电话会议要点

研报英文原文证据摘录

J P M O R G A N

Latin America Equity Research

05 August 2026

Iguatemi

2Q26 Conference Call Highlights

This morning, Iguatemi hosted its 1Q26 conference call with its CFO Guido

Oliveira and CEO Ciro Neto. IGTI is trading at 8.1x P/FFO 2027e vs. MULT at 9.4x

and ALOS at 8.2x.

July outlook. The first 15 days were weak due to the World Cup, but parking

flow showed a strong recovery in the last 15 days of July, with sales returning

to pre-World Cup levels of 9-10% yoy.

Leasing spread. Currently above 10% in 1H26 in both renewal and new

contracts. There was some acceleration in turnover in country side assets.

Overweight

IGTI3.SA, IGTI11 BZ

Price (04 Aug 26):R$25.57

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

Leasing/tenant mix. New arrivals: H&M at Rio Sul, Zara, Carolina Herrera

and Birkenstock at Iguatemi Campinas, and Maison Dior (Ara Vartanian/

Dominique).

(52-81) 8152-8720

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

Expansion SP and Brasilia. There is a small discount vs recurring prices on

these assets, and occupancy continues to grow.

Felipe Barragan Sanchez

Parking comments. Growth of around 12% driven by tariffs and increase in

valet operations which grew above self parking.

Increase in stake in existing Malls. There is interest in increasing stakes in the

most productive assets thru capital recycling rather than increasing leverage.

Expansion pipeline. Rooftop projects underway at Iguatemi São Paulo and

Iguatemi Brasília; in Campinas, construction started on the Iguatemi tower and

phase 1 of Figueira neighborhood infrastructure (delivery by year-end); Tower

A also advancing.

Gap SAR vs SAS. The gap exists due to the change in mix in assets located the

country side.

Weak Same Store Sales. Growth was affected by Easter timing mismatch

(March) and the World Cup: sales on Brazil match days were 32% lower vs

non-match days; excluding this effect, June sales growth would have been 7%.

Home products/retail mix. The slowdown in the home products/bookstores

…