Brazil Real Estate & Property: Brazil Equities Conference – Shopping Malls Companies‘ Highlights

研报英文原文证据摘录

Brazil Real Estate & Property: Brazil Equities Conference – Shopping Malls Companies‘ Highlights

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17 Jun 2026 18:29:53 ET │ 12 pages

Brazil Real Estate & Property

Brazil Equities Conference – Shopping Malls Companies’ Highlights

CITI’S TAKE

During the last two days, we hosted our 18th Brazil Equities Conference.

Find below the meeting highlights for the Shopping Malls companies, with

the overall sentiment positive across Allos, Iguatemi and Multiplan.

Multiplan: Andre Mazini, CFAAC

+55-11-4009-2017

2Q should benefit from the appropriation of the PIS/COFINS tax credits previously andre.mazini@citi.com

announced in the financial release (>R$250m), supporting reported results for the

Kiepher Kennedyquarter.

+55-11-4009-2641

kiepher.kennedy@citi.com

Management sees the new VAT framework as an additional factor reinforcing the “fly Piero Trotta

to quality” trend in shopping malls. While many tenants are already aware of the new +55-11-4009-7781

rules and actively preparing, a large portion still understands the change but has not piero.trotta@citi.com

yet acted, and some are not fully aware of where they stand, which should favor

better-prepared operators and premium assets over time.

Operating trends remain healthy, with apparel continuing to perform well, alongside

restaurants and food-related categories. These segments were highlighted as current

strengths within the portfolio.

Temporary disruptions around event-driven traffic remain limited. On Brazil national

team match days, sales typically fall 20–30% relative to the previous year, but

management notes that this is usually recovered the day after, suggesting little

structural impact on consumption.

Expansion projects continue to show good traction. At Barra Shopping, the expanded