2Q26 Conference Call Highlights

研报英文原文证据摘录

J P M O R G A N

Latin America Equity Research

07 August 2026

ALLOS

2Q26 Conference Call Highlights

This afternoon, ALLOS hosted its 2Q26 conference call. Please refer to our notes

below. ALOS is trading at 8.0x P/FFO 27e vs MULT at 9.0x and IGTI at 7.7x.

Tijuca effect. Excluding Shopping Tijuca which suffered a fire last year, SSS

was at 2.6% yoy, top-line at+12% yoy in 2Q26, EBITDA +13% yoy and AFFO

+16%. On the positive side, Tijuca is moving forward towards normalization

in 2H26.

Media revenues - Helloo and NEOOH consortium. Media top-line reached

R$83.4mn, +84% yoy and representing 10.6% of top-line. This growth was

driven by AENA airports deal starting to be recognized, the FIFA World Cup

also helped to monetize existing panels in malls, as well as in residential

buildings. Starting in August, another 6 airports will be added. Management is

still evaluating whether it will release Helloo's standalone P&L given it is a

strategic asset.

Digital platform. Around 17.1mn sessions in 2Q26, +12% yoy with the

recognized GMW now at R$1.6bn, +31% yoy.

Same Store Sales (SSS). Was impacted by the FIFA World Cup and Easter

(which increased the comparison base given calendar effects). However, by the

end of July, tenant sales normalized, but 2026 should not be a substantial year

of organic tenant sales growth given Brazil’s challenging macro.

Parking revenues. Company has seen flow increase, but the main vector for

growth remains pricing.

Other revenue tailwinds. ALLOS recognized R$9mn gain from the insurance

related to the fire at Tijuca and received another R$15mn from the development

of a tower in Uberlândia.

Other expenses. Increase was due to investments to increase efficiency and to

the reorganization of assets linked to the recent M&A deal with Kinea.

Kinea FII. ALOS did not comment as the deal is still being finalized with the

regulators.

Guidance. No intention of revising the EBITDA guidance at R$2.17-2.24bn

for now, while the dividends guidance (R$0.27-0.29/share) is just for this year

as the Board must approve on an annual basis the distribution.

Capex guidance. There is some seasonality in this line, hence the guidance of

R$350-450mn is reiterated.…