Iguatemi Q4 Sales Jump 12.8%, Revenue Climbs

The company posts strong 2025 growth as leverage falls and portfolio recycling advances.

Feb 24, 2026 8:26 PM

By Brazil Stock Guide – Iguatemi SA (B3: IGTI11; IGTI3; IGTI4) reported a 12.8% increase in total sales for the fourth quarter of 2025, reaching R$7.9 billion, as Brazil’s high-end mall operator continued to benefit from portfolio upgrades and newly consolidated assets. Full-year sales rose 19.3% to R$25.2 billion, underscoring resilient consumer demand across its premium properties.

Gross revenue climbed 12.2% year-over-year in the quarter to R$482.5 million, while adjusted net revenue reached R$422.6 million, up 12.6%. For 2025, gross revenue totaled R$1.7 billion, an increase of 16.2% from the previous year.

Same-store sales advanced 5.9% in the quarter and same-area sales grew 8.4% compared with a year earlier. On a full-year basis, same-store sales rose 7.7% and same-area sales increased 10.1%, reflecting productivity gains and tenant mix improvements.

Adjusted EBITDA totaled R$324.6 million in the quarter, up 3.0% from a year earlier, with an adjusted EBITDA margin of 76.8%. For the full year, adjusted EBITDA rose 28.5% to R$1.3 billion, with margin expansion to 85.5%.

Adjusted net income reached R$158.9 million in the fourth quarter, down 3.2% year-over-year, while adjusted funds from operations (FFO) declined 9.6% to R$198.3 million. For 2025, adjusted net income increased 22.7% to R$610 million and adjusted FFO rose 6.4% to R$737.5 million.

Occupancy stood at 96.7% at the end of the quarter, compared with 97.7% a year earlier.

On the balance sheet, Iguatemi reduced adjusted leverage to 1.68 times net debt to adjusted EBITDA at year-end, versus 1.84 times in the fourth quarter of 2024. Excluding capital gains from asset sales, leverage would have stood at 1.88 times.

The company also advanced its portfolio recycling strategy, signing a binding memorandum of understanding to sell minority stakes in four assets for R$372 million, implying an average cap rate of 8.0% on estimated 2025 NOI.

In a separate move, Iguatemi signed a binding MOU to acquire an additional 4.5% stake in Shopping Pátio Paulista for R$113.4 million, reinforcing its focus on core, high-productivity assets.