# Iguatemi posts 22.5% sales jump in 3Q25, boosted by new assets and strong rental growth

*Luxury mall operator lifts EBITDA by 20.6% and cuts leverage to 1.6×, as new brands and H&M’s Brazil debut reinforce its premium positioning.*

- Published: 2025-11-04
- Section: Insights
- Tags: iguatemi, Retail, shopping center
- URL: https://brazilstockguide.com/insights/iguatemi-sales-jump-3q25-rent-growth/

![Iguatemi, shopping, retail](https://i0.wp.com/brazilstockguide.com/wp-content/uploads/2025/11/Iguatemi-shopping-retail.png?fit=1024%2C683&ssl=1)

*Iguatemi, shopping, retail*

**By Brazil Stock Guide – Iguatemi S.A**. (B3: IGTI11) delivered another quarter of solid operational momentum in the third quarter of 2025, with total sales surging 22.5% year-on-year to R$ 6.0 billion. The performance was driven by the consolidation of the **Rio Sul** and **Pátio Paulista** malls and the continued recovery of premium retail segments. Same-area sales advanced 9.0%, outpacing inflation by 3.8 percentage points, while same-store sales rose 5.8% despite a tougher base in southern Brazil after last year’s floods.

**Strong rental revenue and leaner costs lift margins**
Gross revenue climbed 17.9% to R$ 432.2 million, and adjusted net revenue reached R$ 381 million, up 17.7% from a year earlier. Adjusted EBITDA rose 20.6% to R$ 302.4 million, yielding a margin of 79.4%. Net income increased 8.8% to R$ 128.9 million, while adjusted FFO slipped 3.6% to R$ 160.3 million.

Rental growth remained robust — same-area rent (SAR) rose 7.5%, above the IGP-M inflation index, helped by lower discounts and higher variable rent. The occupancy rate stood at 96.1%, near record highs, and net delinquency stayed in negative territory, highlighting the company’s healthy tenant mix and disciplined collection policy.

**Portfolio rotation keeps leverage under control**

During the quarter, Iguatemi concluded the sale of minority stakes in the Pátio Paulista (10%) and Pátio Higienópolis (7%) malls for a combined R$ 414 million to FUNCEF and RBR, recycling capital after its R$ 700 million investment in both assets earlier in the year. The proceeds followed the June sale of 49% of the Market Place and Galleria complexes, which freed R$ 500 million. Leverage fell to 1.64× net debt/EBITDA, down 0.26 turns from the previous quarter, or 1.84× excluding gains from asset sales.

**Expansions and new brands underpin growth outlook**

The company also announced a partnership with **H&M** to open four stores totaling 8,000 m² across Iguatemi Porto Alegre, Praia de Belas, Esplanada, and RIO SUL malls, marking the fast-fashion chain’s debut in Brazil. Other openings — including Moncler, Alo Yoga, Chanel Beauté, and Carolina Herrera — underscore Iguatemi’s positioning as the preferred gateway for global luxury brands.

With a third-quarter CAPEX of R$ 191 million and guidance reaffirmed for 2025, the group expects higher investment execution in the final quarter and maintains its forecast of 7–11% revenue growth and 75–79% EBITDA margin for the year.

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Source: Brazil Stock Guide, https://brazilstockguide.com/insights/iguatemi-sales-jump-3q25-rent-growth/