After ending 2025 with an investment of R$ 301 million, below the range initially projected for the year, between R$ 330 million and R$ 400 million, Iguatemi , an operator of shopping centers , outlets and mixed-use real estate assets, is raising that bar in 2026.

For the year, the company projects capital expenditures between R$450 million and R$600 million, with an indication of reaching R$550 million. This amount does not include potential M&As, an area in which the group has been quite active. However, it already has a specific purpose: expansions and retrofits of the company's assets.

“The sector has already filled the vacancies created by the pandemic. But I think the market still doesn't have the volume for greenfield projects ,” Guido Oliveira , CFO of Iguatemi, told NeoFeed . “So, our thesis is to generate value, differentiation, and even more resilience in the assets of our portfolio.”

Under this guidance, the investment planned for the year is already underway. One of the projects involves a rooftop at Iguatemi São Paulo, scheduled to open in March 2027, which will add 5,000 square meters (m²) of gross leasable area (GLA) to the development.

Construction is also in full swing at Iguatemi Brasília, with an expansion of 15,000 m² of GLA and an opening scheduled for September 2027. And in the retrofit of Market Place, in São Paulo, which includes a new office tower and investment in an open mall concept.

The series of projects also includes a new commercial tower in Iguatemi Campinas, scheduled to open in early 2028, and the progress of infrastructure works at Casa Figueira, a planned neighborhood being built in conjunction with this development, where lots have already begun to be sold.

The package of renovations, expansions, and improvements also includes the two newest assets in this portfolio, the Rio Sul and Pátio Paulista shopping malls, which were incorporated into the group in 2024 and 2025, respectively.

“In the second half of the year, we will begin the modernization phase of Pátio Paulista,” says Oliveira. “Rio Sul is already further along in this process, but, being an older mall, there is much more to be done there.”

At the same time, Rio Sul is home to one of the most recent examples of another strategy by which Iguatemi has sought to differentiate itself from its peers in the sector: the mix of retailers in its developments.

The newest tenant at Rio Sul is H&M, which opened its first store in Rio two weeks ago. The Swedish chain has eight units planned with the group, of which three are already in operation. The next openings, scheduled for June, will be in Porto Alegre, at Praia de Belas and Iguatemi shopping malls in the capital of Rio Grande do Sul.

“Recently, other brands, such as Alo Yoga, Birkenstock, and Comme des Garçons, have chosen to open stores in Iguatemi's assets,” says Oliveira. “So, we will further strengthen this portfolio to continue attracting this ' fly to quality '.”

Meanwhile, the executive does not rule out further M&As. Following this trend, this year Iguatemi completed the sale of minority stakes in four assets to the XP Malls fund, in a deal worth R$ 372 million. In addition, it acquired an additional 3% stake in Pátio Paulista for R$ 75.6 million.

Oliveira emphasizes, however, that new moves in this direction will only be made under the mantra of financial discipline. And that the priority, in fact, is to continue improving what is already in-house, in search of better profitability per square meter.

Released on the evening of Tuesday, May 5th, the first quarter 2026 report provides the most recent snapshot of the gains achieved through this strategy. Among these gains is an adjusted net profit of R$ 239.5 million, a 110.3% increase over the same period in 2025.

Meanwhile, total sales of the group's projects grew 12.8% to R$ 5.6 billion, while adjusted net revenue advanced 11.8% to R$ 368.9 million. Adjusted EBITDA, in turn, was R$ 405.2 million, a 65.9% increase, with the adjusted EBITDA margin at 109.9%, compared to 74% a year ago.

Between January and March, same-store sales and sales per square meter expanded by 7.8% and 7.3%, respectively. Rent per square meter grew by 8.8%, and the occupancy rate was 97.3%.

In other areas, adjusted operating cash flow jumped 98.4% to R$274.7 million. And leverage, a point of concern in recent quarters, stood at 1.29 times. A year ago, this ratio was 1.76 times.

Iguatemi's units closed today's trading session up 0.77%, quoted at R$ 27.56. The accumulated appreciation by 2026 is 7.7%. The group is valued at R$ 7.8 billion.