With the benchmark interest rate still quite high as one of its biggest villains, 2025 was not the most favorable year for most companies, across various sectors of the economy. But even in this more challenging scenario, there are those who have something to celebrate. This is the case of Iguatemi .

The company, which operates shopping centers , outlets, and mixed-use real estate assets, closed 2025 with an adjusted net profit of R$ 610.2 million, a 22.7% jump over the previous year and the highest figure ever recorded by the group in the bottom line of its balance sheet .

In another record, Iguatemi reported adjusted operating cash flow (FFO) of R$737.7 million in the period, a year-on-year increase of 6.4%. In the fourth quarter, however, there was a 9.6% drop in the indicator, to R$198.2 million.

“Considering that 2025 was a year with interest rates of 15% per year, with several sectors suffering and the economy slowing down, we don't have much to complain about,” says Guido Oliveira , CFO of Iguatemi, to NeoFeed . “If it weren't for that, our numbers would be much better.”

He points out, for example, that one of the impacts of this context was the 68.5% growth in financial expenses, to R$ 657.8 million.

In other figures for the year, adjusted net revenue increased 16.6% to R$1.54 billion, and sales from the portfolio's shopping malls expanded by 19.3% to R$25.2 billion. Adjusted EBITDA grew 28.5% to R$1.31 billion, with a margin of 85.5%, compared to 77.5% a year earlier.

Same-area sales registered a year-on-year jump of 10.1% in 2025, while same-store sales performed 7.7% higher on the same comparison basis. In real estate revenues, same-store rents and same-area rents grew by 7% and 6.6%, respectively.

In this same area, the net default rate for the year was negative at 0.2%, and the occupancy cost was 10.9%. The occupancy rate came in at 96.4%, compared to 95.7% in 2024.

“Both sales and revenue figures were above inflation,” says Oliveira. “And our gross delinquency rate was around 2.5%, even with the lowest discount level in the portfolio in the last 15 years.”

In the fourth quarter, adjusted net income was R$ 158.9 million, a decrease of 3.2%. Adjusted net revenue grew 12.6% to R$ 422.6 million, and sales totaled R$ 7.9 billion, an increase of 12.8% compared to the same period in 2024.

In one area that has been a point of attention for analysts, Iguatemi ended 2025 with net debt of R$ 2.21 billion and leverage of 1.68 times, within the group's target, which aimed for a level below 2 times.

“We have a very low debt cost, at 102% of the CDI,” Oliveira notes. “And with an extremely comfortable average debt maturity of 4.7 years. So, we are quite confident in this regard.”

Focus on expansions and retrofits

Based on these figures, and even with a more cautious stance regarding the 2026 calendar, Oliveira says the projection is for an investment plan exceeding the amount invested last year – R$ 300 million, compared to an initial projection for 2025 between R$ 330 million and R$ 400 million.

In line with a trend that has guided major players in the sector, such as Allos and Multiplan, the main destination of the funds will be expansion and retrofit projects for developments already in the group's portfolio.

“We don’t have the final number yet, but we started these projects in 2025 and now they are intensifying in 2026,” says the CFO. “We are already in this investment cycle and we know it’s an election year, with all the volatility that brings, and a World Cup year, but we prepared for it.”

The list of ongoing projects includes the retrofit of Market Place and the expansions of Iguatemi São Paulo and Iguatemi Brasília. In addition, there is the construction of a commercial tower in the Iguatemi Campinas complex and infrastructure works in Casa Figueira, a neighborhood near the same development.

In another area, M&As, the last few months have been busy at Iguatemi. In December, the group sold minority stakes in Iguatemi Alphaville, Iguatemi Ribeirão Preto, Iguatemi São José do Rio Preto and Praia de Belas to XP Malls Real Estate Investment Fund for R$ 372 million.

On the other hand, two weeks ago, the company bought a 4.5% stake in the Pátio Paulista shopping mall for R$ 113.4 million. With the agreement, the company now holds a 15.95% stake in the venture. The outlook, however, is that this agenda will be less dynamic going forward.

“For the year, we have nothing in sight. But we are always diligent in monitoring the market, and if there are opportunities to buy or sell, we will analyze them,” says Oliveira. “Today, however, we are more focused on continuing this process of optimizing our portfolio.”

The CFO adopts the same tone when questioned about the group's entry into the hotel segment. In early December, NeoFeed exclusively reported that Iguatemi was in negotiations with the Four Seasons chain and the Paraná-based Catuaí group in this direction.

Two weeks later, Four Seasons and the asset management firm Catuaí Asset announced a luxury hotel project in Rio de Janeiro, based on the acquisition of the property that formerly housed the Marina Palace hotel in Leblon, a location also previously revealed by NeoFeed . The total estimated investment in the initiative is R$ 600 million.

“They are in negotiations in São Paulo and we were invited to look at this project,” says Oliveira. “We are considering the best way to participate if we decide to do so. It’s like M&As. We are always looking at opportunities. But, in this case, nothing has been decided yet.”

Iguatemi's units closed today's trading session with a 0.86% increase, quoted at R$ 29.43. The accumulated appreciation by 2025 is 15%, and over twelve months, it is 60.8%. The group is valued at R$ 8.19 billion.