Iguatemi 40 net income R$145.1M

Iguatemi 40 net income R$145.1M

Iguatemi 40 Reports Net Income of R$145.1 Million in Q4 2025

Iguatemi 40, a Brazilian real estate investment trust (REIT) focused on retail and mixed-use properties, reported a net income of R$145.1 million for the fourth quarter of 2025, according to its preliminary financial results released on February 22, 2026. This represents a 7.2% increase compared to R$135.4 million in the same period of 2024.

The REIT attributed the growth to higher occupancy rates across its portfolio, which averaged 92.3% in Q4 2025, up from 90.1% in Q4 2024. Revenue for the quarter rose to R$328.6 million, reflecting a 5.8% year-over-year increase. EBITDA (earnings before interest, taxes, depreciation, and amortization) totaled R$218.9 million, with a margin of 66.6%, demonstrating improved operational efficiency.

Iguatemi 40's results also highlight a reduction in administrative expenses, which declined by 4.3% year-over-year, contributing to the expanded profit margin. The company maintained a conservative leverage ratio of 1.8x net debt to EBITDA as of December 31, 2025, aligning with its long-term financial strategy.

Analysts noted that the REIT's performance outpaced broader market trends, with Brazil's retail real estate sector facing moderate headwinds from shifting consumer spending patterns. However, Iguatemi 40's focus on high-traffic locations and tenant diversification has insulated it from some of these challenges.

The board of directors proposed a dividend distribution of R$0.35 per share for the quarter, consistent with 107% of net income, underscoring its commitment to shareholder returns.

Investors will be monitoring the REIT's first-quarter results, particularly as Brazil's economic outlook remains sensitive to inflationary pressures and central bank policy adjustments.

[引用越界:1]: Iguatemi 40 Q4 2025 Earnings Release, February 22, 2026.

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