Allos Reports Mixed 2024 Results, Plans $94.83 Million Investment for 2025

Allos S.A., Brazil’s largest shopping mall operator, posted R$217.4 million ($37.48 million) net profit in Q4 2024. This figure marks an 8.4% year-over-year decline, primarily caused by surging interest expenses despite improved mall performance.

The company recorded R$728.6 million ($125.62 million) full-year profit for 2024, showing a 78.4% drop from 2023. This substantial difference stems from an extraordinary R$4.5 billion ($775.86 million) accounting gain related to the Aliansce Sonae and BrMalls merger in 2023.

Operational metrics paint a brighter picture. Adjusted EBITDA grew 12.4% to R$638.5 million ($110.09 million) in Q4. FFO jumped 23% to R$467.7 million ($80.64 million), with margins improving 6.6 percentage points to 56.7%.

In addition, total sales across Allos‘s 47 shopping centers reached R$40.1 billion ($6.91 billion) for 2024, rising 7.7% year-over-year. The company maintained strong 96.8% occupancy rates and achieved a negative 1.2% delinquency rate from tenants.

Allos captured R$134 million ($23.1 million) in merger synergies during 2024. The company aims to reach R$210 million ($36.21 million) in total synergies by year-end 2025.

Allos’ 2025 Investment Plans and Financial Projections

For 2025, Allos plans investments between R$450-550 million ($77.59-$94.83 million) for maintenance and expansion projects. These include developments at Parque Shopping Maceió, Shopping Recife, and several other properties.

The company projects 2025 EBITDA between R$2.07-2.15 billion ($356.9-$370.69 million) and expects revenue to grow to R$2.89 billion ($498.28 million). Shareholders will receive at least 50% of 2025 FFO through dividends and share buybacks.

A new share repurchase program launched in January 2025 allows buyback of up to 10 million ordinary shares. This represents approximately 2.1% of total outstanding shares.

Allos continues strengthening its digital transformation initiatives while maintaining focus on sustainability. The company became the first mall operator to join Brazil’s Corporate Sustainability Index, demonstrating commitment to responsible business practices.