Published Thursday, 29 October, 10:30 p.m. ET · Source: Multiplan results filing, 3Q26
Key Facts
—The number. Multiplan, a Brazilian mall owner, earned R$383.2 million (about US$71.2 million) in profit, up 73.3%.
—The catch. Real-estate sales, mainly one R$250 million (about US$46.4 million) mall stake sale, drove most of the revenue jump.
—The market. Multiplan shares closed at R$25.27 on Thursday, 32.7% below their 23 October close.
—Still unknown. Profit without the stake sale was not in the figures we confirmed.
Brazil’s shoppers kept walking into malls this quarter, and one mall owner just showed the bill. Multiplan, a company listed on B3, Brazil’s stock exchange in São Paulo, that owns and runs 20 shopping centres across the country, reported net profit of R$383.2 million (about US$71.2 million) for July to September.
That is 73.3% more than a year earlier, when profit was R$221.1 million (about US$41.1 million). It is also a close-up of the Brazil economy at the checkout: people still spend, even with borrowing costs high.
Why Profit Jumped 73%
Net revenue rose 37.0% to R$846.0 million (about US$157.1 million). EBITDA, a measure of operating profit before interest, tax and depreciation, rose 37.3% to R$598.2 million (about US$111.1 million).
Most of that came from one deal. Multiplan sold a 9.33% stake in ParkShopping Barigüi, a mall in Curitiba, for R$250 million (about US$46.4 million).
Revenue from real-estate sales reached R$288.3 million (about US$53.5 million), up from R$93.2 million a year earlier. That single line explains most of the gain in total revenue.
In Plain English
Tenant sales are what shoppers spend in the stores inside the malls. A stake sale means Multiplan sold part of its ownership in one mall but still runs it.
How the Malls Themselves Did
Shoppers kept spending. Tenant sales reached R$6.4 billion (about US$1.19 billion), up 5.9% from a year earlier.
Sales at Morumbi Shopping, a São Paulo mall, rose 23.4%. Occupancy was 96.0% of rentable space, slightly below 96.3% a year earlier.
The steady part of the business grew far more slowly. Rental revenue rose 2.8%, while parking income climbed 17.5% and services income 9.6%.
Why Shareholders Are Not Cheering
Multiplan shares closed at R$25.27 (about US$4.69) on Thursday. That is 32.7% below the R$37.53 close of 23 October.
The slide came in the four sessions after Brazil’s 25 October presidential runoff, the second-round vote for president. Brazilian stocks fell sharply that Monday too, and Multiplan reported after the market had closed. Investors now have to decide whether a quarter flattered by a property sale can repeat.
What It Means for US Readers
Multiplan shares trade on B3 in São Paulo, so American investors reach them through a Brazilian broker or Brazil-focused funds. Owners also carry currency risk, since the real stood near R$5.385 per US dollar late on Thursday (market data provider RT market data).
The cleaner signal for the next quarter is rent, not the headline profit. If rent growth speeds up and parking keeps rising, the profit looks more durable.
What Is Not Known
Profit without the stake sale was not in the figures we confirmed. Whether Multiplan plans further stake sales is also not clear from its results.
More: Brazil news, every day from The Rio Times.
Sources
Multiplan investor relations, 3Q26 earnings release · RT market data (share prices and exchange rate, 29 October 2026)
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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Frequently Asked Questions
How much profit did Multiplan make in the third quarter?
Multiplan reported net profit of R$383.2 million (about US$71.2 million), up 73.3% from a year earlier. Net revenue rose 37.0% to R$846.0 million (about US$157.1 million).
Why did Multiplan’s profit jump so much?
A sale of a 9.33% stake in ParkShopping Barigüi for R$250 million (about US$46.4 million) lifted real-estate revenue to R$288.3 million (about US$53.5 million). Rental revenue grew only 2.8%.