Allos (), shopping mall administrator resulting from the merger between Alansce Sonae and Bermalls, recorded net profit of R $ 254.67 million in the first quarter of 2025. The figure is 286.8% higher than the one year earlier.
FFO (net income excluding depreciation, amortization and non -cash effects), real estate and mall profitability indicator, advanced 3.8%to R $ 274.718 million. The FFO per action, in turn, has advanced 13.2%, driven by the company’s repurchase program in the last 12 months.
The profit before interest, taxes, depreciation and amortization (EBITDA) adjusted – with rent adjustment – was R $ 455.77 million in the first three months of the year, with annual increase of 6.5%. Net revenue advanced 6.3% on the same comparison base to R $ 630.8 million.
Read more:
Total sales in Allos shopping malls totaled R $ 9.1 billion between January and March, with a 5% growth over the same period in 2024. The advance occurred even not to mention Easter, which this year fell in April. Taking into consideration the first four months of the year, sales growth was 7.7%.
The occupancy rate in the first three months of 2025 was 96.8%, same level of the fourth quarter of last year.
Continues after advertising
“In general, the retailer who has some financial difficulty, holds until the end of the year to spend Christmas and then he leaves the malls. With the seasonality of the first tri, this year falls. This year, we are able to keep, which is a very good sign, of healthy retailers,” said Daniela Guanabara, CFO da Allos, to Allos Infomoney.
The executive also highlighted the drop in net default, which was 2.5%, compared to 3.6% a year earlier. This is even with IGP-M transfer (index commonly used in rent adjustment), which came out of the negative in 12 months, with expectation of acceleration in the second quarter, according to Daniela.
Even observing a longer cycle of high interest rates in the economy and inflation growth predictions, the company maintained the guidance From EBITDA for this year, which is between R $ 2.07 billion and R $ 2.150 billion. Daniela says Aldos rests on the quality of her portfolio after a cycle of divestments.
Continues after advertising
“Shopping malls that were small or who had no ability to become true leaders, we disinchanted,” recalls the executive. At the end of the first quarter, Allos held participations in 45 shopping malls. “It is a super strong portfolio, located in the main capitals of the country and with the increasingly premium profile.”
The current conjuncture, according to Daniela, is an obstacles for the divestments to continue. Likewise, high interest rates also make purchases of stakes unfeasible.
“In a more challenging macro scenario, these activities tend to slow down. […] With the rate [de juros] In this level, it is much harder for buyers to raise capital. And on the investment side [da Allos] It is also more challenging, ”explains Daniela.
Continues after advertising
According to her, the company is more focused on home, prioritizing expansion and active revitalization projects.
In the first quarter, Allos climbed its loyalty program for 34 malls, created Karg, an electric vehicle charging company, and strengthened its media arm, Heloo, who won the dispute to take over Aen Brazil airports, with a partner company, Neooh. The subsidiary already represents about 6% of Allos’s revenue.
The company’s net debt ended the first quarter of $ 3.5 billion, $ 300 million less than the figure registered between October and December last year. Leverage measured by the net debt and EBITDA ratio was 1.8 time.
Continues after advertising
“It’s a comfortable leverage, suitable for our debt profile. We lengthened and extended deadlines,” explains Daniela.
Last January, the company and should not do another anytime soon. The company wants to escape the volatility that next year’s electoral race should bring to the markets.
“Much of what we needed to capture and reperfilate [de dívida] It has already been done. It does not mean that we will not evaluate new opportunities. We are evaluating, it will depend on the market scenario, ”concludes the executive.
Free series
Real Estate Funds Course
Learn strategies to earn extra income by investing in FIIS
