MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS S.A.

Financials Multiplan Empreendimentos Imobiliarios S.A.

Equities

MULT3

BRMULTACNOR5

Real Estate Development & Operations

Market Closed - Sao Paulo Other stock markets 21:07:36 23/04/2025 BST			5-day change	1st Jan Change
24.49 ^BRL	+13.16%		+1.20%	+16.18%

03-13	GIC Private Limited reaches a 5.04% stake of Brazil's Multiplan	RE
02-07	Multiplan Empreendimentos Imobiliários S.A., Q4 2024 Earnings Call, Feb 07, 2025

Projected Income Statement: Multiplan Empreendimentos Imobiliarios S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,907	1,288	1,798	2,030	2,545	2,359	2,518	2,650
Change	-	-32.42%	39.52%	12.9%	25.39%	-7.3%	6.74%	5.25%
EBITDA ¹	1,384	812.6	708.3	1,506	1,848	1,803	1,949	2,051
Change	-	-41.27%	-12.84%	112.7%	22.67%	-2.46%	8.1%	5.27%
EBIT ¹	1,158	611.5	1,069	1,358	1,710	1,651	1,778	1,859
Change	-	-47.2%	74.73%	27.13%	25.85%	-3.4%	7.64%	4.55%
Interest Paid ¹	-76.12	-114.2	-	-227.3	-192.5	-357.5	-356.2	-363
Earnings before Tax (EBT) ¹	1,073	497.4	826.7	1,131	1,517	1,194	1,347	1,487
Change	-	-53.66%	66.22%	36.81%	34.13%	-21.27%	12.74%	10.44%
Net income ¹	964.2	453.1	769.3	1,020	1,341	1,022	1,171	1,257
Change	-	-53.01%	69.78%	32.65%	31.4%	-23.75%	14.57%	7.27%
Announcement Date	11/02/21	10/02/22	09/02/23	08/02/24	06/02/25	-	-	-

¹BRL in Million

Estimates

Fiscal Period: December	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	320.7	257	1,022	301.6	261.2	271.2	317.1	438.9	413.6	430.5	449	504.5	464.8	487.6	506.6	570.6	523.6	539.7	545.2	936.3	525.8	542.4	561.3	696.7	559.7	589.6	599.1	789.1
Change	-	-19.84%	297.55%	-70.49%	-13.39%	3.81%	16.93%	38.43%	-5.76%	4.08%	4.3%	12.34%	-7.86%	4.91%	3.89%	12.62%	-8.23%	3.07%	1.01%	71.75%	-43.84%	3.14%	3.49%	24.12%	-19.66%	5.33%	1.61%	31.72%
EBITDA ¹	321.7	187	703.8	161.5	136.2	178.9	213.8	283.7	294	286.5	321.4	373.4	356.9	367.5	390.8	391.4	390.8	389.6	401.1	666.5	392.8	428.8	446.4	546.5	445.7	481.1	490.7	640.8
Change	-	-41.88%	276.47%	-77.05%	-15.69%	31.36%	19.54%	32.69%	3.6%	-2.54%	12.19%	16.19%	-4.43%	2.96%	6.35%	0.15%	-0.14%	-0.31%	2.96%	66.15%	-41.07%	9.18%	4.1%	22.43%	-18.45%	7.95%	1.99%	30.58%
EBIT ¹	263.5	122.4	655.9	111.1	89.78	129.4	166.2	226.1	242.3	234.4	269.6	322.1	310.8	333.3	355.1	359.2	356.3	355.6	366.8	630.8	360.3	388.7	404.1	504.3	407.2	442.1	451.5	601.2
Change	-	-53.54%	435.89%	-83.06%	-19.2%	44.18%	28.43%	35.98%	7.19%	-3.25%	15.01%	19.47%	-3.52%	7.25%	6.53%	1.15%	-0.81%	-0.17%	3.14%	71.99%	-42.88%	7.89%	3.94%	24.8%	-19.24%	8.57%	2.12%	33.16%
Charge d'intérêts	-	-23.89	-	-34.57	-	-13.83	-	-61.1	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	98.5	622.9	-	-	-	-	-	188.8	172.9	206.9	258.1	243	275.2	302.7	310.1	320.1	312.8	328.3	555.8	225.8	250.8	247.9	382.3	253.4	289.1	291	451.5
Change	-	-	532.43%	-	-	-	-	-	-	-8.45%	19.69%	24.75%	-5.84%	13.21%	10.03%	2.42%	3.24%	-2.29%	4.94%	69.32%	-59.38%	11.08%	-1.16%	54.2%	-33.7%	14.07%	0.67%	55.15%
Net income ¹	177.7	70.8	568.8	146.9	46.31	93.78	99.4	-	171.6	172.6	186.1	239	207.2	247.2	263.4	302.6	267	281.7	279.6	512.5	206.7	221.4	212.6	335.5	245.8	252.5	255.2	368.1
Change	-	-60.17%	703.31%	-74.18%	-68.47%	102.51%	6%	-	-	0.57%	7.85%	28.44%	-13.31%	19.32%	6.53%	14.89%	-11.75%	5.51%	-0.77%	83.31%	-59.66%	7.11%	-3.99%	57.83%	-26.74%	2.71%	1.07%	44.24%
Announcement Date	29/04/20	06/08/20	28/10/20	11/02/21	28/04/21	28/07/21	27/10/21	10/02/22	28/04/22	28/07/22	03/11/22	09/02/23	27/04/23	27/07/23	26/10/23	08/02/24	25/04/24	25/07/24	24/10/24	06/02/25	-	-	-	-	-	-	-	-

¹BRL in Million

Estimates

Forecast Balance Sheet: Multiplan Empreendimentos Imobiliarios S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	1,898	2,245	-	2,086	4,275	3,662	3,465	3,486
Change	-	18.28%	-	-	104.94%	-14.33%	-5.38%	0.61%
Announcement Date	11/02/21	10/02/22	09/02/23	08/02/24	06/02/25	-	-	-

¹BRL in Million

Estimates

Cash Flow Forecast: Multiplan Empreendimentos Imobiliarios S.A.

Fiscal Period: December	2020	2021	2023	2024	2025	2026	2027
CAPEX ¹	550.7	546.3	481.4	860	684.5	586.5	467
Change	-	-0.79%	-	78.64%	-20.41%	-14.31%	-20.38%
Free Cash Flow (FCF) ¹	-41.77	155.4	933.5	822	1,129	1,101	1,343
Change	-	472.1%	-	-11.95%	37.35%	-2.45%	21.94%
Announcement Date	11/02/21	10/02/22	08/02/24	06/02/25	-	-	-

¹BRL in Million

Estimates

Forecast Financial Ratios: Multiplan Empreendimentos Imobiliarios S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	72.58%	63.07%	39.4%	74.23%	72.62%	76.41%	77.38%	77.4%
EBIT Margin (%)	60.75%	47.46%	59.44%	66.93%	67.18%	70.01%	70.59%	70.12%
EBT Margin (%)	56.3%	38.6%	45.99%	55.73%	59.61%	50.63%	53.47%	56.11%
Net margin (%)	50.57%	35.17%	42.79%	50.28%	52.69%	43.34%	46.52%	47.41%
FCF margin (%)	-2.19%	12.06%	-	46%	32.3%	47.86%	43.74%	50.67%
FCF / Net Income (%)	-4.33%	34.3%	-	91.49%	61.3%	110.43%	94.02%	106.88%
Profitability
ROA	-	4.27%	-	9.1%	11.15%	7.24%	8.17%	8.6%
ROE	16.32%	7.2%	-	15.1%	21.32%	16.43%	17.11%	18.88%
Financial Health
Leverage (Debt/EBITDA)	1.37x	2.76x	-	1.38x	2.31x	2.03x	1.78x	1.7x
Debt / Free cash flow	-45.44x	14.45x	-	2.23x	5.2x	3.24x	3.15x	2.6x
Capital Intensity
CAPEX / Current Assets (%)	28.88%	42.4%	-	23.72%	33.79%	29.01%	23.29%	17.62%
CAPEX / EBITDA (%)	39.8%	67.23%	-	31.96%	46.54%	37.97%	30.1%	22.77%
CAPEX / FCF (%)	-1,318.26%	351.49%	-	51.57%	104.63%	60.63%	53.26%	34.77%
Items per share
Cash flow per share ¹	0.8451	1.171	-	-	-	-	-	-
Change	-	38.6%	-	-	-	-	-	-
Dividend per Share ¹	-	0.4989	-	-	-	1.108	1.145	1.593
Change	-	-	-	-	-	-	3.37%	39.07%
Book Value Per Share ¹	11.17	11.45	-	11.54	11.55	12.35	13.42	13.61
Change	-	2.49%	-	-	0.09%	6.86%	8.71%	1.41%
EPS ¹	1.601	0.7563	1.3	1.733	2.326	2.048	2.301	2.341
Change	-	-52.77%	71.84%	33.35%	34.22%	-11.97%	12.38%	1.74%
Nbr of stocks (in thousands)	596,543	592,477	585,816	582,219	518,764	488,548	488,548	488,548
Announcement Date	11/02/21	10/02/22	09/02/23	08/02/24	06/02/25	-	-	-