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 21:07:44 22/01/2026 GMT			5-day change	1st Jan Change
30.72 ^BRL	+1.19%		+4.31%	+12.73%

01-21	Multiplan identified non-authorized access to database of 'Multi' app on Jan. 10	RE
01-05	Brazil's Multiplan signs MoU to sell 10% of BH Shopping for 285 million reais	RE

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	2,485	2,510	2,662
Change	-	-32.42%	39.52%	12.9%	25.39%	-2.34%	0.99%	6.07%
EBITDA ¹	1,384	812.6	708.3	1,506	1,848	1,824	1,937	2,056
Change	-	-41.27%	-12.84%	112.7%	22.67%	-1.28%	6.19%	6.13%
EBIT ¹	1,158	611.5	1,069	1,358	1,710	1,687	1,780	1,895
Change	-	-47.2%	74.73%	27.13%	25.85%	-1.32%	5.53%	6.42%
Interest Paid ¹	-76.12	-114.2	-	-227.3	-192.5	-524.8	-517.7	-421.2
Earnings before Tax (EBT) ¹	1,073	497.4	826.7	1,131	1,517	1,117	1,236	1,468
Change	-	-53.66%	66.22%	36.81%	34.13%	-26.34%	10.61%	18.79%
Net income ¹	964.2	453.1	769.3	1,020	1,341	1,006	1,069	1,253
Change	-	-53.01%	69.78%	32.65%	31.4%	-24.99%	6.3%	17.2%
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 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	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	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	525.7	694.1	617.5	766.8	548.9	578.4	584.4	757.7	564.5	591.3	596
Change	-	-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%	-43.86%	32.03%	-11.02%	24.16%	-28.41%	5.37%	1.04%	29.64%	-25.49%	4.73%	0.79%
EBITDA ¹	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	400.6	460.1	435.6	586.1	435.3	460.2	465.7	617.8	458.1	482.7	487.1
Change	-	-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%	-39.89%	14.85%	-5.33%	34.56%	-25.74%	5.72%	1.21%	32.66%	-25.86%	5.37%	0.91%
EBIT ¹	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	361.8	426.6	403.7	548.5	388.9	413.3	418.9	585.3	425.5	450	454.4
Change	-	-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%	-42.66%	17.91%	-5.36%	35.88%	-29.11%	6.28%	1.35%	39.74%	-27.31%	5.77%	0.97%
Charge d'intérêts	-34.57	-	-13.83	-	-61.1	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	188.8	172.9	206.9	258.1	243	275.2	302.7	310.1	320.1	312.8	328.3	555.8	270.8	291.7	240.9	364.7	234.4	267.7	288.8	465.7	324.4	358.9	374.7
Change	-	-	-	-	-	-	-8.45%	19.69%	24.75%	-5.84%	13.21%	10.03%	2.42%	3.24%	-2.29%	4.94%	69.32%	-51.28%	7.73%	-17.44%	51.42%	-35.72%	14.21%	7.88%	61.22%	-30.34%	10.65%	4.4%
Net income ¹	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	234	264.4	221.1	322	201.1	222.1	236	396.5	307.9	314	326.3
Change	-	-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%	-54.33%	12.96%	-16.35%	45.62%	-37.55%	10.45%	6.26%	67.97%	-22.34%	1.99%	3.92%
Announcement Date	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	24/04/25	24/07/25	30/10/25	-	-	-	-	-	-	-	-

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	4,281	3,963	3,474
Change	-	18.28%	-	-	104.94%	0.15%	-7.43%	-12.34%
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	424.9	340.6	233.5
Change	-	-0.79%	-	78.64%	-50.6%	-19.83%	-31.45%
Free Cash Flow (FCF) ¹	-41.77	155.4	933.5	822	494	1,104	1,523
Change	-	472.1%	-	-11.95%	-39.9%	123.48%	37.95%
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%	73.41%	77.19%	77.23%
EBIT Margin (%)	60.75%	47.46%	59.44%	66.93%	67.18%	67.88%	70.93%	71.17%
EBT Margin (%)	56.3%	38.6%	45.99%	55.73%	59.61%	44.96%	49.25%	55.15%
Net margin (%)	50.57%	35.17%	42.79%	50.28%	52.69%	40.47%	42.6%	47.07%
FCF margin (%)	-2.19%	12.06%	-	46%	32.3%	19.88%	43.99%	57.21%
FCF / Net Income (%)	-4.33%	34.3%	-	91.49%	61.3%	49.12%	103.26%	121.55%
Profitability
ROA	-	4.27%	-	9.1%	11.15%	7.72%	8.22%	8.82%
ROE	16.32%	7.2%	-	15.1%	21.32%	17.39%	16.86%	17.86%
Financial Health
Leverage (Debt/EBITDA)	1.37x	2.76x	-	1.38x	2.31x	2.35x	2.05x	1.69x
Debt / Free cash flow	-45.44x	14.45x	-	2.23x	5.2x	8.67x	3.59x	2.28x
Capital Intensity
CAPEX / Current Assets (%)	28.88%	42.4%	-	23.72%	33.79%	17.1%	13.57%	8.77%
CAPEX / EBITDA (%)	39.8%	67.23%	-	31.96%	46.54%	23.29%	17.58%	11.36%
CAPEX / FCF (%)	-1,318.26%	351.49%	-	51.57%	104.63%	86.01%	30.85%	15.33%
Items per share
Cash flow per share ¹	0.8451	1.171	-	-	-	-	-	-
Change	-	38.6%	-	-	-	-	-	-
Dividend per Share ¹	-	0.4989	-	-	-	1.128	1.186	1.401
Change	-	-	-	-	-	-	5.13%	18.06%
Book Value Per Share ¹	11.17	11.45	-	11.54	11.55	12.35	13.51	14.75
Change	-	2.49%	-	-	0.09%	6.88%	9.42%	9.17%
EPS ¹	1.601	0.7563	1.3	1.733	2.326	2.098	2.233	2.603
Change	-	-52.77%	71.84%	33.35%	34.22%	-9.82%	6.45%	16.57%
Nbr of stocks (in thousands)	596,543	592,477	585,816	582,219	518,764	488,602	488,602	488,602
Announcement Date	11/02/21	10/02/22	09/02/23	08/02/24	06/02/25	-	-	-