Climate Action

Climate governance

Within Mallplaza’s organizational structure, the Directors Committe is at the highest level. It plays a fundamental role in risk management, acting as a strategic body that ensures the identification, assessment, and proper management of risks that could affect organizational objectives. Specifically, it periodically evaluates the most critical risks to the organization, reviewing the effectiveness of implemented controls and mitigation actions defined by management. These risks include climate change risks.​

At the executive level, the Corporate Affairs Department occupies a strategic role at the regional level and reports directly to the General Manager. Its main function is to lead the management of corporate communications, sustainability, and stakeholder relations, ensuring alignment with the company’s vision and objectives. Furthermore, it is responsible for informing the Board of Directors about progress in the ESG strategy, ensuring fluid and transparent communication. These sessions, held annually, are crucial for analyzing compliance, monitoring, and progress in the implementation of ESG commitments, as well as their integration into the corporate strategy.​

At Mallplaza, within our governance framework, we have a Sustainability Committee, comprised of the General Manager, the Executive Committee, and the ESG Deputy Manager, who meet every two months.​

This committee oversees compliance with the sustainability policy and monitors the objectives, goals, and indicators of our ESG strategy, which encompasses social, environmental, and governance issues, and also defines the criteria for stakeholder engagement.​

Regarding environmental issues, the committee is responsible for overseeing and managing matters related to our Climate Action pillar, which is broken down into three areas: energy efficiency and carbon footprint, water efficiency, and circular economy and waste management.​

Specifically, this Climate Action pillar has five commitments with defined deadlines, as specified in our ESG strategy, for which The committee defines the roadmap and is responsible for monitoring to ensure compliance with each step.

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Environmental and Climate Change Policy

We seek to promote the sustainable development of our activities, reducing the adverse impact of our operation on the environment. In line with this commitment, we have an Environmental and Climate Change Policy that establishes the general principles that guide the behavior of Mallplaza and its employees in these matters. This Policy has a corporate scope, being applicable to Plaza S.A. and its subsidiaries in Chile, Peru and Colombia, and must be implemented and its compliance required to all employees.

The programs and initiatives that we implement are framed within the framework of this Policy, and cover aspects such as energy efficiency, reduction of consumption and waste, maintenance, etc.

Climate-related incentives

As part of the measures to move forward, Mallplaza defined climate-related incentives for the CEO, Senior Executives and Management. The KPI associated with meeting the regional carbon footprint reduction goal of scope 1 and 2 has a weight of 10% for the CEO and 15% for the Corporate Affairs Management and Operations Management. It is important to note that this KPI is linked to the annual monetary bonus, in addition to generating a relevant impact and forming a key part of our climate change management strategy. Mallplaza’s KPI methodology includes the cascading of goals from management, which implies that non-executive collaborators from corporate affairs and operations management include the carbon footprint KPI in their performance evaluations. Finally, within operations management, collaborators (non-executives) have compliance with regional water consumption included in their KPIs.

Decarbonization Targets and Net-Zero Commitment

Mallplaza has established a short-, medium-, and long-term decarbonization roadmap, using 2021 as its base year. As an interim target, the company has committed to reducing its absolute Scope 1 and 2 GHG emissions by 53% by 2030, covering 100% of its Scope 1 and 2 base-year emissions.

• In the long term, Mallplaza has committed to achieving Net Zero Scope 1 and 2 emissions by 2035, in line with Grupo Falabella’s Net Zero commitment. This target entails reducing at least 90% of Scope 1 and 2 emissions compared to the 2021 baseline, followed by the neutralization of any residual emissions through appropriate offsetting mechanisms. The specific mechanisms will be defined closer to the target year, considering the alternatives available at that time and their technical and economic feasibility.

This decarbonization pathway follows science-based guidelines and seeks alignment with a 1.5°C scenario and the goals of the Paris Agreement. In this context, Mallplaza has publicly committed to pursuing validation of its Net Zero targets by the Science Based Targets initiative (SBTi). To monitor progress, the company annually measures its Scope 1, 2, and 3 carbon footprint across the three countries where it operates, with these measurements audited by an external entity.

Climate Transition Plan

Mallplaza’s climate transition plan establishes the pathway to achieve its GHG emissions reduction targets and its commitment to reach Net Zero Scope 1 and 2 emissions by 2035, against a 2021 baseline. The plan follows science-based guidelines and seeks alignment with a 1.5°C pathway and the goals of the Paris Agreement. As part of this commitment, Mallplaza has publicly committed to pursuing validation of its Net Zero targets under the Science Based Targets initiative (SBTi).

The transition pathway is supported by specific decarbonization levers across the company’s operations and value chain:

For Scope 1, Mallplaza is progressively transitioning away from high-global-warming-potential refrigerants and has committed to eliminating the use of HCFC refrigerants in its climate systems by 2030. This transition is accompanied by the progressive renewal of equipment, prioritizing newer and more energy-efficient technologies and incorporating carbon-reduction criteria into the design of new projects, expansions, equipment procurement and maintenance standards.

For Scope 2, the strategy combines renewable electricity procurement, on-site renewable generation and energy-efficiency measures. Mallplaza has committed to sourcing 100% renewable electricity by 2026 and to reducing its energy expenditure intensity by 22% by 2035, compared with a 2019 baseline (kWh/GLA). By 2025, 13.5% of Mallplaza’s portfolio had on-site renewable energy generation projects, including solar installations in Cartagena, Arequipa, Calama, Copiapó and Vespucio. During 2025, a new 1.23 MWp photovoltaic project at Mallplaza Vespucio, with estimated generation of 2.1 GWh/year, was developed. These initiatives are complemented by energy-management technologies such as Building Management Systems (BMS) and digital monitoring systems to optimize HVAC, lighting and other electrical systems.

For Scope 3, Mallplaza also works with its commercial partners to reduce emissions associated with its value chain. This includes providing renewable-energy solutions to tenants through certified low-emission renewable electricity procurement and on-site generation through solar panels, contributing to reductions in the carbon footprint associated with activities carried out within its urban centers.

Environmental Management System

At Mallplaza, we have an Environmental Management System (EMS) that guides our operations toward responsible and sustainable performance. This system is certified under the international ISO 14001 standard by AENOR, backing its robustness and compliance with globally recognized standards. Currently, 26 of our 37 urban centers hold this certification, accounting for 86.29% of the GLA of our centers located in Chile, Peru, and Colombia, following the acquisition of Falabella Perú S.A. in 2024 (Open Plaza Perú).​

Our EMS operates a robust process for managing environmental non-conformities, ensuring their identification, recording, and timely treatment. This process mandates the creation of corrective action plans (CAPs), with the assignment of responsible parties and defined deadlines. The effectiveness of the actions is verified through planned internal and external audits.

We integrate the monitoring of non-conformities into the EMS review cycle, ensuring continuous improvement and preventing recurrence. The results of this analysis are used as strategic input to update protocols and strengthen operational performance at all our certified locations, continuously improving our management system.

We operate under a principle of continuous improvement that integrates water and energy efficiency throughout the life cycle of our assets.

This approach is implemented through:
1. Design and Operation Standards: Energy and water efficiency are incorporated into our design criteria for new projects, expansions, and equipment purchases. The actual performance of these implementations is monitored and analyzed to periodically update and raise these standards.

2. Due Diligence in Acquisitions: When acquiring new assets, we evaluate their regulatory compliance and environmental management instruments (DIAs, licenses) as a starting point. This information is crucial for establishing action plans that integrate and raise the asset to Mallplaza’s management and efficiency standards.

On the other hand, the relationship with the different stakeholders is carried out through different media, one of which is the Stores Portal, where Mallplaza disseminates communications with its tenants on different topics, including the environment, where it publishes updated information on new environmental regulations or standards that affect the operations of urban centers, for example, the entry into force of the law on light pollution within Chile.

Focus on promoting climate action

Through our ESG commitments, we are moving towards more efficient, sustainable and circular management with a focus on climate action. To achieve this, we not only conform to international standards of continuous environmental improvement, proactively monitoring and managing objectives, targets and indicators in the strategic areas of the business, but we also have a comprehensive strategy based on three key pillars, each with clear, measurable and defined goals, which allows us to advance in our commitment to sustainability.

• Energy efficiency and carbon footprint
• Water efficiency
• Circular economy and waste management

Electricity generation

Currently, 5 of our Mallplaza shopping centers have been designed to generate their own energy, through photovoltaic panels. These are: Mallplaza Cartagena in Colombia, Mallplaza Arequipa in Peru, and Mallplaza Calama, Mallplaza Copiapó, and Mallplaza Vespucio in Chile.​

• Mallplaza Calama has more than 2,000 photovoltaic panels covering an area of 3,360 m², which generate electricity for the common areas.​
• Mallplaza Copiapó has 1,920 panels with a nominal generation capacity of 816,000 kWh/year, which powers stores and common areas.​
• Mallplaza Cartagena has 3,269 panels covering an area of almost 5,000 m², generating electricity for stores and common areas of the center.​
• Mallplaza Arequipa has 192 photovoltaic panels whose generation is used for lighting the galleries.​
• Mallplaza Vespucio has a generation capacity of 2.1 GWh/year.

Carbon Footprint – Scope 1 Emissions in tCO2e

(*) Includes the 11 Open Plaza Peru assets acquired at the end of 2024.​

Carbon Footprint – Scope 2 Emissions in tCO2e (location-based)

(*) Includes the 11 Open Plaza Peru assets acquired at the end of 2024.​

Carbon Footprint – Scope 2 Emissions in tCO2e (market-based)

(*) Includes the 11 Open Plaza Peru assets acquired at the end of 2024.​

Carbon Footprint – Scope 3 Emissions in tCO2e

(*) Includes the 11 Open Plaza Peru assets acquired at the end of 2024.​

Carbon Footprint – Scope 3 emissions in tCO2e broken down by category

(*) Includes the 11 Open Plaza Peru assets acquired at the end of 2024.​

Sustainable construction

In 2015, with the construction of Mallplaza Egaña, we certified for the first time one of our urban centers under sustainable construction standards, achieving the highest category of this standard, corresponding to the “Gold” category. Since this achievement, Mallplaza has committed to certify all its new constructions under a sustainable construction standard, seeking to be efficient in the use of resources from the construction stage of our urban centers. Today we already have 6 LEED certified urban centers. Today we already have 6 LEED certified urban centers (Mallplaza Egaña and Mallplaza Copiapó in Chile, Mallplaza Arequipa and Mallplaza Comas in Peru and Mallplaza Manizales and Mallplaza Buenavista in Colombia), and we have another 2 urban centers certified under the EDGE standard (Mallplaza Arica and Mallplaza Los Domínico in Chile), both in the Advanced category.

On the other hand, it should be noted that Mallplaza buildings are not developed in virgin areas because the feasibility of a shopping center project requires population density, real estate development and road infrastructure. In addition, all projects are built based on the use of land approved by the authorities and strictly comply with the current environmental regulations of each country, which defines the standards regarding being able to develop new constructions only in authorized areas and that meet technical feasibility.

Additionally, it is important to note that the vast majority of Mallplaza’s shopping centers have been developed and built in-house, the company has only acquired a previously existing shopping center. For this reason, the programs have evidently not focused on aspects such as due diligence or audits in pre-purchase phases, or in cases of alliances or joint ventures; nor the establishment of baselines in the pre-purchase or acquisition phase. Mallplaza’s environmental programs and initiatives are focused on construction and operation, thus covering all the key areas of our business.

Construction waste management

Within Mallplaza’s operations during 2024, the most important project in terms of construction was Mallplaza Vespucio, which added around 20,000 m2 of new operational space to the facility. The company awarded the construction of this project was responsible for the recycling of all metal structures and iron used in the project and the separation of waste into organic and inorganic categories. Given the magnitude of the construction carried out at Mallplaza Vespucio, this project alone represents more than 50% of the area built in Mallplaza’s operations during the year 2024.

Attributes of building materials

In order to constantly minimise the environmental impact of Mallplaza’s operations, wooden pallets are used to transport products in all the company’s construction projects. These pallets are highly reusable and at the end of their useful life, given their characteristics, they can be recovered in multiple ways. This ensures the recyclability of these materials, reaching recovery percentages of close to 100%.

Waste Management 2025 in tons

(*) Includes the 11 Open Plaza Peru assets acquired at the end of 2024.​

Sustainable Products and Services

As part of its business model, Mallplaza provides a range of services to both visitors and tenants across its urban centers that are aligned with activities contemplated under the European Union Taxonomy for sustainable activities. These services contribute to environmental and social objectives through different areas of action, including access to cultural and educational activities, the promotion of low-carbon mobility, and waste prevention and reduction.

Based on an assessment of its service offering against the activities covered by the EU Taxonomy, Mallplaza has identified the following sustainable products and services. These include services provided directly to visitors, particularly those related to culture, education and electric mobility, as well as solutions offered to tenants to support more circular and resource-efficient operations.

Services for Visitors

• Primeros Pueblos

Primeros Pueblos is a non-profit initiative developed by CMPC that provides Indigenous artisans and entrepreneurs from Chile’s Biobío and La Araucanía regions with access to commercial channels under Fair Trade principles. At Mallplaza Trébol, products from more than 50 local creators are commercialized under fair and transparent conditions, supporting local entrepreneurship, cultural heritage and economic development.

• Carnaval de Barranquilla

Through Carnaval de Barranquilla, Mallplaza Buenavista provides local entrepreneurs with commercial spaces to offer products inspired by the region’s cultural and carnival traditions. These spaces are offered at a preferential social rental rate, supporting local entrepreneurship while promoting and preserving the city’s cultural identity.

• Festival Petronio Álvarez

During the Petronio Álvarez Pacific Music Festival, Mallplaza Cali provides spaces for local entrepreneurs to showcase gastronomy, traditional beverages, crafts and other products associated with Colombia’s Pacific cultural heritage. These spaces are offered at preferential social rental rates, promoting local entrepreneurship, cultural heritage and inclusive economic development.

• Electric Vehicle Charging Stations

Mallplaza provides electric vehicle charging stations at its urban centers to facilitate and encourage the adoption of electric mobility among visitors. In addition to supporting the transition toward lower-emission transportation, this service provides Mallplaza with an additional source of revenue.

Services for Tenants

• Plaza 0

Plaza 0 is Mallplaza’s circular economy initiative for its tenants, aimed at preventing and reducing waste generation in food courts. The program replaces single-use plastics with reusable tableware and recovers organic waste for processing into a nutrient-rich liquid. By preventing waste from being sent to final disposal, Plaza 0 reduces the environmental impact associated with food court operations while generating savings through lower waste-management requirements.

Sustainable Revenues Mallplaza 2025 (CLP)

Urban Revitalization and Community Development

Mallplaza’s urban development approach seeks to generate positive impacts beyond the physical boundaries and commercial function of its urban centers. Through its urban revitalization strategy, Mallplaza transforms existing assets and underutilized urban spaces while contributing to improvements in the physical and social environment of surrounding communities. This approach includes the creation and improvement of public and green spaces, enhanced urban connectivity and accessibility, recovery of community spaces, and initiatives that contribute to local economic activity and social cohesion.

During 2025, Mallplaza continued implementing this approach through the transformation and expansion of existing urban centers and community-oriented initiatives in Chile and Colombia.

• Mallplaza Cali – Regeneration of underutilized urban land and socioeconomic development

Mallplaza Cali represents a clear example of the company’s approach to urban regeneration beyond the commercial asset itself. The project transformed land previously used primarily for parking into an active urban and community hub, incorporating more than 13,000 m² of green areas and public spaces. The intervention contributes to improving the surrounding physical and social environment by providing new recreational and public spaces, increasing urban vitality, supporting improvements in safety, reducing urban deterioration and promoting sustainable mobility. Importantly, these benefits extend beyond the boundaries of the Mallplaza asset and are available to the surrounding community. The project also contributes to the socioeconomic development of the area through the generation of more than 1,600 direct and indirect jobs, providing employment opportunities and new community infrastructure in an area with economic needs. In this way, the project combines the physical regeneration of previously underutilized urban land with broader social and economic benefits for the surrounding neighborhood.

• Mallplaza Vespucio – Public space, connectivity and urban integration

During 2025, Mallplaza continued the expansion and transformation of Mallplaza Vespucio with the objective of strengthening its role as an integrated urban hub and contributing to the revitalization of its surrounding area. A central component of the project is the incorporation of a public open-air urban park of more than 12,000 m², integrated with Parque Vicuña Mackenna and conceived as a functional and safe space for recreation, community interaction and coexistence. The project therefore expands the availability and quality of public and green infrastructure available to neighboring communities. The intervention also strengthens urban connectivity and accessibility, including universal accessibility and direct integration with public transportation. Located adjacent to two Metro stations, Mallplaza Vespucio functions as an urban connectivity hub that facilitates community access to services, commerce and recreational infrastructure while responding to the area’s significant pedestrian and transportation flows.

These measures are complemented by improvements to the center’s environmental performance, including the incorporation of a solar power facility and advanced management systems, supporting the development of a more sustainable and connected urban environment.

• Mallplaza Premium Outlets Biobío – Transformation of an existing urban asset

In the Biobío Region, Mallplaza transformed an existing asset into Mallplaza Premium Outlets Biobío, seeking to strengthen its role as a safer, more functional space integrated into the surrounding urban environment. The transformation expands the availability of services, entertainment and recreational opportunities within the area, creating a more multifunctional urban destination for the community. Rather than developing a new site, the project builds upon and transforms an existing asset, contributing to its continued integration into the urban fabric and strengthening its role as a center for community activity.

• Recovery and improvement of community spaces

Mallplaza’s urban revitalization approach also extends beyond major development projects through smaller-scale interventions focused directly on public and community spaces.

One example is the improvement of Plaza Héroes de Iquique, where Mallplaza supported the installation of outdoor exercise equipment, tree planting and community murals. These interventions contribute directly to improving the physical quality, functionality and attractiveness of an existing public space while encouraging community use and interaction.

Mallplaza is also developing six additional community projects incorporating initiatives such as reforestation, recycling and the improvement of community spaces. These projects seek to strengthen community belonging, inclusion and urban resilience, particularly in areas facing social or environmental needs.

A broader approach to urban regeneration

Through these initiatives, Mallplaza approaches urban revitalization as a process that extends beyond the development of individual commercial assets. The company’s interventions combine the regeneration and reuse of existing urban spaces with improvements in public infrastructure, green spaces, accessibility, connectivity and community facilities, while generating socioeconomic benefits such as local employment and improved access to services and recreational spaces.

The approach allows Mallplaza’s urban centers and surrounding interventions to contribute to the physical improvement of the urban environment and the social and economic development of neighboring communities, particularly where opportunities exist to recover underutilized spaces or address existing social, environmental or urban needs.

Climate-related Scenario Analysis

To assess the risks and opportunities associated with climate change, Mallplaza developed a scenario analysis considering different climate and transition trajectories, based on internationally recognized references. These scenarios allow for the exploration of possible future conditions, incorporating physical and regulatory variables associated with different levels of global warming, in order to evaluate business resilience and support long-term strategic decision-making.​

For transition risks, the Net Zero Emissions by 2050 (NZE 2050) and Stated Policies Scenario (STEPS) scenarios from the International Energy Agency were used, complemented by Chile’s Long-Term Energy Planning (PELP) scenario, in order to incorporate global and local perspectives on the evolution of policies, markets, and technologies in a low-carbon economy. For physical risks, the RCP 8.5 scenario developed by the Intergovernmental Panel on Climate Change was considered, which represents a high greenhouse gas emissions trajectory and allows for the assessment of the exposure of assets and operations to potential future climate impacts.
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Climate risk management

Climate risks are managed within Mallplaza’s enterprise risk management process. Risks of the following types are analyzed: acute physical, chronic physical, reputational, regulatory and legal, technological and market. The scope analyzed covers own operations, as well as the upstream and downstream value chain. See table with climate risks identified.

Climate risks

Climate opportunities

Adaptation to physical risks

During 2023 we made progress in the analysis of risks associated with climate change to identify and evaluate current and potential threats and opportunities that could affect our operations, as well as our assets and value chain in this area. In detail, as part of the project to implement the recommendations issued by the TCFD, we conducted an analysis in five urban centers (three in Chile, one in Colombia, one in Peru), where we applied the methodology for the survey and characterization of climate threats to prioritize them.

As a result, we identified the most relevant physical hazards to which our centers could be exposed and the effects they can generate:

• Extreme temperatures, which can generate: interruptions in the water supply (water shortage), power outages, intermittent cooling equipment due to overexertion, damage to the health of collaborators, fires in sites adjacent to some urban centers.
• Extreme rains, which can cause: interruptions in the water supply (turbulence in water catchment sources), power outages, damage to roofs, damage to equipment.

We are currently working on the survey of key controls for these specific risks, which integrate both physical and non-physical measures to be mitigated. It should be noted that the global climate change risk has been inherently assessed by Mallplaza so that, once the respective controls/mitigators have been reviewed, we can arrive at a residual risk result. With this, we will be in a position to perform the gap analysis with respect to the accepted risk appetite and, based on the result, define the action plans and associated priorities to be developed.

The action plans, in the case of the Physical Risk of Climate Change, are oriented to establish or improve the design and implementation conditions of the key controls around the specific risks identified and prioritized. The action plans must bring the residual risk to tolerable values or under the defined appetite, depending on the criticality of the risk, which will vary in the definition and implementation times of such plans.

Sustainable Building Materials and Environmental Attributes

As part of its sustainable construction approach, Mallplaza considers environmental attributes associated with the materials incorporated into the development, expansion and refurbishment of its assets. Given Mallplaza’s business model, construction activities are carried out through specialized external contractors and suppliers; consequently, information on building material characteristics and environmental performance is primarily obtained and assessed through the technical and environmental documentation provided by these third parties.

This documentation enables Mallplaza to identify different environmental attributes associated with the materials incorporated into its projects, including the following:

Environmental Product Declarations and life-cycle environmental performance.

Mallplaza has access to construction products supported by independently verified Environmental Product Declarations (EPDs), including CINTAC galvanized structural steel profiles and steel panels with expanded polystyrene (EPS) and polyisocyanurate (PIR) insulation. These declarations are registered under The International EPD® System, follow Product Category Rules based on EN 15804+A2 and are independently third-party verified in accordance with ISO 14025:2006.

The EPDs are based on Life Cycle Assessment (LCA) and quantify environmental impacts associated with relevant stages of the products’ life cycles. This information provides Mallplaza and its construction partners with standardized environmental performance information that can support the identification and selection of materials considering their life-cycle impacts and embodied environmental footprint. The declarations consider product and manufacturing stages as well as end-of-life and resource recovery scenarios.

• Recycled content and recyclable materials.: The technical documentation provided by construction suppliers also identifies products incorporating recycled materials. Hunter Douglas Quadrobrise, Quadrolines and Timberline architectural solutions, for example, contain 17.5% recycled material, providing evidence of the incorporation of recycled content into building products. The documentation also provides information regarding the recyclability of materials at the end of their useful life. Quadrobrise solutions, for example, are identified as 100% recyclable at the end of their life cycle. Similarly, the EPD for CINTAC galvanized steel profiles considers an end-of-life scenario in which 968 kg of steel scrap per metric ton of product is directed to steel recycling, demonstrating the significant recovery potential associated with the material.
• Low-emitting materials.: Environmental attributes documented by suppliers also include characteristics related to indoor environmental quality. Hunter Douglas Quadrobrise, Quadrolines and Timberline solutions are identified as low-emission materials, while their technical documentation indicates their contribution toward LEED v4 certification requirements, including criteria associated with Indoor Environmental Quality (IEQ).

These material attributes are consistent with the broader development of sustainable construction frameworks across Mallplaza’s three markets. In Chile, MINVU’s Sustainable Construction Standards explicitly promote construction materials with third-party verified Environmental Product Declarations under ISO 14025 as a means of providing information on their life-cycle environmental impacts. In Colombia, sustainable construction guidance from the Ministry of Environment promotes the use of recyclable and renewable materials, lower-energy materials and other environmentally preferable construction products, while public sustainable procurement criteria recognize third-party verified EPDs based on ISO 14025 as evidence of environmental performance. In Peru, the national sustainable construction framework continues to evolve toward greater consideration of environmental performance and resource efficiency in the construction sector. These frameworks provide relevant local context for Mallplaza’s consideration of documented environmental attributes in the materials incorporated into its developments.

Overall, through the environmental and technical documentation provided by its construction partners and suppliers, Mallplaza is able to identify and consider material attributes related to life-cycle environmental performance and embodied impacts, low emissions, recycled content and end-of-life recyclability, in addition to products supported by independently verified Environmental Product Declarations.

Water Consumption Mallplaza

The following table presents Mallplaza’s water consumption data, incorporating the results of the water footprint assessment to estimate water discharges generated across its shopping centers.