With joy, pride, and optimism, I take on the challenge of leading Mallplaza. Throughout its 35-year history, the company has driven a constant evolution of urban spaces, fostering human connection and creating a positive impact on people and communities.
We are set to drive our strategy forward and advance our purpose of ‘simplifying and enjoying life’ through offerings deeply connected to people and their communities. By doing so, we will bolster our leadership across the Andean region, supported by a $600M+ growth and transformation plan already in motion.
We closed 2025 with 2.35 million square meters of Gross Leasable Area (GLA), welcoming over 385 million visits. Driven by our operational strength, we achieved an EBITDA margin of 80.5% and an EBITDA of USD 577.5 million, representing a 38.2% increase. Meanwhile, FFO rose 33.7% to $185.1 per share (a 21.8% CAGR since 2021). Net income, excluding fair value, reached CLP 369,312 million (+53.3%). A decisive driver of this performance was our regional expansion; we advanced the integration in Peru, instilling not only our brand but also our corporate ‘seal’ and DNA. Mallplaza Peru’s contribution to consolidated EBITDA growth was 23.8% for the year, demonstrating our ability to add value through management.
Mallplaza’s operational resilience has bolstered our structural stock liquidity, solidifying our position as a top-tier investable asset for global funds. Our inclusion in the MSCI Mid-Large Cap and FTSE indices further validated this standing, driving our average daily trading volume (ADTV) to USD 8.6 million for the year.
This performance is the direct result of a clear strategic execution, built upon three core growth pillars.
1.Driving Value Creation Across Our Asset Portfolio
We continue to drive a strong and proactive commercial strategy, which resulted in the renewal of 868 contracts (out of a total of 5,155) and the addition of 519 new stores this year, adding 84,500 sqm of new concepts to our regional portfolio. We have successfully repurposed multiple spaces, allowing us to further consolidate our value proposition across all three countries, strengthening our positioning, growth, and impact.
In doing so, we introduced socialization and leisure offerings highly valued by our visitors, which serve as key footfall drivers for our urban centers. By providing multiple reasons to visit, we ensure a constant evolution of our value proposition.
2. Growing through New GLA
We have launched the execution of major expansions across several of our urban centers in Chile, Peru and Colombia, enhancing our Tier A asset portfolio properties that are highly prized by both our customers and commercial partners.
In parallel, we executed our value creation strategy with new formats through the deployment of premium outlets, a vertical designed to capture new segments and optimize profitability per square meter. We have already materialized this milestone with the expansion and transformation of Mallplaza Premium Outlets Biobío in Chile, creating the first one with 52,857 sqm of GLA and successfully bringing a value proposition of major brands with high acceptance and performance. We are currently moving forward with the transformation of two assets in Peru into this format
Regarding new land uses, we are making significant progress with our residential densification strategy across our urban centers. This initiative will bolster our value proposition through the execution of multifamily for-rent projects, the construction of housing for sale and land sales for residential development, and fully leveraging the vast development potential within our portfolio.
3.Maximizing value through our complementary businesses
During 2025, we strengthened our ancillary revenue streams, highlighted by the growth of our parking and advertising businesses. These segments saw a 44.7% increase during the year, contributing significantly to the strength of our financial results.
We close the year with deep gratitude for everything we have built together, entering 2026 with full energy to continue writing the history of our remarkable brand. Mallplaza remains in constant evolution—agile and driven by the purpose of creating spaces where people truly enjoy being and connecting with one another.
I am deeply grateful to our teams for their tireless energy and to the market for its continued trust. Together, we will keep pushing the boundaries to drive the development of our communities and deliver meaningful value to everyone we serve
Pablo Pulido
Chief Executive Officer of Plaza S.A.
* Press Release 4Q 2025
