I am pleased to share the results for the second quarter of 2025, in which we reaffirmed our leadership as the main urban center platform in the Andean region and further advanced our positioning as a Latin American benchmark. We reached 2.34 million m² of GLA and over 92 million visits, marking a 27% increase compared to Q2 2024, driven by strategic openings, successful conversions, and a continuously evolving commercial offering. Revenues grew by 32.9%, while EBITDA rose by 39.7%, achieving a robust margin of 80%. Funds from Operations (FFO) increased by 40.5%, with an FFO per share of $157, reflecting a Compound Annual Growth Rate (CAGR) of 19.6% since 2021. Net profit reached CLP 422,587 million, representing a 249.0% increase, primarily driven by an appreciation in the fair value of our investment properties. Excluding this impact, net income grew by 51.3%. These results underscore the effectiveness of our strategy, the quality of our assets, and the solid long-term relationships we have established with our commercial partners.
We also reinforced our financial and operational strength. We closed the quarter with 95.7% occupancy, up 1.2 percentage points, a 9.6% occupancy cost, down 0.6 points, and a net debt-to-EBITDA ratio of 2.8x, including Peru’s EBITDA for the last twelve months. In addition, we highlight the improvement in the liquidity of our stock, which averaged over USD 6 million in daily trading volume as of June. These achievements further strengthen our position to continue scaling a resilient, profitable, and high-growth urban platform in the region.
This performance is the result of executing a clear strategy focused on three growth verticals:
1. Growth on our existing GLA
During the second quarter of 2025, in Peru, we continued executing our roadmap to transform convenience centers into experience-focused urban centers. Revenue grew 7.6% and tenant sales increased 11.6%, driven mainly by strong performance at Mallplaza Comas (+18.6 percentage points) and Mallplaza Trujillo (+25.8 percentage points). This momentum translated into an 18.2% increase in EBITDA, reaching an EBITDA margin of 85.4%. We also made solid progress at Mallplaza Angamos, Mallplaza Piura, and Mallplaza Huancayo, strengthening our presence with a more relevant brand mix tailored to local market dynamics.
In Chile, we continued creating value through strategic reconversions and a commercial offering increasingly focused on experience. The closure of La Polar at Mallplaza Norte, Mallplaza Sur, and Mallplaza Iquique will allow us to reconvert 11,000 square meters of GLA and introduce new stores with higher attractiveness and sales potential. Transformations at Mallplaza Sur and Mallplaza Alameda drove revenue growth above 20%, reflecting the impact of a more dynamic retail mix. These improvements contributed to a 5.9% increase in national foot traffic, a 7.4% rise in sales, and a 9.8% growth in revenue.
In Colombia, we continue to consolidate a robust and high-potential operation. In the second quarter, tenant sales grew 10% and the EBITDA margin reached 77.3%, reflecting the maturing process of our assets. Mallplaza Buenavista and Mallplaza Manizales stood out, with revenue growth of 13% and 12%, respectively. Mallplaza Cali continues to mature, supported by a sharper and increasingly preferred commercial offer among its surrounding communities.
2. Growth through new GLA
Mallplaza Vespucio continues to demonstrate the value of expanding strategic assets. Following the opening of the new Lifestyle zone, footfall increased 23%, accompanied by a 16.3% rise in sales and a 27.9% growth in revenue.
Aligned with our plan to add 225,000 square meters of new GLA, we are advancing several key expansions: 26,100 m² at Mallplaza Trébol, 17,900 m² at Mallplaza Angamos, 16,100 m² at Mallplaza Oeste, 7,500 m² at Mallplaza Trujillo, and 7,200 m² at Mallplaza Piura. These projects are designed to attract high-value brands, deepen the experiential offering, and enhance profitability per square meter.
In addition, we are developing a new premium outlet format, marking a key evolution in our portfolio and a milestone for the company. At Mallplaza Biobío, we are adding 6,600 m² to reach a total of 52,525 m² of GLA. At Open Plaza Atocongo, we are progressing on a 22,000 m² transformation focused on profitability, space efficiency, and a differentiated proposal anchored in new premium brands. Both projects address a clear market opportunity: capturing incremental traffic through a value-driven offering based on price, experience, and brand strength.
3. Non-Rental Businesses
During the second quarter, the parking business continued to consolidate as a relevant source of non-rental income, driven by active commercial management, operational innovations, and improved vehicle flow. At the same time, we strengthened our omnichannel ecosystem through a strategy that integrates physical and digital channels, with over 500 participating brands and a contactable customer base of more than 10 million across the Andean Region. This approach enabled us to move over one million packages through our Click & Collect points and cross-docking model, monetizing space and generating sustainable logistics income.
Commitment to Sustainability
During the second quarter, we reached key milestones that reaffirm our commitment to sustainable operations. At Mallplaza Vespucio, we inaugurated the largest photovoltaic plant ever installed on a shopping center in Chile, featuring more than 1,760 bifacial panels. This initiative supports our progress toward achieving Net Zero emissions by 2035.
Finally, I want to highlight that the consolidation of our operations in Peru marked a significant milestone in our transformation into a fully regional company. In the second quarter of 2025, we reached USD 26.2 million in EBITDA from that market, accounting for 26.3% of consolidated EBITDA growth. On this solid foundation of opportunity, we will continue to deepen our strategy—growing through existing assets, accelerating the development of inorganic initiatives, and further strengthening our position across the region.
Fernando de Peña Iver
Chief Executive Officer of Plaza S.A.
* Press Release 2Q 2025
