A Strong Start to the Year to Continue Creating Value in the Andean Region
I am pleased to share with you the results for the first quarter of 2025, during which we continued to strengthen our value proposition in the Andean Region. Our consolidated GLA reached 2.34 million m², representing a 37.6% increase compared to the first quarter of 2024. During this period, visitor flow rose by 29.4%, reaching 93 million visits. Our revenues grew by 36.8%, EBITDA totaled CLP 123,847 million— marking a 42.6% increase—and FFO per share rose by 16.5%.
In a global context marked by uncertainty, Mallplaza maintains a solid financial and operational position. Our net debt-to-EBITDA ratio stands at 2.9 times—including Peru’s EBITDA for the last twelve months—and our occupancy cost decreased to 9.6% (from 10.2% in Q1 2024), reflecting the strength of our portfolio, which maintains a high occupancy rate of 96.1%. Additionally, we have low exposure to exchange rate fluctuations, a well-matched maturity profile between assets and liabilities, and were awarded an international credit rating of Baa2 by Moody’s for the first time, reaffirming the strength of our financial profile.
Our performance is the result of a clear strategy, based on three growth pillars:
1. Growth on Our Current GLA
In Chile, we recorded a 10.3% increase in Same Store Sales (SSS) and a 6.1% growth in Same Store Rent (SSR) compared to the first quarter of 2024. These results reflect a customer-centric strategy and our ongoing transformation of physical spaces. A clear example of this are the reconversions at Mallplaza Tobalaba, Mallplaza Alameda, and Mallplaza Sur, which have demonstrated the positive impact of evolving toward more diverse and experiential offerings—driving visitor flow, sales, and revenue growth.
In Peru, we are enhancing commercial conditions with the goal of transforming convenience centers into urban, experience-focused destinations. At the same time, we are renovating over 100 stores and remodeling an additional 100 within the recently acquired portfolio. This process will continue over the next 12 months and is complemented by our intention to elevate our assets in Comas, Piura, and Angamos to Tier A status. On 15 March we completed the rebranding of three key assets: Mallplaza Piura, Mallplaza Angamos and Mallplaza Huancayo. This event represents a significant step forward in our positioning strategy within the country. We are confident that the Mallplaza brand will become a key driver to attract a greater flow of visitors and strengthen our value proposition.
In Colombia, we continue to grow steadily across all our indicators. Sales increased by 28.4% and the EBITDA margin improved by 6.2 percentage points, reaching 74.8%, reflecting the maturation process of our assets. Mallplaza Cali recently completed its first year of operation, achieving a solid occupancy rate of 95.6%. Meanwhile, Mallplaza NQS increased its revenue by 21.8%.
2. Growth Through New GLA
We also continued with new openings in the revamped Lifestyle area of Mallplaza Vespucio, highlighting the inauguration of a 4,300 m² Zara store —the largest in the Southern Cone— which strengthens this urban center as the largest in Chile, with an approximate total of 190,000 m² of GLA. This development resulted in a 12.1% increase in revenue, a 15.1% rise in visitor flow, and an 18.7% growth in sales compared to the first quarter of 2024.
Our investment plan includes 225,000 m² of GLA over the next four years. In Chile, we are projecting 125,000 m² through expansions in highly productive urban centers such as Mallplaza Trébol, Mallplaza Norte, Mallplaza Oeste, and Mallplaza La Serena. In Peru, the plan considers 100,000 m² of growth, focusing on our Tier A urban center, Mallplaza Trujillo, as well as high-potential assets such as Mallplaza Comas, Mallplaza Piura, Mallplaza Angamos and Mallplaza Huancayo, with a particular emphasis on strengthening the fashion and entertainment categories.
We are also pursuing various growth opportunities in Colombia.
3. Innovation to Enhance the Experience and Drive New Business
At Mallplaza, we place the customer at the center of our innovation strategy, developing solutions that enhance their experience and allow us to better understand their needs. We have a customer base of over 10 million in the Andean Region, which enables us to understand their preferences, increase engagement, and accompany them throughout their visits. In parking, we surpassed 7.3 million transactions using the free-flow system with digital payments through Banco Falabella, MACH, and Copec App, achieving a penetration rate above 30%. We are also continuing to strengthen our omnichannel offering, driving digital traffic to our centers through solutions such as Click&Collect and adding more than 90 brands to our platform.
Commitment to Sustainability
During the quarter, we were recognized for the seventh consecutive year as the sustainability leader in the Retail Real Estate sector in Merco ESG Chile’s ranking. We were also once again included in both the Chile and MILA indices of the Dow Jones Sustainability Index, placing us within the top 2% globally in our industry, and featured in the S&P Global Sustainability Yearbook 2024. Concurrently, we advanced six community initiatives in La Reina and La Florida through our Social Projects Accelerator, in partnership with Fundación Junto al Barrio.
I would also like to honor and thank the legacy of Thomas Fürst, one of our founders and a pioneer of Chile’s shopping center industry. His vision, entrepreneurial leadership, and willingness to take risks continue to inspire everyone at Mallplaza.
We began this year with confidence in the strength of our strategy and in our teams’ ability to execute. We will continue collaborating with our commercial partners, investors, and—above all—our daily visitors to further solidify a regional urban-center platform that delivers sustained value over time.
Fernando de Peña Iver
Chief Executive Officer of Plaza S.A.
* Press Release 1Q 2025
