In my final letter as General Manager, I want to express my deepest gratitude to everyone who has been a part of this story/journey. It has been 35 years of collaboratively building a unique company, which today projects itself with more strength than ever as the principal urban centers platform in the Andean region and a Latin American benchmark in growth, focused on creating value and improving the lives of millions of people who choose us daily, in line with our purpose, which is to simplify and enjoy life more.
Our purpose has always been clear and mobilizing: to create spaces where life happens, places that invite people to gather, share, grow, and connect with the communities that surround us.
This spirit of growth and purpose has been, and will continue to be, a core part of Mallplaza’s DNA. We reaffirm this through an investment plan of USD 570 million aimed at expanding and transforming our assets, strengthening a premium portfolio centered on Tier A assets and disciplined value creation.
During the third quarter of 2025, Mallplaza achieved outstanding results that reflect the soundness of its strategy and the confidence of its commercial partners. Total GLA (Gross Leasable Area) reached 2.34 million m², with over 93 million visits (+25.9% compared to the third quarter of 2024). Revenues grew by 37.3%, EBITDA increased by 42.2% with an 81.3% margin, and FFO rose by 28.9%, reaching $171.8 per share for the last twelve months (a 21.0% CAGR since 2021). Net income reached CLP 81,381 million (+35.7%), driven by the consolidation of Peru, which now contributes 27.7% of the consolidated EBITDA. Furthermore, the stock’s liquidity reached an all-time high, with an average of USD 6.9 million traded daily as of September, reflecting the confidence and growing market interest in Mallplaza, which today has a market cap of USD 5.9 billion.
This performance is the result of executing a clear strategy, structured around three growth verticals:
1. Growth from our existing GLA
In Peru, we continued to advance decisively in transforming and expanding convenience centers into urban, experience-oriented destinations, consolidating our leadership in the country. EBITDA increased 16.4%, with a margin of 87.3%, reflecting the strength of the Mallplaza model. This performance was supported by active commercial management and three key pillars: brand repositioning, which placed Mallplaza among the 25 most recalled brands nationwide and within the top ten in retail; the addition of more than 41 new brands; and steady progress in our expansion plan, reinforcing our role as an urban reference point in the country.
In Chile, we continued generating value through transformations, expansions, and an experience-centered commercial offering. We are converting more than 14,000 m² of former department store space to incorporate new high-attraction brands and concepts. Mallplaza Vespucio stood out with more than 2.5 million monthly visits (+17.3%) following the opening of the new Lifestyle zone. Overall, the country recorded consolidated growth of 6.1% in sales, 11.6% in revenue, and 12.8% in EBITDA, reaffirming Mallplaza’s ability to create value through the transformation of its assets.
In Colombia, we continued consolidating a solid and expanding operation, with sales up 13.1% and revenue up 12.0% year-over-year. Mallplaza NQS led performance, with sales up 20.3% and revenue up 25.1%, driven by a stronger offering in dining, entertainment, and fashion that reinforces its position as an urban landmark in Bogotá. Meanwhile, Mallplaza Cali continued a solid ramp-up, with increases of 6.5% in sales and 14.3% in revenue, reflecting its consolidation and the strong growth potential of our operations in the country.
2. Growth through new GLA
With a record-level investment plan, we are advancing significant expansions such as Mallplaza Trébol (26,100 m²), Mallplaza Angamos (17,900 m²), Mallplaza Oeste (16,100 m²), Mallplaza Trujillo (7,500 m²), Mallplaza Piura (7,200 m²), Mallplaza Norte (12,400 m²) and Mallplaza La Serena (9,500 m²). These expansions modernize infrastructure, strengthen the commercial mix, and enhance productivity, reaffirming Mallplaza’s leadership in the region. Aligned with our expansion and diversification strategy, we introduced the new Mallplaza Premium Outlets concept, designed to capture new consumer segments and optimize profitability per square meter. This format will transform existing assets to incorporate an offering based on price, convenience, and recognized brands. We currently have projects under development in Peru and Chile.
3. Non-Rental Businesses
During the quarter, we strengthened our non-rental income streams, particularly through growth in the parking business and the expansion of our omnichannel network, which exceeded 1.2 million transactions. We also reinforced our commitment to sustainability and best practices, being recognized as the most sustainable real estate company in Chile and as one of the country’s Best Paying Companies (MEP).
To close, these results mark a historic quarter and a very special chapter for me. After 35 years leading Mallplaza, I bid farewell with deep pride and gratitude for a company that is strong, innovative, and driven by purpose. I am grateful to our teams, commercial partners, investors, and communities for their trust and commitment.
I am sure that under the leadership of our new general manager, Pablo Pulido, and with the support of the excellent team we have, Mallplaza will continue executing the strategy with the same vision and passion that has guided us since the beginning.
Fernando de Peña Iver
Chief Executive Officer of Plaza S.A.
* Press Release 3Q 2025
