Q2 2026 SYN Prop e Tech SA Earnings Call Transcript
Key Points
- Mall physical occupation increased to 96.2% in Q2 2026, up from 94% in Q2 2025, with financial occupation also up 0.5 percentage points.
- Mall sales grew 5.1% above inflation, driven by improved tenant mix and new store openings, contributing an additional BRL7 million in revenue.
- Same-store sales have consistently exceeded inflation over the past four quarters, despite a slight dip in the current quarter.
- The logistics warehouse's last phase is 100% rented, with rental prices aligned to market rates and expectations for future increases.
- Same-property portfolio results increased 10.5% year-over-year, with malls up 9.6% and offices up 13%, including an 18% rise in Rio de Janeiro's CLD building.
- EBITDA margin improved to 27.9%, and net debt-to-EBITDA ratio improved to 3.18 times, reflecting stronger cash generation.
- Debt profile is favorable, with 90% linked to IPCA (9.6%) and CDI (1.2%), resulting in an effective cost below CDI at 84%.
- Office segment saw a decrease in occupation, particularly in Class A buildings, due to tenants partially returning space in Nova Sao Paulo.
- The Rio de Janeiro building (CLD) remains a challenge, though occupation improved from 40% to over 60% year-over-year.
- Same-store sales in the quarter were slightly below inflation, though still above over a four-quarter period.
- Free cash flow in the first half was lower than the previous year by BRL19 million, despite better financial results.
- The company faces significant debt amortization in 2028, requiring careful cash flow management to avoid refinancing needs.
- The first quarter of 2026 saw a decrease in mall occupation due to an area with accidents, impacting overall performance.
Good morning, ladies and gentlemen. Welcome to the video conference from Syn for the discussion about the results related to the second quarter for 2026. This video conference is going to be recorded, and the replay can be accessed on the company website at ri.syn.br. The presentation also be shared and available for download which mentioned as all the participants only is going to watch the conference before the presentation.
(Operator Instructions)
We reinforce to use that dispensation going different (inaudible) and assumptions from the Syn Board and for information that is going to be shared. Those declarations can raise risks (inaudible) related to the future moment still depend for different advantage that can may or may not happen. Investor and analyst is going to take that teams related to the macroeconomical for the segment and other factors can make that the results can be materially different from those that is going to be expressed on the declaration and the prospection.
It's going to be available in the video conference, Thiago Muramatsu Director and President of
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