{"id":630681,"date":"2025-10-31T19:53:20","date_gmt":"2025-10-31T22:53:20","guid":{"rendered":"https:\/\/www.suno.com.br\/noticias\/?p=630681"},"modified":"2025-10-31T19:53:23","modified_gmt":"2025-10-31T22:53:23","slug":"multiplan-mult3-resultado-3t25-mt","status":"publish","type":"post","link":"https:\/\/www.suno.com.br\/noticias\/multiplan-mult3-resultado-3t25-mt\/","title":{"rendered":"Multiplan (MULT3) entrega trimestre s\u00f3lido, margens recordes e acelera plano de expans\u00e3o"},"content":{"rendered":"<p>A&nbsp;<strong>Multiplan (MULT3)<\/strong>&nbsp;apresentou um desempenho operacional s\u00f3lido no terceiro trimestre de 2025, sustentado pelo avan\u00e7o das vendas nos shoppings, efici\u00eancia de custos e expans\u00e3o cont\u00ednua do portf\u00f3lio. A companhia registrou&nbsp;crescimento de 6,9% nas vendas, totalizando&nbsp;R$ 6,1 bilh\u00f5es, e atingiu&nbsp;margem NOI recorde de 94,1%, com&nbsp;taxa de ocupa\u00e7\u00e3o de 96,3%&nbsp;\u2014 o maior n\u00edvel para um terceiro trimestre desde a abertura de capital.<\/p>\t<div class=\"wrapper-featured-image\">\n\t\t<figure class=\"spotlightImg\">\n\n\t\t\t<picture>\n\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/files.sunoresearch.com.br\/n\/uploads\/2022\/07\/multiplan-400x200.jpg\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" class=\"newsContent__article__imgCapa lazyloadDisabled \" src=\"https:\/\/files.sunoresearch.com.br\/n\/uploads\/2022\/07\/multiplan-800x450.jpg\" width=\"800\" height=\"450\" alt=\"Multiplan (MULT3) entrega trimestre s\u00f3lido, margens recordes e acelera plano de expans\u00e3o\" fetchpriority=high \/>\n\t\t\t<\/picture>\n\n\t\t\t<figcaption class=\"wp-caption-text wp-caption-text--show\">Multiplan. Foto: Divulga\u00e7\u00e3o<\/figcaption>\n\t\t<\/figure>\n\t<\/div>\n\n\n\n\n\n\t<p>\n\t\t<a href=\"https:\/\/lp.suno.com.br\/planilha-da-vida-financeira\/\" target=\"_blank\" data-element=\"shortcode-suno-banner\" title=\"Banner SUNO, clique e saiba mais\">\n\t\t\t<picture>\n\t\t\t\t<source media=\"(max-width: 500px)\" srcset=\"https:\/\/files.sunoresearch.com.br\/n\/uploads\/2023\/04\/400x300-Planilha-vida-financeira-true.png\">\n\t\t\t\t<img class=\"newsContent__article__imgCapa newsContent__article__imgCapa--banner\"\n\t\t\t\t\tsrc=\"https:\/\/files.sunoresearch.com.br\/n\/uploads\/2023\/04\/1420x240-Planilha-vida-financeira-true.png\"\n\t\t\t\t\tdata-promo-id=\"383123\"\t\t\t\t\t\t\t\t\t\twidth='1420' height='240'\t\t\t\t\talt=\"https:\/\/files.sunoresearch.com.br\/n\/uploads\/2023\/04\/1420x240-Planilha-vida-financeira-true.png\"\n\t\t\t\t>\n\t\t\t<\/picture>\n\t\t<\/a>\n\t<\/p>\n\n\n\n\n\n<p>Apesar dos ganhos operacionais, o&nbsp;<strong>lucro l\u00edquido caiu 21%<\/strong>, refletindo o aumento das <a class=\"suno-keyword\" target=\"_blank\" data-force=\"no\" data-priority=\"1\" href=\"https:\/\/www.suno.com.br\/artigos\/despesas-financeiras\/\" rel=\"noopener\">despesas financeiras<\/a> ap\u00f3s novas emiss\u00f5es de&nbsp;<strong>deb\u00eantures (4T24)<\/strong>&nbsp;e&nbsp;<strong>CRIs (3T25)<\/strong>. Ainda assim, analistas avaliam o trimestre como positivo, dada a resili\u00eancia do portf\u00f3lio e a continuidade da <a class=\"suno-keyword\" target=\"_blank\" data-force=\"no\" data-priority=\"1\" href=\"https:\/\/www.suno.com.br\/artigos\/geracao-de-caixa\/\" rel=\"noopener\">gera\u00e7\u00e3o de caixa<\/a> mesmo em um cen\u00e1rio de juros elevados.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Receita cresce dois d\u00edgitos e efici\u00eancia operacional atinge novo recorde<\/strong><\/h3>\n\n\n\n<p>A&nbsp;<strong>receita l\u00edquida<\/strong>&nbsp;da Multiplan somou&nbsp;<strong>R$ 618 milh\u00f5es<\/strong>, alta de&nbsp;<strong>13,3%<\/strong>&nbsp;em rela\u00e7\u00e3o ao 3T24, com crescimento em todos os segmentos principais \u2014 loca\u00e7\u00e3o, estacionamento e servi\u00e7os. A&nbsp;<strong>receita de venda de im\u00f3veis<\/strong>&nbsp;teve destaque, com&nbsp;<strong>R$ 93 milh\u00f5es (+68%)<\/strong>, impulsionada pelo avan\u00e7o das obras e vendas dos empreendimentos&nbsp;<strong>Lake Victoria<\/strong>&nbsp;e&nbsp;<strong>Lake Eyre (Golden Lake)<\/strong>, al\u00e9m da \u00faltima parcela do terreno de Ribeir\u00e3o Preto.<\/p>\n\n\n\n<p>A companhia reduziu despesas de propriedade e de sede como propor\u00e7\u00e3o da receita, elevando a&nbsp;<strong>margem NOI para 94,1%<\/strong>&nbsp;e a&nbsp;<strong>margem EBITDA de propriedades para 83,2%<\/strong>, ambas em patamar recorde. O&nbsp;<strong>FFO (funds from operations)<\/strong>, no entanto, recuou&nbsp;<strong>21,4%<\/strong>, somando&nbsp;<strong>R$ 238 milh\u00f5es<\/strong>, em raz\u00e3o da eleva\u00e7\u00e3o do custo da d\u00edvida.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Expans\u00f5es, Golden Lake e valoriza\u00e7\u00e3o de terrenos impulsionam crescimento<\/strong><\/h3>\n\n\n\n<p>O ciclo de&nbsp;<strong>expans\u00f5es da Multiplan (MULT3)<\/strong>&nbsp;segue a todo vapor. A empresa trabalha em projetos simult\u00e2neos nos shoppings&nbsp;<strong>MorumbiShopping<\/strong>&nbsp;e&nbsp;<strong>ParkShopping<\/strong>, al\u00e9m das novas fases do&nbsp;<strong>BarraShopping<\/strong>&nbsp;e do&nbsp;<strong>BH Shopping<\/strong>, todos com inaugura\u00e7\u00e3o prevista para&nbsp;<strong>2026<\/strong>. Juntas, essas expans\u00f5es devem adicionar&nbsp;<strong>cerca de 157 mil m\u00b2 de ABL<\/strong>, consolidando o crescimento org\u00e2nico da companhia.<\/p>\n\n\n\n<p>O destaque vai para o&nbsp;<strong>projeto Golden Lake<\/strong>, em Porto Alegre. A&nbsp;<strong>fase 1<\/strong>&nbsp;j\u00e1 contabiliza&nbsp;<strong>R$ 405,9 milh\u00f5es em receita<\/strong>&nbsp;e&nbsp;<strong>76,6% das unidades vendidas<\/strong>, enquanto a&nbsp;<strong>fase 2 (Lake Eyre)<\/strong>&nbsp;iniciou obras em maio e j\u00e1 vendeu&nbsp;<strong>66,1% das unidades<\/strong>, equivalentes a&nbsp;<strong>R$ 240,5 milh\u00f5es em VGV<\/strong>.<\/p>\n\n\n\n<p>As mudan\u00e7as nas regras de zoneamento em diferentes munic\u00edpios tamb\u00e9m beneficiaram a empresa, ampliando para&nbsp;<strong>864 mil m\u00b2<\/strong>&nbsp;a \u00e1rea de projetos multiuso e para&nbsp;<strong>1,45 milh\u00e3o de m\u00b2<\/strong>&nbsp;a \u00e1rea total comput\u00e1vel. Esse avan\u00e7o refor\u00e7a o modelo de&nbsp;<strong>integra\u00e7\u00e3o entre empreendimentos residenciais, corporativos e de varejo<\/strong>, que aumenta o fluxo e o valor dos ativos no <a class=\"suno-keyword\" target=\"_blank\" data-force=\"no\" data-priority=\"1\" href=\"https:\/\/www.suno.com.br\/artigos\/longo-prazo\/\" rel=\"noopener\">longo prazo<\/a>.<\/p>\n\n\n\n<p>O&nbsp;BarraShopping, maior ativo da companhia, recebeu&nbsp;R$ 88,3 milh\u00f5es em revitaliza\u00e7\u00e3o nos \u00faltimos tr\u00eas anos&nbsp;e est\u00e1 passando por uma nova expans\u00e3o de&nbsp;4.000 m\u00b2. A Multiplan ainda adquiriu&nbsp;7,5% adicionais de participa\u00e7\u00e3o no shopping, em um neg\u00f3cio de&nbsp;R$ 362,5 milh\u00f5es, a um&nbsp;<a class=\"suno-keyword\" target=\"_blank\" data-force=\"no\" data-priority=\"1\" href=\"https:\/\/www.suno.com.br\/artigos\/cap-rate\/\" rel=\"noopener\">cap rate<\/a> de 8,8%.<\/p>\n\n\n\t<p>\n\t\t<a href=\"https:\/\/lp.suno.com.br\/planilha-da-vida-financeira\/\" target=\"_blank\" data-element=\"shortcode-suno-banner\" title=\"Banner SUNO, clique e saiba mais\">\n\t\t\t<picture>\n\t\t\t\t<source media=\"(max-width: 500px)\" srcset=\"https:\/\/files.sunoresearch.com.br\/n\/uploads\/2023\/04\/400x300-Planilha-vida-financeira-true.png\">\n\t\t\t\t<img class=\"newsContent__article__imgCapa newsContent__article__imgCapa--banner\"\n\t\t\t\t\tsrc=\"https:\/\/files.sunoresearch.com.br\/n\/uploads\/2023\/04\/1420x240-Planilha-vida-financeira-true.png\"\n\t\t\t\t\tdata-promo-id=\"106682\"\t\t\t\t\t\t\t\t\t\twidth='1420' height='240'\t\t\t\t\talt=\"https:\/\/files.sunoresearch.com.br\/n\/uploads\/2023\/04\/1420x240-Planilha-vida-financeira-true.png\"\n\t\t\t\t>\n\t\t\t<\/picture>\n\t\t<\/a>\n\t<\/p>\n\n\n\n\n\n<p>A empresa tamb\u00e9m reportou&nbsp;emiss\u00e3o de CRI de R$ 500 milh\u00f5es, com prazo de 10 anos e custo de&nbsp;98% do CDI, o que contribuiu para alongar a d\u00edvida e reduzir o custo m\u00e9dio para&nbsp;15,43% ao ano. A&nbsp;alavancagem permanece controlada, com <a class=\"suno-keyword\" target=\"_blank\" data-force=\"no\" data-priority=\"1\" href=\"https:\/\/www.suno.com.br\/artigos\/divida-liquida\/\" rel=\"noopener\">d\u00edvida l\u00edquida<\/a>\/EBITDA em&nbsp;2,26x, bem abaixo do covenant de 4,0x.<\/p>\n\n\n\n<p>O trimestre tamb\u00e9m marcou a continuidade das&nbsp;recompras de a\u00e7\u00f5es, que somaram&nbsp;R$ 2 bilh\u00f5es nos \u00faltimos 12 meses, impulsionando o <a class=\"suno-keyword\" target=\"_blank\" data-force=\"no\" data-priority=\"1\" href=\"https:\/\/www.suno.com.br\/artigos\/lpa-lucro-por-acao\/\" rel=\"noopener\">lucro por a\u00e7\u00e3o<\/a> (LPA), que cresceu&nbsp;28,8% em 12 meses, e o FFO por a\u00e7\u00e3o, que subiu&nbsp;27,8%. A Multiplan distribuiu&nbsp;R$ 550 milh\u00f5es em <a class=\"suno-keyword\" target=\"_blank\" data-force=\"no\" data-priority=\"1\" href=\"https:\/\/www.suno.com.br\/guias\/dividendos\/\" rel=\"noopener\">dividendos<\/a> e JCP&nbsp;no per\u00edodo, acumulando&nbsp;R$ 4,4 bilh\u00f5es desde o IPO, em 2007.<\/p>\n\n\n\n<p>Segundo relat\u00f3rio assinado por&nbsp;Bernardo Noel, analista de Real Estate e Fundos Imobili\u00e1rios do Genial Research, \u201capesar da base de compara\u00e7\u00e3o elevada e do ambiente de juros restritivo, o resultado demonstra a resili\u00eancia operacional da Multiplan e a qualidade de seu portf\u00f3lio\u201d. O analista mant\u00e9m&nbsp;recomenda\u00e7\u00e3o de compra para <a class=\"suno-keyword\" target=\"_blank\" data-force=\"yes\" data-priority=\"2\" href=\"https:\/\/www.suno.com.br\/analitica\/acoes\/mult3\/\" rel=\"noopener\">MULT3<\/a>, com&nbsp;pre\u00e7o-alvo de R$ 33, refor\u00e7ando a vis\u00e3o positiva sobre a companhia.<\/p>\n\n\n\n\n\t<p>\n\t\t<a href=\"https:\/\/lp.suno.com.br\/ebook-como-analisar-uma-acao\/\" target=\"_blank\" data-element=\"shortcode-suno-banner\" title=\"Banner SUNO, clique e saiba mais\">\n\t\t\t<picture>\n\t\t\t\t<source media=\"(max-width: 500px)\" srcset=\"https:\/\/files.sunoresearch.com.br\/n\/uploads\/2023\/03\/Ebook-Acoes-Mobile.jpg\">\n\t\t\t\t<img class=\"newsContent__article__imgCapa newsContent__article__imgCapa--banner\"\n\t\t\t\t\tsrc=\"https:\/\/files.sunoresearch.com.br\/n\/uploads\/2023\/03\/Ebook-Acoes-Desktop.jpg\"\n\t\t\t\t\tdata-promo-id=\"378302\"\t\t\t\t\t\t\t\t\t\twidth='1420' height='286'\t\t\t\t\talt=\"https:\/\/files.sunoresearch.com.br\/n\/uploads\/2023\/03\/Ebook-Acoes-Desktop.jpg\"\n\t\t\t\t>\n\t\t\t<\/picture>\n\t\t<\/a>\n\t<\/p>\n\n\n","protected":false},"excerpt":{"rendered":"<p>A&nbsp;Multiplan (MULT3)&nbsp;apresentou um desempenho operacional s\u00f3lido no terceiro trimestre de 2025, sustentado pelo avan\u00e7o das vendas nos shoppings, efici\u00eancia de custos e expans\u00e3o cont\u00ednua do portf\u00f3lio. A companhia registrou&nbsp;crescimento de 6,9% nas vendas, totalizando&nbsp;R$ 6,1 bilh\u00f5es, e atingiu&nbsp;margem NOI recorde de 94,1%, com&nbsp;taxa de ocupa\u00e7\u00e3o de 96,3%&nbsp;\u2014 o maior n\u00edvel para um terceiro trimestre desde [&hellip;]<\/p>\n","protected":false},"author":402,"featured_media":279650,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[570],"suno_strategy":[],"class_list":["post-630681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-multiplan-mult3"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Multiplan (MULT3) registra margens recordes no 3T25<\/title>\n<meta name=\"description\" content=\"Multiplan (MULT3) tem margens recordes e avan\u00e7a em expans\u00f5es no 3T25, apesar da queda no lucro. 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