SYN prop e tech S.A.

Management reported same-property results up 10.5% year over year to BRL 48 million. By segment, malls generated BRL 35.3 million versus BRL 32.2 million a year ago, office assets were up 13% to BRL 1.9 million, and the logistics warehouse was described as 100% rented across the delivered phases. Occupancy in malls increased to 96.2% from 94%, while sales increased 5.1% above inflation. Hector Leitao said adjusted EBITDA over the last 12 months was BRL 94.7 million and net debt leverage finished at 3.18x EBITDA. For guidance, management said the last logistics warehouse phase is expected to be delivered and rented at market-aligned prices, with rental revisions likely to lift 2026 rental values; they also said cash flow in the first half should be lower than last year because of two financing terms and the company expects to keep reducing debt through operating cash generation.

Thiago Muramatsu emphasized operational execution, saying the company is increasing mall operations, commercial activity, and store requalification to improve occupancy and results. He highlighted the return of the Sao Paulo area to 97% occupancy and framed the quarter as evidence of better tenant mix, stronger sales, and ongoing work to re-lease space. His tone was constructive and forward-looking, but he also acknowledged that office occupancy still faces challenges.

Hector Leitao focused on the financial upside from the portfolio: same-property results up 10.5% to BRL 48 million, malls up to BRL 35.3 million, and office up 13% to BRL 1.9 million. He noted adjusted EBITDA of BRL 94.7 million over the last 12 months and leverage of 3.18x EBITDA, improving from the prior quarter. He also flagged pressure on first-half cash flow because of two financing terms and said debt amortization is manageable, with more than BRL 7 million in amortization expected for 2026 and BRL 26 million in 2026 under the pro forma schedule; he added that the company’s debt is below CDI/IPCA, which he described as favorable.

There was no analyst Q&A captured in the transcript; the call appears to have been a prepared remarks session only. The main points management preemptively addressed were mall occupancy recovery, weaker office occupancy from tenants returning space, and the company’s debt and amortization profile. They also signaled that the final logistics warehouse phase should be delivered and fully rented at market terms, which they expect to support future rental income.