What smart money is saying about Allos

Position history

Every position in Allos on record in the archive was reported in Q2 2026, across 1 fund letter, with no move described.

Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.

Fund activity · 1 position

• HoldsGuepardo Investimentos

  June 2026

  “Allos In 2Q26, Allos presented another quarter of operational consistency, with double-digit growth in revenue and EBITDA, even in a scenario of high interest rates and a sales dynamic impacted by the Easter mismatch and the World Cup games. Even so, the main operational indicators remained solid, with a high occupancy rate, reduced delinquency and controlled occupancy cost, reinforcing the quality and resilience of the portfolio. Net revenue grew 11.6% in the quarter, driven mainly by media and real estate development revenues. Service revenue advanced 39.6%, with highlights for Helloo (+84.5%), while parking revenue grew 6.3%. Rental revenue showed more moderate growth of 4.1% ex-Tijuca, reflecting the weaker dynamics of the IGP-M. EBITDA grew 10.5% in the quarter (12.7% ex-Tijuca), supported by revenue growth and the capture of efficiency gains. SG&A expenses declined 5.6% even after the salary adjustment that occurred in May. The simplification agenda initiated after the completion of the integration between the structures that originated Guepardo Investimentos | Av. Brigadeiro Faria Lima, 3015, 8th floor – São Paulo, SP – Brazil 01452-000 | +55 (11) 3103-9200 6 Letter to Investors – No. 118 2nd Quarter of 2026 Allos continues to contribute to margin expansion and should continue to be a source of growth in the coming quarters. The company also continues to advance in portfolio recycling, directing capital to more strategic assets. The sale of Shopping Curitiba and the reduction of the stake in Shopping Taboão allowed an increase in exposure to Shopping Campo Grande and Villagio Caxias do Sul, in transactions carried out at similar cap rates. In this way, the company manages to improve the quality of the portfolio without paying dearly for the reallocation of capital. In capital management, the company continues to demonstrate discipline. Leverage ended the quarter at 1.7x net debt/EBITDA, even having distributed to date R$1.2 billion between dividends and JCP. We estimate that for 2026, the company should be closer to the top of the EBITDA guidance (R$2.17 billion and R$2.24 billion) and in the middle of the CAPEX range (R$350 million and R$450 million), in addition to the dividend/JCP policy of between R$0.28 and R$0.30 per share per month (13.2% yield). In summary, 2Q26 reinforces the perception of a company with resilient operations and growing capacity to capture efficiencies. Despite a more challenging environment for consumption and for the cost of capital, Allos continues to deliver EBITDA growth, expanding its new business verticals and recycling the portfolio in a disciplined manner. The combination of asset quality, growth in media and real estate development revenues, expense reduction and high shareholder remuneration continues to support our confidence in the company's investment thesis.”

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