Retail: Santiago

Chile’s Mallplaza said second-quarter 2026 EBITDA rose 9.6% on higher revenue, even as first-half net profit fell about 35%, a gap the mall operator attributed to accounting effects rather than weaker operations.

Mallplaza operates shopping centers across Chile and the Andean region. (Photo: Wikimedia Commons). (Photo: Wikimedia Commons)

Mallplaza Q2 results. (Photo: Wikimedia Commons)

Operations Grow as Bottom Line Slips

Mallplaza reported that in the second quarter of 2026 its EBITDA advanced 9.6% and revenue rose 8.7% from a year earlier, signs that its core business of leasing space to retailers kept expanding. Yet net profit attributable to controlling shareholders fell sharply in the same period.

For the first half as a whole, that profit dropped about 35%, to CLP319.1 billion (about US$332 million) from CLP492.1 billion (about US$513 million) in the same period of 2025. The contrast between rising operating metrics and falling profit is the central story of the results.

Mallplaza is one of Chile’s largest shopping-center operators, listed on the Santiago stock exchange under the ticker MALLPLAZA. It runs malls not only in Chile but also in Colombia and Peru, giving its results a regional dimension.

The Half-Year Numbers

Half-year revenue rose 7.4% to CLP339.5 billion (about US$354 million), driven by higher lease income, contracts indexed to inflation in each country, and revenue from parking and adjacent businesses. Half-year EBITDA climbed 7.4% as well, reaching CLP270.6 billion (about US$282 million).

Those figures show the operating business growing broadly in line with inflation and traffic. Occupancy and rent collection, the metrics that matter most for a landlord, held up across Mallplaza’s markets during the period.

The disconnect, then, is not at the operating line but below it. Something in the non-operating and accounting portion of the income statement pulled reported profit down even as EBITDA and revenue rose.

Why Profit Fell Despite Higher EBITDA

Mallplaza’s chief financial officer said the net result incorporates accounting effects that do not necessarily reflect operating performance. For a property company, such effects typically include revaluations of investment property, financing costs and non-cash items that can swing profit from one period to the next.

A year earlier, the first half of 2025 had benefited from favorable one-off effects, which raises the comparison base and exaggerates this year’s decline. Comparisons against an unusually strong prior period are a common source of large percentage drops in real-estate earnings.

The distinction matters for investors: EBITDA and revenue growth speak to the health of the underlying malls, while the profit line can be moved by valuation and financing items that are largely accounting-driven rather than operational.

Regional Footprint and Traffic

Mallplaza’s portfolio spans Chile, Colombia and Peru, so its numbers reflect consumer conditions across three Andean economies rather than Chile alone. Contract indexation to local inflation helps revenue keep pace with prices in each market.

The company has leaned on adjacent income streams, including parking and services, to supplement traditional rent. Diversifying revenue this way cushions the core leasing business against swings in retail sentiment.

Visitor traffic and tenant sales remain key indicators for the operator, which closed 2025 with more than 385 million visits across its centers. Sustained footfall underpins the pricing power that lets it index rents to inflation.

What the Results Signal

For a foreign reader weighing Latin American retail real estate, Mallplaza’s update is a reminder to separate operating trends from headline profit. The 9.6% rise in second-quarter EBITDA points to a business still growing, even as a 35% first-half profit drop grabs attention.

The near-term question is whether the accounting effects that dented profit reverse or persist in the second half. If underlying leasing keeps compounding at mid-single-digit rates, the operating trajectory would remain intact regardless of quarter-to-quarter profit swings.

Longer term, Mallplaza’s performance is tied to consumer spending across Chile, Colombia and Peru, and to its ability to keep malls full and rents indexed. On the evidence of these results, the operating engine is running while the reported bottom line rides the region’s accounting and financing cycles.

Frequently Asked Questions

How did Mallplaza perform in Q2 2026?

Mallplaza said second-quarter 2026 EBITDA rose 9.6% and quarterly revenue grew 8.7% year on year, indicating continued growth in its core leasing business.

Why did Mallplaza’s first-half profit fall?

First-half net profit fell about 35%, to CLP319.1 billion (about US$332 million). Management attributed the decline to accounting effects that do not necessarily reflect operating performance, against a strong prior-year base.

Where does Mallplaza operate?

Mallplaza runs shopping centers in Chile, Colombia and Peru and trades on the Santiago stock exchange under the ticker MALLPLAZA. It closed 2025 with more than 385 million visits across its centers.