2025 Sustainability Report

Ancar, one of Brazil’s leading shopping center companies, has released its 2025 Sustainability Report, highlighting significant progress across its ESG agenda and reinforcing its commitment to integrating sustainability, operational excellence, and long-term value creation.

The results reflect a company that continues to strengthen resource management, expand its social impact, and maintain a robust governance framework while advancing the transformation of the shopping center business model.

Environmental Progress: Resource Efficiency and Operational Scale

On the environmental front, Ancar achieved a 61.7% recycling rate for operational waste generated across its shopping centers, surpassing its 2030 target of 60%. This milestone reflects years of continuous investment in waste management, including the expansion of selective waste collection, the implementation and enhancement of sorting facilities, and the rollout of composting initiatives across most of the company’s portfolio.

These initiatives have improved waste separation at the source, increased the volume of materials recycled and recovered, and ensured the proper treatment of organic waste through composting. As a result, Ancar has significantly reduced the amount of waste sent to landfills while strengthening its circular economy practices.

Water management also advanced considerably. Approximately 80% of the company’s assets are now equipped with smart water telemetry systems that monitor consumption in real time, identify operational anomalies, and enable rapid corrective actions. This technology enhances resource management while supporting more efficient water use. The company also expanded the use of reclaimed water, reducing reliance on conventional water sources and reinforcing sustainable resource management.

In energy management, Ancar increased its procurement of renewable energy through Brazil's free energy market while expanding building automation, particularly for HVAC systems—one of the largest sources of energy consumption in shopping centers. These initiatives have improved operational efficiency, reduced energy consumption, optimized operating costs, and strengthened overall asset performance. During the year, the company also advanced its climate strategy by completing its greenhouse gas emissions inventory and conducting a comprehensive climate risk assessment.

Social Impact: Strengthening Communities and Supporting Retailers

In 2025, Ancar invested approximately R$5.7 million in social initiatives focused on local development, inclusion, and expanding opportunities within the communities where it operates. These programs support education, community engagement, and experiences designed particularly for socially vulnerable populations, strengthening the relationship between the company's shopping centers and their surrounding communities. Throughout the year, youth-focused initiatives benefited more than 2,000 children through educational, cultural, and recreational activities.

Ancar also continued to advance its diversity agenda by building a more representative and inclusive workplace. In 2025, the company exceeded its target for Black leadership representation, reaching 36.9%, while women represented 28.6% of leadership positions, reflecting continued progress toward its diversity commitments.

Economic development remained another strategic priority. Through UAI Retailer, Ancar reached approximately 17,000 retailers, providing professional training, digital tools, and artificial intelligence resources to support business management. The initiative helps retailers improve operational efficiency, strengthen business performance, and increase competitiveness across the company's shopping centers.

Governance: Strong Structures and Global Standards

Governance continues to be a cornerstone of Ancar’s ESG strategy, with ongoing improvements in corporate processes, risk management, compliance, and transparency. The company maintains a robust governance framework supported by dedicated committees, formal policies, and comprehensive risk management systems that guide ethical and responsible decision-making. In 2025, 91.6% of the company's operations underwent corruption risk assessments, reinforcing the effectiveness of its internal controls and compliance practices.

For the second consecutive year, the 2025 Sustainability Report underwent independent external assurance, enhancing the credibility and reliability of its disclosures. Ancar also continues to align its reporting with internationally recognized frameworks, including the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB). In addition, the company participates in GRESB, the leading global ESG benchmark for real estate, achieving a score of 67 points and earning a Four-Star Rating, reflecting the continuous advancement of its sustainability practices.

Business Growth: Innovation and the Evolution of Shopping Centers

Ancar’s ESG progress is closely connected to the broader evolution of its business model, driven by stronger operational capabilities and the integration of strategy, data, and execution. Throughout 2025, the company expanded its centralized data intelligence platform while enhancing commercial planning and tenant mix strategies, enabling deeper consumer insights, more informed decision-making, and greater value creation across its portfolio.

These initiatives contributed to strong operational performance, including a 1.7% net delinquency rate and a 96.7% occupancy rate, the highest recorded in the past decade. During the year, Ancar’s shopping centers generated R$17.5 billion in retail sales, demonstrating the resilience and growth of its portfolio. The company also expanded its footprint with the addition of Midway Mall, one of Brazil’s premier shopping center assets, further strengthening its regional presence and confidence in the sector's long-term growth potential.

Ancar also continued investing in the evolution of the shopping center experience through new spaces dedicated to leisure, entertainment, and community engagement. The flagship project introduced during the year was Junga Park, a proprietary urban adventure park designed for children, expanding the value proposition of the company’s shopping centers by creating destinations focused on family experiences. The initiative increases foot traffic, extends dwell time, and reinforces the role of shopping centers as places for leisure, connection, and memorable experiences beyond traditional retail.

Innovation remained a strategic priority throughout the year. Approximately 550 employees received training in artificial intelligence, accelerating the adoption of technology across operations and asset management. These initiatives continue to improve operational efficiency, enhance customer experiences, and strengthen the competitiveness of Ancar’s portfolio, reinforcing the company’s position as a data-driven shopping center operator prepared for the future of the industry.