ACRA DOWNGRADES PLANETAMOLL-UFA LLC TO BBB+(RU), OUTLOOK STABLE

The credit rating of Planetamoll-Ufa LLC (hereinafter, Planetamoll-Ufa or the Company) has been downgraded due to the assignment of a credit rating to the parent company Malltech Holding ICLLC (hereinafter, the MH), a supporting entity, and taking into account the guarantee for the total amount of a loan provided to Sibholding LLC (part of MH) in the forecast period.

The financial profile is characterized by a business size below medium, medium profitability, strong liquidity, and very strong cash flow. The leverage and the interest coverage, taking into account the guarantee, are assessed as high and low, respectively. The operational profile takes into account strong assessments of the market position, the business factor, and the geography of operations, as well as a low level of corporate governance.

Planetamoll-Ufa is the owner and operator of Planet mall in Ufa. The gross building area (GBA) of the mall is 136,700 sq. m and the gross leasable area (GLA) is 78,300 sq. m. The mall hosts 164 stores, 16 cafes and restaurants, an indoor water park, and a cinema. The Company is part of MH that manages the mall. When determining the Company’s credit rating, ACRA took into account the credit rating of MH.

KEY ASSESSMENT FACTORS

Strong assessments of market position and business. According to the Agency’s methodology, the commercial real estate segment has high industry risk. Planetamoll-Ufa only owns and operates Planet mall, which is located in downtown Ufa and has a well-diversified pool of tenants. The average occupancy rate in 6M 2026 was slightly above 95%, and the average lease term is around seven years.

Below medium size of business and medium profitability. At the end of 2025, FFO before net interest payments and taxes was RUB 790 mln, having declined from RUB 1.6 bln in 2024 due to one-time expenses incurred last year and included into the operational cash flow. The weighted average FFO before net interest payments and taxes for the period from 2024 to 2028 is RUB 1.4 bln or 0.062 bps of GDP, which, according to ACRA’s methodology, corresponds to a below-medium business size. The FFO before net interest payments and taxes margin by the end of 2025 is estimated at 31% (67% in 2024), and the weighted average for 2024–2028 is 55%.

High leverage and low interest coverage. The lion’s share of the Company’s debt is represented by a RUB 3.6 bln floating rate loan from VTB Bank (PJSC). When assessing the Company’s leverage and coverage indicators, ACRA takes into account the amount of Planetamoll-Ufa’s guarantee for a RUB 16.7 bln loan granted to Sibholding LLC (part of MH’s perimeter). At the time of the rating revision, the loan to Sibholding LLC is serviced in varying proportions by all four guarantors, including Planetamoll-Krasnoyarsk LLC, Novostroy LLC, Planetamoll-Ufa and ONYX LLC. According to the Company, 90–95% of the funds from operations of Planetamoll-Krasnoyarsk LLC and Novostroy LLC, which are also part of MH’s perimeter and own and operate shopping centers in Krasnoyarsk and Novokuznetsk, respectively, is used to service this loan, while Planetamoll-Ufa started partially service loan interest expenses in 2024 due to an increase in the key rate. The amount of the guarantee in the Company’s total debt and interest expenses on the guarantee for 2024–2025 are reflected as the amount of actual expenses. In the forecast for 2026–2028, the amount of the guarantee is fully included in the total debt.

Taking into account the above, the ratio of total debt, including the guarantee, to FFO before net interest payments in 2025 is 3.8x. In 2026–2028, this indicator, including the guarantee, is estimated at 13.4–14.1x. The ratio of total debt to market value of real estate in 2025 was 27%.

The ratio of FFO before net interest payments to interest payments including the guarantee decreased from 1.5x in 2024 to 0.8x in 2025 due to declining FFO before net interest payments and rising interest expense against the background of the high key rate of the Bank of Russia. Taking into account the recovery of FFO before net interest payments and the reduction in the key rate included in ACRA’s forecast, the Agency expects an improvement in the Company’s coverage in the forecast period, all other things being equal. The weighted average coverage for 2024–2028 is 1.6x.

Very strong cash flow and strong liquidity. The share of capex to revenue in 2024–2025 was within 1–2%. In the forecast period, capex may increase insignificantly. According to the Company, there are no plans to pay dividends in the forecast period. The FCF margin was 36% in 2024. The negative value of FCF margin in 2025 is explained by one-time expenses. The weighted average indicator for 2024–2028 is estimated at 22.4%.

In 2029, the planned repayment of the loan is expected. ACRA’s rating model assumes its refinancing, taking into account the letter received by the Company from a bank that is ready to consider the possibility of refinancing the said loan closer to its repayment date. The weighted short-term liquidity ratio is estimated at the very high level. The qualitative assessment of liquidity takes into account solely bank financing from external sources.

Low level of corporate governance. All key decisions are made by MH. The Company’s strategy is being successfully implemented and allows it to strengthen its competitive advantages and take a leading position in the market. The Company prepares accounting statements in accordance with the RAS; the auditor is B1. The presence of economically justified loans to related parties and the current guarantee on the loan to Sibholding LLC continue to limit the corporate governance assessment.

Support from the group. MH’s own resources allow it to provide support to the Company in an amount sufficient to fulfill its obligations without using external sources of liquidity, however, providing such support may create a risk of reducing the supporting entity’s own creditworthiness. There are certain limits for the support provided to the Company by the group companies. Disruption of the Company’s operations or its deconsolidation would have a moderate impact on MH’s core business. It exercises full strategic and operational control over the Company, and the Company’s board of directors consists of the supporting entity’s representatives. ACRA took into account the case of previous support to the Company (loans were provided by shareholders to finance the construction of a shopping center) and the group guarantee (guarantee of several group companies to the lender). There were no explicit guarantees from the supporting entity at the time of the assessment. ACRA’s opinion on the degree of support from MH is expressed in adding one notch to the Company’s standalone creditworthiness assessment (SCA).

KEY ASSUMPTIONS

• No additional financing in 2026–2028;

• Inclusion of the amount of the guarantee for the loan to Sibholding LLC in 2026–2028;

• Financial support being provided to Sibholding LLC in the amount of no more than RUB 27 mln in 2026 and no financial support being provided to other related parties;

• Capex in 2026–2028 in line with the information provided by the Company;

• No dividend payments in the forecast period;

• Average annual key rate of the Bank of Russia at 14.5% in 2026, 12.8% in 2027, and 10% in 2028.

POTENTIAL OUTLOOK OR RATING CHANGE FACTORS

The Stable outlook assumes that the rating will highly likely stay unchanged within the 12 to 18-month horizon.

A positive rating action may be prompted by:

• Upgrade of the credit rating of MH;

• Weighted average ratio of total debt to FFO before net interest payments, including the guarantee, falling below 5.0x;

• Weighted average ratio of FFO before net interest payments to interest payments including guarantee exceeding 2.5x.

A negative rating action may be prompted by:

• Downgrade of the credit rating of MH;

• Weighted average FFO before net interest payments and taxes margin falling below 25%;

• Weighted average ratio of total debt (including the guarantee) to FFO before net interest payments exceeding 12.0x;

• Weighted average ratio of FFO before net interest payments to interest payments (including the guarantee) declining below 1.0x;

• Negative value of the weighted average FCF margin;

• Much worse liquidity profile;

• The Company providing financial support to related parties to the detriment of its financial metrics.

RATING COMPONENTS

SCA: bbb.

Support: SCA plus one notch.

REGULATORY DISCLOSURE