Slides
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Earnings Presentation Fourth Quarter 2024
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Relevant Events 01
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1.1 Commercial agreement between Cencosud Brazil and Bradesco In November, Cencosud Brazil and Bradesco Bank entered into a new commercial partnership agreement for the offering of credit cards in Brazil, which implied the recognition of revenue in the amount of CLP 18,177 million within the Financial Retail division of Cencosud Brazil. Relevant Events 4Q24 Paris Parade 2024 In December, Paris, the Department Store chain in Chile, held the thirteenth version of the Paris Parade, the largest Christmas parade in South America, attracting nearly 1.5 million attendees. 90% of attendees said that the Paris Parade is “an event that unites Chileans.” Progress in The Fresh Market's growth plan As part of its expansion plan, The Fresh Market opened 6 new stores during the quarter in the states of Illinois, Maryland, Kentucky and Massachusetts, adding over 6,800 sqm of sales space.
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1.2 Events after the Quarter closed Acquisition of 100% of the shares of the companies Marko Wholesale Supermarkets S.A. and Roberto Basualdo S.A. which together have 28 stores (24 owned and 4 leased). Makro is a wholesale supermarket (Cash & Carry) present in 12 cities and 10 provinces, offering a wide assortment of both Food and Non- Food products. Its private label portfolio includes M&K, Aro, and Ternez. Basualdo is a wholesale chain specializing in cleaning and personal care products, present in 4 cities. ~450 MM USD LTM Sales of Makro and Basualdo ~145K sqm Selling space in 28 stores 123 USD MM Value of Assets sold (Average FX rate ARS 1.194,7) | 4 Growth: Acquisition of Makro & Basualdo, Argentina ~160K m2 Of Idle Land (Leasable space to third parties + land bank) Profitability: Sale of Bretas Assets in Minas Gerais, Brazil Agreement for the sale of Bretas' operations in Minas Gerais, Brazil. The transaction considers 54 supermarket stores (~125 thousand sqm of sales area), 8 service stations, a distribution center and related assets. Cencosud maintains the exclusivity of the Bretas brand and its operation in the state of Goiás. The transaction is subject to approval by the Administrative Council for Economic Defense (CADE) of Brazil (free competition body). 122.5 USD MM Company Value ~270 MM USD LTM Sales of sold stores ~125K sqm Selling space of sold stores (Average FX rate BRL 5,6) Earnings Presentation – 4Q24
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02 4Q24 and 2024 Financial Results
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Cencosud reflects its sustained commitment to profitable growth in 2024 | 6(1) CAGR (Compounded Annual Growth Rate) between 2019 and 2024. 2019 2020 2021 2022 2023 2024 9.5 9.8 11.8 14.2 14.2 16.5 +15.9% 2019 2020 2021 2022 2023 2024 9.5 10.1 11.4 14.3 15.2 16.1 +5.5% REVENUES (*) Incl. IAS 29 Excl. IAS 29 CAGR: 11.6% CAGR: 11.1% 2019 2020 2021 2022 2023 2024 0.9 0.9 1.4 1.5 1.4 1.5 +10.8%ADJUSTED EBITDA Incl. IAS 29 CAGR: 12.0% 2019 2020 2021 2022 2023 2024 0.9 1.0 1.4 1.6 1.6 1.6 -4.8% Excl. IAS 29 CAGR: 12.5% CLP Trillion CLP Trillion CLP Trillion CLP Trillion 2024 Guidance Revenues +6.2% vs Real 2024 Guidance EBITDA -2.5% vs Real 2.1 Earnings Presentation – 4Q24
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2.2 4Q24 Revenue grew 1.7% YoY, explained by growth across all businesses in Chile and expansion in the United States Revenues (1) Cencosud Consolidated (CLP Million) 1.7%REVENUES 4Q24 YoY Cencosud Consolidated Excl. IAS 29 46.2% Reported 4Q23 4Q24 12M23 12M24 4,424,735 4,498,898 15,230,381 16,060,507 1.7% 5.5% Highlights Offset by ▲ All businesses in Chile increased their revenue YoY due to a partial recovery in consumption and increased tourism. ▲ The United States contributed with a 12.8% YoY sales growth, driven by its expansion in stores and online sales. ▲ Peru grows 12.0% in CLP, YoY, above inflation in Local Currency. ▼ General contraction in consumption in Argentina YoY, due to a high comparison base in 4Q23. ▼ Lower consumption dynamics in Brazil and Colombia compared to the previous year. | 7 (1) Figures exclude hyperinflation adjustment of Argentina Earnings Presentation – 4Q24
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2.3 Reported Adjusted EBITDA grows over 30% YoY due to a lower impact from IAS 29 Adjusted EBITDA (1) Cencosud Consolidated (CLP Million) -16.7% Adjusted EBITDA 4Q24 YoY Cencosud Consolidated Excl. IAS 29 29,9% Reported 4Q23 4Q24 12M23 12M24 523,628 435,987 1,634,048 1,556,394 -16.7% -4.8% Highlights Offset by ▲ Adjusted EBITDA growth of 1,9% in Chile, 11.2% in the US, 124.4% in Colombia, and 9.0% in Peru, in CLP. ▲ Chile, the United States, Brazil, Peru, and Colombia all expanded their gross margin YoY. ▼ Impact of the macroeconomic adjustment on consumption in Argentina. ▼ Adjustments to the minimum wage and increases in electricity rates across the region. | 8 (1) Figures exclude hyperinflation adjustment of Argentina Earnings Presentation – 4Q24
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| 9 v136,219 CLP million Contraction of 29.5% compared to 2023 is explained by: Impact of the CLP devaluation against the USD on the Net Financial Cost and debt Increase in tax payments Offset by a 7.1% improvement in reported Operating Income Net Distributable Income (NDI) 2024 Annual Net Distributable Income reached CLP 136.219 Million 2.4 (1) Figures in CLP million. Item 4Q24 4Q23 ∆ % 12M24 12M23 ∆ % Net Income 36,123 108,359 -66.7% 233,683 292,213 -20.0% Net Income excl. Asset Revaluation 59,602 89,441 -33.4% 210,968 265,137 -20.4% Net Distributable Income 39,664 64,359 -38.4% 136,219 193,204 -29.5% Calculation of NDI 4Q24 4Q23 ∆ % 12M24 12M23 ∆ % (+) Profit (loss) from controlling shareholders 62,587 349,341 -82.1% 539,788 751,279 -28.2% (-) Inflation Effect (IAS 29) 46,402 266,064 -82.6% 380,853 530,999 -28.3% (-) Net effect from asset revaluation (23,480) 18,918 -224.1% 22,716 27,076 -16.1% Net Distributable Income 39,664 64,359 -38.4% 136,219 193,204 -29.5% Earnings Presentation – 4Q24
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2.5 Gross and Net Leverage improvement compared to 2023 2018 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 4Q24 (Excl./IAS29) 5.5 5.1 3.4 2.5 3.2 3.9 4.2 4.0 3.9 3.7 3.7 Gross Leverage (1) Net Leverage (2) 2018 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 4Q24 (Excl./IAS29) 4.5 3.3 2.0 1.4 2.7 3.3 3.5 3.5 3.3 3.0 2.9 Evolution of Gross and Net Leverage compared to December 2023 driven by: (1) Gross Leverage: Financial Debt + Lease Liabilities / LTM Reported Adjusted EBITDA excluding One Offs, (2) Net Leverage: deducts Cash and Other Financial Assets from Gross Debt. Increase in LTM EBITDA by CLP 143,611 million. Increase in Cash by CLP 259,519 million. Increase in Financial Liabilities by CLP 269,705 million (due to UF adjustment and exchange rate), offset by a decrease in Lease Liabilities by CLP 51,934 million. USD 1,164 million Cash Position as of December 2024 (*) (*) Exchange rate at close: 996.5. Corresponds to Cash and cash equivalents + short-term and long-term financial assets. | 10 Earnings Presentation – 4Q24
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2.6 Amortization Schedule (USD MM)(1) Comfortable Amortization Schedule LTM EBITDA USD 1,562 MM (1) USD Risk Exposure 14.6% USD Denominated Debt 68.8% • After Exchange-rate coverage (Cross Currency Swaps), the debt exposed to USD is 28.9%. • Considering the natural debt hedge in the United States (due to the generation of cash flow in USD), total USD-exposed debt was 14.6%. Debt by Currency (Post hedges) Debt by Rate (1) At the closing exchange rate: 996,5. | 11 168 289 213 755 14 650 890 246 2025 2026 2027 2028 2029 2030 2031 2032- 2045 414 1.253 71.1% 28.9% CLP + UF USD 76.0% 24.0% Fixed Variable Earnings Presentation – 4Q24 PUT Option related to the remaining 33% stake in The Fresh Market Gross Debt: CLP 5,707,474 Million
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Results by Country 03
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3.1 Revenue grew by 5.4% YoY, attributed to growth across all businesses, with notable contributions from Supermarkets and Department Stores. Chile In Chile, all businesses expanded their EBITDA margin 4Q23 4Q24 1,914,877 2,017,685 +5.4% CONSOLIDATED REVENUES CLP million -39 bps ADJUSTED EBITDA MARGIN Adjusted EBITDA increased by 4.7% YoY, driven by improvements in gross margin in Supermarkets, Shopping Centers, and Department Stores, along with a reduction in expenses YoY across most businesses. Jumbo Prime Subscribers Adjusted EBITDA Margin SMKT +5.4% Consolidated Revenues Adjusted EBITDA+4.7% Adjusted EBITDA Margin11.9% 4Q24 vs 4Q23 ∆ % CLP Same Store Sales DS 13.8% Online Sales Chile - CLP | 13 Earnings Presentation – 4Q24 +13.9% YoY +11.7% YoY +5.1% YoY 4Q23 4Q24 11.9% 11.5%
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3.2 Revenue grew by 106.9% in ARS and decreased by -10.3% in CLP compared to 4Q23. Notably, Supermarkets outpaced food inflation with a growth of 110.4% vs 94.7%, primarily driven by increased traction from Private Labels. Argentina Growth in Supermarkets Argentina revenue over food inflation 4Q23 4Q24 930,451 834,664 -10.3% CLP million -987 bps 4Q23 4Q24 17.9% 8.0% Adjusted EBITDA decreased by -10.0% in ARS and -59.8% in CLP compared to 4Q23, explained by the inflation normalization, the general contraction in consumption in the country and the increase in basic consumption fees. -10.3% CLP Private Label Penetration Consolidated Revenues Adjusted EBITDA 4Q24 vs 4Q23 Same Store Sales SMKT +106.9% ARS -59.8% CLP -10.0% ARS Adjusted EBITDA Margin 8.0% | 14 Earnings Presentation – 4Q24 CONSOLIDATED REVENUES ADJUSTED EBITDA MARGIN +160 bps YoY +110.8% YoY
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3.3 Revenue grew by +4.9% in USD and +12.8% in CLP compared to 4Q23. Notably, E-commerce sales increased by +23.8% YoY, reaching a penetration of 7.2% of total sales. USA USA continues its expansion plan, adding over 6,800 sqm of selling space during the quarter 4Q23 4Q24 500,859 565,150 +12.8% -17 bps 4Q23 4Q24 11.5% 11.4% Adjusted EBITDA grew by +2.1% in USD and 11.2% in CLP compared to 4Q23. The EBITDA margin was 11.4%, despite exceptional financial impacts associated with recent hurricanes and expenses from the pre-opening of 9 stores. Excluding these non-recurring impacts, the EBITDA margin would have been 12.6% (+125 bps YoY). +12.8% CLP 4Q24 vs 4Q23 +4.9% USD +11.2% CLP +2.1% USD 11.4% New Stores Opening +6,800 sqm Selling area Same Store Sales SMKT Online Sales USA - USD | 15 12.6% (1) (1) 4Q24 EBITDA Margin excluding one offs of the period. Earnings Presentation – 4Q24 CONSOLIDATED REVENUES CLP million ADJUSTED EBITDA MARGIN Consolidated Revenues Adjusted EBITDA Adjusted EBITDA Margin +2.0% +23.8%
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3.4 Brazil Brazil: New commercial agreement with Bradesco 4Q23 4Q24 484,932 446,730 -7.9% -124 bps 4Q23 4Q24 5.4% 4.1% Adjusted EBITDA decreased by 22.6% in BRL and 29.1% in CLP compared to the same period last year, explained by higher promotional activity YoY and increased pressure on expenses. -7.9% CLP 4Q24 vs 4Q23 +0.8% BRL -29.1% CLP -22.6% BRL 4.1% Revenue grew by 0.8% in BRL and decreased by -7.9% in CLP compared to 4Q23, primarily attributed the new commercial agreement with Bradesco, partially offset by a contraction in consumption, as well as increased commercial dynamics and new store openings by the competition. There was notable progress in the Digital Ecosystem, with double-digit YoY sales growth in Retail Media. | 16 Online Sales Brazil - BRL +1.6% Earnings Presentation – 4Q24 CONSOLIDATED REVENUES CLP million ADJUSTED EBITDA MARGIN Consolidated Revenues Adjusted EBITDA Adjusted EBITDA Margin
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3.5 Revenue increased by 2.9% in PEN and 12.0% in CLP YoY, despite the closure of 4 stores during 2024. The SSS of supermarkets was 2.7%, outperforming YoY inflation. Online channel sales grew by 21.6% YoY in PEN, supported by a 36.7% increase in Wong Prime subscribers and growth in sales from the new wholesale online channel through Metro Almacén. Peru Peru consolidates itself as one of the most profitable markets for Cencosud 4Q23 4Q24 323,717 362,420 +12.0% -33 bps 4Q23 4Q24 12.6% 12.3% Adjusted EBITDA decreased by 0.1% in PEN and grew by 9.0% in CLP compared to 4Q23. The quarter saw a 38 bps YoY expansion in gross margin, offset by an unfavorable comparison base due to an exceptional positive impact in 2023. Private Label Penetration +17 bps YoY +12.0% CLP 4Q24 vs 4Q23 Same Store Sales SMKT (1) Online Sales Peru - PEN +2.9% PEN +9.0% CLP -0.1% PEN 12.3% (1) Supermarket SSS growth in Peru was higher than the Food and Non-Alcoholic Beverages inflation of 1.3%. | 17 Earnings Presentation – 4Q24 CONSOLIDATED REVENUES CLP million ADJUSTED EBITDA MARGIN Consolidated Revenues Adjusted EBITDA Adjusted EBITDA Margin +2.7% +21.6%
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3.6 Revenue decreased by 1.0% in COP and grew by 0.9% in CLP compared to 4Q23, partly due to the reduction of approximately 15,000 sqm of sales floor for third-party leasing. Notably, there was a 24.9% increase in online sales for Home Improvement compared to the previous year. Colombia Colombia more than doubles its EBITDA margin compared to 4Q23 4Q23 4Q24 269,900 272,249 +0.9% +180 bps 4Q23 4Q24 1.5% 3.3% Adjusted EBITDA grew by 118.5% in COP and 124.4% in CLP compared to 4Q23. The EBITDA margin expanded by 180 bps YoY, explained by an increase in the gross margin, due to improvements in Home Improvement, Supermarkets, and Shopping Centers. Online Penetration SMKT +0.9% CLP 4Q24 vs 4Q23 Online Sales Colombia - COP -1.0% COP +124.4% CLP +118.5% COP 3.3% | 18 Earnings Presentation – 4Q24 CONSOLIDATED REVENUES CLP million ADJUSTED EBITDA MARGIN Consolidated Revenues Adjusted EBITDA Adjusted EBITDA Margin +24.6%+14 bps YoY
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Progress in Strategic Pillars 04
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4.1 Growth & Profitability: Private Label in all LATAM countries increased their penetration in Food category (+94 bps YoY) Food Non-Food Total 4Q24 4Q23 4Q24 4Q23 4Q24 4Q23 Chile 12.3% 11.9% 28.3% 29.1% 17.7% 17.7% Argentina 15.6% 14.6% 16.0% 13.5% 15.8% 14.2% USA 31.1% 34.2% 0.9% 1.1% 29.7% 32.7% Brazil 4.7% 4.6% 3.7% 4.7% 4.6% 4.6% Peru 16.4% 16.0% 35.4% 36.6% 19.3% 19.1% Colombia 9.5% 9.3% 9.5% 11.3% 9.5% 10.0% Total 15.7% 15.8% 22.6% 23.7% 17.6% 17.9% 4Q24 Consolidated Sales USD 768 MM +11.1% YoY 4Q24 Chile Food Category Penetration 12.3% +40 bps YoY Launch of new Brand of travel luggage Earnings Presentation – 4Q24 | 20
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4.2 Growth & Profitability: Organic Growth with focus in the US +1 1,076 sqm +6 6,879 sqm 6 new The Fresh Market stores in the states of Illinois, Maryland, Kentucky and Massachusetts. +2 314 sqm +1 1,785 sqm Expansion of over 20,500 sqm of GLA YoY in Shopping Centers at a regional level Openings Remodeling Closures 4Q24 # sqm # # sqm Chile 2 314 19 1 (1) 6,245 Argentina 1 1,076 - - - USA 6 6,879 - - - Brazil - - - 3 375 Peru 1 1,785 1 - - Colombia - - 2 - - Total 10 10,054 22 4 6,620 4Q24 Openings (1) Corresponds to Darkstore in Cenco Costanera. It is no longer considered an omnichannel store and is now classified as a Darkstore. It is reflected as a closure, as it was initially recorded as a store opening at the time of its inauguration. | 21 Earnings Presentation – 4Q24
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4.3 Sustainability: Improvements in Corporate Governance Corporate Governance | 22 Progress in MSCI and DJSI results The advances in the MSCI and DJSI results reflect efficient management and a high level of transparency in reporting. The Dow Jones Sustainability Index (DJSI) positioned the Company among the 6% most sustainable worldwide in the Food and Staples Retail category. Likewise, in the MSCI rating, significant progress was made by moving from “BBB” to “A”. Percentile 90 94 95 94 10% 6% 5% 2021 2022 2023 2024 6% AAA AA A BBB BB B CCC Jun- 20 Nov- 21 Oct- 22 Sep- 23 Sep- 24 B BB BBB BBB A Score: 62/100 • Member of the 2024 DJSI MILA BBB A Earnings Presentation – 4Q24
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4.4 Sustainability: Improvements in Corporate Governance | 23 First measurement in Cencosud of the Stakeholders Sustainability Index This voluntary tool measures sustainability practices from the perspective of the main stakeholders (suppliers, clients, collaborators and investors), which allows for anticipating risks and identifying work areas where greater emphasis should be placed. Anti-Corruption Policy Update Cencosud reinforced its commitment to ethics and transparency, updating the anti- corruption policy to strengthen practices and prevent any type of conduct that does not align with established standards in this area. foto Corporate Governace Earnings Presentation – 4Q24
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People Cenco Women mentoring program The regional program was completed in 2024 with the participation of 166 collaborators: 63 female mentors, 18 male mentors, and 85 mentees in the 6 countries. With 85% satisfaction and 1,500 hours of training and mentoring, it made a substantial contribution to empowering female leadership throughout the Company. Neurodivergence is integrated into preferential checkouts At Supermarkets Chile, another step was taken towards inclusion by training +8,500 employees on neurodivergence issues in the service of preferential checkouts, ensuring a more inclusive experience in 251 Jumbo and Santa Isabel stores. 4.5 Sustainability: Advances in pillar Planet and Care of the Planet Planet “Food Rescue” Program During 2024, Cencosud promoted the food rescue program, recovering over 1,900 tons of food at a regional level. | 24 foto Earnings Presentation – 4Q24
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4.6 01 02 Sustainability: Recognitions Conecta Award by the Global Compact Network The Global Compact Network Chile awarded 1st place to Chile Supermarkets in the Planet category, for its valorization of organic waste program and its circular economy. 03 Effie Awards 2024 Easy and Paris were recognized at the 2024 Effie Awards in Chile for their impact and effectiveness in marketing. Easy was awarded in the Positive Change and Social Good category, while Paris stood out in the Youth Marketing category. 04 NPS Consumer Loyalty Award Jumbo and Paris won 1st place, in the Supermarkets and Department Stores categories respectively, at the 2024 Consumer Loyalty Awards. This recognition, granted by Alco Consultancy, is based on the opinion of 16,000 customers in Chile, reflecting the preference and trust placed in both brands. Earnings Presentation – 4Q24 Merco University Talent Ranking For the 5th consecutive year, Cencosud was chosen as the best company to work at in the Business Holding sector in Chile and No. 8 in the general ranking, improving 8 positions over 2023. Merco Business Reputation Ranking Cencosud was chosen as the top company in the Corporate Holding category in Chile, occupying the 14th position in the general ranking. For its part, Cencosud Peru advanced 7 positions in the ranking, receiving 2nd place in the self-service sector and reaching the 30th position in the general ranking. 05 | 25
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4.7 Disclaimer | 26 Earnings Presentation – 4Q24 The information contained in this presentation has been prepared by Cencosud S.A. ("Cencosud") for informational purposes only. It should not be construed as a solicitation or an offer to buy or sell securities and should not be construed as investment, or other, advice. No warranty, express or implied, is provided in relation to the accuracy, completeness and reliability of the information contained herein. The opinions expressed in this presentation are subject to change without notice and Cencosud has no obligation to update or keep current the information contained herein. The information contained herein does not purport to be complete. Cencosud and its respective subsidiaries, directors, partners and employees do not accept any liability for any loss or damage of any kind arising from the use of all or part of this material. This presentation may contain forward-looking statements that are subject to risks and uncertainties, factors that are based on current expectations and projections about future events and trends that may affect Cencosud's business. You are cautioned that such forward-looking statements are not guarantees of future performance. There are various factors that may adversely affect the estimates and assumptions on which these forward- looking statements are based, many of which are beyond our control.