Earnings release
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1 1 Press Release Fourth Quarter 2024 Webcast & Teleconference Information: Date March 7th 2025 Time Chile 12:00 PM EST 10:00 AM GMT 03:00 PM
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Press Release – Fourth Quarter 2024 | 2 Executive Summary (1) The Company's reported revenues in 4Q24 increased 46.2% compared to the same period of the previous year, mainly explained by a lower impact of the adjustment for hyperinflation in Argentina, the result of a more stable exchange rate and the reduction in inflation. Consolidated revenues, excluding the adjustment for IAS 29, increased 1.7% compared to 4Q23. The quarter is highlighted by the better performance of all Chilean businesses, where revenues grew 5.4% YoY due to continuous improvements in the value proposition and a greater flow of tourists. Meanwhile, the United States increased its revenues by 12.8% in CLP during the quarter, highlighted by the opening of six stores in the states of Illinois, Maryland, Kentucky and Massachusetts, in addition to a 23.8% growth (local currency ) in e-commerce sales. Also noteworthy is Peru's growth of 12.0% YoY in CLP with sales growth above inflation. Argentina registered a 10.3% dro p in revenues in CLP before adjusting for hyperinflation. Brazil and Colombia revenue remain relatively stable despite a challenging consumption scenario. Adjusted EBITDA reported in the fourth quarter of the year grew 29.9%, influenced by the adjustment for hyperinflation in Argentina. Excluding this adjustment, Adjusted EBITDA for 4Q24 contracted 16.7% YoY. Adjusted EBITDA excluding the Argentinean operation increased 3.3% during the quarter, reaching an EBITDA margin of 10.1%. Supermarkets in Chile increased their Adjusted EBITDA by 7.4% YoY during 4Q24, accompanied by significant growth in Shopping Centers (+21.6% YoY), Home Improvement (+29.2%) and Department Stores (+ 83.6% YoY). In the United States , Adjusted EBITDA increased 11.2% YoY in CLP due to new openings and a 11 6 bps expansion in the gross margin. Similarly, Colombia doubled its Adjusted EBITDA YoY, reflecting adjustments in the product mix and optimization of spaces, confirming a change in the trend compared to previous quarters. Finally, Peru increased its Adjusted EBITDA by 9.0% YoY in CLP, delivering consistent results quarter after quarter. 1 Key figures include impact of hyperinflation in Argentina (IAS29). Exchange rate used: CLP 962.6 (quarterly average). Note: YoY refers to year-over-year. 489 USD MM 29.9% YoY Adjusted EBITDA 5,010 USD MM +46.2% YoY Revenues 9.6% -121 bps YoY EBITDA Margin 38 USD MM Net Income
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Press Release – Fourth Quarter 2024 | 3 Reported Net Income reached CLP 36,123 million, down -66.7% YoY (and -78.0% YoY excluding the adjustment for hyperinflation in Argentina), mainly due to three specific effects: negative revaluation in Argentina, higher deferred taxes and impacts from the devaluation of the peso against the dollar. Finally, Distributable Net Income for the fourth quarter reached CLP 39,664 million, a contraction of -38.4% YoY.
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Press Release – Fourth Quarter 2024 | 4 Message from Rodrigo Larraín, CEO We have concluded 2024 with a renewed focus on our strategy, having strengthened our Corporate Governance and Structure to continue delivering the best value proposition to our clients and generating sustainable and profitable growth for our shareholders. Our plan, presented at CencoDay in early 2025, focuses on accelerating organic growth, fostering innovation, strengthening the physical -digital ecosystem, developing new sources of income and improving operational efficiency. During the fourth quarter of 2024, we made key progress. In Chile, the optimization of the product mix, the development of Private Labels and innovation drove sales growth and the expansion of the EBITDA margin across all businesses. The United States Expansion Plan shows significant progress by increasing our presence in North America. In Colombia, the trend we were experiencing was reversed, doubling EBITDA compared to the same period in 2023 , thanks to improvements in the commercial proposal and operational efficiency. In Peru, we achieved the highest annual profitability in history with an EBITDA margin of 11.5%. In Argentina, despite the economic slowdown - and the high comparison base with the previous year - we see a business which is gradually recovering in the last quarter and with favorable prospects for 2025. The acquisition of Makro and Basualdo Supermarkets strengthens our presence and introduces us to the Cash & Carry format in the country, a format that we already employ in Brazil. Despite the challenging context in Brazil, the new Prezunic and GIGA stores are showing improvements in profitability. In addition, the sale of the Bretas operation in Minas Gerais will allow us to concentrate efforts and resources on markets with greater growth and profitability potential. (*) CAGR (Compounded Annual Growth Rate) between 2019 and 2024. Figures in CLP billions (i.e. a million million).
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Press Release – Fourth Quarter 2024 | 5 Taking all of the above into account, Cencosud's reported consolidated revenues in 2024 reached CLP 16,493,815 million, achieving a growth of 15.9% compared to 2023 and consolidating a compound annual growth of 11.6% since 2019. The reported adjusted EBITDA for the year ended at CLP 1,531,193 million, an increase of 10.8% compared to the previous year with a compound annual growth of 11.9% since 2019. Both figures reflect our sustained commitment to profitable growth. Compared to our estimates for 2024 (Guidance), we managed to exceed the revenue projection by 6.2%, while our EBITDA was 2.5% below the estimate. In this context of growth during 2024, we also managed to strengthen Cencosud's financial position, reaching a level of indebtedness , measured by Net Leverage, of 3.0 times, 32 tenths lower than the close of 2023. In 2025, we will continue to advance with discipline in our strategy of innovation, profitable growth and the strengthening of our global ecosystem.
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Press Release – Fourth Quarter 2024 | 6 1. Important Events & Recognitions Relevant Events • Commercial agreement between Cencosud Brazil and Bradesco In November, Cencosud Bra zil and Bradesco Bank entered into a commercial partnership agreement for the offering of credit cards by Bradesco in Brazil, completely replacing the Joint Venture agreement in force since August 2011. The early termination of the Joint Venture i mplied the recognition of revenue in the amount of CLP 18,177 million within the Retail Financial division of Cencosud Bra zil, coming from deferred income balances. • 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 more than 6,800 sqm of sales space. • Paris Parade 2024 During December Paris 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.” • New Brand in Paris Paris is strengthening the exclusivity, quality and variety of its offering by adding the exclusive line of clothing and accessories by Cecilia Bolocco, a well -known figure in fashion and beauty in Chile. This new line of products is sold both through special nooks in physical stores and through Paris.cl as well as the Paris app. After the quarter closes • CencoDay On January 15 th, Cencosud hosted CencoDay 2025, an event that brought together, both physically and virtually, nearly 100 representatives from investment banks, risk- rating agencies, family offices, and other market agents. At this event, the Company's management presented its new strategic focus and future prospects to the market as Rodrigo Larraín was finishing his first year as General Manager. • Guidance 2025 In January, during CencoDay 2025, Cencosud published its Guidance 2025, announcing an estimated investment of USD 610 million for the year, including the opening of 28 stores, the expansion and remodeling of 7 shopping centers, new investment in the Retail Ecosystem, a nd more . The Company also announced
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Press Release – Fourth Quarter 2024 | 7 estimated revenues and EBITDA of ~USD 17.95 billion and ~USD 1.87 billion , respectively, for 2025. • Acquisition of Makro and Basualdo Cencosud enters the wholesale format in Argentina after the acquisition of Makro and Basualdo. The agreement was signed for USD 122.5 million, which will be financed using available resources. The transaction is subject to approval by the local regulator, so the integration date is yet to be defined. • Sale of Assets of Bretas in Minas Gerais, Brazil During February, the Company announced a sale agreement for its Bretas operation in the state of Minas Gerais as part of the reformulation of its operation in Brazil for USD ~123 million (2), allowing it to focus its efforts and resources on more profitable geographic areas. The transaction involves the sale and lease transfer of 54 stores, 1 distribution center and 8 service stations. Cencosud will maintain ownership and exclusivity of the Bretas brand and will continue to operate the 26 stores in the state of Goiás under this banner. Recognitions • Conecta Award by the Global Compact Network The Global Compact Network Chile awarded 1st place to Chile Supermarkets in the Planet category, for the valorization of organic waste program and the circular economy. • 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. • NPS Consumer Loyalty Award Jumbo and Paris won 1 st, place in the Supermarkets and Department Stores categories respectively, at the 2024 Consumer Loyalty Award s. This recognition, granted by Alco Consult ancy, is based on the opinion of 16,000 customers in Chile, reflecting the trust and preference placed in both brands. • Merco University Talent Ranking For the 5th consecutive year, Cencosud was chosen as the best company to work in Chile in the Business Holding sector and No. 8 in the general ranking, improving 8 positions over 2023. • Merco Business Reputation Ranking Cencosud was chosen as the top company in Chile in the Corporate Holding category, occupying the 14 th position in the general ranking. For its part, Cencosud 2 The amount will be adjusted at the time of closing of the transaction based on net working capital and other conditions estab lished in the contract. The transaction is subject to approval by the Administrative Council for Economic Defense of Brazil (CADE).
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Press Release – Fourth Quarter 2024 | 8 Peru advanced 7 positions in the ranking, receiving the 2nd place in the self-service sector and reaching the 30th position in the general ranking. 2. Sustainability Corporate Governance • 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”. • 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. 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 Chile Supermarkets, another step was taken towards inclusion by training +8,500 collaborators on neurodivergence issues in the service of preferential checkouts, ensuring a more inclusive experience in 251 Jumbo and Santa Isabel stores. Planet • “Food Rescue” Program During 2024, Cencosud promoted the food rescue program, recovering over 1,900 tons of food at a regional level. Product • Responsible Consumption Study Cencosud Peru, through Wong and Metro, carried out its first “Responsible Consumption Study”, with the aim of identifying the main concerns and
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Press Release – Fourth Quarter 2024 | 9 expectations of consumers in relation to sustainability and responsible practices in supermarkets. 3. Key Financial Highlights for the Quarter 3.1 Consolidated Income Statements (3) Reported Excl. IAS 29 CLP Million 4Q24 4Q23 Var % 4Q24 4Q23 Var % Online revenues 466,969 314,056 48.7% 435,656 421,220 3.4% In-store revenues 4,130,062 2,854,773 44.7% 3,853,116 3,828,888 0.6% Other revenues 225,228 130,200 73.0% 210,125 174,627 20.3% Total revenues 4,822,259 3,299,029 46.2% 4,498,898 4,424,735 1.7% Gross Profit 1,484,288 943,287 57.4% 1,373,633 1,402,347 -2.0% Gross margin 30,8% 28,6% 219 bps 30,5% 31,7% -116 bps SG&A -1,137,217 -701,901 62.0% -1,037,162 -992,320 4.5% Operating result 296,613 279,729 6.0% 284,353 438,389 -35.1% Non-operating result -216,360 -151,185 43.1% -190,564 -92,806 105.3% Taxes -44,130 -20,185 118.6% -11,266 28,826 N.A. Net Income 36,123 108,359 -66.7% 82,523 374,409 -78.0% Net Income excl. from Asset Revaluation 59,602 89,441 -33.4% N.A. N.A. N.A. Net Distributable Income 39,664 64,359 -38.4% N.A. N.A. N.A. Adjusted EBITDA 464,238 357,439 29.9% 435,987 523.628 -16.7% Adj. EBITDA margin 9.6% 10.8% -121 bps 9.7% 11.8% -214 bps 3 The detailed Income Statement and hyperinflation effect in Argentina are available in the Annex of this report
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Press Release – Fourth Quarter 2024 | 10 3.2 Online Sales 4Q24 (4) CLP Million Online Sales % vs 2023 4Q24 4Q23 Δ CLP Δ LC Chile 313,955 299,707 4.8% 4.8% Argentina 34,743 49,326 -29.6% 62.9% USA 40,573 30,487 33.1% 23.8% Brazil 12,652 13,627 -7.2% 1.6% Peru 20,544 15,524 32.3% 21.6% Colombia 13,189 12,549 5.1% 24.6% TOTAL 435,656 421,220 3.4% N.A. Penetration % 4Q24 4Q23 Δ bps Supermarkets 8.2% 7.8% 50 SM Chile 13.5% 12.8% 64 SM Argentina 3.6% 4.7% -103 SM USA 7.2% 6.1% 109 SM Brazil 3.0% 2.9% 14 SM Peru 5.8% 4.9% 90 SM Colombia 5.1% 5.0% 14 Home Improvement 9.5% 9.9% -42 Department Stores 27.0% 28.7% -176 TOTAL 10.1% 9.8% 32 4 Online sales figures (excluding IAS 29) reflect 1P information, including sales with last mile operators . Online Penetration 10.1% Online Tickets 8.0 MM Online Sales 453 USD MM
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Press Release – Fourth Quarter 2024 | 11 3.3 Private Label Private Label products reached a penetration of 17.6% in the quarter ( -29 bps YoY). Overall, Argentina stands out with a total increase in Private Label penetration of 160 bps YoY, given the greater traction in customers of these categories compared to those of third parties, in a context of lower consumption levels in the country. Food Private Labels had a better performance compared to third parties in all operations in LATAM, with a penetration growth of almost 1 point (~90 bps) compared to 4Q23, leveraged by innovation and better management of the product portfolio. On the other hand, the United States saw its penetration decrease to 29.7% due to a reorganization of the Private Label. However, innovation and the development of new products will continue enhancing the Private Label offering going forward. Non-Food Private Labels continued to develop during 4Q24, breaking the trend and improving their penetration compared to the previous quarter, despite a 108 bps YoY contraction. In line with the strategy of new brands and premiumization, the new Cross Chec k travel luggage brand was launched, bolstering a renewed and more attractive proposal of existing brands, through the development of packaging, new formats, and more. Private Label Penetration 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%
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Press Release – Fourth Quarter 2024 | 12 3.4 Capex During 4Q24, the Company opened 10 stores in 4 countries, adding 10,054 sqm of sales space to its total. In Chile, 2 Spid stores were opened in the city of Santiago. In turn, Argentina opened a new Jumbo store in the city of Buenos Aires. For its part, The Fresh Market opened 6 new stores during the quarter in the states of Illinois, Maryland, Kentucky and Massachusetts, adding 6,879 sqm of sales space and strengthening its position in the region. Additionally, a 1,785 sqm Wong store was opened in the Punta Hermosa area. With this, the Company opened a total of 28 new stores during 2024, incorporating around 40,000 sqm. Openings Transformations Remodelings Closures 4Q24 # sqm # sqm # # sqm Chile 2 314 - - 19 1 (5) 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 4. Results by Country (6) 4.1 Results 4Q24 Revenues 4Q24 4Q23 % vs 2023 CLP MM CLP MM ∆ % LC ∆ % Chile 2,017,685 1,914,877 5.4% 5.4% Argentina 834,664 930,451 -10.3% 106.9% USA 565,150 500,859 12.8% 4.9% Brazil 446,730 484,932 -7.9% 0.8% Peru 362,420 323,717 12.0% 2.9% Colombia 272,249 269,900 0.9% -1.0% Total 4,498,898 4,424,735 1.7% N.A. 5 Corresponds to Darkstore in Cenco Costanera. It is no longer considered an omnichannel store and is now considered a Darkstor e. It is reflected as a closure, given that at the time of its inauguration it was considered a store opening. 6 For comparative purposes and business performance analyses, the figures exclude the effects of hyperinflationary economies (I AS 29). 2024 openings added ~40,000 Sqm of sales area
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Press Release – Fourth Quarter 2024 | 13 Adjusted EBITDA 4Q24 4Q23 % vs 2023 CLP MM CLP MM ∆ % LC ∆ % Chile 233,014 228,644 1.9% 1.9% Argentina 66,851 166,387 -59.8% -10.0% USA 64,223 57,753 11.2% 2.1% Brazil 18,450 26,028 -29.1% -22.6% Perú 44,534 40,844 9.0% -0.1% Colombia 8,916 3,972 N.A. N.A. Total 435,987 523,628 -16.7% N.A 4.2 Same Store Sales Variation in Local Currency Same Store Sales 4Q24 4Q23 Supermarket Chile 2.2% -0.5% Argentina 110.8% 201.7% USA 2.0% 1.2% Brazil -4.7% -2.6% Peru 2.7% -2.5% Colombia -0.2% -7.9% Home Improvement Chile 8.5% -14.1% Argentina 86.4% 200.1% Colombia -9.1% -25.2% Department Stores Chile 11.7% -1.7% 4.3 Chile Highlights of the quarter: EBITDA margin expands across all businesses in Chile compared to 4Q23. Revenue growth above inflation in Home Improvement and Department Stores. Change in commercial strategy and reduction of Home Improvement expenses drove an expansion of the EBITDA margin YoY, reaching double digits (10.9%) in 4Q24.
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Press Release – Fourth Quarter 2024 | 14 REVENUES 4Q24 4Q23 vs 2023 CLP MM % CLP MM % ∆ % Supermarkets 1,331,354 29.6% 1,289,889 29.2% 3.2% Shopping Centers 71,427 1.6% 59,414 1.3% 20.2% Home Improvement 210,474 4.7% 197,839 4.5% 6.4% Department Stores 399,235 8.9% 364,820 8.2% 9.4% Other 5,195 0.1% 2,915 0.1% 78.2% Revenues 2,017,685 44.8% 1,914,877 43.3% 5.4% Adjusted EBITDA 4Q24 4Q23 vs 2023 CLP MM Mg (%) CLP MM Mg (%) ∆ % Supermarkets 183,470 13.8% 170,882 13.2% 7.4% Shopping Centers 56,936 79.7% 46,820 78.8% 21.6% Home Improvement 23,021 10.9% 17,823 9.0% 29.2% Department Stores 37,645 9.4% 20,507 5.6% 83.6% Financial Services -4,983 N.A. 3,239 N.A. -253.8% Other -63,075 N.A. -30,629 N.A. 105.9% Adjusted EBITDA 233,014 11.5% 228,644 11.9% 1.9% Supermarkets During 4Q24, revenues increased 3.2% compared to 4Q23. This growth is partly explained by an 8.2% YoY increase in online sales, mainly through the company's own online channel due to a gain in market share. Additionally, there was an increase in both the number of tickets and the average ticket during the quarter compared to 4Q23. Adjusted EBITDA grew by 7.4% YoY, reaching an EBITDA margin of 13.8%. This improvement compared to 4Q23 is explained by a 109 bps expansion of gross margin in the same period. The profitability of the online channel, the continued development of Private Labels and the optimization of in -store space contributed to the improvement compared to the previous year. Home Improvement Revenues increased 6.4% versus 4Q23, driven by an 8.5% SSS in the quarter. A shift in product mix, a renewed Private Label offering and above -average sales growth in the wholesale channel contributed to the year-over-year improvement. Adjusted EBITDA increased 29.2% YoY, achieving an EBITDA margin of 10.9%, the best quarterly EBITDA margin in the last 2 years. The YoY increase in revenues, coupled with a 6.6% reduction in expenses, contributed to expanding the EBITDA margin by 193 bps. Increase in online sales Supermarkets YoY +8.2% Supermarkets Adjusted EBITDA Margin 13.8%
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Press Release – Fourth Quarter 2024 | 15 Department Stores Revenues for the quarter increased 9.4% YoY, driven by a better performance in physical sales (SSS of 11.7%), a product of the greater focus on in-store experience and continued development of Private Labels. Also noteworthy during the quarter was the launch of the Cecilia Bolocco clothing and accessories line in Paris, expanding the offer of products exclusive to Paris. Adjusted EBITDA increased 83.6% YoY, achieving an Adjusted EBITDA margin of 9.4%, the highest since 4Q21 and equivalent to an expansion of 381 bps vs. 4Q23. The higher profitability vs. 4Q23 is explained by a gross margin expansion of 145 bps due to a greater focus on Private Label s and exclusive products, in addition to a 1.1% reduction in expenses as a result of the implementation of efficiency measures. Shopping Centers Revenues increased 20.2% compared to 4Q23 as a result of the placement of more than 22,000 sqm of GLA compared to 4Q23, in addition to a 10.2% YoY increase in tenant sales, which drove an increase in variable rental income. The improvement in tenant sales occurred in a context of increased tourist flow at shopping centers, as well as the partial recovery of consumption in Chile. Meanwhile, Adjusted EBITDA increased 21.6% YoY, which translates into a 91 bps expansion of the Adjusted EBITDA margin as a result of a 115 bps YoY improvement in the gross margin. Financial Services Adjusted EBITDA registered a negative result in the fourth quarter, largely explained by a higher risk charge, coupled with higher operating expenses. This was partially offset by the increase in the portfolio and a lower funding cost. 4.4 Argentina (7) Highlights of the quarter: Shopping Centers expanded its EBITDA margin 463 bps vs. 4Q23. Growth in expenses below year -over-year inflation in Supermarkets, Home Improvement and Shopping Centers reflects focus on operational efficiency. 7 Argentina's 2024 inflation was 117.8%. Dep. Stores EBITDA Margin +381 bps YoY
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Press Release – Fourth Quarter 2024 | 16 REVENUES 4Q24 4Q23 % vs 2023 CLP MM % CLP MM % ∆ % LC ∆ % Supermarkets 550,787 12.2% 599,401 13.5% -8.1% 110.4% Shopping Centers 28,700 0.6% 27,178 0.6% 5.6% 140.8% Home Improvement 221,065 4.9% 269,546 6.1% -18.0% 92.2% Financial Services 33,743 0.8% 37,181 0.8% -9.2% 112.7% Others 368 0.0% -2,855 -0.1% N.A. N.A. Revenues 834,664 18.6% 930,451 21.0% -10.3% 106.9% Adjusted EBITDA CLP MM Mg (%) CLP MM Mg (%) ∆ % LC ∆ % Adjusted EBITDA 66,851 8.0% 166,387 17.9% -59.8% -10.0% Supermarkets Revenues increased 110.4% in ARS and decreased 8.1% in CLP year-over-year. The growth in local currency compares to an annual food inflation of 94.7% as of December. The above -inflation growth in food is partly explained by greater traction of Private Labels, gene rating greater store traffic. Adjusted EBITDA decreased 15.5% in local currency and 61.3% in CLP compared to the same period last year. This is explained by an increase in rates for basic services, cleaning and security. Home Improvements Revenues increased by 92.2% in ARS and decreased by 18.0% in CLP, mainly explained by the contraction in consumption, especially in discretionary businesses , and less activity in the construction industry. Adjusted EBITDA decreased by 23.5% in ARS and 65 ,1% in CLP compared to the same period of the previous year. This is explained by lower consumption levels, together with greater pressures on expenses due to higher rates for basic services. Shopping Centers Revenues grew 140.8% in ARS and 5.6% in CLP. Both higher tenant sales (+130.2% YoY) and occupancy expansion of 247 bps YoY contributed to the improvement compared to 4Q23. Adjusted EBITDA grew 156.5% in ARS and 15.9% in CLP compared to 4Q23. Focus on improving efficiency per square meter within shopping centers. Financial Services Revenues increased 112.7% in local currency and fell 9.2% in CLP. Revenue growth in local currency is explained by the portfolio growth below year -on-year inflation, in the context of contraction of the economy and consumption. Shopping Centers EBITDA Margin +463 bps YoY
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Press Release – Fourth Quarter 2024 | 17 Adjusted EBITDA grew 20.0% in ARS and decreased 48.2% in CLP, due to an increase in the risk charge and a lower portfolio, partially offset by a lower funding cost due to the reduction of rates in the country. 4.5 United States Highlights of the quarter: EBITDA margin for the quarter was 11.4% (CLP) despite extraordinary financial impacts associated with the recent hurricanes Milton and Helene, as well as pre - opening expenses for 9 stores. Excluding these non -recurring impacts, EBITDA margin would have been 12.6% (+125 bps YoY). Christmas and Thanksgiving campaigns ended with record results in 4Q24. E-commerce sales grew 23.8% YoY, reaching a penetration of 7.2% of total sales. REVENUES 4Q24 4Q23 % vs 2023 CLP MM % CLP MM % ∆ % LC ∆ % Supermarkets 565,150 12.6% 500,859 11.3% 12.8% 4.9% Others 0 0.0% 0 0.0% N.A. N.A. Revenues 565,150 12.6% 500,859 11.3% 12.8% 4.9% Adjusted EBTIDA CLP MM Mg (%) CLP MM Mg (%) ∆ % LC ∆ % Adjusted EBITDA 64,223 11.4% 57,753 11.5% 11.2% 2.1% Supermarkets Revenues increased 4.9% in USD and 12.8% in CLP year -over-year. This improvement is largely due to the 23.8% increase in online sales, reaching a 7.2% penetration of total sales, coupled with an increase in both the average ticket and the number of tickets compare d to 4Q23. Furthermore, 6 new stores were opened during the quarter, adding more than 6,800 sqm to the sales area compared to the fourth quarter of 2023. Adjusted EBITDA increased 5.1% in local currency and 14.4% in Chilean pesos YoY, explained by the increase in revenues, partly offset by expenses associated with the opening of new stores. Online Penetration 7.2% + 109 bps YoY
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Press Release – Fourth Quarter 2024 | 18 4.6 Brazil Highlights of the quarter: New commercial agreement with Bradesco Bank for the marketing of credit cards in Brazil. Advances in the Digital Ecosystem, with double-digit sales growth YoY for Retail Media. REVENUES 4Q24 4Q23 % vs 2023 CLP MM % CLP MM % ∆ % LC ∆ % Supermarkets 427,175 9.5% 484,623 11.0% -11.9% -3.5% Financial Services 19,555 0.4% 309 0.0% 6,220.0% 6,733.2% Revenues 446,730 9.9% 484,932 11.0% -7.9% 0.8% Adjusted EBITDA CLP MM Mg (%) CLP MM Mg (%) ∆ % LC ∆ % Adjusted EBITDA 18,450 4.1% 26,028 5.4% -29.1% -22.6% Supermarkets In 4Q24 , revenues decreased 3.5% in BRL and 11.9% in CLP compared to 4Q23, impacted by higher levels of competition and a challenging consumer environment. However, the recent openings of Prezunic and GIGA stores continue to improve their maturity and profitability. Adjusted EBITDA decreased in local currency and in CLP compared to 4Q23. This was caused by a contraction in gross margin due to the increased intensity of promotional activity in the Brazilian market, in addition to pressures on expenses. Financial Services During the quarter, Adjusted EBITDA expanded considerably by recording extraordinary revenue in the amount of CLP 18.177 million (previously held as deferred income) due to the early termination of the Joint Venture with Bradesco Bank, which was replaced by a new 8- year commercial agreement with the same partner.
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Press Release – Fourth Quarter 2024 | 19 4.7 Perú Highlights of the quarter: In 2024, Peru achieved a record Adjusted EBITDA margin (11,5%), driven by greater spending efficiency compared to 2023 (8). Opening of a new Wong Km40 store marked the beginning of the new cycle of organic growth in the country. Online sales of Supermarkets grew 21.6% YoY, leveraged by a 36.7% increase in the total number of subscribers to the Wong Prime program and the development of a new online wholesale sales channel through Metro Almacén. REVENUES 4Q24 4Q23 % vs 2023 CLP MM % CLP MM % ∆ % LC ∆ % Supermarkets 354,004 7.9% 316,706 7.2% 11.8% 2.7% Shopping Centers 7,958 0.2% 6,759 0.2% 17.7% 8.5% Others 458 0.0% 252 0.0% 81.8% 67.4% Revenues 362,420 8.1% 323,717 7.3% 12.0% 2.9% Adjusted EBITDA CLP MM Mg (%) CLP MM Mg (%) ∆ % LC ∆ % Adjusted EBITDA 44,534 12.3% 40,844 12.6% 9.0% -0.1% Supermarkets Revenues increased 2.7% in PEN and 11.8% in CLP YoY, despite the closure of 4 stores during 2024. Supermarket SSS was 2. 7%, outperforming year -on-year inflation, which reflects a solid operating performance. Online channel sales boosted total sales by expanding 21.6% YoY, favored by the 36.7% increase in Wong Prime subscribers and the growth in sales of the new online wholesale channel through Metro Almacén. Furthermore, the Christmas campaign in 4Q24 recorded a better performance compared to the 2023 campaign. Adjusted EBITDA increased 9.7% in PEN and grew 19.8% in CLP YoY. The above is explained by the expansion of gross margin compared to 4Q23, in addition to a reduction in expenses resulting from the implementation of efficiency measures, both in stores and in the back-office. Shopping Centers Revenues for the quarter grew by 8.5% in PEN and 17.7% in CLP YoY, attributed to the increase in tenant sales, especially at Cenco La Molina and Cenco Arequipa. The improvement in traffic at Cenco Arequipa is explained by the greater attractiveness of the shopping center by having new square meterage associated with entertainment. 8 Excluding 2019, a year in which Peru's EBITDA margin registered an extraordinary positive impact due to the sale of 51% of the Retail Financial business to Scotiabank. Peru Adjusted EBITDA Margin 4Q24 12.3%
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Press Release – Fourth Quarter 2024 | 20 On the other hand, Adjusted EBITDA increased 5.7% in PEN and 14.6% in CLP, reflecting the increase in revenue and greater control of administration and sales expenses. Financial Services Adjusted EBITDA for 4Q24 was negative compared to 4Q23, despite a gradual recovery of the business during the year. 4.8 Colombia Highlights of the quarter: EBITDA margin more than double d YoY, explained by an increase in gross margin, driven by improvements in Home Improvement, Supermarkets and Shopping Centers. Online sales of Home Improvement grew 24.9% YoY, favored by both greater purchase recurrence and a higher average ticket. REVENUES 4Q24 4Q23 % vs 2023 CLP MM % CLP MM % ∆ % LC ∆ % Supermarkets 248,639 5.6% 247,175 5.6% 0.6% -1.3% Shopping Centers 2,906 0.1% 2,582 0.1% 12.6% 10.8% Home Improvement 20,132 0.4% 21,632 0.5% -6.9% -8.4% Financial Services 1,353 0.0% -698 0.0% -293.9% -290.5% Others -781 0.0% -791 0.0% -1.2% -3.9% Revenues 272,249 6.1% 269,900 6.1% 0.9% -1.0% Adjusted EBITDA CLP MM Mg (%) CLP MM Mg (%) ∆ % LC ∆ % Adjusted EBITDA 8,916 3.3% 3,972 1.5% 124.4% 118.5% Supermarkets During 4Q24, revenues decreased by 1.3% in COP and increased by 0.6% in CLP. The drop in COP occurred in the context of a reduction in square meterage of sales space due to the downsizing of stores as part of the efficiency process, coupled with the contraction of consumption in October and a slight recovery in November and December. This was offset by an increase in the sale of non-food products, together with greater sales through the online channel. Adjusted EBITDA registered a decrease of 11.5% in COP and 9.0% in CLP YoY, mainly attributed to an increase in expenses above inflation, which was partially offset by the expansion of the gross margin. Home Improvements 4Q24 revenues fell 8.4% in COP and 6.9% in CLP. Due to weak activity in the construction industry and sales of new homes, as well as by a higher comparison base compared to 4Q23 due
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Press Release – Fourth Quarter 2024 | 21 to the liquidation and subsequent renewal of inventory. Meanwhile, online sales partially offset the drop in in-person sales with a 24.9% YoY growth. Adjusted EBITDA fell 40.7% in COP and 40.2% in CLP. This is explained by a lower level of revenues in addition to the increase in back-office expenses, such as marketing and systems. Shopping Centers Revenues grew 10.8% in COP and 12.6% in CLP YoY. This is mainly explained by an expansion of occupancy by 67 bps compared to 4Q23, together with a 24.1% increase in visits to Altos del Prado. Additionally, the increase in revenues was contributed to by rentals of spaces enabled by the reduction of square meterage in Home Improvement and Supermarket stores. Adjusted EBITDA grew 22.1% in COP and 24.0% in CLP compared to 4Q23 due to the expansion of the gross margin and the reduction of expenses YoY, excluding depreciation and amortization. Financial Services Adjusted EBITDA reflects a positive result compared to 4Q23 due to the YoY improvement in the Joint Venture's profit, which had reflected a lower profit during 4Q23. 5. Consolidated Balance Sheet (9) (10) 5.1 Consolidated Balance Sheet & By Country 9 The details of the Consolidated Balance Sheet are included in the appendices of this report. 10 For comparative purposes and for analyzing business performance, figures and explanations exclude the effect of the Argentine an hyperinflationary rule. Reported Excl. IAS 29 DEC 24 DEC 23 % DEC 24 DEC 23 % CLP MM CLP MM Current Assets 3,898,450 2,976,277 31.0% 3,884,898 2,948,619 31.8% Non-Current Assets, Total 11,423,626 10,596,845 7.8% 10,210,924 9,956,448 2.6% TOTAL ASSETS 15,322,076 13,573,123 12.9% 14,095,823 12,905,068 9,2% Current Liabilities 4,248,607 3,798,928 11.8% 4,247,597 3,797,412 11.9% Non-Current Liabilities, Total 5,762,173 5,496,566 4.8% 5,325,153 5,266,900 1.1% TOTAL LIABILITIES 10,010,780 9.295.495 7.7% 9,572,750 9,064,312 5.6% Controlling interest 4,679,059 3,670,612 27.5% 3,890,826 3,233,739 20.3% Non-controlling interest 632,247 607,016 4.2% 632,247 607,016 4.2% TOTAL NET EQUITY 5,311,297 4,277,628 24.2% 4,523,073 3,840,755 17.8% TOTAL NET EQUITY & LIABILITIES 15,322,076 13,573,123 12.9% 14,095,823 12,905,068 9.2%
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Press Release – Fourth Quarter 2024 | 22 Assets As of December 31, 2024, total Assets increased by CLP 1,190,755 million (excluding the adjustment for hyperinflation in Argentina, IAS 29) compared to December 2023, due to an increase in both Current Assets by CLP 936,279 million and Non-Current Assets by CLP 254,476 million. • In Current Assets, Trade Receivables increased by CLP 328,881 million (+46.9% compared to December 2023), mainly explained by higher accounts receivable balances in Argentina due to greater use of credit cards in both Supermarkets and Home Improvement. In addition, Cash and cash e quivalents increased by CLP 259,519 million in the same period, which is explained by the incorporation of a new financial instrument of Mutual Funds classified as Cash and cash equivalents. • The increase in Non-current Assets is attributed to an increase of CLP 154,397 million in Investment Properties as a result of an upward adjustment of their valuation, added to the incorporation of new assets during the year. Additionally, intangible assets other than goodwill increased by CLP 77,449 million, partially offset by a decrease of CLP 33,079 million in Deferred tax assets. Liabilities As of December 2024, total Liabilities increased by CLP 508,438 million (excluding IAS 29) compared to December 2023, a result attributed to an increase in both Current Liabilities by CLP 450,185 million and Non-Current Liabilities by CLP 58,253 million. • The increase in Current Liabilities is explained by the increase of CLP 485,362 million in Trade Payables, which is attributable to an increase in inventory purchases with special emphasis on Home Improvement at the regional level. The above was partially offset by the decrease in Other non -financial liabilities by CLP 1 39,579 million compared to December, given a lower accrual for minimum dividend as a result of the change in policy for calculating Distributable Net Profit (in 2023, the Hyperinflation Adjustment was excluded from the base) • The increase in Non-Current Liabilities is mainly attributed to the increase in Other financial liabilities by CLP 304,424 million due to greater obligations to banks and the public, attributable to the incorporation of the international bond issued in May 2024, offset by the decrease of CLP 1 53,471 million in Deferred tax liabilities compared to December 2023. Equity At the end of the period, Equity increased by CLP 682,318 million, due to an increase in Accumulated Earnings (Losses) for a total of CLP 401,964 million as a result of an increase in Accumulated Profits generated during the year, together with a lower negative impact of CLP 255,044 million from Other Reserves.
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Press Release – Fourth Quarter 2024 | 23 5.2 Working Capital Ratios Inventory Turnover Average Collection Days Average Payments Days Variation in CLP 4Q24 4Q23 ∆ 4Q24 4Q23 ∆ 4Q24 4Q23 ∆ Supermarkets 41.0 39.6 1.4 13.1 10.5 2.5 40.0 43.0 -3.0 Home Improvement 134.1 89.9 44.2 24.8 16.8 8.0 49.0 51.0 -2.0 Department Stores 94.6 90.5 4.1 7.3 12.8 -5.5 46.0 48.0 -2.0 Shopping Centers - - - 36.0 29.4 6.6 30.0 30.0 0.0 Financial Retail - - - - - - 32.0 30.0 2.0 Inventory Days Supermarkets increased their inventory days by 1.4 days YoY due to an increase in inventory days in Argentina. In Home Improvement, an increase of 44.2 days was recorded, driven by lower sales in Argentina at the end of December 2024 and an increase in the number of SKUs at the regional level ascribable to a strategy focused on greater assortment. Department Stores, for its part, recorded a growth of 4.1 days. Average Collection Days At the end of the fourth quarter, the average number of collection days for Supermarkets increased by 2.5 days, reaching 13.1 days on average, mainly explained by an increase in Argentina and partially explained by the increase in credit card use. For its part, Home Improvement increased its days by 8.0 compared to December 2023, due to the increase in accounts receivable YoY in Chile. On the contrary, Department Stores decreased the average collection days by 5.5 days, while Shopping Centers increased their collection days by 6.6 days. Average Payments Days As of December 2024, the average number of payment days in the Supermarkets segment decreased by 3.0 days, this reduction being mainly driven by the shorter payment days in Argentina, Colombia and Brazil. Home Improvement registered a decrease of 2.0 days on average due to shorter payment terms in Colombia, Argentina and Chile. Likewise, Department Stores decreased by 2.0 days. Shopping Centers maintained their payment days compared to the same period of the previous year, while Financial Services increased their average number of payment days by 2.0 days during the same period.
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Press Release – Fourth Quarter 2024 | 24 5.3 Indebtedness Net Financial Debt Reconciliation Interest Rate Risk As of December 2024, and taking hedges into account through Cross Currency Swaps, 76.0% of the Company's financial debt was at a fixed rate, composed mainly of short -term obligations and bonds. The remaining percentage of the debt was subject to a variable interest rate. Within the variable rate portion, 66.9% was indexed to local interest rates (either by their initial terms or as a result of derivative agreements). The Company's hedging strategy includes a periodic review of the exposure to the risks of fluctuations in interest and exchange rates. Currency Hedging In the regions where Cencosud operates, most costs and revenues are in local currency. A large part of the Company's debt is denominated or converted to CLP through Cross Currency Swaps. As of December 31, 2024, 68.8% of total financial debt was in US doll ars. Of this debt, 78.7% was hedged through Cross Currency Swaps or other currency hedges, such as net investment hedges and USD holdings. The Company's policy seeks to mitigate the risk of currency fluctuations on net liabilities in foreign currency, using market instruments designed for this purpose. With the effect of currency hedges (Cross Currency Swaps), the Company's exposure to the dollar was 14.6% of total gross debt as of December 31, 2024. CLP Million DEC-24 DEC-23 Total Financial Liabilities 4,479,998 4,210,293 (-) Cash and Cash Equivalents 742,644 483,126 (-) Other Financial Assets (Current and Non-Current) 417,532 441,667 Net Financial Debt 3,319,822 3,285,501 (+) Total Lease Liabilities 1,227,476 1,279,410 Reported Net Financial Debt 4,547,298 4,564,911
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Press Release – Fourth Quarter 2024 | 25 5.4 Financial Ratios Gross and Net Leverage CLP Million DEC-24 SEPT-24 JUN-24 MAR-24 DEC-23 Reported Net Financial Debt 4,547,298 4,688,393 4,889,787 4,864,112 4,564,911 Net Leverage 3.0x 3.3x 3.5x 3.5x 3.3x Gross Leverage 3.7x 3.9x 4.0x 4.2x 3.9x Excluding IAS 29 Net Leverage 2.9x 2.9x 2.9x 2.9x 2.8x Gross Leverage 3.7x 3.4x 3.4x 3.5x 3.4x Excluding IAS 29 and PUT Option Net Leverage 2.8x 2.7x 2.8x 2.6x 2.6x Gross Leverage 3.5x 3.2x 3.3x 3.3x 3.2x Debt Ratios (in times) DEC-24 DEC-23 Financial Expense Ratio 3.9 4.8 Financial Debt / Equity 0.6 0.8 Total Liabilities / Equity 1.9 2.2 Current Assets / Current Liabilities 0.9 0.8 6. Cash Flow (11) 6.1 YTD 2024 & 2023 YTD 2024 | CLP Million Net cash flow from operating activities Net cash flow used in investment activities Net cash flow from (used in) financing activities Supermarkets 1,153,411 -251,162 -893,507 Shopping Centers 284,346 -12,240 -203,894 Home Improvement 108,666 -28,245 -78,756 Department Stores 95,264 -7,440 -79,771 Financial Service -1,554 - 1,554 Others -400,752 -26,860 535,500 11 Cash flow explanations do not consider the accounting effect of hyperinflation in Argentina.
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Press Release – Fourth Quarter 2024 | 26 Excl. IAS29 1,239,380 -325,946 -718,874 IAS29 Adjustment Inflation Adjustment 100,420 -3,165 -61,523 Conversion Adjustment 4,171 -18,937 8,938 As Reported 1,343,971 -348,048 -771,459 YTD 2023 |CLP Million Net cash flow from operating activities Net cash flow used in investment activities Net cash flow from (used in) financing activities Supermarkets 1,440,801 -150,948 -1,172,108 Shopping Centers 242,342 -69,489 -182,231 Home Improvement 325,723 -142,300 -147,136 Department Stores 31,640 -30,035 -1,456 Financial Service 43,147 -30 -43,117 Others -484,137 3,599 521,153 Excl. IAS29 1,599,517 -389,203 -1,024,895 IAS29 Adjustment Inflation Adjustment 173,051 -31,806 -49,373 Conversion Adjustment -324,912 107,567 79,336 As Reported 1,447,655 -313,442 -994,932 Operating Activities At the end of 2024, cash flow from operating activities decreased by 22.5%, reaching a total of CLP 1, 239,380 million (excluding IAS 29) compared to CLP 1, 599,517 million at the end of December 2023. This decrease is mainly explained by a reduced flow from the Supermarkets and Home Improvement businesses (a decrease of CLP 504,448 million between both businesses) compared to December 2023, partly offset by a higher flow from Shopping Centers and Department Stores (CLP 105,628 million between both businesses). Investment Activities Cash flow from investment activities decreased by 16.3% compared to December 2023, reaching a total of CLP -325,946 million (excluding IAS 29) in the cumulative flow to 2024. Including the IAS29 adjustment, the Company increased its investments by CLP 34.6 million versus the same period of 2023 due to a higher level of investment (Capex), partially offset by an increase in Interest received versus 2023. Capex for the period was CLP 451,597 million versus CLP 336,319 million in the previous period.
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Press Release – Fourth Quarter 2024 | 27 Financing Activities The net flow allocated to financing activities was CLP -738,516 million as of December 2024 (excluding IAS 29) while as of December 2023 a net flow of CLP -1,024,895 million was recorded. This result reflects a lower dividend payment compared to 2023. Cash Position Evolution (12) 2024 (CLP MM) The cash position has increased by 26.1% compared to December 2023, given the higher cash flow from operations. This is mainly offset by the rental payment and the investment s in Property, Plant and Equipment (Capex) resulting from growth plans in both the shopping center business and the opening of new stores. 12 Cash position considers assets that are subtracted for the calculation of Net Leverage (Cash + Short - and Long -Term Financial Assets). Figures include IAS29 adjustment
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Press Release – Fourth Quarter 2024 | 28 7. Risk Management Cencosud and its subsidiaries operate in a business environment that entails a series of intrinsic risks. In this regard, the Company maintains a 'Corporate Risk Management Policy', as well as a series of related procedures, such as Internal Audit manuals and methodological frameworks for the management and administration of risks of all kinds, including those related to economic, environmental and social aspects. The company's risk management structure is outlined by the Cencosud Board of Directors, and its implementation is carried out at the different levels of the organization. In this context, Cencosud has a ‘Corporate Management department for Internal Audits, Internal Controls and Risks’, which reports directly to the Board of Directors and supports the Corporate General Management in its responsibility to promote the implemen tation and operation of the Risk Management model, thus acting as a key element of the control environment in the Company's Governance and planning structure. This has strengthened them, allowing them to rise to the level of the best global and local pract ices, such as those suggested by the Dow Jones Sustainability Index (DJSI) and General Standard No. 461 of the Chilean Financial Market Commission (CMF). For more detailed information on Risk Management, you can consult the Integrated Annual Report for 2023 at the following link: https://www.cencosud.com/cencosud/site/docs/20240409/20240409224848/memor ia_cencosud_consolidada_2023.pdf
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Press Release – Fourth Quarter 2024 | 29 Appendix Fourth Quarter 2024
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Press Release – Fourth Quarter 2024 | 30 Index 1. Financial Information ................................................................................................................................. 31 Consolidated Income Statement .......................................................................................................... 31 12 Months 2024 .................................................................................................................................................... 32 Adjusted EBITDA Calculation .................................................................................................................. 32 By Business Unit ................................................................................................................................................ 33 Consolidated Balance Sheet ................................................................................................................... 34 Balance Sheet By Country ......................................................................................................................... 35 Consolidated Cash Flow .............................................................................................................................. 35 Openings and Closures 2024 by country ...................................................................................... 36 2. Business Performance ............................................................................................................................. 37 Supermarkets and Others .......................................................................................................................... 37 Home Improvement ........................................................................................................................................ 39 Department Stores ........................................................................................................................................... 40 Shopping Centers ............................................................................................................................................... 41 Operational Data by Country..................................................................................................................... 42 Financial Services ............................................................................................................................................... 44 Financial Indicators () ....................................................................................................................................... 45 3. Macroeconomic Indicators ................................................................................................................. 46 4. Glossary .............................................................................................................................................................. 47
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Press Release – Fourth Quarter 2024 | 31 1. Financial Information Consolidated Income Statement Fourth Quarter 2024 CLP Million 4Q24 4Q23 ∆ % Inflation effect Conversio n effect Inflation effect Conversion effect 4Q24 4Q23 ∆ % Revenues 4,822,259 3,299,029 46.2% 198,589 124,772 955,163 -2,080,870 4,498,898 4,424,735 1.7% Cost of Sales -3,337,971 -2,355,742 41.7% -129,466 -83,240 -670,681 1,337,327 -3,125,265 -3,022,389 3.4% Gross Profit 1,484,288 943,287 57.4% 69,123 41,532 284,483 -743,543 1,373,633 1,402,347 -2.0% Gross Margin 30.8% 28.6% 219 bps 34.8% 33.3% 29.8% 35.7% 30.5% 31.7% -116 bps Selling and administrtive expenses -1,137,217 -701,901 62.0% -65,454 -34,601 -270,592 561,012 -1,037,162 -992,320 4.5% Other income by function -31,257 36,465 N.A. 66 -244 242 2,005 -31,078 34,218 N.A. Other gain (losses) -19,201 1,879 N.A. 1,456 382 4,467 3,267 -21,039 -5,855 259.3% Operating income 296,613 279,729 6.0% 5,191 7,068 18,600 -177,260 284,353 438,389 -35.1% Participation profit/loss of associates -5,089 3,258 -256.2% 0 0 0 0 -5,089 3,258 -256.2% Net financial income -118,126 -71,556 65.1% -16,987 -1,366 46,765 -34,609 -99,773 -83,712 19.2% Foreign exchange variations -68,199 10,759 N.A. -860 -349 -3,867 4,710 -66,990 9,917 N.A. Result of indexation units -24,946 -93,646 -73.4% -3,621 -2,613 -116,153 44,776 -18,712 -22,269 -16.0% Non-operating income (loss) -216,360 -151,185 43.1% -21,468 -4,328 -73,255 14,876 -190,564 -92,806 105.3% Income before taxes 80,253 128,544 -37.6% -16,277 2,740 -54,655 -162,384 93,789 345,583 -72.9% Income taxes -44,130 -20,185 118.6% -29,747 -3,117 -114,405 65,395 -11,266 28,826 -139.1% Profit (loss) 36,123 108,359 -66.7% -46,024 -376 -169,061 -96,989 82,523 374,409 -78.0% Profit (loss) from controlling shareholders 16,185 83,277 -80.6% -46,026 -376 -169,075 -96,989 62,587 349,341 -82.1% Profit (loss) from non-controlling shareholders 19,938 25,082 -20.5% 2 0 14 0 19,936 25,068 -20.5% Adjusted EBITDA 464,238 357,439 29.9% 18,956 9,295 44,266 -210,455 435,987 523,628 -16.7% Adjusted EBITDA margin 9.6% 10.8% -121 bps 9.5% 7.4% 4.6% 10.1% 9.7% 11.8% -214 bps Reported IAS 29 (Dec-24) IAS 29 (Dec-23) Excl. IAS 29 4Q24 4Q23 ∆ % Inflation effect Conversio n effect Inflation effect Conversion effect 4Q24 4Q23 ∆ % Asset revaluation -41,490 26,825 N.A. 0 -294 0 2,760 -41,195 24,065 N.A. Deffered income taxes asset revaluation 18,010 -7,907 N.A. 0 103 0 -966 17,907 -6,941 N.A. Net effect from asset revaluation -23,480 18,918 -224.1% 0 -191 0 1,794 -23,288 17,124 -236.0% CLP Million Reported IAS 29 (Dec-24) IAS 29 (Dec-23) Excl. IAS 29
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Press Release – Fourth Quarter 2024 | 32 12 Months 2024 Adjusted EBITDA Calculation Millones de CLP 12M24 12M23 ∆ % Ajuste inflación Ajuste conversió n Ajuste inflación Ajuste conversión 12M24 12M23 ∆ % Ingresos 16,493,815 14,230,642 15.9% 607,320 -174,012 1,622,067 -2,621,806 16,060,507 15,230,381 5.5% Costo de Ventas -11,554,509 -10,069,297 14.7% -479,244 117,663 -1,210,549 1,691,716 -11,192,928 -10,550,464 6.1% Ganancia Bruta 4,939,306 4,161,345 18.7% 128,076 -56,350 411,518 -930,091 4,867,580 4,679,917 4.0% Margen Bruto 29.9% 29.2% 70 bps 21.1% 32.4% 25.4% 35.5% 30.3% 30.7% -42 bps Gasto de Administración y Ventas -3,922,369 -3,226,792 21.6% -203,932 47,791 -469,080 702,693 -3,766,228 -3,460,406 8.8% Otros ingresos, por función 57,231 67,482 -15.2% 260 -1,028 483 12,115 57,999 54,885 5.7% Otras ganancias (pérdidas) -4,019 -3,009 N.A 18,405 -715 11,499 2,879 -21,710 -17,388 24.9% Resultado Operacional 1,070,149 999,026 7.1% -57,190 -10,301 -45,579 -212,403 1,137,640 1,257,009 -9.5% Participación ganancias (pérdidas) de asociadas -2,611 -8,279 N.A 0 0 0 0 -2,611 -8,279 N.A Costo Financiero Neto -390,989 -288,681 35.4% -25,254 4,982 81,845 -33,463 -370,717 -337,064 10.0% Variaciones tipo de cambio -75,453 -49,638 52.0% -4,158 1,196 -5,132 4,994 -72,491 -49,500 46.4% Resultado por Unidades de Reajuste -119,625 -139,044 -14.0% -56,984 -1,673 -113,372 38,235 -60,968 -63,907 -4.6% Resultado No Operacional -588,677 -485,642 21.2% -86,395 4,505 -36,658 9,767 -506,787 -458,750 10.5% Resultado antes de impuestos 481,472 513,385 -6.2% -143,586 -5,796 -82,238 -202,637 630,853 798,259 -21.0% Impuesto a la renta -247,789 -221,172 12.0% -240,878 9,428 -327,538 81,450 -16,338 24,916 N.A. Utilidad (pérdida) 233,683 292,213 -20.0% -384,464 3,632 -409,776 -121,187 614,515 823,175 -25.3% Utilidad (pérdida) de la controladora 158,935 220,280 -27.8% -384,486 3,632 -409,812 -121,187 539,788 751,279 -28.2% Utilidad (pérdida) de minoritarias 74,749 71,933 3.9% 22 0 37 0 74,727 71,896 3.9% EBITDA Ajustado 1,531,193 1,382,242 10.8% -13,278 -11,923 12,403 -264,209 1,556,394 1,634,048 -4.8% Margen EBITDA Ajustado (%) 9.3% 9.7% -43 bps -2.2% 6.9% 0.8% 10.1% 9.7% 10.7% -104 bps Reportado NIC 29 (dic-24) NIC 29 (dic-23) Excl. NIC 29 12M24 12M23 ∆ % Ajuste inflación Ajuste conversió n Ajuste inflación Ajuste conversión 12M24 12M23 ∆ % Revaluación de Activos 23,030 36,515 -36.9% 0 -956 0 13,099 23,986 23,416 2.4% Impuesto diferido Revaluación de Activos -314 -9,439 -96.7% 0 335 0 -4,585 -649 -4,854 -86.6% Efecto neto Revaluación Activos 22,716 27,076 -16.1% 0 -622 0 8,514 23,337 18,562 25.7% Millones de CLP Reportado NIC 29 (dic-24) NIC 29 (dic-23) Excl. NIC 29 CLP Million 4Q24 4Q23 % 12M24 12M23 % Profit (Loss) 82,523 374,409 -78.0% 614,515 823,175 -25.3% Net Financial Income 99,773 83,712 19.2% 370,717 337,064 10.0% Result from Indexation Units 18,712 22,269 -16.0% 60,968 63,907 -4.6% Foreign Exchange Variations 66,990 -9,917 N.A. 72,491 49,500 46.4% Income Taxes 11,266 -28,826 -139.1% 16,338 -24,916 -165.6% Depreciation & Amortization 115,528 106,046 8.9% 445,350 408,734 9.0% Asset Revaluation 41,195 -24,065 N.A. -23,986 -23,416 2.4% Adjusted EBITDA 435,987 523,628 -16.7% 1,556,394 1,634,048 -4.8%
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Press Release – Fourth Quarter 2024 | 33 By Business Unit 4Q24 SMKT SC HI DS FS Others TOTAL Net Income 244,637 65,748 50,597 27,020 26,877 -332,355 82,523 Net financial income - - - - - 99,773 99,773 Income Taxes - - - - - 11,266 11,266 EBIT 244,637 65,748 50,597 27,020 26,877 -221,316 193,562 Depreciation and Amortization 83,512 4,642 6,654 10,625 464 9,631 115,528 EBITDA 328,149 70,390 57,251 37,645 27,340 -211,685 309,089 Exchange Differences - - - - - 66,990 66,990 Asset revaluation - 16,556 - - - 24,639 41,195 Result from Indexation Units - - - - - 18,712 18,712 Adjusted EBITDA 328,149 86,946 57,251 37,645 27,340 -101,344 435,987 4Q23 SMKT SC HI DS FS Others TOTAL Net Income 287,794 61,605 112,101 11,819 25,306 -124,217 374,409 Net financial income - - - - - 83,712 83,712 Income Taxes - - - - - -28,826 -28,826 EBIT 287,794 61,605 112,101 11,819 25,306 -69,330 429,295 Depreciation and Amortization 79,077 7,460 4,531 8,688 69 6,221 106,046 EBITDA 366,871 69,064 116,632 20,507 25,376 -63,109 535,341 Exchange Differences - - - - - -9,917 -9,917 Asset revaluation - 3,625 - - - -27,689 -24,065 Result from Indexation Units - - - - - 22,269 22,269 Adjusted EBITDA 366,871 72,689 116,632 20,507 25,376 -78,447 523,628 12M24 SMKT SC HI DS FS Others TOTAL Net Income 900,936 322,612 148,081 34,407 75,007 -866,529 614,515 Net financial income - - - - - 370,717 370,717 Income Taxes - - - - - 16,338 16,338 EBIT 900,936 322,612 148,081 34,407 75,007 -479,473 1,001,570 Depreciation and Amortization 329,309 17,341 25,524 40,265 1,128 31,783 445,350 EBITDA 1,230,245 339,953 173,604 74,673 76,136 -447,690 1,446,920 Exchange Differences - - - - - 72,491 72,491 Asset revaluation - -49,105 - - - 25,119 -23,986 Result from Indexation Units - - - - - 60,968 60,968 Adjusted EBITDA 1,230,245 290,849 173,604 74,673 76,136 -289,112 1,556,394 12M23 SMKT SC HI DS FS Others TOTAL Net Income 928,458 238,659 273,378 -11,617 66,771 -672,474 823,175 Net financial income - - - - - 337,064 337,064 Income Taxes - - - - - -24,916 -24,916 EBIT 928,458 238,659 273,378 -11,617 66,771 -360,326 1,135,323 Depreciation and Amortization 300,693 17,225 21,330 38,670 163 30,653 408,734 EBITDA 1,229,151 255,884 294,708 27,053 66,935 -329,673 1,544,058 Exchange Differences - - - - - 49,500 49,500 Asset revaluation - 3,696 - - - -27,112 -23,416 Result from Indexation Units - - - - - 63,907 63,907 Adjusted EBITDA 1,229,151 259,580 294,708 27,053 66,935 -243,379 1,634,048
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Press Release – Fourth Quarter 2024 | 34 Consolidated Balance Sheet DEC 24 DEC 23 DEC 24 DEC 23 DEC 24 DEC 23 Cash and cash equivalents 742,644 483,126 - - 742,644 483,126 Other financial assets, current 180,668 211,081 - - 180,668 211,081 Other non-financial assets, current 39,235 32,699 423 363 38,812 32,336 Trade receivables and other receivables 1,030,564 701,683 - - 1,030,564 701,683 Receivables from related entities, current 21,430 12,630 - - 21,430 12,630 Inventory 1,646,822 1,411,221 13,129 27,295 1,633,694 1,383,926 Current tax assets 75,384 123,837 - - 75,384 123,837 Non-current assets held for sale 161,702 - - - 161,702 - TOTAL CURRENT ASSETS 3,898,450 2,976,277 13,552 27,658 3,884,898 2,948,619 Other financial assets, non-current 236,864 230,585 - - 236,864 230,585 Other non-financial assets, non-current 29,434 26,479 1,461 861 27,973 25,618 Trade receivable and other receivables, 971 157 - - 971 157 Equity method investment 333,364 334,657 - - 333,364 334,657 Intangible assets other than goodwill 857,293 774,004 12,252 6,412 845,040 767,592 Goodwill 1,917,682 1,873,590 17,104 8,313 1,900,578 1,865,277 Property, plant and equipment 4,123,631 3,743,123 745,938 394,220 3,377,693 3,348,903 Investment property 3,548,680 3,188,928 435,946 230,591 3,112,734 2,958,337 Current Tax assets, non-current 52,236 68,773 - - 52,236 68,773 Deferred income tax assets 323,471 356,550 - - 323,471 356,550 TOTAL NON-CURRENT ASSETS 11,423,626 10,596,845 1,212,702 640,397 10,210,924 9,956,448 TOTAL ASSETS 15,322,076 13,573,123 1,226,253 668,055 14,095,823 12,905,068 Assets As reported IAS29 Excl. IAS29 CLP million CLP million CLP million DEC 24 DEC 23 DEC 24 DEC 23 DEC 24 DEC 23 Other financial liabilities, current 470,743 505,461 - - 470,743 505,461 Leasing Liabilities, current 200,592 180,835 - - 200,592 180,835 Trade payables and other payables 3,163,703 2,678,848 1,010 1,516 3,162,694 2,677,332 Payables to related entities, current 19,104 16,517 - - 19,104 16,517 Provisions and other liabilities 21,701 21,680 - - 21,701 21,680 Current income tax liabilities 44,704 48,325 - - 44,704 48,325 Current provision for employee benefits 173,226 136,878 - - 173,226 136,878 Other non-financial liabilities, current 70,807 210,386 - - 70,807 210,386 TOTAL CURRENT LIABILITIES 4,248,607 3,798,928 1,010 1,516 4,247,597 3,797,412 Other financial liabilities, non-current 4,009,255 3,704,832 - - 4,009,255 3,704,832 Leasing Liabilities, non-current 1,026,884 1,098,576 - - 1,026,884 1,098,576 Trade accounts payable, non-current 4,291 3,402 - - 4,291 3,402 Other provisions, non-current 59,650 48,070 19,467 7,415 40,183 40,655 Deferred income tax liabilities 600,181 558,351 417,553 222,251 182,628 336,100 Provision for employee benefits, non- 14,004 11,557 - - 14,004 11,557 Current taxes liabilities, non-current 2,031 4,046 - - 2,031 4,046 Other non-financial liabilities, non-current 45,877 67,733 - - 45,877 67,733 TOTAL NON-CURRENT LIABILITIES 5,762,173 5,496,566 437,020 229,666 5,325,153 5,266,900 TOTAL LIABILITIES 10,010,780 9,295,495 438,030 231,183 9,572,750 9,064,312 Paid-in Capital 2,343,320 2,380,289 - - 2,343,320 2,380,289 Retained earnings (accumulated losses) 2,318,984 2,078,932 (322,502) (160,589) 2,641,485 2,239,521 Issuance premium 458,902 459,360 - - 458,902 459,360 Treasury stock (101) (37,607) - - (101) (37,607) Other reserves (442,055) (1,210,362) 1,110,725 597,461 (1,552,780) (1,807,824) Net equity attributable to controlling shareholders4,679,049 3,670,612 788,224 436,872 3,890,826 3,233,739 Non-controlling interest 632,247 607,016 - - 632,247 607,016 TOTAL NET EQUITY 5,311,297 4,277,628 788,224 436,872 4,523,073 3,840,755 TOTAL LIABILITIES AND NET EQUITY 15,322,076 13,573,123 1,226,253 668,055 14,095,823 12,905,068 Liabilities CLP million CLP million CLP million As reported IAS29 Excl. IAS29
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Press Release – Fourth Quarter 2024 | 35 Balance Sheet By Country Consolidated Cash Flow DEC 24 DEC 23 % DEC 24 DEC 23 % DEC 24 DEC 23 % Chile 6,593,242 6,254,907 5.4% 6,472,455 6,045,596 7.1% 1,233,329 1,070,493 15.2% Argentina 2,305,014 1,258,289 83.2% 970,744 529,864 83.2% 1,419,213 811,164 75.0% United States 1,939,057 1,642,908 18.0% 1,162,657 986,441 17.9% 64,235 49,435 29.9% Brazil 1,168,016 1,395,716 -16.3% 606,869 1,033,969 -41.3% 505,765 353,279 43.2% Peru 1,702,651 1,477,806 15.2% 499,052 424,121 17.7% 989,454 877,362 12.8% Colombia 1,518,714 1,472,538 3.1% 289,923 267,824 8.3% 1,017,513 1,085,157 -6.2% Uruguay 95,382 70,959 34.4% 9,081 7,679 18.3% 81,788 30,738 166.1% Total 15,322,076 13,573,123 12.9% 10,010,780 9,295,495 7.7% 5,311,297 4,277,628 24.2% IAS 29 1,226,253 668,055 83.6% 438,030 231,183 89.5% 788,224 436,872 80.4% Excl. IAS 29 14,095,823 12,905,068 9.2% 9,572,750 9,064,312 5.6% 4,523,073 3,840,755 17.8% Total Assets Total Liabilities Total Net Equity Cash flows from operating activities Dec 24 Dec 23 Var % Collections from sales of goods and provision of services 20,663,760 16,284,598 26.9% Other charges for operating activities 42,962 36,522 17.6% Payments to suppliers for the supply of goods and services -15,759,053 -12,288,776 28.2% Payments to and on behalf of employees -2,394,205 -1,683,712 42.2% Other payments for operating activities -1,082,877 -699,390 54.8% Income taxes paid (refunded) -121,743 -206,430 -41.0% Other cash inflows (outflows) -4,873 4,843 N.A. Cash flows from operating activities 1,343,971 1,447,655 -7.2% Cash flows from investing activities Dec 24 Dec 23 Var % Amounts from sales of property, plant and equipment 2,023 3,293 -38.6% Purchases of property, plant and equipment -374,201 -273,551 36.8% Purchases of intangible assets -77,396 -62,768 23.3% Dividends received 17,388 9,833 76.8% Interest received 122,709 51,322 139.1% Other cash inflows (outflows) -38,571 -41,572 -7.2% Cash flows from investing activities -348,048 -313,442 11.0%
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Press Release – Fourth Quarter 2024 | 36 Openings and Closures 2024 by country Cash flows from financing activities Dec 24 Dec 23 Var % Payments for acquiring or redeeming the entity's shares -2,084 - N.A. Amounts from long-term loans 881,951 1,074 82013.0% Amounts from short-term loans 192,837 1,078,326 -82.1% Loan repayments -1,199,885 -1,291,826 -7.1% Lease liability payments -278,529 -230,023 21.1% Dividends paid -58,922 -288,946 -79.6% Interest paid -211,907 -177,454 19.4% Other cash inflows (outflows) -94,920 -86,083 10.3% Cash flows from financing activities -771,459 -994,932 -22.5% Increase (decrease) in cash and cash equivalents, before the effect of changes in the exchange rate 224,464 139,281 N.A. Effects of changes in the exchange rate on cash and cash equivalents 35,055 -29,856 N.A. Increase (decrease) in cash and cash equivalents 259,519 109,425 N.A. Cash and cash equivalents at the beginning of the period 483,126 373,700 29.3% Cash and cash equivalents at the end of the period 742,644 483,126 53.7% Remodelings 12M24 # sqm # sqm # # sqm Chile 8 8,186 - - 23 5 11,614 Argentina 8 9,470 - - 2 3 422 USA 8 11,382 - - - 2 3,417 Brazil 3 8,461 - - - 6 7,492 Peru 1 1,785 - - 6 4 7,020 Colombia - - - - 2 2 5,159 Total 28 39,284 - - 33 22 35,125 ClosuresOpenings Transformations
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Press Release – Fourth Quarter 2024 | 37 2. Business Performance Supermarkets and Others Income Statement Supermarkets and Others Operational Data (13) 13 During 2Q24, the square meterage of common spaces and sales rooms of the stores have been reviewed, resulting in an adjustmen t of the sales surface in Chile and the United States. This setting excludes, for example, the surface area associated with Darkst ores. 4Q24 4Q23 12M24 12M23 ∆ % ∆ LC % ∆ % ∆ LC % Chile 1,331,354 1,289,889 3.2% 3.2% 4,982,596 4,825,908 3.2% 3.2% Argentina 550,787 599,401 -8.1% 110.4% 1,917,975 1,903,320 0.8% 183.1% USA 565,150 500,859 12.8% 4.9% 1,982,281 1,695,296 16.9% 4.0% Brazil 427,175 484,623 -11.9% -3.5% 1,772,440 1,686,065 5.1% 0.7% Peru 354,004 316,706 11.8% 2.7% 1,241,413 1,112,039 11.6% -0.5% Colombia 248,639 247,175 0.6% -1.3% 895,793 797,989 12.3% -4.9% Revenues 3,477,110 3,438,652 1.1% N.A. 12,792,498 12,020,617 6.4% N.A. Chile 376,853 351,041 7.4% 7.4% 1,387,487 1,308,549 6.0% 6.0% Argentina 150,728 204,191 -26.2% 68.4% 574,005 617,979 -7.1% 156.6% USA 217,925 187,401 16.3% 8.2% 764,728 629,863 21.4% 8.1% Brazil 81,697 98,388 -17.0% -9.1% 348,755 349,109 -0.1% -4.5% Peru 86,875 76,710 13.3% 4.0% 303,206 267,160 13.5% 1.1% Colombia 48,713 47,755 2.0% 0.1% 181,439 164,213 10.5% -6.9% Gross Profit 962,790 965,487 -0.3% N.A 3,559,620 3,336,873 6.7% N.A SG&A -721,194 -680,826 5.9% N.A -2,670,442 -2,419,198 10.4% N.A Operating Profit 244,619 287,906 -15.0% N.A 902,136 929,176 -2.9% N.A Adjusted EBITDA 328,149 366,871 -10.6% N.A 1,230,245 1,229,151 0.1% N.A Adj. EBITDA Margin 9.4% 10.7% 9.6% 10.2% Supermarkets Var. vs 2023 Var. vs 2023 CLP MM CLP MM -123 bps -61 bps 4Q24 4Q23 4Q24 4Q23 4Q24 4Q24 Chile 251 251 66.5% 66.5% 614,879 621,224 Argentina 278 272 55.8% 54.8% 423,675 421,038 USA 167 161 100.0% 100.0% 207,741 200,912 Brazil 157 158 93.0% 93.0% 361,468 366,054 Peru 70 72 60.0% 59.7% 211,414 215,122 Colombia 78 80 17.9% 18.8% 345,448 360,566 Total 1,001 994 69.0% 68.6% 2,164,624 2,184,916 Supermarkets N° of Stores % Leased Selling Space (sqm)
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Press Release – Fourth Quarter 2024 | 38 Same Store Sales Supermarkets and Others 4Q24 4Q23 4Q24 4Q23 4Q24 4Q24 Brazil 58 57 91.4% 91.2% 190,493 184,563 Peru 18 18 27.8% 27.8% 43,629 43,629 Total 76 75 76.3% 76.0% 234,122 228,192 Cash&Carry N° of Stores % Leased Selling Space (sqm) 4Q24 4Q23 4Q24 4Q23 4Q24 4Q24 Chile 38 34 97.4% 97.1% 6,663 5,913 Argentina - 3 0% 0% - 422 Brazil 9 10 100% 100% 1,173 1,253 Peru - 1 0% 100% - 129 Colombia 13 13 100% 100% 1,776 1,776 Total 60 61 98.3% 93.4% 9,612 9,494 Convenience N° of Stores % Leased Selling Space (sqm) 4Q24 4Q23 4Q24 4Q23 4Q24 4Q24 Brazil 147 149 94.6% 94.6% 17,569 17,863 Colombia 37 37 8.1% 8.1% 18,490 18,490 Total 184 186 77.2% 77.4% 36,059 36,353 Others N° of Stores % Leased Selling Space (sqm) 4Q24 4Q23 4Q24 4Q23 4Q24 4Q24 Chile 2.2% -0.5% 1.2% 2.5% 1.0% -3.0% Argentina 110.8% 201.7% -16.2% 13.8% 151.5% 165.2% USA 2.0% 1.2% -0.3% 0.2% 2.3% 1.0% Brazil -4.7% -2.6% -3.2% -2.2% -1.6% -0.4% Peru 2.7% -2.5% 3.2% 6.4% -0.4% -8.3% Colombia -0.2% -7.9% -7.0% -36.7% 7.3% 45.5% Total Supermarkets SSS SS Tickets Average Tickets 4Q24 4Q23 4Q24 4Q23 4Q24 4Q24 Chile 2.0% -0.5% 0.6% 2.5% 1.4% -2.9% Argentina 110.8% 201.7% -16.2% 13.8% 151.5% 165.2% USA 2.0% 1.2% -0.3% 0.2% 2.3% 1.0% Brazil -3.0% -6.0% -3.5% -3.3% 0.6% -2.8% Peru 2.5% -3.4% 3.7% 6.4% -1.1% -9.2% Colombia -0.1% -7.9% -6.9% -36.7% 7.2% 45.5% Average TicketsSupermarkets SSS SS Tickets 4Q24 4Q23 4Q24 4Q23 4Q24 4Q24 Brazil -7.5% 3.5% -2.2% 0.5% -5.4% 3.0% Peru 3.8% 3.4% -0.9% 5.5% 4.7% -1.9% SS Tickets Average TicketsCash&Carry SSS
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Press Release – Fourth Quarter 2024 | 39 Supermarkets Online Sales Evolution (Variation in Local Currency) Home Improvement Income Statement 4Q24 4Q23 4Q24 4Q23 4Q24 4Q24 Chile 73.0% 7.1% 41.1% 27.2% 22.6% -15.8% Brazil 1.4% 32.1% -1.6% 42.3% 3.0% -7.2% Colombia -18.3% -8.9% -10.7% -36.9% -8.6% 44.3% Convenience SSS SS Tickets Average Tickets 4Q24 4Q23 4Q24 4Q23 4Q24 4Q24 Brazil 0.1% -2.4% -9.5% 10.3% 10.6% -11.5% Colombia 7.4% 28.2% 5.4% -24.4% 1.9% 69.6% Others SSS SS Tickets Average Tickets 4Q24 4Q23 12M24 12M23 ∆ % ∆ LC % ∆ % ∆ LC % Chile 210,474 197,839 6.4% 6.4% 771,727 756,913 2.0% 2.0% Argentina 221,065 269,546 -18.0% 92.2% 712,123 815,705 -12.7% 147.8% Colombia 20,132 21,632 -6.9% -8.4% 77,495 71,071 9.0% -8.2% Revenues 451,671 489,017 -7.6% N.A. 1,561,345 1,643,690 -5.0% N.A. Chile 62,987 62,578 0.7% 0.7% 219,788 215,653 1.9% 1.9% Argentina 87,714 161,430 -45.7% 22.2% 305,756 441,252 -30.7% 86.6% Colombia 4,719 3,385 39.4% 37.0% 16,375 14,024 16.8% -2.3% Gross Profit 155,420 227,393 -31.7% N.A 541,920 670,929 -19.2% N.A SG&A -104,875 -115,300 -9.0% N.A -394,224 -397,622 -0.9% N.A Operating Profit 50,597 112,101 -54.9% N.A 148,081 273,378 -45.8% N.A Adjusted EBITDA 57,251 116,632 -50.9% N.A 173,604 294,708 -41.1% N.A Mg Adj. EBITDA 12.7% 23.9% 11.1% 17.9% Var. vs 2023 Var. vs 2023 CLP MM CLP MM -681 bps-1117 bps
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Press Release – Fourth Quarter 2024 | 40 Home Improvement Operational Data Home Improvement Same Store Sales Home Improvement Online Sales Evolution (Variation in Local Currency) Department Stores Income Statement 4Q24 4Q23 4Q24 4Q23 4Q24 4Q24 Chile 41 41 14.6% 14.6% 350,395 350,395 Argentina 60 58 23.3% 21.1% 386,792 379,138 Colombia 16 16 6.3% 6.3% 87,731 91,884 Total 117 115 17.9% 16.7% 824,918 821,417 N° of Stores Selling Space (sqm)% Leased 4Q24 4Q23 4Q24 4Q23 4Q24 4Q24 Chile 8.5% -14.1% 3.9% -10.8% 4.4% -3.7% Argentina 86.4% 200.1% -4.9% 4.5% 96.1% 187.1% Colombia -9.1% -25.2% -7.3% -8.4% -1.9% -18.4% SSS SS Tickets Average Tickets Home Improvement 12M24 4Q24 3Q24 2Q24 1Q24 12M23 4Q23 3Q23 2Q23 1Q23 Chile -2.2% -7.8% 0.1% 1.5% -0.9% 0.0% 0.0% -3.7% 14.8% -3.7% Argentina 138.2% 61.8% 159.9% 181.2% 364.9% 191.3% 181.6% 134.2% 316.0% 216.5% Colombia 26.2% 24.9% 26.4% 42.9% 14.7% -24.8% 1.2% -26.5% -44.3% -25.9% 4Q24 4Q23 12M24 12M23 ∆ % ∆ LC % ∆ % ∆ LC % Chile 399,235 364,820 9.4% 9.4% 1,173,545 1,084,190 8.2% 8.2% Revenues 399,235 364,820 9.4% 9.4% 1,173,545 1,084,190 8.2% 8.2% Chile 112,156 97,190 15.4% 15.4% 320,240 272,697 17.4% 17.4% Gross Profit 112,156 97,190 15.4% 15.4% 320,240 272,697 17.4% 17.4% SG&A -92,088 -92,223 -0.1% -0.1% -306,148 -304,096 0.7% 0.7% Operating Profit 27,020 11,819 128.6% 128.6% 34,407 -11,617 N.A. N.A. Adjusted EBITDA 37,645 20,507 83.6% 83.6% 74,673 27,053 176.0% 176.0% Mg Adj. EBITDA 9.4% 5.6% 6.4% 2.5%381 bps 387 bps Department Stores Var. vs 2023 Var. vs 2023 CLP MM CLP MM
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Press Release – Fourth Quarter 2024 | 41 Department Stores Operational Data Department Stores Same Store Sales Department Stores Online Sales Evolution (Variation in Local Currency) Shopping Centers Income Statement 4Q24 4Q23 4Q24 4Q23 4Q24 4Q24 Chile 48 49 62.5% 62.7% 273,443 278,042 N° of Stores % Leased Selling Space (sqm) 4Q24 4Q23 4Q24 4Q23 4Q24 4Q24 Chile 11.7% -1.7% 10.0% 2.0% 1.5% -3.7% SSS SS Tickets Average Tickets 4Q24 4Q23 12M24 12M23 ∆ % ∆ LC % ∆ % ∆ LC % Chile 71,427 59,414 20.2% 20.2% 249,290 216,385 15.2% 15.2% Argentina 28,700 27,178 5.6% 140.8% 82,736 88,315 -6.3% 166.5% Peru 7,958 6,759 17.7% 8.5% 30,061 24,855 20.9% 7.9% Colombia 2,906 2,582 12.6% 10.8% 11,656 9,199 26.7% 6.9% Revenues 110,992 95,932 15.7% N.A 373,744 338,753 10.3% N.A Chile 66,735 54,827 21.7% 21.7% 233,814 199,025 17.5% 17.5% Argentina 23,356 23,526 -0.7% 125.2% 66,253 74,255 -10.8% 151.3% Peru 6,389 5,489 16.4% 7.1% 24,340 16,960 43.5% 29.2% Colombia 2,788 2,461 13.3% 11.6% 11,120 8,811 26.2% 6.5% Gross Profit 99,268 86,303 15.0% N.A 335,527 299,051 12.2% N.A SG&A -17,004 -21,073 -19.3% N.A -62,127 -56,697 9.6% N.A Operating Profit 65,748 61,605 6.7% N.A 322,612 238,659 35.2% N.A Adjusted EBITDA 86,946 72,689 19.6% N.A 290,849 259,580 12.0% N.A Mg Adj. EBITDA 78.3% 75.8% 77.8% 76.6%256 bps 119 bps Shopping Centers Var. vs 2023 Var. vs 2023 CLP MM CLP MM
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Press Release – Fourth Quarter 2024 | 42 Shopping Centers Operational Data Operational Data by Country Chile 4Q24 4Q23 4Q24 4Q23 4Q24 4Q23 Cenco Malls 33 33 1.193.580 1.170.980 99,0% 99,0% Towers N.A. N.A. 65.000 65.000 74,1% 71,9% Non-IPO Locations 2 2 19.000 18.939 95,0% 95,0% Chile 35 35 1.277.580 1.254.919 97,7% 97,5% 0 Cenco Malls 3 3 60.534 61.052 89,8% 94,1% Non-IPO Locations 3 3 92.865 92.865 92,4% 88,1% Peru 6 6 153.399 153.917 91,4% 90,5% Cenco Malls 4 4 63.257 64.893 92,6% 91,9% Non-IPO Locations N.A. N.A. 47.030 47.030 N.A. N.A. Colombia 4 4 110.287 111.924 92,6% 91,9% Argentina 22 22 745.356 745.356 93,1% 90,6% Shopping Centers 67 67 2.286.622 2.266.115 95,6% 94,5% N° of Shopping Centers Selling Space (sqm) Occupancy Rate 4Q23 4Q22 Var% 4Q23 4Q22 Var% 4Q23 4Q22 Var% 4Q23 4Q22 Var% Portal Talcahuano 1,469 1,408 4.3% 6,210 6,210 0.0% 7,679 7,618 0.8% N.A. N.A. N.A. Portal Valdivia 3,704 3,704 0.0% 7,617 7,617 0.0% 11,321 11,321 0.0% N.A. N.A. N.A. Trascaja N.A N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Cencoshopp 462,408 432,169 7.0% 796,172 803,811 -1.0% 1,258,580 1,235,980 1.8% 35,181 32,505 8.2% TOTAL CHILE 467,581 437,281 6.9% 809,999 817,638 -0.9% 1,277,580 1,254,919 1.8% 35,181 32,505 8.2% Visits (Thousand)GLA Third Parties GLA Related Parties GLA TOTAL 4Q23 4Q22 Var% 4Q23 4Q22 Var% 4Q23 4Q22 Var% 4Q23 4Q22 Var% Portal Talcahuano 985 940 4.8% 5,415 5,522 -1.9% 6,400 7,715 -17.1% 209 190 9.9% Portal Valdivia 2,598 2,988 -13.0% 10,023 10,908 -8.1% 12,622 13,896 -9.2% 350 285 22.9% Trascaja N.A N.A. N.A. N.A N.A. N.A. N.A. N.A. N.A. 9,171 7,472 22.7% Cencoshopp 490,482 420,139 16.7% 810,477 755,955 7.2% 1,300,959 1,176,094 10.6% 61,697 51,466 19.9% TOTAL CHILE 494,066 424,067 16.5% 825,915 772,386 6.9% 1,319,981 1,197,706 10.2% 71,427 59,414 20.2% 3rd Parties Sales (CLP million) Related Parties Sales (CLP million) Sales (CLP million) 3P Revenues (CLP million)
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Press Release – Fourth Quarter 2024 | 43 Argentina Perú 4Q23 4Q22 Var% 4Q23 4Q22 Var% 4Q23 4Q22 Var% 4Q23 4Q22 Var% Unicenter 77,085 77,085 0.0% 18,901 18,901 0.0% 95,986 95,986 0.0% 4,212 4,221 -0.2% Portal Plaza Oeste 19,906 19,906 0.0% 22,612 22,612 0.0% 42,518 42,518 0.0% 1,261 1,268 -0.5% Portal Palmas del Pliar 37,416 37,416 0.0% 37,005 37,005 0.0% 74,421 74,421 0.0% 1,770 1,833 -3.4% Portal Rosario 40,182 40,182 0.0% 29,298 29,298 0.0% 69,480 69,480 0.0% 828 829 -0.1% Portal Patagonia 9,789 9,789 0.0% 28,134 28,134 0.0% 37,922 37,922 0.0% 1,034 1,031 0.3% Portal Lomas 8,201 8,201 0.0% 27,353 27,353 0.0% 35,554 35,554 0.0% 1,052 1,161 -9.4% Portal Tucuman 10,371 10,371 0.0% 21,439 21,439 0.0% 31,810 31,810 0.0% 886 914 -3.0% Portal Escobar 4,410 4,410 0.0% 29,607 29,607 0.0% 34,016 34,016 0.0% N.A. N.A. N.A. Portal los Andes 3,390 3,390 0.0% 29,456 29,456 0.0% 32,846 32,846 0.0% N.A. N.A. N.A. Portal Trelew 7,213 7,213 0.0% 15,682 15,682 0.0% 22,895 22,895 0.0% N.A. N.A. N.A. Portal Salta 5,635 5,635 0.0% 18,464 18,464 0.0% 24,099 24,099 0.0% 633 685 -7.6% Portal Santiago Del Estero 5,461 5,461 0.0% 11,737 11,737 0.0% 17,198 17,198 0.0% N.A. N.A. N.A. Power Center / Others 50,447 50,447 0.0% 176,164 176,164 0.0% 226,611 226,611 0.0% 1,504 1,660 -3.1% TOTAL ARGENTINA 279,505 279,505 0.0% 465,851 465,851 0.0% 745,356 745,356 0.0% 13,181 13,602 0.0% GLA Third Parties GLA Related Parties GLA TOTAL Visits (Thousand) 4Q23 4Q22 Var% 4Q23 4Q22 Var% 4Q23 4Q22 Var% 4Q23 4Q22 Var% Unicenter 168,524 77,693 116.9% 10,003 #¡REF! 128.6% 191,387 87,696 118.2% 13,851 5,678 143.9% Portal Plaza Oeste 33,850 13,550 149.8% 9,062 4,207 115.4% 42,913 17,757 141.7% 2,401 997 140.8% Portal Palmas del Pliar 37,405 17,594 112.6% 28,592 13,541 111.1% 65,996 31,136 112.0% 3,043 1,293 135.3% Portal Rosario 19,637 6,618 196.7% 10,320 5,380 91.8% 29,958 11,998 149.7% 918 325 182.9% Portal Patagonia 23,086 9,092 153.9% 24,456 10,175 140.4% 47,542 19,267 146.8% 1,529 608 151.5% Portal Lomas 11,601 5,325 117.9% 13,911 6,703 107.5% 25,511 12,028 112.1% 804 364 121.2% Portal Tucuman 16,527 6,998 136.2% 11,489 5,778 98.8% 28,017 12,775 119.3% 1,311 548 139.1% Portal Escobar 5,062 1,830 176.6% 17,020 8,013 112.4% 22,082 9,843 124.3% 293 114 157.2% Portal los Andes 7,641 3,450 121.5% 15,036 8,487 77.2% 22,677 11,937 90.0% 418 187 123.2% Portal Trelew 8,674 2,691 222.3% 5,902 2,701 118.5% 14,576 5,392 170.3% 611 158 287.5% Portal Salta 7,649 3,405 124.6% 11,741 6,079 93.1% 19,390 9,484 104.4% 635 259 145.2% Portal Santiago Del Estero 3,280 1,485 120.8% 6,941 3,918 77.2% 10,221 5,403 89.2% 247 126 96.6% Power Center / Others 55,090 23,174 137.7% 98,736 46,210 113.7% 153,826 69,384 121.7% 3,859 1,766 118.5% TOTAL ARGENTINA 398,026 172,906 130.2% 276,069 131,194 110.4% 674,095 304,100 121.7% 29,921 12,423 140.8% 3rd Parties Sales (ARS million) 3P Revenues (ARS million)Related Parties Sales (ARS million) Sales (ARS million) 4Q23 4Q22 Var% 4Q23 4Q22 Var% 4Q23 4Q22 Var% Plaza Lima Sur 43,634 43,634 0.0% 32,263 32,263 0.0% 75,897 75,897 0.0% Balta 1,031 1,031 0.0% 6,050 6,050 0.0% 7,081 7,081 0.0% Plaza Camacho 9,451 9,451 0.0% 436 436 0.0% 9,887 9,887 0.0% Trascaja - N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Cencoshopp 35,432 35,432 0.0% 25,102 25,620 -2.0% 60,534 61,052 -0.8% TOTAL PERU 89,548 89,548 0.0% 63,851 64,369 -0.8% 153,399 153,917 -0.3% GLA Third Parties GLA Related Parties GLA TOTAL 4Q23 4Q22 Var% 4Q23 4Q22 Var% 4Q23 4Q22 Var% Plaza Lima Sur 2,631 2,072 27.0% 111 108 2.8% 9.5 9.7 -1.5% Balta N.A. N.A. N.A. 30 30 0.7% 0.9 0.8 6.0% Plaza Camacho N.A. N.A. N.A. 5 5 2.8% 0.7 0.7 -4.7% Trascaja N.A. N.A. N.A. N.A. N.A. N.A. 14.3 13.1 8.7% Cencoshopp 1,048 946 10.8% 125 111 12.0% 5.6 4.2 34.2% TOTAL PERU 3,679 3,018 21.9% 271 254 6.6% 31 29 8.5% Sales (PEN million)Visits (Thousand) 3P Revenues (PEN million)
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Press Release – Fourth Quarter 2024 | 44 Colombia Financial Services Income Statement 4Q23 4Q22 Var% 4Q23 4Q22 Var% 4Q23 4Q22 Var% Others 46,176 46,176 0.0% 855 855 0.0% 47,030 47,030 0.0% Cencoshopp 12,742 14,642 -13.0% 50,515 50,251 0.5% 63,257 64,893 -2.5% TOTAL COLOMBIA 58,918 60,818 -3.1% 51,369 51,106 0.5% 110,287 111,924 -1.5% 4Q23 4Q22 Var% 4Q23 4Q22 Var% 4Q23 4Q22 Var% Others N.A. N.A. N.A. N.A. N.A. N.A. 11,256 10,283 9.5% Cencoshopp 336 271 24.1% 94,502 96,047 -1.6% 1,751 1,452 20.6% TOTAL COLOMBIA 336 271 24.1% 94,502 96,047 -1.6% 13,008 11,735 10.8% Visits (Thousand) Sales (COP million) GLA Third Parties 3P Revenues (COP million) GLA Related Parties GLA TOTAL 4Q24 4Q23 12M24 12M23 ∆ % ∆ LC % ∆ % ∆ LC % Argentina 33,743 37,181 -9.2% 112.7% 123,241 136,183 -9.5% 161.2% Brazil 19,555 309 6220.0% 6733.2% 20,633 -698 N.A. -2781.9% Colombia 1,353 -698 -293.9% -290.5% 233 -1,929 -112.1% -113.7% Revenues 54,651 36,793 48.5% N.A 144,107 133,556 7.9% N.A Argentina 18,262 27,916 -34.6% 52.5% 78,106 97,286 -19.7% 124.4% Brazil 19,555 309 6220.0% 6733.2% 20,633 -698 N.A. N.A. Colombia 1,353 -698 -293.9% -290.5% 233 -1,929 -112.1% -113.7% Gross Profit 39,170 27,527 42.3% N.A 98,973 94,659 4.6% N.A SG&A -7,187 -5,590 28.6% N.A -22,555 -20,326 11.0% N.A Operating Profit 31,983 21,937 45.8% N.A 76,417 74,333 2.8% N.A Participation in associates -5,106 3,370 N.A. N.A -1,410 -7,561 N.A. N.A Dep & Amortizations 464 69 569.9% N.A 1,128 163 590.3% N.A Adjusted EBITDA 27,340 25,376 7.7% N.A 76,136 66,935 13.7% N.A Adj. EBITDA mg. 50.0% 69.0% 52.8% 50.1%-1894 bps 272 bps Financial Services Var. vs 2023 Var. vs 2023 CLP MM CLP MM
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Press Release – Fourth Quarter 2024 | 45 Financial Indicators (14) 14 The financial indicators for Brazil are not included due to the termination of the Joint Venture agreement with Bradesco. CHILE 4Q24 3Q24 2Q24 1Q24 4Q23 Net Loan Portfolio (CLP million) 1,988,618 1,883,802 1,885,441 1,852,253 1,850,373 Provisions over expired portfolio 2.2 2.1 2.2 2.0 2.4 Debt balance >90 (%) 4.3% 4.5% 4.4% 4.9% 3.8% Gross Write-offs (CLP million) 208,869 152,445 100,501 45,581 173,024 Recoveries (CLP million) 20,283 15,533 10,631 4,874 23,478 Net Write-offs (CLP million) 188,586 136,912 89,870 40,708 149,546 Anualized Net Write-offs / Average balance period (%) 10.0% 9.8% 9.7% 8.8% 8.6% Renegotiated portfolio (%) 23.6% 24.9% 24.3% 23.5% 21.3% % of Sales w/Credit Cards over Total Sales Supermarkets 6.4% 6.4% 6.4% 6.1% 6.6% Department Stores 25.8% 23.1% 27.5% 24.6% 26.8% Home Improvement 10.8% 9.2% 9.0% 8.9% 9.8% ARGENTINA 4Q24 3Q24 2Q24 1Q24 4Q23 Net Loan Portfolio (ARS thousand) 211,048,286 178,694,706 174,829,198 135,619,456 87,668,372 Provisions over expired portfolio 1.4 1.4 1.8 2.1 2.1 Debt balance >90 (%) 3.8% 4.2% 2.6% 2.0% 2.2% Gross Write-offs (ARS thousand) 14,418,157 8,505,749 4,071,395 1,686,161 4,396,996 Recoveries (ARS thousand) 3,097,933 2,124,117 1,010,390 417,509 1,219,661 Net Write-offs (ARS thousand) 11,320,224 6,381,632 3,061,005 1,268,651 3,177,335 Anualized Net Write-offs / Average period balance (%) 7.2% 5.9% 4.7% 4.7% 5.4% Renegotiated portfolio (%) 3.5% 3.9% 2.6% 1.8% 2.5% % of Sales w/Credit Cards over Total Sales Supermarkets 8.3% 8.3% 8.8% 8.3% 6.9% Home Improvement 21.0% 21.7% 21.2% 19.0% 15.4% PERU 4Q24 3Q24 2Q24 1Q24 4Q23 Net Loan Portfolio (PEN thousand) 506,032 488,851 514,873 520,587 530,023 Provisions over expired portfolio 1.9 1.9 1.8 2.0 1.8 Debt balance >90 (%) 3.6% 4.2% 5.1% 4.4% 4.6% Gross Write-offs (PEN thousand) 100,833 80,197 51,592 25,609 95,109 Recoveries (PEN thousand) 14,540 10,839 6,542 3,186 12,968 Net Write-offs (PEN thousand) 86,294 69,359 45,050 22,423 82,141 Anualized Net Write-offs / Average period balance (%) 17.0% 18.0% 17.3% 17.1% 16.5% Renegotiated portfolio (%) 4.3% 4.7% 4.5% 4.0% 3.9% % of Sales w/Credit Cards over Total Sales Supermarkets 9.4% 9.6% 9.7% 9.8% 10.5%
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Press Release – Fourth Quarter 2024 | 46 3. Macroeconomic Indicators Exchange Rate Total and Food Inflation Total Food and Non-Alcoholic Drinks Country 4Q24 4Q23 4Q24 4Q23 Chile 4.5% 3.9% 3.5% 5.2% Argentina 117.8% 211.4% 94.7% 251.3% USA 2.9% 3.4% 2.5% 2.7% Brazil 4.8% 3.7% 7.6% 0.3% Peru 1.9% 3.4% 1.3% 4.8% Colombia 5.2% 9.3% 3.3% 5.0% COLOMBIA 4Q24 3Q24 2Q24 1Q24 4Q23 Net Loan Portfolio (COP million) 888,429 934,400 983,381 984,930 994,384 Provisions over expired portfolio 2.1 1.9 1.9 2.1 2.6 Debt balance >90 (%) 3.4% 4.2% 4.2% 3.7% 2.9% Gross Write-offs (COP million) 40,775 41,719 71,780 34,247 89,090 Recoveries (COP million) 2,405 2,033 3,854 2,003 4,628 Net Write-offs (COP million) 38,370 39,686 67,925 32,243 84,462 Anualized Net Write-offs / Average period balance (%) 4.3% 5.6% 13.7% 13.0% 9.2% Renegotiated portfolio (%) 6.0% 6.8% 6.9% 6.9% 6.1% % of Sales w/Credit Cards over Total Sales Supermarkets 18.5% 19.6% 20.3% 19.7% 19.2% Home Improvement 12.9% 13.1% 13.7% 13.0% 14.5% 4Q24 4Q23 % change 4Q24 4Q23 % change Dec 24 Dec 23 % change CLP/USD 996.46 877.12 13.6% 962.57 895.88 7.4% 943.74 839.80 12.4% CLP/ARS 0.97 1.09 -11.0% 0.96 2.29 -58.1% 1.04 3.19 -67.5% CLP/BRL 161.32 180.80 -10.8% 165.22 180.86 -8.7% 175.93 168.30 4.5% CLP/PEN 264.54 236.97 11.6% 256.44 237.00 8.2% 251.52 224.42 12.1% CLP/COP 0.23 0.23 0.0% 0.22 0.22 1.5% 0.23 0.20 18.6% CLP/URU 22.78 22.60 0.8% 22.64 22.75 -0.5% 23.58 21.69 8.7% End of Period Average LTM
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Press Release – Fourth Quarter 2024 | 47 4. Glossary ARS: Argentine Peso BRL: Brazilian real Inflation Adjustment: IAS 29 accounting standard that considers the Hyperinflation Adjustment in Argentina Cash & Carry: wholesale/retail supermarket stores CLP: Chilean Peso Convenience: convenience or proximity stores, branded as SPID COP: Colombian Peso Gross Financial Debt (GFD): other current and non -current financial liabilities + financial and non-financial lease liabilities Net Financial Debt (NFD): other current and non-current financial liabilities + financial and non-financial lease liabilities – cash and cash equivalents – current and non -current financial assets Inventory Days: 365 days / Cost of Sales LTM / Inventory Average Collection Days: Accounts Receivable / Revenue * tax (19%) * 365 days Adjusted EBITDA: operating income – asset revaluation – depreciation and amortization EDS: Service Stations Related Companies: related companies GLA (Gross Leasable Area): gross leasable area, the square meters of space available for lease IAS 29: accounting standard that considers the Hyperinflation Adjustment in Argentina IFRS 16: or NIIF 16 - in Spanish, financial/accounting standard that regulates the accounting treatment of operating leases, considering them as assets rather than operating expenses Gross Leverage: gross financial debt / Adjusted EBITDA, excluding one -offs for the period Net Leverage: net financial debt / Adjusted EBITDA, excluding one-offs for the period LTM (Last Twelve Months): last twelve months EBITDA Margin: equivalent to Adjusted EBITDA margin HI: Home Improvement MM: millions ML (Local Currency): considers the currency of the analyzed country PEN: Peruvian Sol Online Penetration: includes the entire online channel, both own and last milers Reported: results including the inflation adjustment in Argentina Financial Services: Financial Services SMKT: Supermarkets SSS (Same Store Sales): sales from the same physical stores in both periods, which were open at least 2/3 of the quarter. Excludes remodels, closures, or store openings SS Tickets: the number of times a customer purchases in-store. Corresponds to the same stores open in both periods Occupancy Rates: occupied square meters of premises over the total square meters of premises available for lease TFM: The Fresh Market TxD: Department Stores UF: unit of account ing in Chile, indexed for inflation USD: United States Dollars
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