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2025 Santiago de Chile
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| 2 Rodrigo Larraín CEO
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ARTIFICIAL INTELLIGENCE AND DIGITAL INNOVATION are revolutionizing the retail landscape in unprecedented ways The retail landscape is being shaped by TECHNOLOGICAL INNOVATION, changing consumer values, and evolving business models The future of retail isn't just about selling products; it's about CREATING EXPERIENCES, BUILDING TRUST, and meeting customers wherever they are The Future Of Retail: 10 Game-Changing Trends That Will Define 2025, Forbes Oct 29, 2024 Top Global Trends | 3
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The Future Of Retail: 10 Game-Changing Trends That Will Define 2025, Forbes Oct 29, 2024 Top 10 Global Trends 1 Generative personalized Customer Experience 2 AI-Driven Hyper-Personalization 3 Supply Chain Transparency 4 Social Commerce 5 The Resale Market 6 Experiential Virtual Retail 7 Retail Workforce: New Skills For New Challenges 8 Supply Chain Resilience 9 Autonomous Retail: The Rise of Self-Operating Stores 10 Sustainability as a Business Model | 4
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▪ PRIVATE LABEL CONTINUES TO GROW: fueled by shifting demographic trends and consumers’ increasing focus on value-driven shopping ▪ SUSTAINABILITY MATTERS TO CONSUMERS: Almost all consumers are trying to take actions to live sustainably (“free-from” and allergen claims) ▪ OMNI-SALES ARE ON THE RISE: The area with the most opportunity for online sales growth going forward is Food ▪ GROWING NUMBER OF CONSUMERS FACING AI: Grocers are tapping AI in a more targeted way, with an emphasis on personalizing the shopping experience. - NIQ Key Grocery Trends for 2025, 09 January 2025 - 8 grocery industry trends to watch in 2025, Grocery Dive, Jan 7, 2025 Top Global Grocery Retail Trends | 5 ▪ CONSUMERS ARE TRYING TO SAVE: CPI pressures, increased housing costs and broader economic uncertainties are causing consumers to adjust their purchasing habits ▪ PRICING AND PROMOTIONS ARE KEY: Through dynamic pricing, personalized pricing, or automated pricing; for promotions, defining the purpose of them ▪ EVOLVING HEALTH AND WELLNESS NEEDS OF CONSUMERS: Greater transparency with food labels and repositioning of products around health and wellness attributes like “added protein” or “low sugar”.
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Cencosud is in a privileged position to navigate these challenges, lead transformation, and drive growth and profitability from market opportunities | 6
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Cencosud: Six Decades Expanding the Boundaries 1963 20242000 2010 2020 2003 Launches Financial Services in Chile 2004 IPO on Santiago Stock Exchange 2007-2008 Enters into Brazilian and Peruvian markets through SM acquisitions. JV to develop HI in Colombia 2014 Enters the Financial Services business through JV with Scotiabank 2019 IPO Cencosud Shopping 2022 Launch of Technological Hub in Uruguay 2021 Launches Spid, Cencosud Media and Cencosud Ventures First Supermarket Openings Consolidation in the Chilean Market Internationalization Process Consolidation and Synergies Building on Capabilities 1963 Opens 1st Supermarket 1988 Opens 1st Shopping Center 2022 Acquires GIGA in Brazil and a majority stake in The Fresh Market, in the USA 2023 Launches Cencopay 1993 Opens 1st Home Improv. store in Argentina 2005 Acquires Almacenes Paris 2012 Acquires Carrefour operation in Colombia 2024 Creates new Retail Ecosystem | 7
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Accelerating Sales Growth Since 2019 Initiatives contributing to current and future top-line growth: 2019 2020 2021 2022 2023 LTM 2024 (Sept-24) CAGR: 11.0% +68.4% • Organic growth • Leadership in Grocery • Market Share gains • New revenue streams • Private Label program • Tactical M&A • Efficiencies and synergies • Omnichannel strategy CLP MM 15,986,345 CLP MM 9,491,362 | 8
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9% 11% 14% 18% 48% 2019 Increasing Revenue Stability through Diversification in Low-Risk Economies With a diversified business model, Cencosud has successfully increased the percentage of its revenues from more stable economies, such as Chile and the USA. This strategic shift highlights the Company's commitment to maintaining stability and reducing risk. 6% 8% 12% 18% 44% 12% LTM Sept. 24 Chile Chile Argentina Argentina Brazil Brazil Peru Peru ColombiaUnited States Colombia | 9
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Adj. EBITDA: Sustaining a Higher Margin Level Key initiatives for EBITDA expansion 113 bps EBITDA Mg. increase • Savings and efficiencies from Shared Service Center and Operational-process centralization • Re-engineering of brands and value proposition • Transformation of stores and format refinement • Enhanced agreements with strategic suppliers • Private Label program • New revenue streams with higher EBITDA margin contribution 2019 LTM 2024 (Sept-24) +89.2% CAGR: 26.1% | 10 CLP MM 869,953 CLP MM 1,644,035
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Net Income shows even better trends compared to revenues and EBITDA 2019 2020 2021 2022 2023 LTM 2024 (Sept-24) CAGR: 26.1% +219.1% Net Income Leading the Growth +219% vs 2019 | 11 CLP MM 284,074 CLP MM 906,401
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Cencosud has Become one of the Largest Retailers in Latam Colombia Brazil Argentina United States Peru Chile Technological, Digital & Innovation Hub Commercial Office Key Figures Presence in 8 countries 60+ Years 105K Employees 17.3 Bn Revenues 1.8 Bn Adj. EBITDA ~180MM Foot traffic in malls per year ~700MM Tickets per year USD USD Note: Data as of September 2024,. Data excludes Hyperinflation adjustment. | 12
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Cencosud has Become one of the Largest Retailers in Latam 79.8% 10.0% 7.1% 80% 2% 10% 7% 1% USD 137 MM USD 1,233 MM USD 1,730 MM USD 387 MM USD 13,775 MM Consolidated Revenues LTM Sept-24 • 1,129 Supermarkets • 117 Home Improvement • 48 Department Stores • 3.5 MM sqm of retail sales area • 44% owned Retail Portfolio Shopping Center • 67 shopping centers • 2.3 MM sqm of GLA • USD 2.6 MM net loan portfolio • 2.5 million credit cards issued Financial Service Business Supermarkets Malls Home Improvement Department Stores Financial Service Note: Data as of September 2024,. Data excludes Hyperinflation adjustment. Land Bank • 5.4 MM sqm (42% in Chile & 47% Arg) • Extensive opportunities to develop Grayland | 13
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At Cencosud, we are embarking on an exciting new chapter in our journey | 14
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Creation of Retail Ecosystem Appointment of New CEO and Enhancement of Organization Structure Reshaping Roadmap Election of New Board of Directors and Chairman | 15 2024
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Enhancing our Purpose and Strategic Pillars to resonate with customer evolution and future trends | 16
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| 17 ▪ Is an active and committed position ▪ Reflects our DNA of excellence and passion for people ▪ Is about addressing the needs of our audiences ▪ Is the constant improvement of everything we do: Innovation ▪ Sustainability as the impact we aim to generate ▪ Experience as part of what we want to deliver ▪ Culture as part of what drives us to give our best • Part of the full lifecycle of our stakeholders • Reach of our businesses • Omnichannel experience • Constant innovation • Financial strength To provide exceptional service At Every Moment “TO PROVIDE EXCEPTIONAL SERVICE AT EVERY MOMENT”
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Enhancing our Purpose and Strategic Pillars to Resonate with Customer Evolution and Future Trends | 18 Strategic Pillars Driving Principles 1. Growth & Profitability 2. Innovation and Experience 3. Retail Ecosystem 4. ESG Systematic and disciplined approach to Value Creation One Company: Synergies across markets, formats and channels A digital-driven and technology- enabled company Share of Life: becoming an essential part of customers' everyday activities
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Growth & Profitability | 19
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Growth & Profitability Private Label E-commerce Retail Media Shared Service Center Accelerated organic expansion in retail stores and Shopping Centers Unlock Real Estate value potential | 20
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Total sales LTM +120% vs 2019 USD 2.6 Bn Private Label Development +57 bps YoY 16.9% penetration ~100K total SKU* *SKU that registered sales during 2024 | 21
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E-commerce as an Engine of Growth Key Highlights since 2019 ▪ Increase in online penetration: Growth from low single digits to 10% ▪ Marketplace development and launch as a new business model ▪ Launch of new mobile applications: Spid, Paris, Easy, and more ▪ Launch of Cencosud Media: Our media platform for targeted advertising and customer engagement Rev en ue Y TD Sept-24 USD 1.2 Bn +7.3% YoY | 22
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Retail Media: This is Just the Beginning
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Retail Media: This is Just the Beginning YTD Sept - 23 YTD Sept - 24 +112% YOY Retail Media Revenue +740 Brands announcing across the region +10K Initiatives deployed | 24
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Shared Service Center: Unleashing Efficiency and Digitalization We develop digital products to look for synergies, efficiencies and allow the business to keep growing: Delivered USD 14M in annual savings through cost optimization and streamlined operations. Operational Efficiency Achieved a 10% reduction in administrative costs in projects under scope (2023- 2024.) Achieved 30% efficiency gains through process integrations, eliminating redundancies. 1 Business Effectiveness Improved cash flow by reducing Days Sales Outstanding by over 20% across all business units. Reduced inventory discrepancies , driving better stock management and cost control. 2 Accelerated Plan to Deliver processes through reducing cycle times by 20 days, enabling faster response to business needs. Organizational Agility Commercial agreement management includes 15.2 million of invoices issued Price Supplier cost management control Creates 630K+ Purchase Orders & Issues 700K+ Invoices to suppliers 3 | 25
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USD 14 Million In Annual Savings 1,000+ Total initiatives deployed 120+ On going Initiatives 350+ Products built 400+ Robot Process Automation on going Shared Service Center: Unleashing Efficiency and Digitalization Our Achievements 2023 Finalist in the HR Category of Shared Services & Outsourcing Impact Awards 2022 Finalist in the Automation Category of Shared Services & Outsourcing Impact Awards 2024 Top 20 Most Admired Shared Services Organizations (SSOs) and Global Business Services (GBS) | 26
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Innovation & Experience | 27
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Operational initiatives to improve efficiency Construction of automated factories to improve efficiency and product quality Cakes and pastries facility 5.4 MM units produced / year | 28
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Operational initiatives to improve efficiency Construction of automated factories to improve efficiency and product quality Meat production plant 7.2 tons / year of meat | 29
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Operational initiatives to improve efficiency Construction of automated factories to improve efficiency and product quality Banana maturity plant 14,400 tons / year | 30
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Internally Developed Mi Local App: Boosting Store Efficiency and Sales Mi Local is a proprietary digital tool to support store operations Modules operating in the region +1,200 Stores +27,000 Users Operational Simplification: Automation of key processes, reducing operational complexity and human errors. Efficient Optimization: Digitalization of workflows, increasing productivity and improving control over resources. Strategic Decisions in Real Time: Providing accurate and up-to-date data that allows for informed decisions and strengthens competitiveness. 40 | 31
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~1 million Visualizations 320K+ Interactions Younger generations are shaping new consumer trends. They value simpleness and similar values to theirs Liveshopping: Enhancing Customer Experience and Engagement In 2024 | 32
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Cencosud Prime already represents 50% of total E-commerce sales ~50% Penetration of total E- commerce sales +55% Total number of subscribers as of September 2024 vs 2023 Prime Subscription Program: A Strategy for Delivering Unique Experiences | 33
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Paris Parade – Community Engagement Perception of the event "the event unites Chileans" 2023: 87% 2024: 90% Perception of the event "the event is a gift to the community" 2023: 89% 2024: 93% | 34 Total estimated attendees at the event 1,500,000
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150 stands Of wines, liquors, piscos and beers 5 Restaurants Expo Vinos Wong: A Distinctive and Unmatched Experience 27K+ Transactions 2024 (+25%) 25K+ Visitors (+35%) | 35
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Cencosud: Leading the Shift Towards Healthier, more Sustainable, and Conscious Consumption | 36 Vegan Organic Low Carb Gluten-Free No Added Sugar Lactose-Free Common Allergen-Free Ecofriendly Bio Pets Circular Economy Bulk Nuts +1,100 exclusive SKUs
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Retail Ecosystem | 37
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Leading the Retail Ecosystem to embrace new trends | 38 The Retail Ecosystem aim is: • To be the strongest local player in each market, enhanced by Cencosud global capabilities • To maximize efficiencies and synergies • To upstream new sources of revenues such as Cenco Media • To accelerate innovation and digitalization • Customer Share of Life mindset
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Cencosud’s Ecosystem Customers and Data Technology Private Labels Membership and Loyalty eCommerce y Marketplace Financial Services Retail Media - Ads Logistics and Fulfillment Stores Malls | 39
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ESG | 40
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Sustainability Strategy Planet People Product Corporate Governance Aligned with the UN Sustainable Development Goals and the Ten Principles of the UN Global Compact | 41
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ESG Positioning in Rankings 2024 6% Among top 6% of the most sustainable Companies of the Food and Staple Retail Member of DJSI MILA 2024 MSCI: we have been upgraded 3 notches since 2020 From B to A | 42 DJSI Rating History MSCI Rating History Cencosud´s Percentile among the Food and Staple retail Industry
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Planet -12% Energy Efficiency 42% Reduction in energy Consumption vs Jan-Sep 2023 Energy consumption comes from renewable energy sources +1,300 Tons of Food Rescue Program +14,000 Valorization of Organic Waste (Tons) Circularity +5,0 MM Products were rescued avoiding waste +58 Tons of textiles were collected ESG Milestones 2024 | 43
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Overview by Country | 44
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Chile Continue enhancing the value proposition and efficiencies through Innovation Market Share in Supermarkets 44.4% Revenues % of total 11.8% EBITDA Mg. 32.9% New Darkstore at Cenco Costanera | 45Note: Data as of September 2024,. Data excludes Hyperinflation adjustment.
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Investment in Fixed Assets help ensure product quality and margin improvement • New Darkstore in Cenco Costanera • Bakery plant • Cakes and pastries facility • Meat production plant • Banana maturity plant • Automated Distribution Center Paris Automated Distribution Center Digital developments create new revenue streams, in addition to further efficiencies • Retail Media • E-commerce • Liveshopping • Cheaf • Vopero | 46
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Argentina Continue Capitalizing on our Experience and Market Position Market Share in Supermarkets 18.3% Revenues % of total 12.8% EBITDA Mg. 16.1% | 47Note: Data as of September 2024,. Data excludes Hyperinflation adjustment.
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| 48 Lowest country risk country since May 2018 GDP expected growth in 2025: 5% Argentina: a country that will grow on a faster pace than other LatAm countries 1 2 1 Source: World Bank. / 2 Source: JP Morgan. | 48
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12.0% Revenues % of total 11.6% EBITDA | 49 United States Focus on Growth Grand Opening of Lincoln Park, IL 8 new stores in 2024 Note: Data as of September 2024,. Data excludes Hyperinflation adjustment.
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E-commerce growth 30%+ YoY *New Partnership launched TODAY Growth of sales Pizza Program 7K to 9K units per week Breakfast 8K to 9K units per week Fresh Squeezed ~28K units per week New Developments United States Focus on Growth | 50
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Brazil Reformulating the business, enhancing the core Market Share in Supermarkets 11.5% Revenues % of total 5.8% EBITDA Mg. 5.5% | 51Note: Data as of September 2024,. Data excludes Hyperinflation adjustment.
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▪ Store reforms to improve their commercial appeal, operational efficiency, energy consumption and reduce shrinkage ▪ New production facilities to improve quality and product mix ▪ Design with focus on purchase experience improvement ▪ Improvement of inventory days through assortment efficiency management | 52 Brazil Reformulating the business, enhancing the core
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Peru High-Margin Market with attractive growth potential Market Share in Supermarkets 7.7% Revenues % of total 11.5% EBITDA Mg. 26.3% | 53Note: Data as of September 2024,. Data excludes Hyperinflation adjustment.
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| 54 Strategy focused on growth and operational Excellence ❖ 3X the number of online orders (since 2020) ❖ E-grocery leaders: Market Share increased 120 bps in 2024 ❖ Wong's online penetration reaches double digits, with half its sales coming from Wong Prime Peru: Keeps positive evolution in its online channel
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Colombia Unleashing its Potential Market Share in Supermarkets 6.1% Revenues % of total 0.3% EBITDA Mg. 5.7% | 55Note: Data as of September 2024,. Data excludes Hyperinflation adjustment.
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Colombia: Unleashing its Potential by unlocking Value from its Real estate | 56 Unleash value potential in Real Estate01 02 03 • Higher focus in Private Label • Leaner structure • Product mix to differentiate New Management in place Enhancement of strategy
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Looking Forward | 57
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2025 Santiago de Chile
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Andrés Neely CFO
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Started 2024 with some challenges ahead1. 2018 2019 2020 2021 2022 2023 1Q24 1Q24 (S/IAS) 4.5 3.3 2.0 1.4 2.7 3.3 3.5 2.9 Gross Leverage 2018 2019 2020 2021 2022 2023 1Q24 1Q24 (S/IAS) 5.5 5.1 3.4 2.5 3.2 3.9 4.2 3.5 204 288 209 307 2024 2025 2026 2027 2028 2029-2045 936 1,024 1,640 Debt Amortization Schedule as of 1Q24 – USD MM EBITDA LTM USD 1,703 MM (1) Net Leverage (1) At closing exchange rate in 1Q24: 981.7 USD 733 MM due in 12M Others Put Option (33%) | 3
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Successful return to bond market in May-24 confirmed confidence in the Company 2. Successful Bond issuance with ~5x oversubscription achieving the lowest risk premium in, after 7Y of previous issuance USD 650 MM 5.95% 170 bps Spread Coupon Rate (%) Total Amount Lowest risk premium in Company’s history ✓ Successful issuance of an international bond for USD 650 million after 7 years since previous issuance ✓ Demand exceeded USD 3.2 billion ✓ Effective liability management enhancing the Company’s liquidity position and strengthening the overall credit profile USD 525 MM 2025 Senior Notes Prepayment USD 175 MM Debt Prepayment of TFM Acquisition USD 700 MM Total Debt Prepayment USD 650 MM [Bond] + USD 50 MM [Cash] Use of Proceeds + = | 4
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2019-2024 Capital Allocation3. SOURCES Dividends USD 1.9 Bn 18% 13% 2% Share Repurchases & Cash Increase USD 0.3 Bn Debt Prepayments & Interest USD 7.9 Bn Organic and Inorganic Growth USD 2.6 Bn Debt reduced in USD 2.0 Bn in the period Strong Operating Cash Flow Generation is the main source of funds New Debt USD 4.9 Bn Cash From Operations USD 7.9 Bn Capital Increases / IPOs USD 0.8 Bn 54% Other Sources (1) USD 0.9 Bn 2019-24 TOTAL FUNDS USD 14.5 Bn Note (1) Other sources include sale of assets, interest received, dividends received from minority interests, among others ; (2) Other uses include lease payments, hedging operations, dividends to minority interests, short-term investments, among others. 13% USES | 5 Other Uses (2) USD 1.8 Bn
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Strategic financial enablers going forward4. Consistent New Openings Performance Added Value vs Cost Efficiency Finance as Business Partner Existing Operations Performance Improvement Enhanced Capital Allocation Process | 6
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“A company should repurchase its shares only when its stock is trading below its expected value and when no better investment opportunities are available. ” | 7 ROA ROE ROIC Note: Calculations exclude hyperinflation adjustement, considering NOPAT and the average profit of the periods; Calculation excludes cash from invested capital. ~6% 2018-2020 ~19% 2021-2024 +3.5x ~8% 2018-2020 ~11% 2021-2024 +1.5x ~2% 2018-2020 ~6% 2021-2024 ~3.0x Strong focus on project performance and current operations profitability Capital allocation strategy moving forward focused on returns 5.
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Disciplined working capital management contributing to enhanced financial position6. 18 54 87 -15 Days Sales Outstanding Days Inventory Outstanding Days Payables Outstanding Cash Conversion Cycle 14 78 71 21 Peers Average (1) Continuous improvement of the cash conversión cycle as we move forward CASH CONVERSION CYCLE & COMPONENTS (DAYS) Notes: (1) Average peers considering a sample of 8 comparable companies in the región | 8
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“A company should repurchase its shares only when its stock is trading below its expected value and when no better investment opportunities are available. ” 22 293 233282 2024 2025 2026 2027 2028 2029-2045 455 2,403 1,257 Amortization Schedule as of 3Q24 (USD Million) The current structure ensures no significant pressure on liquidity in the short term while focusing on long-term profitability EBITDA LTM – USD 1,760 Million (1) 4Y+ ~55% Comfortable amortization schedule until 2027 with ~55% of amortization in 4Y+ 7. Others Put Option (33%) (1) At closing exchange rate: 898.7 | 9
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“A company should repurchase its shares only when its stock is trading below its expected value and when no better investment opportunities are available. ” Gross Financial Debt & Hedge Position [USD MM) as of 3Q34 (1) Debt by Rate Broad access to capital markets provides flexibility in financial structure 8. 73.9% 26.1% Fixed Variable 628 775 4,556 Gross Financial Debt 1,685 (27%) Debt in Local Currency (~94% UF) 2,901 (63%) Gross Financial Debt (USD Denominated) 1,498 Cash & The Fresh Market Hedge (2) 1,403 Uncovered Debt Cross Currency Swaps (CCS) Exposed Debt (USD) (1) Gross Financial Debt considers Obligations to the public and obligations to third parties. (2) Considers Net Investment in The Fresh Market and Cash (USD). Figures at closing exchange rate: 898.7 USD Risk Exposure 13.8% | 10
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“A company should repurchase its shares only when its stock is trading below its expected value and when no better investment opportunities are available. ” Gross Leverage Target of 3.0x 2018 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 3Q24 (S/IAS29) 5.5 5.1 3.4 2.5 3.2 3.9 4.2 4.0 3.9 3.4 -1.6x 2018 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 3Q24 (S/IAS29) 4.5 3.3 2.0 1.4 2.7 3.3 3.5 3.5 3.3 2.9 -1.2x Gross Leverage Net Leverage USD 973 MM Total Cash Position as of 3Q24 (1) Gross Leverage 3Q24 at 3.9x aiming to reach target level of 3.0x 9. | 11 (1) Considers Cash and Equivalents, plus other current financial assets and other non-current financial assets
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“A company should repurchase its shares only when its stock is trading below its expected value and when no better investment opportunities are available. ” AA (Stable) Baa3 (Stable) BBB (Stable) AA (Stable) “High market share in the retail business in the countries where it operates, except in the United States, and the strength of its commercial brands, characteristics that together enhance its competitiveness and support the issuer's well-executed growth strategy to date” “Cencosud's liquidity and financial flexibility are adequate and supported by a strong cash position, proven access to capital markets, manageable debt maturities and solid cash flow generation” “Cencosud continues to capitalize on its favorable market positioning amid the pandemic given the leverage reduction process it underwent in 2019. With a stronger credit profile, Cencosud was able to catch up with investments against competitors and developed e- commerce capabilities” "Feller Rate expects the company to maintain the strengthening of its business position as a financial entity, despite a challenging consumption scenario in the countries where it operates. This includes the profitability of recent acquisitions as well as its core businesses, aligned with its strategic plan" International Local Rating agencies with a stable Outlook10. Nov-24 Jun-24 May-24 Jun-24 | 12
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“A company should repurchase its shares only when its stock is trading below its expected value and when no better investment opportunities are available. ” 17.1 LTM 3Q24 18.0 2025 Guidance +5% 1.7 LTM 3Q24 1.9 2025 Guidance +10% 10.0% LTM 3Q24 10.4% 2025 Guidance ~40 bps Adjusted EBITDA (USD Billion) Note: (1) Calculations exclude hyperinflation adjustements ; LTM figures using average Exchange rate: 934.7 Guidance Revenues & EBITDA 2025 vs LTM 2024 (1)11. Adjusted EBITDA Margin (%) Consolidated Revenues (USD Billion) | 13
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“A company should repurchase its shares only when its stock is trading below its expected value and when no better investment opportunities are available. ” Capex Guidance (USD MM) Capex 2025 with focus on growth and profitability12. Note: exchange rates used: CLP/USD 935 ; ARS/USD 1,100 ; BRL/USD: 6.0 ; PEN/USD: 3.8 ; COP/USD: 4,300 | 14 524 610 Guidance 2024 Guidance 2025 +16% Supermarkets +24 ~44,000 sqm of selling space The Fresh Market +12 New Stores Shopping Centers +7 Expansion and remodeling projects +66,000 sqm of GLA
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2025 Santiago de Chile
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Ricardo Bennett Ecosistema Retail
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Agenda 01 Global Context Zoom In 02 Retail Ecosystem 03 How We Build Value 04 Key Components of the Ecosystem 05 Future Vision
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Global Context · Zoom In 01
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50% Of shoppers expect retailers to anticipate their needs using past purchase data. 73% Of customers expect consistent experiences across online and offline channels, enhanced by synchronized data. 69% Of consumers prefer brands that transparently explain how their data is used. 80% Of consumers prefer brands that offer personalized experiences tailored to their needs. Data redefine expectations, delivering personalized and seamless experiences Source: McKinsey & Company – Cencosud Strategy and Corporate Development. 23x Businesses using data-driven strategies are more likely to acquire new customers.
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Seamless journeys across physical and digital channels Centralized data for better decisions New revenue through logistics and advertising Optimized operations ensure product availability Data-driven ecosystems fuel integration, efficiency, and sustainable growth 20-30% 40%68% consumers use multiple channels before making a purchase. increase in operational efficiency for retailers using centralized data. retention boost in integrated retail ecosystems through seamless experiences. Source: McKinsey & Company – Cencosud Strategy and Corporate Development.
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Cencosud Financial Services Shopping Malls Logistics and Supply Chain Retail Stores E-commerce Platform Customer Loyalty Programs +25MM Clients from the Region +700MM Annual Transactions +80MM Monthly E-comm visists Data at its core Hybrid Model Leaders in Grocery Retail
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Retail Ecosystem 02
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Customer-Centric Growth Strengthening relationships and enhancing experiences. Ecosystem Efficiency Optimizing processes and collaboration across components Agility and Innovation Responding quickly to market demands. Sustainable Profitability Driving long-term value through strategic decisions. Cencosud's ecosystem integrates Businesses, Capabilities, New Revenues Streams, and Data create a Digital Driven and Technology enable Company.
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Becoming Essential Adding value to every moment of our customers’ lives
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Ecosystem Components Driving Business Success Customers and Data Technology Private Labels Membership and Loyalty eCommerce y Marketplace Financial Services Retail Media - Ads Logistics and Fulfillment Stores Malls
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2. Omnichannel Excellence Increase user frequency across channels and enhance logistics efficiency. Impact of Regional and Digital Integration We deliver incremental value by building and scaling our capabilities. Time to Market Market Leadership NPS Upsell and Crossell Customer Experience EBITDA New Revenue Streams 4. Data Monetization Opportunities Drive EBITDA growth through new revenue streams: advertising, partnerships, and more 3. Seamless Customer Journeys Improve customer experience and retention in our Prime Members. 2. Omnichannel Excellence Increase user frequency across channels and enhance logistics efficiency. 1. Scalability & Agility Boost product development and regional scale while reducing fixed costs.
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How We Build Value 03
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Every interaction, every channel Building a holistic view of our customers
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From Insights to Action: Personalization Drives Measurable Results Data is the fuel of personalized experiences that drive loyalty and repeat engagement +20% Email Open Rate Cencosud Media Success Story +30% Sales Increase Email Marketing Success Story +12% Spending Lift Personalized Discount +30% In Customer Retention Omnichannel Campaign Success Story Double-digit Increase Average increase in monthly spending for every new Jumbo Prime subscriber in Chile
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Physical-Digital Synergy eCommerce & Marketplace Shopping Malls Malls Fulfillment Tangible Results Value Creation Connection and Synergies Stores
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Key Components of the Ecosystem 04
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Data - Driven Personalization Operational Efficency By focusing on the continuous improvement of our core business Loyalty B2B Analytics and Insights We can generate new revenue sources through synergies Fueled by robust data and deep customer understanding Retail Media
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Cornerstone of Cencosud’s Strategy Cencosud is committed to building a secure, data- driven ecosystem that inspires trust and ensures long-term resilience. Cybersecurity Smarter Development Robust Security Measures Proactive Monitoring Swift Incident Response Data Protection Commitment Real-Time Threat Management Sustainable Growth in Cybersecurity
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Achieved Positive EBITDA in 2024 PROFITABILITY AT SCALE +25 M across the region Engaged Monthy Users Above The Global Industry Average Expanding Traffic Reach E-commerce as a Strategic Growth Driver for Cencosud In Chile, Perú and Argentina LEADER IN E-GROCERIES
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Cencosud Media: Monetizing Data at the Core of the Ecosystem 80M Year visits to Cencosud´s websites are impacted by Cencosud Media campaigns. 50% of Cencosud’s 1,450 stores host Media campaigns, showcasing our regional presence. 112% YoY Revenue growth +17.5pp YoY growth in brand awareness, solidifying leadership in LATAM retail media by eMarketer
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Building Customer Connection and Driving Value Through Loyalty Programs Prime increased subscribers by 55% YoY +51% Supermarket e-commerce sales come from Prime users
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Private Labels as a Strategic Pillar for Growth and Market Leadership Category Leadership Data- Driven Design Higher Margins Private Labels Share of Sales16.9% 3 out of 5 customers buys a Cuisine&Co product at Chilean Cencosud Supermarkets. Total Sales+17.7 YoY Presence in over 85% of categories sold by Cencosud in the region.
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Operational Optimization The partnership with third parties enables physical pickups for Paris Marketplace. Seamless Omnichannel Experiences Through our partnership with strategic players, we achieved a 292% increase in delivery coverage. Efficiency Meets Experience Queue Breaker +70.000 On-shelf availabilty +5% Transactions Integrating Physical and Digital Channels for Seamless Efficiency and Experience E-commerce Seamless integration for insights Physical Stores Source of operational data Malls Enhancing cross-channel value
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Future Vision 05
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Evolving with Purpose: A Resilient Core and Agile Exploration for Future Success Core Business Strengthening Enhance Cross-Functional Capabilities Expanding Through Adjacent Business Disruptive Businesses: Innovating Beyond the Core Maximizing value in categories and existing markets, also optimizing operations for higher efficiency, increasing profit and market share. Building a resilient and collaborative foundation to support the entire ecosystem. Taking advantage of our strong core business to explore and capture new opportunities, such as banking, marketplaces and retail media. Strengthening the company’s value through new services, innovative solutions, and strategic alliances in emerging sectors. Increase EBITDA Maximize operational efficiency and customer experience. Increase revenue streams and value proposition. Discover new opportunities and maintain leadership.
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Connecting, Personalizing, and Maximizing Value for Tomorrow Cencosud’s ecosystem is designed to shape the future of retail by delivering personalized value and strengthening customer connections Cencosud’s ecosystem drives sustainable growth, cementing its position as the retail leader in Latin America
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2025 Santiago de Chile
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2025 Santiago de Chile
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Sebastián Bellocchio CEO Cenco Malls | 2
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Agenda. 02 Cenco Malls in a Nutshell 03 Our Pillars - Growth & Profitability - Obsession for our customers - Innovation - Sustainability | 3 01 Industry Trends
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Global Trends of the Industry Our sector is undergoing considerable transformations… 1 Creating Memorable Experiences for Customers 2 Growing Omnichannel – Integrating Physical and Digital Worlds 3 Using Technology to Enhance our Customer Experience & Loyalty 4 Reconfiguring Spaces 5 Developing Mixed-use Spaces (Offices, Residential, Medical Centers and Education) 6 Environmental Sustainability 7 Commitment to the Community | 4
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40 Shopping Centers 20 Cities +2,000 Stores Chile 33 Peru 3 Colombia 4 Countries AAA(1)AA+ (1) The highest rating among the leading shopping center operators in Chile. | 5 Diversified Portfolio of Premier Shopping Malls in the Andean Region
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Gross Leseable Area (GLA) One of the Shopping Center Industry leaders in the Andean Region ~1.4 MM Occupancy Rate sept-24 98.3% Tenant Sales LTM Sept-24 5.1 Bn Visits LTM as of Sept-24 +128 MM (1) Exchange rate as of Sept 24: 897.7 USD/CLP Market Cap 13/01/2025 2.7 Bn (1) USDsqm USD | 6 30+ years history
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Cenco Malls focuses on excellent execution, which leads to favorable returns and sets a standard for quality USD 306 / sqm / Month (3Q24) 74% of revenues come from fixed rent and 70% of the contracts are signed for 5+ years 8.8% as of September 2024 98.3% as of September 2024 02. Highest Tenant Sales per sqm 05. Resilient Revenue Structure 06. Highest EBITDA mg. 01. Best in Class Portfolio Prime locations across the Region 03. Lowest Occupancy Cost 04. Highest Occupancy Rate 91.1% LTM Sept-24 | 7
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Best-in-Class Portfolio High Income Middle Income Low Income ABC1 C2 C3 D E ~80% of the GLA in Santiago is located in High-Income Neighborhood 32% 18% 27% 20% 3% 53% 15% 19% 12% 2% Cenco Portal La Dehesa Cenco Alto Las Condes Cenco La Reina Cenco Florida Cenco El Llano Cenco Ñuñoa Cenco Costanera 18% 19% 32% 26% 4% 60% 12% 15% 11% 2% | 8
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Providencia Density 8,394 inh/km2 Las Condes Density 2,978 inh/km2 Up-scale Shopping Centers in Santiago Prime Locations Characterized by High-Density and Connectivity | 9
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Lurigancho Density 8,394 inh/km2 La 65 Density 8,394 inh/km2 Strategically located near to major avenues and subway stations | 10 Prime Locations Characterized by High-Density and Connectivity
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Evolution of Tenant Sales since IPO (2019) 2019 LTM 2024 (sept-24) Tenants Monthly Sales / sqm CLP MM Hight Tenant Sales per sqm Low Occupancy Cost Hight Occupancy Rate Accumulated Inflation Rate: From Dec-2019 to Sept-2024: 33.9% +48% vs 2019 Better Value Proposition for the Tenant 187,264 277,877 Atractive Entertainment Innovations Restaurants 3D Screens Gyms | 11
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Evolution of Adjusted EBITDA since IPO (2019) 2019 LTM 2024 (sept-24) Adjusted EBITDA CLP MM We maintain an EBITDA margin above 90% Accumulated Inflation Rate: From Dec-2019 to Sept-2024: 33.9% +44% vs 2019 (IPO) Adjusted EBITDA reflects our value proposition 207,810 299,594 EBITDA Mg +48 bps EBITDA mg. High occupancy rates contribute to the minimization of operating expenses for Cenco Malls 90.8% 91.2% | 12
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Our Focus ▶ Expanding and Optimizing our Assets ▶ Enhancing our Tenant Mix ▶ Innovating ▶ Creating Memorable Experiences in our Shopping Centers Our Purpose We Lead the Creation of Spaces and Experiences for a Better World | 13
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Strategic Pillars & Culture Growth & Profitability Obsession for our customers Innovation ESG Driving Forces in our Culture Excellence in everything we do Agility, leadership and innovation Relevant and memorable solutions and experiences Company and tenants’ growth and development Dialog, community and trust | 14
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Growth & Profitability 01. | 15
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Expansion Projects under Construction Insertar imagen aquí Brownfield Cenco Costanera Chile ~7,400 sqm of Gastronomic Area: 1H25 Andres Bello Tower ~3,200 sqm Costanera Tower ~1,400 sqm Vitacura Tower ~2,800 sqm Winter Garten Look and feel | 16
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Brownfield Cenco Costanera Chile Auto Park ~4,200 sqm 2H25 Brownfield Cenco Costanera Chile Expansion Projects under Construction | 17 1st Floor Costanera (former department store) 2,000 sqm 2H25
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Brownfield Cenco Alto Las Condes Chile Enhancing the Value Proposition and Optimizing 18,000 sqm of GLA New Food Court Retail Expansion Entertainment Area 2H25 Expansion Projects under Construction | 18
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Cenco Florida New Auto Park ~5,300 sqm 2H25 Expansion Projects under Construction | 19 Cenco Florida Medical Center & Retail space 2H25 ~3,000 & ~5,300 sqm Brownfield Brownfield
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New Dining Area & Restaurants ~ 3,800 sqm 2H25 Expansion Projects under Construction | 20 New Green Park 12,000 sqm including 5,000 sqm of Entertainment Cenco Florida Cenco FloridaBrownfield Brownfield
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Cenco La Molina Second Stage 4Q25 22,000 sqm GLA Expansion Projects under Construction | 21 Cenco La Molina First Stage Dec-23 (72 Stores) ~14,500 sqm GLA Brownfield Brownfield
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Brownfield Cenco Limonar Remodeling and Optimization of GLA ~11,000 sqm Insertar imagen aquí 4Q25 Expansion Projects under Construction | 22
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Cenco Temuco ~16,500 sqm of GLA Other Projects in the Pipeline - Brownfield Chile | 23 Cenco Rancagua ~33,500 sqm of GLA
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An open-air, low-scale, and low-height project oriented toward family, sports, culture, gastronomy, entertainment, entrepreneurship and integration in the neighborhood. Road Mitigation Permit approved Environmental Permit Presented GLA: 75,000 sqm Greenfield Vitacura Shopping Chile Other Projects in the Pipeline | 24
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Greenfield San Juan de Lurigancho Peru GLA: 107,000 sqm Other Projects in the Pipeline | 25 Greenfield Cenco La 65 Colombia GLA: 80,000 sqm
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Status We have municipal approval to operate 65,000 sqm, with an occupancy rate of 81.7%, equivalent to approximately 53,000 sqm Municipal approval for an additional 25,000 sqm is expected in March 2025 2019 2020 2021 2022 2023 YTD Sept-24 29,107 33,185 38,633 45,656 48,171 53,101 Sqm Placed GLA Received 43,000 GLA to be Received 65,000 108,000 Office Space | 26
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Obsession for 02. our customers | 27
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We evolved from several independent brands to Cenco Malls regional umbrella brand 33 1 Chile Peru Colombia Argentina La Molina San Juan de Lurigancho Nuevo LimonarNEW La 65 NEW NEW NEW “We want to lead industry growth and transformation, while also becoming the most beloved brand in the region” | 28
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Deployment at physical locations “We want to lead industry growth and transformation, while also becoming the most beloved brand in the region” | 29 Digital Deployment of Cenco Malls Created our own LinkedIn page Re-launched our website
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Advertising campaigns “We want to lead industry growth and transformation, while also becoming the most beloved brand in the region” Lollapalooza 2024 | 30
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Christmas Campaign Advertising campaigns | 31 “We want to lead industry growth and transformation, while also becoming the most beloved brand in the region”
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+48% sqm Focus on increasing GLA for entertainment 75,000 80,000 85,000 90,000 95,000 100,000 105,000 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5 10.0 6.6% 7.5%88,956 102,336 Entertainment sqm % of total GLA 2020 LTM 2024 (sept-24) Happylannd Cenco Costanera | 32
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Value Proposition Gateway to Chile Entry Point for International Brands Flagships to Chile Top Retail stores interested in becoming tenants of Cenco Malls World-class Brands Excellent business relationships with top-tier, reputable brands Related Stores ~35% of revenues comes from Related Companies and helps to mitigate risks Top-of-Mind Anchor Stores and International Brands as Tenants | 33
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Our Customer Obsession Drives a CSAT Above 80% as of Dec-24>80% Customer Satisfaction (C-SAT) | 34
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Innovation 03. | 35
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Innovation Sustainable Initiatives Customer Loyalty Parking Technology Register your Licence Plate Scan your Ticket. Digital Gastronomy Implementation of a pick-up system for food court locations in Mi Mall app, allowing online purchases and collection when ready. B2B Platform Efficient connection with Tenants. Wayfinding Routes within the Mall Provide Directions Find your Car. | 36
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Sustainability 04. |
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Sustainability Pillars Corporate Governance Property People Planet New Cenco Malls Regional Code of Ethics Transparency. We report the most important industry rates: CMF, Dow Jones, SASB, GRI, MSCI. Lead Growth Together as Cenco Malls. Regional Community Engagement Policy Campaigns: Alto al Cancer, Mercado Emprende, Christmas. Environmental Plan: 3. Waste Management 4. Emissions Management 1. Energy Management 2. Water Management | 38
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Sustainability Achievements Accountability and transparency We report our strategy, pillars, and ESG management aligned with the main focuses of the company, following Real Estate standards, positioning ourselves in the highest percentiles of the industry. Regional Community Relations Manual Guides community engagement at all stages of Cenco Malls (ideation, development, construction, and operation) in alignment with the environment defined by each Shopping Center.. Code of Ethics and ethical channel on our Corporate Website. | 39
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Sustainability Highlights Cenco Arequipa Automated Irrigation Cenco Arequipa + Xerophytic Landscaping Cenco Altos del Prado 3,000 sqm Photovoltaic Solar Plant Cenco Florida +30,000 sqm of low- water-consumption gardens with hydrogel technology (-70% water usage for irrigation) Cenco Alto Las Condes 1st Shopping Center to held Organic Waste Management at Cenco Malls in Partnership with its Gastronomic Tenants | 40
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