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Earnings Presentation – Second Quarter 2025 Earnings Presentation Second Quarter 2025
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01 Important Events
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Earnings Presentation – Second Quarter 2025 1.1 Refinancing of The Fresh Market Debt During 2Q25 Cencosud issued a new loan for USD 600 million to prepay the previous USD 597 million loan. This operation stands out for: ✓ A lower interest rate compared to the previous loan, resulting in financial cost savings ✓ A more flexible amortization with extended maturity to 2030, converting from semiannual to a bullet repayment ✓ The elimination of the Net Financial Debt / EBITDA covenant from the Company’s covenant portfolio ✓ Firm offers exceeded USD 1.8 billion with a 3.0x oversubscription Cencosud Executes Share Buyback In June, Cencosud initiated a share buyback operation under the program approved at the April 2021 ExtraordinaryShareholders’ Meeting. The Company offered to acquire up to 1.5% of its shares, equivalent to 42,088,051 shares, at a price of CLP 3,200 per share. Applying the Block Firm Offer (OFB) mechanism, the operation took place with offers received between June 5 and June 27 through administrator BTG Pactual. Important Events 2Q25 | 3 Sale of Service Stations in Colombia In June, we finalized the sale of the Service Station business in Colombia, encompassing 37 locations, to a local operator. The transaction included the sale of 7 properties and long-term lease contracts for the Company-owned sites. The transaction is currently under review by the Superintendence of Industry and Commerce.
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Earnings Presentation – Second Quarter 2025 1.2 Progress in Expansion Plan Store Openings: ✓ Five new stores in the region ✓ Includes three stores in the United States, one GIGA store in Brazil, and one new Jumbo store in Colombia Shopping Centers and Office Division: ✓ Enabled 25,000 sqm of new office space in Gran Torre Costanera in response to increased demand ✓ Inaugurated a new gastronomic zone at Cenco Portal La Dehesa (~1,900 sqm) ✓ Opened a new sporting goods store of ~1,900 sqm Important Events 2Q25 | 4 New Regional Transformation Department Reporting directly to the CEO, the new Transformation Department aims to accelerate, coordinate, and prioritize multiple strategic projects, maximizing their impact and optimizing the use of capital. The Transformation division has a regional scope and an ecosystem- wide vision, driving business value creation. Approval for the Sale of 22 Bretas Stores In July, Cencosud received approval from CADE, the Brazilian antitrust authority, for the sale of 22 Bretas stores located in Minas Gerais. This transaction is part of the divestiture announced in 1Q25, which includes a total of 54 stores, eight gas stations, and one distribution center to a local buyer. Events after the Reporting Period
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02 2Q25 Financial Results
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Earnings Presentation – Second Quarter 2025 +7.2% Excl. IAS 29 REVENUES 2Q25 YoY Cencosud Consolidated +5.3% As Reported 2Q24 2Q25 6M24 6M25 3,888,037 4,166,509 7,753,761 8,307,316 +7.2% +7.1% Highlights: Offset by: ▲ Revenue increased 7.2%, accelerating growth compared to 1Q25 ▲ Chile: all businesses increased their year-over-year revenue as consumer spending recovered and tourism increased ▲ Argentina: all business units grew above inflation ▲ The United States: new store openings and increased online sales led to historic growth of 9.0% year-over-year ▲ Colombia recorded its highest sales growth since 2022 ▼ Negative sales performance in Brazil (-8.6% YoY), due to stronger competition 2.1 Accelerated Revenue Growth vs 1Q25 | 6 Revenues (1) Cencosud Consolidated (CLP million) (1) Figures exclude the effect of hyperinflation in Argentina.
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Earnings Presentation – Second Quarter 2025 Adjusted EBITDA (1) Cencosud Consolidated (CLP million) 2Q24 2Q25 6M24 6M25 369,606 374,546 778,854 766,987 +1.3% -1.5% Highlights: Offset by: ▲ The US, Brazil and Peru saw improvements in their Adjusted EBITDA margins, reaching 9.6%, 5.3% and 11.8% respectively ▲ Chile achieved a double-digit EBITDA margin for the seventh consecutive quarter ▲ In Colombia, all businesses improved their EBITDA, completing three consecutive quarters of Adjusted EBITDA margin expansion, reaching 2.1% (1) Figures exclude the effect of hyperinflation in Argentina. 2.2 Adjusted EBITDA margin expands in the United States, Brazil, Peru and Colombia | 7 Mg. EBITDA 9.0% Mg. EBITDA 9.2% +1.3% Excl. IAS 29 Adjusted EBITDA 2Q25 YoY Cencosud Consolidated -5.5% As Reported ▼ Adjusted EBITDA margin contraction in Argentina, explained by lower inflation compared to 2Q24 and the incorporation of Makro, still in the integration phase
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Earnings Presentation – Second Quarter 2025 169,808 CLP million The increase in the DNI compared to 2024 is explained by: ✓ Lower impact of the hyperinflation adjustment due to the decrease in inflation in Argentina ✓ Noteworthy is the 4.9% YoY improvement in accumulated Gross Profit Distributable Net Income (DNI) as of June 2025 (1) Figures in millions of CLP. Distributable Net Income improves 494% YoY | 8 2.3 6M24 6M25 28,588 169,808 +494.0% Note: Distributable Net Income is the basis for calculating dividend payment. Calculation of DNI 2Q25 2Q24 ∆ % 6M25 6M24 ∆ % (+) Income (loss) from controlling shareholders 119,525 187,914 -36.4% 279,708 336,153 -16.8% (+) Inflation Effect (IAS 29) -33,034 -97,119 -66.0% -84,442 -267,979 -68.5% (-) Net effect from asset revaluation 16,741 27,446 -39.0% 25,458 39,586 -35.7% Distributable Net Income 69,750 63,349 10.1% 169,808 28,588 494.0% Item 2Q25 2Q24 ∆ % 6M25 6M24 ∆ % Net Income 103,047 109,777 -6.1% 229,489 109,176 110.2% Net Income excl. Asset Revaluation 86,307 82,331 4.8% 204,031 69,590 193.2% Distributable Net Income 69,750 63,349 10.1% 169,808 28,588 494.0%
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Earnings Presentation – Second Quarter 2025 (1) Gross Leverage: (Financial Debt + Lease Liabilities) / Adjusted EBITDA for the last 12 months. (2) Net Leverage: Discounts Cash and Financial Assets from Gross Debt. (3) Closing exchange rate: 933.4. (4) Corresponds to Cash and cash equivalents + short- and long-term financial assets.. 2018 2019 2020 2021 2022 2023 1Q24 2Q243Q244Q24 1Q25 2Q25 5.5 4.9 3.6 2.6 3.3 4.0 4.2 4.0 3.9 3.7 3.6 3.6 Gross Leverage (1) Net Leverage (2) 2018 2019 2020 2021 2022 2023 1Q24 2Q243Q244Q24 1Q25 2Q25 4.5 3.1 2.2 1.4 2.8 3.3 3.5 3.4 3.3 3.0 3.1 3.2 › Reported LTM Adjusted EBITDA increased by 7.8% › Gross Debt decreased by 2.1% USD 727 million Cash position as of June 2025 (3) (4) Gross Leverage stable at 3.6x, with continued focus on improvement | 9 2.4 2Q25 Excl. IAS 29: 3.6x 2Q25 Excl. IAS 29: 3.2x Gross and Net Leverage improved YoY, explained by: Gross Debt as of June 2025 (3) USD 5,949 million
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Earnings Presentation – Second Quarter 2025 EBITDA LTM USD 1,655 MM (1) (1) Closing exchange rate: 933.4. 246 232 794 650 939 27 239 239 600119 2025 54 2026 2027 2028 2029 16 2030 2031 2032- 2045 273 54 616 1,018 2.5 Debt refinancing in 2Q25 reduces financial burden and provides more flexibility to the amortization schedule | 10 Amortization Schedule (USD MM) (1) PUT Option TFM New loan TFM Previous loan TFM Interest Rate reduction, which implies savings in financial costs. Debt maturity extended to 2030 with bullet repayment, providing more flexibility in short- and medium-term payments. Benefits of the operation: During the second quarter of 2025, The Fresh Market (TFM) carried out a refinancing operation, issuing a new loan for USD 600 million to prepay the previous loan of USD 597 million. Net Financial Debt / EBITDA Covenant is eliminated.
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Earnings Presentation – Second Quarter 2025 Effective USD-denominated debt exposure 14.7% USD-denominated debt 67.4% ▶ Net of hedging, the remaining USD-denominated debt exposure is 28.3%. ▶ Considering the USD-denominated investments in the United States, effective exposure stands at 14.7%. 70.4% 28.3% CLP + UF USD 75.7% 24.3% Fixed Variable 2.6 Cencosud maintains limited exposure to financial liabilities in foreign currency | 11 Debt by rate type Debt by Currency (Net Hedging)
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03 Results by Country
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Earnings Presentation – Second Quarter 2025 3.1 Chile: Double-digit Adjusted EBITDA margin for the 7th consecutive quarter Revenue grew 4.3% year-over-year, attributed to growth across all business divisions, with Department Stores and Shopping Centers being the most notable. E-commerce sales, meanwhile, grew 6.0% year-over-year, as online supermarket sales increased 10.0%. 2Q24 2Q25 1,739,885 1,815,271 +4.3% CONSOLIDATED REVENUES CLP million 2Q24 2Q25 215,352 210,120 -2.4% For the seventh consecutive quarter, Chile maintained a double- digit EBITDA margin, despite a 2.4% year-over-year decrease in Adjusted EBITDA, primarily impacted by higher electricity rates and the increase in the minimum wage. +7.9% YoY Jumbo Prime Subscribers 11.6% CLP million 12.4% * (*) Refers to the Adjusted EBITDA margin. +9.9% YoY Department Stores SSS 2Q25 +10.1% YoY Supermarkets Online sales | 13 ADJUSTED EBITDA
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Earnings Presentation – Second Quarter 2025 Revenues grew 66.4% in ARS and 29.4% in CLP, highlighting inflation-beating growth across all businesses and a 107-bps YoY market share expansion in Supermarkets. Private Labels increased their penetration by 159-bps, contributing to consolidated sales growth. Adjusted EBITDA increased 14.1% in ARS and decreased 11.2% in CLP compared to 2Q24, explained by a 192-bps contraction in gross margin and increased above-inflation expenses compared to the previous year. +159 bps YoY Private Label Penetration +37.8% YoY Supermarkets SSS (1) 3.2 Argentina: All businesses grow above inflation (1) Excludes Makro and Basualdo stores. (2) Through the Cheaf app, which reduces food waste by offering products at reduced prices. +218 Tons of food rescued and monetized(2) | 14 CONSOLIDATED REVENUES ADJUSTED EBITDA CLP million CLP million 2Q24 2Q25 56,160 49,858 -11.2% 2Q24 2Q25 673,904 871,963 +29.4% 5.7%8.3%
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Earnings Presentation – Second Quarter 2025 Revenue grew 9.0% in USD and 10.4% in CLP year-over-year. This improved performance is explained by a 24.8% increase in online sales, reaching 8.5% penetration of total sales. Additionally, 13 new stores opened over the last 12 months, including three in 2Q25. Additionally, Same Store Sales remained in line with year-over-year inflation. 2Q24 2Q25 44,548 50,353 +13.0% Adjusted EBITDA grew 11.5% in USD and 13.0% in CLP compared to 2Q24, reaching an Adjusted EBITDA margin of 9.6%. This result is explained by a 7.4% YoY improvement in gross income, combined with reimbursements from insurers for losses associated with hurricanes Helene and Milton in 2024. Excluding this effect, Adjusted EBITDA would have grown 1.9% compared to 2Q24. 3.3 US: Strongest growth in local currency sales since acquisition in 2022 2Q24 2Q25 473,805 523,149 +10.4% Best Place to work TFM named 3rd best company to work for in the Triad region +24.8% YoY Online sales in USD | 15 9.6%9.4% 13 Openings in the last 12 months (1) The Triad region includes Greensboro, Winston-Salem and High Point. CONSOLIDATED REVENUES ADJUSTED EBITDA CLP million CLP million
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Earnings Presentation – Second Quarter 2025 Revenue decreased 8.7% in BRL and 15.1% in CLP compared to 2Q24, partly due to increased competition. Despite the transfer of Bretas' 32 stores in Minas Gerais, 2Q25 sales decreased less (-8.6%) compared to 1Q25 (-11.4%). Likewise, 2Q25 Same Store Sales (-5.2%) showed a gradual improvement compared to 1Q25 (-12.1%). 2Q24 2Q25 463,264 393,492 -15.1% 2Q24 2Q25 22,787 20,923 -8.2% Adjusted EBITDA decreased 1.2% in BRL and 8.2% YoY in CLP, due to lower sales volumes and growing expenses around inflation. However, the Adjusted EBITDA margin posted a 40-bps expansion YoY, mainly explained by the profit from the sale of 32 Bretas stores. Brazil: Approval received for the sale of 22 remaining Bretas stores in Minas Gerais | 16 3.4 5.3%4.9% +4,000 sqm Opening of the new GIGA Naciones Unidas store, marking a milestone in the chain's value proposition, offering services such as a bakery, butcher shop, and more. CONSOLIDATED REVENUES ADJUSTED EBITDA CLP million CLP million
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Earnings Presentation – Second Quarter 2025 Revenue grew 4.1% in PEN and 8.0% in CLP year-over-year, with Same Store Sales growing above year-over-year inflation and online channel sales increasing 35.5% year-over-year, achieving a 162-bps increase in penetration. 2Q24 2Q25 298,406 322,250 +8.0% 2Q24 2Q25 34,243 38,155 +11.4% Adjusted EBITDA increased 7.4% in PEN and 11.4% in CLP year-over- year, reaching an Adjusted EBITDA margin of 11.8%. This was the highest Adjusted EBITDA margin recorded in Peru for a second quarter. The YoY expansion of Adjusted EBITDA in Shopping Centers and Financial Services contributed to the improvement. Peru: Adjusted EBITDA margin records its best historical performance in a second quarter 19.1% Private Label Penetration 7.0% Online penetration Supermarkets 3.5 11.8%11.5% | 17 +37.5% YoY Online Tickets CONSOLIDATED REVENUES ADJUSTED EBITDA CLP million CLP million
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Earnings Presentation – Second Quarter 2025 5.6% Online penetration Supermarket Revenue grew 6.3% in COP and 0.5% in CLP compared to 2Q24. All business units registered sales increases compared to 2Q24. The increase in e-commerce sales (+6.0% YoY) and the recovery of the Financial Services division contributed to the sales improvement. Additionally, a new Jumbo store with over 1,200 sqm opened in June. 2Q24 2Q25 -3,484 5,138 N.A. Adjusted EBITDA improved compared to 2Q24, achieving an EBITDA margin expansion of 357-bps YoY. This is explained by higher profitability in Supermarkets, Home Improvement, and Financial Services. Colombia: Highest sales growth rate in the last 3 years +6.0% YoY Online sales in COP 3.6 2Q24 2Q25 238,773 239,908 +0.5% 2.1%-1.5% ADJUSTED EBITDA | 18 Sale of Service Stations Cencosud reached an agreement for the sale of its service station business to a local buyer. The transaction is now in the process of approval at the Superintendency of Industry and Commerce (SIC). CONSOLIDATED REVENUES CLP million CLP million
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Progress on Strategic Pillars 04
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Earnings Presentation – Second Quarter 2025 4.1 Private Labels: achieves a historic penetration of 17.9% of total sales Country Food Non - Food Total 2Q25 2Q24 2Q25 2Q24 2Q25 2Q24 Chile 12.9% 12.8% 27.5% 26.8% 17.6% 17.3% Argentina 17.5% 16.8% 17.9% 14.5% 17.6% 16.0% USA 30.9% 31.7% 0.8% 1.5% 29.4% 30.3% Brazil 4.9% 4.9% 3.6% 3.9% 4.7% 4.8% Peru 15.4% 15.4% 39.7% 39.0% 19.1% 18.9% Colombia 10.7% 10.0% 8.4% 7.6% 10.0% 9.2% Total 16.2% 15.9% 22.8% 21.9% 17.9% 17.4% 2Q25 Consolidated Sales USD 717 MM +12.3% YoY Launch of the new brand Hacks & Racks 2Q25 Consolidated Penetration 17.9% +48-bps YoY | 20 Cuisine & Co recognized as the N° 1 Emerging Brand in Chile, according to the Cadem study, consolidating its position as a benchmark within Cencosud’s Private Labels portfolio. A new exclusive brand of comprehensive organizational solutions launched in Easy Chile, Argentina, and Colombia. Relevant milestone
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Earnings Presentation – Second Quarter 2025 Organic Growth +1 1,766 sqm +6 8,554 sqm Additional sqm in Real Estate division: Openings Remodelings Closures 2Q25 # sqm # # sqm Chile - - 1 1 450 Argentina - - - - - USA 3 4,703 - 1 1,301 Brazil 1 4,147 - - - Peru - - - - - Colombia 1 1,204 - - - Total 5 10,054 1 2 1,751 Openings 6M25 | 21 ~30,000 sqm ▶ ~25,000 sqm of offices ▶ ~5,000 sqm of shopping centers 4.2 +1 1,204 sqm +1 4,222 sqm
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Earnings Presentation – Second Quarter 2025 Technology and innovation at the service of customers | 22 4.3 Gates in the Self-Checkout Area • The implementation of an automated validation and checkout system, which ensures that only customers with a completed purchase can leave the self-checkout area • This solution streamlines the payment process, reduces loss and achieves a seamless customer experience Self-service scales with AI • New technology allows customers to automatically identify fruits and vegetables • The solution improves accuracy and reduces weighing time. Avocado scanner • A device that allows customers to see the ripeness of the product in real time KSI Pilot – Jumbo Costanera • Real-time checkout line and prepared meal management system based on new machine learning models Captana Smart Camera Pilot • Real-time shelf inventory control solution, complemented by electronic strapping • Key indicators such as stock-out levels, accuracy of external alerts, planogram compliance, dynamic pricing accuracy, and reduction of credit notes due to price differences are monitored Implementation of Electronic Labels and Captana Smart Cameras • TFM completed the implementation of electronic labels and smart cameras, digitizing key shelf and price management processes • The solution enables automatic price updates and real- time stock monitoring, generating greater operational efficiency Pilots of new capabilities Chile Digital transformation in gondolas Chile & USA
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Earnings Presentation – Second Quarter 2025 4.4 Cencosud launches regional leadership program for store managers Cencosud launched the "Leadership for Store Managers" program in Chile, a new training initiative that is expanding regionally. The program seeks to strengthen store operationsleaders’ skill, enhancing their role in delivering an extraordinary experience to both customers and their teams. Sustainability: initiatives with regional impact Corporate Governance | 23 People Cencosud Peru launches “Good Ideas for Better Nutrition” Metro Supermarkets launched a platform to combat childhood anemia and malnutrition in Peru, coordinating actions related to food access, education, and early detection. ✓ More than 1,500 people tested ✓ 16 nutritional education workshops ✓ Partnerships with 5 organizations 25 school communities in Chile already have the “Como Cambio” program The “Como Cambio” healthy eating and culture program is growing in Chile. Implemented in 25 educational establishments, during the first half of 2025, it has already reached over 5,000 children in the country. People The Fresh Market launches a charitable initiative with Carla Hall and the Alzheimer's Association In June, The Fresh Market joined chef Carla Hall and the Alzheimer's Association in a U.S. charity campaign. The initiative includes the exclusive sale of the chef's "Sweet Heritage Butter Tarts," with 10% of sales going to support people affected by Alzheimer's.
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Earnings Presentation – Second Quarter 2025 4.5 Sustainability: Advances in the Circular Economy Planet Cencosud receives sustainability certification for its circular model with CHEP (1) Cencosud received CHEP (Commonwealth Handling Equipment Pool) certification, which recognizes its participation in a circular economy model through reusing pallets. CHEP recognized Jumbo, Santa Isabel, and Spid brands for returning unused pallets, optimizing wood use, reducing waste, and lowering emissions. According to CHEP, the following savings were recorded collectively in 2024: ✓ 10.56 million dm³ of wood, equivalent to saving more than 10,205 trees ✓ 3.48 million kg ofCO₂ avoided ✓ 2.24 million kg of waste not generated (1) Commonwealth Handling Equipment Pool is a global company specializing in sustainable logistics solutions, particularly inthe rental and management of pallets, containers, and reusable boxes. It was founded in Australia and now operates in over 60 countries. Cencosud advances its sustainability strategy with intelligent energy management As part of its commitment to energy efficiency and decarbonization, Cencosud implemented an Energy Management Platform, which allows for monitoring energy consumption in more than 300 Jumbo, Santa Isabel, and Paris locations in Chile. | 24 A second life for pallets at Easy Easy Chile made the first official delivery of unused pallets to Armony: a total of 22 tons that can be reused as gardening substrates, among others. This circularity initiative allows for the use and sale of these products at Easy stores.
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Earnings Presentation – Second Quarter 2025 4.6 Best Citizen Brand in Chile, according to Cadem The Fresh Market: One of the Best Places to Work Awards & Recognitions | 25 Cencosud Recognized by Schneider Electric Sustainability Impact Award The Fresh Market Receives Multiple Vertex Awards Top 20 Companies Preferred by Digital Talent Under 35 Cencosud and Paris Once Again Among Best Places to Work for LGBTI+ People Cencosud Peru Advances in Merco Talent 2025 Ranking Wong Supermarkets: Leader in Customer Experience in Peru Cencosud Media Recognized as Best Media Proposal in Brand100 Chile Cencosud Recognized Among the Best Companies for Interns in Chile May 2025 Cadem May 2025 The Vertex Awards June 2025 Schneider Electric May 2025 FirstJob May 2025 The Triad Business Journal June 2025 Merco May 2025 Fundación Iguales y Pride Connetion Chile June 2025 Brand 100 June 2025 FirstJob May 2025 IZO
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Earnings Presentation – Second Quarter 2025 The information presented in this presentation has been prepared solely by Cencosud S.A. ("Cencosud") for informational purposes only. It should not be construed as an invitation or offer to buy or sell securities, nor as investment advice of any kind. No warranty, whether explicit or implicit, is provided concerning the accuracy, completeness, and reliability of the information contained herein. The views expressed in this document may change without notice, and Cencosud has no obligation to update or keep the information current. It should be noted that the content of this presentation is not exhaustive. Cencosud, along with its affiliates, directors, partners, and employees, disclaims any liability for any loss or damage that may arise from the use of this material, in whole or in part. It should be noted that this presentation may include forward- looking statements subject to risks and uncertainties, based on current expectations and projections of events and future trends that may affect Cencosud's operations. It is important to note that these projections do not guarantee future results. There are multiple factors, many of which are beyond the company's control, that may cause actual results to differ significantly from those contemplated in the forward-looking statements. Disclaimer4.7 | 26