Earnings release
Page 1
Press Release – Fourth Quarter 2025 | 1 - Press Release Fourth Quarter 2025 Join Here Webcast & Earnings Conference Call Information Date February 6, 2026 Time Chile: 11:00 AM EST: 9:00 AM GMT: 2:00 PM
Page 2
Press Release – Fourth Quarter 2025 | 2 Executive Summary (1) Cencosud closed the fourth quarter of 2025 with continued progress in its profitable growth strategy and the consolidation of its Retail E cosystem. The Company delivered revenue growth in five of the six countries where it operates and, at the consolidated level, reported margin expansion reaching double -digit levels, and a significant increase in Distributable Net Income, which more than doubled compared to the same period last year. This performance was underpinned by disciplined execution and supported by operating efficiencies, more competitive value propositions across formats, the strengthening of private label brands, and the expansion of Retail Media capabilities. Argentina’s hyperinflation and exchange rate adjustments (ARS/USD 1,427 vs. 1,019 in 4Q24) affected the reported figures. Consolidated Revenues for the quarter decreased 8.1% YoY, mainly reflecting the Argentina’s accounting adjustments . Excluding this effect, consolidated Revenues grew 1.2% YoY, driven by improved performance across most countries and revenue growth in Argentina above inflation in local currency. In Chile, revenues increased in Supermarkets and Home Improvement, while Shopping Centers continued to deliver solid growth of nearly 7.5%. Department Stores sales remained broadly flat, reflecting significantly lower tourist traffic compared to the prior year. In Argentina, revenues grew 48.6% compared to an inflation rate of 31.5% over the last twelve months, mainly suppo rted by supermarkets and the inclusion of Makro. In the United States, sales increased 1.6% YoY in local currency, amid a more moderate consumption environment and the closure of two underperforming stores during the quarter. In Peru, revenues grew approximately 4.4%, supported by solid operational performance and the opening of a new Metro store in 4Q25. In Colombia, revenues rose 5.9%, driven by broad-based growth across business units and continued sequential recovery. Finally, in Brazil, revenues reflect the sale of 54 Bretas stores completed in 3Q25. Consolidated Adjusted EBITDA for the quarter decreased 6.5% compared to 4Q24, mainly reflecting Argentina’s accounting adjustments, while the Adjusted EBITDA margin expanded to 9.8%. Excluding th e hyperinflation adjustment , Adjusted EBITDA increased 4.2% YoY, reaching CLP 454,137 million, with an Adjusted EBITDA margin of 10.0%. Chile recorded double-digit growth and an expansion in the Adjusted EBITDA margin to 13. 1%. Peru and Colombia also delivered YoY improvement, while Brazil stood out with a particularly strong performance in Supermarkets, delivering significant YoY growth. The United States reported a decline, mainly explained by costs related to the closure of two stores, a weaker -than-usual holiday season, and the temporary impact of new stores still in the ramp-up phase. (1) Key figures on the right include the effect of the hyperinflation accounting standard in Argentina (NIC 29). 91 CLP Bn +129.9% YoY Distributable Net Income 434 CLP Bn -6.5% YoY Adjusted EBITDA 9.8% +17 bps YoY Adjusted EBITDA Margin 4,430 CLP Bn -8.1% YoY Consolidated Revenues As Reported 4Q25
Page 3
Press Release – Fourth Quarter 2025 | 3 Net Income for the quarter reached CLP 159,935 million, representing an increase of 342.8% compared to 4Q24, driven by improved operating performance and a favorable foreign exchange effect in non -operating results versus the same period last year. Excluding Argentina’s accounting adjustments , Net Income totaled CLP 204,902 million, an increase of 148.3% compared to 4Q24. As a result, Distributable Net Income for the quarter amounted to CLP 91,181 million, representing an increase of 129.9% versus 4Q24. For the full year 2025, consolidated revenues reached CLP 16,595 billion, representing an increase of 0.6% compared to the prior year, and were impacted by Argentina’s accounting adjustments. Excluding this effect, consolidated revenues increased 5.2%, totaling CLP 16,900 billion. Full-year Adjusted EBITDA decreased 5.8% YoY, mainly reflecting the impact of Argentina’s accounting adjustments. Excluding this effect, full-year Adjusted EBITDA totaled CLP 1,509 billion, representing a decrease of 3.0% compared to the prior year, mainly explained by the productivity plan implemented in 3Q25. Full-year Net Income increased 70.4% YoY, reaching CLP 398,119 million. Excluding Argentina’s accounting adjustments, totaled CLP 566,147 million, representing a 7.9% decline versus the prior year, while full-year Distributable Net Income amounted to CLP 227,718 million, an increase of 67.2% compared to the prior year. As Reported FY2025 16,595 CLP Bn 0.6% a/a Revenues 1,443 CLP Bn -5.8% a/a Adjusted EBITDA 8.7% -59 bps YoY Adjusted EBITDA Margin 228 CLP Bn +67.2% YoY Distributable Net Income
Page 4
Press Release – Fourth Quarter 2025 | 4 Message from CEO, Rodrigo Larraín At Cencosud, we continue to make progress in the execution of our strategic plan, focused on strengthening profitable growth and consolidating a more integrated and efficient Retail Ecosystem, always placing our customers and employees at the center of our decisions. The results of this quarter reflect the continuous progress of our strategy, with a solid operating performance, consolidated double-digit margin, and Distributable Net Income that more than doubled compared to the same period last year. Performance across countries confirms the impact of the strategic decisions we have been implementing. Colombia delivered a strong performance, reflecting progress in our format optimization strategy. This momentum is complemented by the recent approval of the sale of our service stations business in Colombia, announced in 2Q25, which we expect to close during 1Q26, further reinforcing our focus on profitability and portfolio optimization. In Peru, we maintained positive results across all formats, supported by strong e -commerce growth in Supermarkets and higher traffic and sales in Shopping Centers. In Chile, growth was more moderate due to calendar effects and lower tourist activity; nonetheless, we continued to expand with the opening of two new stores and a solid e-commerce performance, which grew 7.9% and reached 14.4% penetration in Supermarkets. In Brazil, we advanced in the execution of our strategy through portfolio optimization across formats, including the closure of underperforming and non -strategic stores, such as pharmacies, and the conversion of Bretas stores from Cash & Carry into traditional supermarkets. These actions, together with stronger commercial execution, drove a significant year-over-year improvement in EBITDA. In the United States, we continued to move forward with our profitable growth strategy: during the quarter, we opened t wo new stores and closed two underperforming locations, while maintaining a plan to open seven new stores in 2026. At the consolidated level, we achieved a record -high private label penetration of 18.9%, with a particular highlight in Argentina, where penetration increased by nearly 400 bps, supported by the recent opening of the import market. We also continue to strengthen our omnichannel strategy, with the launch of new customer applications and loyalty programs across several countries, including the update of Jumbo Prime. In January, we held our CencoDay in Buenos Aires, Argentina, where we shared our vision and priorities for 2026 with the market our vision and priorities for 2026. On that occasion, we reviewed our plans for Argentina, our second-largest market, as well as for Brazil and the United States, together with each country’s management team. We presented our financial outlook, expecting year-over-year revenue growth of 3.0% and Adjusted EBITDA growth of 13.6%, together with a USD 600 million investment plan aimed at driving organic expansion. Our 2026 plan includes 20 new stores, in addition to shopping center expansions and the development of new projects, reaffirming our commitment to disciplined capital allocation and long-term value creation.
Page 5
Press Release – Fourth Quarter 2025 | 5 Looking ahead, we see positive economic signals across the countries where we operate, and we will remain focused on executing our strategy with discipline, enhancing the profitability of our assets, and deepening the development of our ecosystem. We are c onfident that this path will allow us to accelerate profitable growth and continue delivering sustainable value to our customers and shareholders.
Page 6
Press Release – Fourth Quarter 2025 | 6 1. Important Events & Recognitions 1.1 Important Events • Opening of the new Wine Cellar in Wong Dos de Mayo In Peru, Wong inaugurated the Dos de Mayo Wine Cellar, considered the largest in the country within the supermarket format, featuring a renewed space with more than 3,200 wine and spirits labels as well as dedicated areas for tastings, pairings, and customer experiences. • New store openings (2) The Company added 19,6 08 m² of new sales floor space during the quarter with the opening of 8 stores: a Santa Isabel in La Florida and an Easy in Villarrica in Chile, a Vea Express store and an Easy in Argentina, two TFM stores in the United States and a Metro store in Peru and a Jumbo in Colombia. • Reopening of Rincón Jumbo at Alto Las Condes The newly renovated Rincón Jumbo restaurant -cafeteria opened at Alto Las Condes, one of Chile’s most iconic shopping centers . The upgraded space is larger, with a modernized design to fit its new location on the rooftop Mirador lookout area. It now includes a spacious outdoor terrace and new culinary offerings to add to the traditional Rincón Jumbo fare, further enhancing customer experience. • Continued Progress in Retail Ecosystem Initiatives Rolled out Fast Checkout at Paris to improve conversion, launched the renewed Cencosud Seller Center with a 100% mobile experience, and expanded CencoMedia with new Sponsored Brands formats across our owned channels. • 14th edition of Paris Parade A new edition of the Paris Parade attracted over 1 million people, making it one of the most iconic parades in the country. • Personal Shopper & Marketplace: Jumbo innovates the shopping experience Jumbo launched a pilot program through its app for a new Marketplace feature to enhance the shopping experience by allowing customers to integrate third -party products to their Jumbo purchases at select locations. (2) Further details on the Company’s organic growth during the quarter can be found in section 3.2.3 of this report.
Page 7
Press Release – Fourth Quarter 2025 | 7 Events after the quarter end • Approval for the sale of service stations in Colombia In January, the sale of the service station network in Colombia received approval from the Superintendency of Commerce. Financial clos ure and handover of the transaction are expected during the first quarter of 2026. • CencoDay and 2026 Guidance In January 2026, the Company held CencoDay in Buenos Aires, where it shared its strategic priorities and presented its 2026 Financial Guidance and CAPEX plan, including expected revenue growth of 3.0%, Adjusted EBITDA growth of 13.6% YoY, and total CAPEX of USD 600 million for the year. • Opening of two new Rincón Jumbo restaurants In January 2026, two new Rincón Jumbo locations opened at Cenco Costanera and Cenco La Florida, expanding the format’s value proposition and strengthening its presence across two of the country’s leading commercial hubs. • A new TFM store opened in South Beach, Miami The Fresh Market strengthened its presence in Miami with the opening of its South Beach store at the end of January 2026, featuring 1,648 sqm of selling space and 2,746 sqm of total area.
Page 8
Press Release – Fourth Quarter 2025 | 8 1.2 Awards & Recognitions • Cencosud leads the Cadem Corporate Brand study For the second consecutive period, Cencosud achieved the No. 1 Corporate Brand in the Cadem Citizen Brands study, which evaluates 350 brands in 49 categories, along with Diario Financiero and Deloitte. • Cencosud featured in the Top of Mind Students awards Over 2,800 young people evaluated 1,846 organizations, and Cencosud obtained 9th place overall, standing out as the best-rated retail company in reputation, purpose, and image as an employer. • Cencosud receives 8 awards at the EIKON Chile 2025 Awards At the 7 th edition of the EIKON Chile Awards, Cencosud received 8 awards for campaigns that reflect its commitment to innovation, sustainability and extraordinary service. • Jumbo achieves first place in Empresas Humanas 2025 Jumbo was the leading company in the True Brands and Nielsen IQ Empresas Humanas 2025 study, which evaluates citizens' perception of the reputation and social connection of companies in Chile. • Cencosud awarded for Smart Energy 2025 The second edition of the Smart Energy Awards recognized Cencosud in the category “Leaders in Energy Digitalization” for its progress in digital solutions that strengthen its Energy Management System in line with the Energy Efficiency Law. • Jumbo No. 1 in its category in the 2025 Corporate Reputation Study Jumbo obtained 1 st place in its category and 7 th place overall among 100 brands evaluated by Ipsos Chile, highlighting attributes such as trust, leadership, ethics, sustainability and social impact. • Cencosud No. 1 in Business Holdings – Merco Companies Chile 2025 For the third consecutive year, Cencosud led the Holding Company category in the Merco Empresas Chile 2025 ranking, also placing 6th overall among the companies with the strongest reputation in the country. Specialized journalists furthermore recognized the Regional External Communications team as the third best of its kind in Chile. • Cencosud Peru recognized as the best retailer partner For the fifth consecutive year, Cencosud Peru was ranked #1 in the supermarket channel in the 2025 Advantage Report by Advantage Group International . • Paris ranked No. 1 in its category in the 2025 Corporate Reputation Study Paris was the top -rated brand in its category, according to the Ipsos Chile study, and ranked 27th among the country’s 100 most prominent brands, thanks to attributes such as trust, leadership, and sustainability.
Page 9
Press Release – Fourth Quarter 2025 | 9 2. Sustainability Corporate Governance • Cencosud presents its Regional Human Rights Policy Cencosud presented its new Regional Human Rights Policy, reaffirming its commitment to safe, inclusive, and respectful work environments in e very country where it operates. The policy, which applies to all Company’s employees, establishes clear principles to promote human dignity, prevent discrimination, ensure fair working conditions, and strengthen relationships with communities and suppliers. Planet • Cencosud adopts the TNFD standard, marking a milestone in Chilean retail Cencosud became the first retailer in Chile to adopt the global TNFD (Taskforce on Nature-related Financial Disclosures) standard, integrating nature and biodiversity - related risks and opportunities into its management practices. This early adoption reinforces its commitment to responsible environmental management and aligns it with an international network of over 129 organizations in 54 countries. • Jumbo Colombia among the leading brands in environmental impact In Colombia, the Jumbo brand achieved 7 th place in the Sustainability category of the P&M Kantar ranking. This recognition reflects the positive impact of its environmental initiatives in a market where it operates 45 supermarkets in the country's main cities. People • Progress in gender equality and female leadership with “Cenco Mujeres 2025” A total of 194 mentors and mentees participated in the fourth edition of “Cenco Mujeres” to promote the professional development of women. Since its creation in 2022, 286 female employees have benefited from the program, strengthening support networks and fostering a more diverse and inclusive culture. • Promoting a healthy eating culture in the region Cencosud strengthened its commitment to healthy living through the "Nourish with Purpose" initiative, and a discussion on the role of the private sector in sustainable development with Global Compact Network Chile. • In Chile, the Como Cambio program benefited 8,100 students from 45 schools in 2025, accumulating more than 15,600 students since 2022. • In Argentina, Healthy Cooking in School Dining Halls trained over 500 leaders from 195 organizations, creating a positive impact for more than 50,000 people in all. • In Peru, over 1,000 families, including anemia screening tests for more than 1,500 people, benefited from a campaign developed together with the United Way.
Page 10
Press Release – Fourth Quarter 2025 | 10 3. Income Statement 3.1 Consolidated Income Statement 4Q25 (3) As Reported Excl. IAS 29 CLP Million 4Q25 4Q24 Var % 4Q25 4Q24 Var % Total revenues 4,429,841 4,822,259 -8.1% 4,552,420 4,498,898 1.2% Gross Profit 1,292,200 1,484,288 -12.9% 1,343,636 1,373,633 -2.2% Gross margin 29.2% 30.8% -161 bps 29,5% 30,5% -102 bps SG&A -1,018,054 -1,137,217 -10.5% -1,038,782 -1,037,162 0.2% Operating result 360,290 296,613 21.5% 392,711 284,353 38.1% Non-operating result -80,145 -216,360 -63.0% -91,778 -190,564 -51.4% Taxes -120,210 -44,130 172.4% -96,032 -11,266 752.4% Net Income 159,935 36,123 309.5% 204,902 82,523 148.3% Net Income attributable to controlling shareholders 134,726 16,185 732.4% 179,693 62,587 187.1% Net Income attributable non-controlling shareholders 25,209 19,938 26.4% 25,208 19,936 26.4% Distributable Net Income 91,181 39,664 129.9% N.A. N.A. N.A. Adjusted EBITDA 433,910 464,238 -6.5% 454,137 435,987 4.2% Adjusted EBITDA margin 9.8% 9.6% 17 bps 10.0% 9.7% 28 bps (3) The detailed Income Statement and the impact of hyperinflation in Argentina are available in the Appendix of this report.
Page 11
Press Release – Fourth Quarter 2025 | 11 3.2 Performance by Country (4) 3.2.1 Results by Country (5) Revenues 4Q25 4Q24 % vs 2024 CLP MM CLP MM CLP ∆ % LC ∆ % Chile 2,050,836 2,017,685 1.6% 1.6% Argentina 837,396 834,664 0.3% 48.6% USA 557,588 565,150 -1.3% 1.6% Brazil 385,348 446,730 -13.7% -17.7% Peru 404,923 362,420 11.7% 4.4% Colombia 316,328 272,249 16.2% 5.9% Total 4,552,420 4,498,898 1.2% N.A. Adjusted EBITDA 4Q25 4Q24 % vs 2024 CLP MM CLP MM CLP ∆ % LC ∆ % Chile 268,681 233,014 15.3% 15.3% Argentina 50,099 66,851 -25.1% 11.9% USA 51,185 64,223 -20.3% -17.4% Brazil 18,132 18,450 -1.7% -11.0% Peru 49,458 44,534 11.1% 4.0% Colombia 16,582 8,916 N.A. N.A. Total 454,137 435,987 4.2% N.A. 3.2.2 Same Store Sales Variation in Local Currency 4Q25 4Q24 Supermarket Chile 0.6% 2.2% Argentina 30.8% 110.8% USA -2.0% 2.0% Brazil -0.9% -4.7% Peru 2.0% 2.7% Colombia 4.6% -0.2% Home Improvement Chile -1.3% 8.5% Argentina 14.8% 86.4% Colombia 12.9% -9.1% Department Stores Chile -0.5% 11.7% (4) For comparative purposes and financial performance analyses, figures exclude the effects of hyperinflationary economies (IA S 29). (5) LC refers to local currency.
Page 12
Press Release – Fourth Quarter 2025 | 12 3.2.3 Organic Growth During the fourth quarter of 2025, the Company advanced its organic growth plan by adding 19,608 sqm of sales floor space by opening of eight new stores across its various markets. In Chile, a new Santa Isabel store in La Florida and an Easy store in Villarrica added a combined 8,424 sqm of retail space. In Argentina, the opening of an Easy and a Vea Express contributed an additional 5,606 sqm. In the United States , expansion continued with two new stores in Illinois and Kentucky, adding over 3,000 sqm. Finally, in Peru and Colombia, the openings of a Metro and a Jumbo store, respectively, added 2,544 sqm of retail space. With these openings, the Company completed a total of 20 new store openings during 2025 , reinforcing its focus on profitable expansion and strengthening its regional footprint. Additionally, and in line with its strategy to ensure sustainable growth and long -term profitability, the Company closed 55 stores during the quarter. In Argentina, 13 Vea stores and one Disco store were closed, along with three Blaisten locations and one Easy store. In the United States, two TFM stores closed in December. In Brazil, 34 pharmacies and one Bretas store were closed, prioritizing formats and geographic areas with greater long-term potential. These initiatives underscore the Company’s commitment to disciplined, profitable growth and the continued optimization of its multi-format retail platform. Openings Remodelings Closures 4Q25 # sqm # # sqm Chile 2 8,424 5 - - Argentina 2 5,606 - 18 26,166 USA 2 3,031 - 2 2,348 Brazil - - 22 35 3,687 Peru 1 1,170 1 - - Colombia 1 1,377 10 - - Total 8 19,608 38 55 32,201
Page 13
Press Release – Fourth Quarter 2025 | 13 3.2.4 Online Sales (6) CLP million Online Sales % vs 2024 4Q25 4Q24 Δ CLP Δ LC Chile 338,626 313,955 7.9% 7.9% Argentina 30,872 34,739 -11.1% 31.6% USA 43,712 40,573 7.7% 10.9% Brazil 11,518 12,652 -9.0% -13.3% Peru 29,176 20,544 42.0% 32.7% Colombia 16,383 12,847 27.5% 16.3% Total 470,287 435,310 8.0% N.A. 3.2.5 Online Penetration Penetration % 4Q25 4Q24 Δ bps Supermarket 8.8% 8.2% 59 SMKT Chile 14.4% 13.5% 94 SMKT Argentina 3.4% 3.6% -20 SMKT USA 7.8% 7.2% 65 SMKT Brazil 3.0% 3.0% 1 SMKT Peru 7.4% 5.8% 159 SMKT Colombia 5.3% 5.1% 19 Home Improvement 10.9% 9.1% 189 Department Stores 27.9% 27.0% 94 TOTAL 10.8% 10.1% 70 (6) Online sales figures (excluding IAS 29) reflect 1P data, including sales through last -mile delivery operators. Online penetration 10.8% Online Tickets 9.0 MM Online Sales CLP 470 Bn
Page 14
Press Release – Fourth Quarter 2025 | 14 3.2.6 Private Label During 4Q25, Private Label products reached a record penetration of 18.9% of total sales, up 121 bps YoY. Argentina led the regional expansion, with penetration increasing 399 bps, supported by the recent opening of the import market. Chile also delivered solid growth, with penetration rising 58 bps, driven by an increased share in new categories, deeper penetration in underdeveloped markets, and the continued development of differentiated portfolios. Additional highlights included the renewal of key product lines in Peru and the regional rollout of the recently launched “American Dream” line. In the Food segment, penetration reached 16.2%, up 64 bps YoY, with growth led by Argentina, Brazil, and the United States. In Non-Food, penetration increased to 26.3%, representing a strong YoY expansion of 269 bps. Private Label Penetration Food Non-Food Total 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 Chile 12.4% 12.3% 30.3% 28.8% 18.4% 17.9% Argentina 17.2% 15.6% 25.7% 16.9% 20.1% 16.1% USA 31.7% 31.1% 0.7% 0.9% 30.3% 29.7% Brazil 5.7% 5.0% 3.1% 3.7% 5.4% 4.8% Peru 16.1% 16.3% 36.2% 35.4% 19.2% 19.2% Colombia 10.2% 10.0% 10.1% 9.8% 10.2% 9.9% Total 16.2% 15.6% 26.3% 23.6% 18.9% 17.7%
Page 15
Press Release – Fourth Quarter 2025 | 15 3.2.7 Results By Country and Business Chile REVENUES 4Q25 4Q24 vs 2024 CLP MM % CLP MM % CLP ∆ % Supermarkets 1,353,922 29.7% 1,331,354 29.6% 1.7% Shopping Centers 76,764 1.7% 71,427 1.6% 7.5% Home Improvement 216,020 4.7% 210,474 4.7% 2.6% Department Stores 396,259 8.7% 399,235 8.9% (0.7%) Other 7,872 0.2% 5,195 0.1% 51.5% Revenues 2,050,836 45.0% 2,017,685 44.8% 1.6% Adjusted EBITDA 4Q25 4Q24 vs 2024 CLP MM Mg (%) CLP MM Mg (%) CLP ∆ % Supermarkets 177,618 13.1% 183,470 13.8% -3.2% Shopping Centers 63,337 82.5% 56,936 79.7% 11.2% Home Improvement 18,515 8.6% 23,021 10.9% -19.6% Department Stores 40,422 10.2% 37,645 9.4% 7.4% Financial Services -1,976 N.A. -4,983 N.A. -60.3% Other -29,235 N.A. -63,075 N.A. -53.7% Adjusted EBITDA 268,681 13.1% 233,014 11.5% 15.3% Supermarkets During 4Q25, revenue increased by 1.7% YoY. The quarter was marked by a significant 8.8% YoY growth in online sales, reflecting the expansion of the omnichannel model, as well as the opening of a new Santa Isabel store in the La Florida district of Santiago. Adjusted EBITDA margin contracted 66 bps YoY, primarily due to a 93 bps contraction in the gross margin, resulting from increased promotional activity and higher online sales. This was partially offset by a 1.2% decrease in expenses compared to 4Q24. Highlights of the Quarter Chile's Adjusted EBITDA increased by CLP 3 5,667 million YoY, expanding its EBITDA margin by 140 bps to 13.1% Online sales grew 7.9% YoY, with increased online penetration across all three retail business units
Page 16
Press Release – Fourth Quarter 2025 | 16 Home Improvement Revenue for the quarter increased by 2.6% compared to 4Q24. This growth was primarily driven by improved online sales, high single-digit growth in wholesale sales, and the opening of a new Easy store in Villarrica. This improvement was partially offset by lower activity in the home construction and renovation sector. Adjusted EBITDA margin for the quarter was 8.6%, representing a contraction of 237 bps compared to 4Q24. This was mainly driven by a higher sales mix contribution from lower-margin categories, such as B2B and e -commerce, along with an increase in operating expenses in line with year-on-year inflation. Department Stores Revenue for the quarter decreased 0.9% YoY, primarily reflecting lower tourist activity compared to 4Q24. This was partially offset by stronger online sales performance, supported by promotional events such as CyberDay and Black Friday. Additionally, calendar effects, including two days of presidential elections in Chile during the quarter, impacted sales. Adjusted EBITDA margin was 10.4% (+93 bps YoY), supported by a more favorable product mix toward apparel and private label brands, ongoing efficiency and productivity initiatives , and lower expenses YoY. Shopping Centers Revenue increased 7.5% in the quarter compared to the same quarter of 2024 , supported by the addition of more than 35,000 sqm of new GLA and higher office occupancy. New projects, including the new food court, Alto Diseño, the new Rincón Jumbo at Cenco Alto Las Condes, and enhanced culinary offerings at Cenco Costanera, continued to strengthen the shopping centers’ value proposition. Adjusted EBITDA margin expanded 280 bps YoY, mainly driven by gross margin improvement, reflecting the favorable comparison against negative common expenses recorded in 4Q24, along with lower operating expenses following higher office brokerage costs incurred in the prior-year quarter.
Page 17
Press Release – Fourth Quarter 2025 | 17 Financial Services Adjusted EBITDA increased by 60.3% YoY. Adjusted EBITDA for Financial Services in Chile includes a risk adjustment defined by the Joint Venture shareholders in connection with the governance and control structure of the business. Excluding this adjustment, Adjusted EBITDA decreased 95.9% YoY. Others (7) The Other segment recorded a negative Adjusted EBITDA of CLP 29,235 million in 4Q25, compared to a negative CLP 63,075 million in the same period of the previous year. The improvement was mainly driven by the favorable impact of CLP appreciation against the U.S. dollar on USD-denominated import payables. Argentina (8) Supermarkets Revenues for 4Q25 increased 62.5% in ARS and 9.7% in CLP YoY. A highlight of the quarter was revenue growth above inflation in local currency, driven by the contribution from Makro and the strengthening of Private Label brands, which increased their penetration by 399 bps YoY, (7) The Others segment consolidates accounting items not directly attributable to other business units, such as support service s, financing, adjustments, and other items. (8) Inflación general de los últimos 12 meses a diciembre 2025 de Argentina fue de 31,5%, mientras la inflación de alimentos fue de 32,2%. (9) Source: Scentia. Highlights of the Quarter Private label brands increased their penetration by 399 bps of total sales, driven by growth across both Food and Non-Food categories Supermarkets Argentina recorded a 123 bps Market Share expansion (9) compared to the previous year REVENUES 4Q25 4Q24 % vs 2024 CLP MM % CLP MM % CLP ∆% LC ∆ % Supermarkets 604,009 13.3% 550,787 12.2% 9.7% 62.5% Shopping Centers 23,554 0.5% 28,700 0.6% -17.9% 21.6% Home Improvement 172,220 3.8% 221,065 4.9% -22.1% 15.3% Financial Services 36,823 0.8% 33,743 0.8% 9.1% 61.3% Other 791 0.0% 368 0.0% 114.8% 214.5% Revenues 837,396 18.4% 834,664 18.6% 0.3% 48.6% Adjusted EBITDA CLP MM Mg (%) CLP MM Mg (%) ∆ % LC ∆ % Adjusted EBITDA 50,099 6.0% 66,851 8.0% -25.1% 11.9%
Page 18
Press Release – Fourth Quarter 2025 | 18 supported by the recent opening of the importer market . Excluding the Makro acquisition, revenues grew 31.0% YoY, broadly in line with inflation, despite the closure of 12 Vea stores and one Disco store during the quarter. Adjusted EBITDA in 4Q25 increased 50.6% in ARS and 0.8% in CLP compared to the prior year, reflecting higher operating costs that include those associated with the integration of Makro, store closures during the quarter, and an increase in utility and basic service expenses. Home Improvement Revenues increased 15.3% in ARS and decreased 22.1% in CLP YoY, compared to home improvement and maintenance inflation of 19.3% as of December 2025. Retail Same Store Sales grew 17.4%, driven by higher penetration of private label and imported products, which contributed to a broader and more competitive assortment. Adjusted EBITDA decreased 4.5% in ARS and 35.5% in CLP. This performance is mainly explained by operating expense growth in line with overall inflation (31.5%), which exceeded inflation in the category (19.3%). Shopping Centers Revenues in 4Q25 increased 21.6% in ARS and decreased 17.9% in CLP YoY. This result reflects a slowdown in tenant sales amid a still challenging macroeconomic environment, partially offset by a tenant mix refresh and inflation-linked adjustments to contractual terms. Adjusted EBITDA increased 23.5% in ARS and decreased 16.6% in CLP, broadly in line with revenue performance. Financial Services Revenues increased 61.3% in ARS and 9.1% in CLP YoY, reflecting growth in the average loan portfolio and higher interest income driven by increased financial product volumes. Adjusted EBITDA decreased 35.4% in ARS and 56.9% in CLP. The decline is mainly explained by a higher risk charge, together with narrower interest rate spreads.
Page 19
Press Release – Fourth Quarter 2025 | 19 United States REVENUES 4Q25 4Q24 % vs 2024 CLP MM % CLP MM % CLP ∆% LC ∆ % Supermarkets 557,588 12.2% 565,150 12.6% -1.3% 1.6% Revenues 557,588 12.2% 565,150 12.6% -1.3% 1.6% Adjusted EBITDA CLP MM Mg (%) CLP MM Mg (%) ∆ % ML ∆ % Adjusted EBITDA 51,185 9.2% 64,223 11.4% -20.3% -17.4% Supermarkets Revenues increased 1.6% in USD and decreased 1.3% in CLP YoY. The quarter’s performance was supported by a 10.9% YoY increase in online sales. Additionally, the Company continued to strengthen its brand presence in Illinois and Kentucky through the opening of two new stores , while 2 lower-performing stores were closed. Adjusted EBITDA decreased 19.9% in local currency and 22.7% in CLP YoY, mainly reflecting non- recurring expenses associated with the closure of two stores, as well as higher marketing expenses. In contrast, the rollout of digital price tags and improvements in inventory management helped achieve continued progress in operational efficiency . Highlights of the Quarter The Fresh Market opened two new stores in Illinois and Kentucky, while closing two underperforming stores. Online sales grew 10.9% YoY, reaching a penetration of 7.8% of total sales.
Page 20
Press Release – Fourth Quarter 2025 | 20 Brazil REVENUES 4Q25 4Q24 % vs 2024 CLP MM % CLP MM % CLP ∆ % LC ∆ % Supermarkets 385,348 8.5% 427,175 9.5% -9.8% -14.0% Financial Services 0 0.0% 19,555 0.4% N.A. N.A. Other 0 0.0% 0 0.0% N.A. N.A. Revenues 385,348 8.5% 446,730 9.9% -13.7% -17.7% Adjusted EBITDA CLP MM Mg (%) CLP MM Mg (%) ∆ % LC ∆ % Adjusted EBITDA 18,132 4.7% 18,450 4.1% -1.7% -11.0% Supermarkets In 4Q25, Supermarket revenues decreased by 14.0% in BRL and 9.8% in CLP compared to 4Q24. This occurred within a context of store portfolio optimization, including the sale of 54 Bretas stores, the closure of 34 pharmacies and one Bretas Atacarejo, as well as the strengthening of the Supermarket format through the conversion of 19 Bretas stores from the Cash & Carry format. Adjusted EBITDA showed a significant improvement compared to 4Q24, driven by the divestment and closure of underperforming stores, continued enhancements to the commercial strategy, and an improved in -store value proposition. This was reflected, in part, in a 283 bps YoY expansion in gross margin. Highlights of the Quarter Adjusted EBITDA margin in supermarkets expended 467 bps YoY Store portfolio optimization , including the conversion of 19 Bretas Atacarejo locations into traditional supermarkets and the closure of 34 pharmacies and one Bretas Atacarejo store
Page 21
Press Release – Fourth Quarter 2025 | 21 Peru REVENUES 4Q25 4Q24 % vs 2024 CLP MM % CLP MM % CLP ∆% LC ∆ % Supermarkets 394,532 8.7% 354,004 7.9% 11.4% 4.1% Shopping Centers 9,144 0.2% 7,958 0.2% 14.9% 7.0% Other 1,247 0.0% 458 0.0% 172.4% 154.2% Revenues 404,923 8.9% 362,420 8.1% 11.7% 4.4% Adjusted EBITDA CLP MM Mg (%) CLP MM Mg (%) ∆ % LC ∆ % Adjusted EBITDA 49,458 12.2% 44,534 12.3% 11.1% 4.0% Supermarkets Revenue increased 4.1% in PEN and 11.4% in CLP compared to 4Q24, largely driven by a 32.7% rise in online sales, supported by higher subscription levels to the Prime loyalty program. The physical channel also delivered improved performance versus 4Q24, led by the Cash & Carry format with a 4.0% increase in same-store sales, as well as the opening of a new Metro store and the expansion of Wong La Molina. Adjusted EBITDA increased 4.6% in PEN and 11.6% in CLP YoY, supported by revenue growth and a 52 bps expansion in gross margin compared to 4Q24. Shopping Centers Revenues for the quarter increased 7.0% in PEN and 14.9% in CLP compared to the same period of the prior year, driven by higher variable rent income, the incorporation of the second phase of Cenco La Molina, which boosted visits by approximately 50% , and strong revenue growth at Cenco Arequipa YoY. Adjusted EBITDA increased 10.2% in PEN and 18.2% in CLP compared to the prior year, mainly supported by a 138 bps YoY expansion in gross margin, reflecting improved commercial performance across the shopping centers. Highlights of the Quarter Online sales increased 32.7 % compared to 4Q24, supported by the expansion of the Wong Prime program Opening of the first Metro store since 2019 , along with the expansion of the Wong La Molina store, adding 1,772 sqm of sales floor space
Page 22
Press Release – Fourth Quarter 2025 | 22 Financial Services Adjusted EBITDA for 4Q25 was more negative compared to 4Q24, despite continued improvement in non-performing loan levels. This performance was mainly driven by a provision adjustment related to IFRS 16. Colombia REVENUES 4Q25 4Q24 % vs 2024 CLP MM % CLP MM % CLP ∆ % LC ∆ % Supermarkets 286,196 6.3% 248,639 5.5% 15.1% 5.0% Shopping Centers 3,825 0.1% 2,906 0.1% 31.6% 19.2% Home Improvement 25,410 0.6% 20,132 0.4% 26.2% 14.4% Financial Services 1,512 0.0% 1,353 0.0% 11.7% 1.8% Other -614 (0.0%) -781 (0.0%) -21.4% -27.1% Revenues 316,328 6.9% 272,249 6.1% 16.2% 5.9% Adjusted EBITDA CLP MM Mg (%) CLP MM Mg (%) ∆ % LC ∆ % Adjusted EBITDA 16,582 5.2% 8,916 3.3% 86.0% 72.7% Supermarkets During 4Q25, revenue increased 5.0% in COP and 15.1% in CLP YoY, despite the closure of all 12 SPID stores during 3Q25. Performance was supported by strong omnichannel momentum, with online sales rising 9.1% YoY. The Company also continued to strengthen and differentiate its brand portfolio during the quarter. One SPID store and two Metro stores became Jumbos, while eight Metro stores were converted into the Cash & Carry format under the Metro Almacén banner. These conversions build on the two stores previously migrated to Metro Almacén, which have delivered sales growth of over 30% YoY. Highlights of the Quarter All business divisions delivered revenue growth and improved Adjusted EBITDA compared to 4Q24 Metro stores converted into Metro Almacén (Cash & Carry format ) recorded sales growth of over 30% YoY
Page 23
Press Release – Fourth Quarter 2025 | 23 Adjusted EBITDA increased 37.9% in COP and 48.8% in CLP YoY, supported by a 51 bps expansion in gross margin, improved cost management, and effective pricing execution. Home Improvement Revenues for 4Q25 increased 14.4% in COP and 26.2% in CLP YoY, reflecting the segment's recovery driven by strong momentum in the wholesale channel (82.0% YoY same-store sales growth) and improved online performance, with e -commerce sales doubling compared to 4Q24, supported by enhanced pricing systems. Adjusted EBITDA turned positive in the quarter, compared to a negative result in 4Q24. The improvement was supported by revenue growth and lower operating expenses, reflecting greater operational efficiency. Shopping Centers Revenues grew 19.2% in COP and 31.6% in CLP compared to 4Q24. Performance was particularly supported by stronger revenue generation at Limonar and Altos del Prado, as well as an increase in the number of leased locations and longer contract terms with related parties. In addition, collection levels strengthened throughout the year, bad debt decreased, and the Company continued to renew contracts on improved commercial terms. Adjusted EBITDA expanded 41.9% in COP and 56.2% in CLP YoY, supported by a 101 bps expansion in gross margin and lower operating expenses, excluding depreciation. Financial Services Adjusted EBITDA was stable YoY, supported by improved credit spreads and higher loan amounts, alongside higher credit card originations and reduced card cancellations compared to 4Q24. 3.2.8 Tax Breakdown (10) CLP Million 4Q25 4Q24 12M25 12M24 Current tax expenses -87,478 -48,539 -200,579 -150,717 Adjustments to previous year tax expense - -3,757 - -6,914 Total current tax expenses -87,478 -52,296 -200,579 -157,631 Deferred tax -32,591 8,166 -69,730 -90,158 Tax Expense (Income), reported -120,069 -44,130 -270,309 -247,789 (-) IAS 29 -24,179 -32,864 -79,446 -231,450 Tax expense (income), excl. IAS 29 -95,890 -11,266 -190,862 -16,338 (10) The income tax rates in each country where the Company operates are as follows: Chile: 27%. Argentina: 35%. Peru: 29.5%. Co lombia: 35%. Brazil: 34%. United States: 21%. For further details on income tax expenses, refer to Note 26 of the Financial Stateme nts.
Page 24
Press Release – Fourth Quarter 2025 | 24 4. Consolidated Balance Sheet (11)(12) 4.1 Summary of Balance Sheet As Reported Excl. IAS 29 DEC 25 DEC 24 % DEC 25 DEC 24 % CLP MM CLP MM Current Assets 3,464,999 3,898,450 -11.1% 3,457,294 3,884,898 -11.0% Non-Current Assets, Total 11,398,910 11,423,626 -0.2% 10,280,721 10,210,924 0.7% TOTAL ASSETS 14,863,909 15,322,076 -3.0% 13,738,015 14,095,823 -2.5% Current Liabilities 3,773,170 4,248,607 -11.2% 3,772,385 4,247,597 -11.2% Non-Current Liabilities, Total 5,816,649 5,762,173 0.9% 5,418,166 5,325,153 1.7% TOTAL LIABILITIES 9,589,819 10,010,780 -4.2% 9,190,551 9,572,750 -4.0% Controlling interest 4,623,885 4,679,049 -1.2% 3,897,259 3,890,826 0.2% Non-controlling interest 650,205 632,247 2.8% 650,205 632,247 2.8% TOTAL NET EQUITY 5,274,090 5,311,297 -0.7% 4,547,464 4,523,073 0.5% TOTAL NET EQUITY & LIABILITIES 14,863,909 15,322,076 -3.0% 13,738,015 14,095,823 -2.5% Assets As of December 31, 2025, total Assets decreased by CLP 357,808 million (excluding adjustment for hyperinflation in Argentina) compared to December 2024. This is explained by a decrease in Current Assets of CLP 427,605 million, partially offset by an increase in Non-Current Assets of CLP 69,797 million. • Current assets decreased primarily due to lower Financial Assets of CLP 134,002 million and Cash and cash equivalents of CLP 105,489 million. Both are largely explained by the funds used for the acquisition of Makro and purchases of property, plant, and equipment associated with the business expansion. • The growth in Non-Current Assets is attributed to increases in Investment Properties of CLP 297,767 million, largely explained by an increase in the value of assets resulting from brownfield projects in shopping centers, partially offset by a decrease in Property, plant and equipment of CLP 157,474 million, among other reasons, driven by lower usage rights due to the cancellation of the shopping center project in Vitacura. (11) The detailed Consolidated Balance Sheet is included in the appendices to this report. (12) For comparative purposes, and to analyze business performance, figures and explanations exclude the effect of the Argentine hyperinflationary standard (IAS 29).
Page 25
Press Release – Fourth Quarter 2025 | 25 Liabilities At the close of 2025, total Liabilities decreased by CLP 382,199 million (excluding adjustment for IAS 29) compared to December 2024. This result is attributed to a decrease in Current Liabilities of CLP 47 5,212 million, partially offset by an increase in Non-Current Liabilities of CLP 93,014 million. • The decrease in Current Liabilities is explained by a decrease in Financial liabilities of CLP 215,867 million, resulting from the termination of the liability associated with the put option held for the remaining 33% of The Fresh Market. Likewise, Account payables increased by CLP 194,456 million, explained by a lower balance of trade creditors compared to December 2024. • The increase in Non-Current Liabilities is mainly attributed to the increase in Other Financial Liabilities by CLP 164,399 million, largely due to the issuance of two series of bonds in the Chilean local market to finance the acquisition of the remaining ownership interest in The Fresh Market. Equity At the close of the period, Equity increased by CLP 24,391 million as a result of an increase in Retained earnings of CLP 60,589 million, as well as an increase in other reserves of CLP 1 08,812 million. This was partially offset by a negative difference in Treasury shares held of CLP 161,731 million, which is attributed to the share buyback plan executed at the end of June 2025 . Net Financial Debt Reconciliation CLP millones Dec-25 Dec-24 Total Financial Liabilities 4,428,530 4,479,998 (-) cash and cash equivalents 637,156 742,644 (-) other financial assets, current and non-current 232,489 417,532 Net Financial Debt 3,558,886 3,319,822 (+) Total lease liabilities 1,068,748 1,238,812 Net Financial Debt reported 4,627,634 4,558,633
Page 26
Press Release – Fourth Quarter 2025 | 26 5. Cash Flow Statement (13) 5.1 Accumulated as of December 2025 and 2024 YTD 2025 | CLP Million Net cash flow from operating activities Net cash flow used in investment activities Net cash flow from (used in) financing activities Supermarkets 1,061,346 -266,376 -844,399 Shopping Centers 325,240 -200,250 -192,237 Home Improvement 92,457 100,054 -167,039 Department Stores 40,884 -26,071 -13,378 Financial Service -4,216 -539 4,755 Others -416,449 -33,028 476,347 Excl. IAS29 1,099,261 -426,210 -735,951 IAS29 Adjustment Inflation Adjustment 27,007 -11,654 -12,719 Conversion Adjustment -37,237 15,244 17,904 As Reported 1,089,031 -422,621 -730,767 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 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 (13) The cash flow explanations do not consider the accounting effect of hyperinflation in Argentina.
Page 27
Press Release – Fourth Quarter 2025 | 27 Operating Activities As of December 2025, cash flow from operating activities was CLP 1,099,261 million (excluding IAS 29) compared to CLP 1,239,380 million at the end of December 2024. This decrease is mainly due to lower cash flow from the Supermarkets business, resulting from slower sales performance in this sector regionally, a s well as from Department Stores, which experienced a lower tourist spending during the second half of 2025. Investment Activities Cash flow from investment activities totalled CLP -426,210 million (excluding IAS 29) in the cumulative cash flow to December 2025, compared to CLP -325,946 million in December 2024. This is explained by the funds used for the acquisition of Makro in Argentina, as well as by investments associated wi th business growth, especially in the United States. In 2025, capital expenditures for the period were CLP 568,376 million (excluding M&A) versus CLP 451,597 million for the same period of the previous year. Full-year 2025 capital expenditure in US dollars at the period-end exchange rate reached USD 627 million. Financing Activities The net cash flow allocated to financing activities was CLP -735,951 million as of December 2025 (excluding IAS 29), compared to a net cash flow of CLP -718,874 million as of December 2024. The cash flow from financing activities remained relatively stable compared to 2024, with the share buyback program e xecuted by the Company at the end of June 2025, the amounts paid for the acquisition of remaining 33% ownership interest in The Fresh Market, and the cash flows received from the issuance of two series of bonds to finance the transaction, totalling UF 7.5 million, being the most significant factors. 5.2 Cash Position Movement FY2025 (14) (14) The cash position includes the assets deducted for the calculation of net leverage (cash + short - and long-term financial assets). Figures are in CLP million.
Page 28
Press Release – Fourth Quarter 2025 | 28 The cash position at the close of December 2025 reached CLP 869,644 million, representing a 25.0% decrease compared to December 2024. This reduction is mainly due to the CLP 568,376 million invested in capital expenditures (Capex) during the year and the funds allocated to asset and stake transactions, specifically Makro in Argentina and the remaining 33% stake in The Fresh Market in the United States. This was partially offset by the CLP 135,643 million received from the sale of Bretas. Net financing flows reached CLP 264,724 million, reflecting the issuance of a bond whose proceeds were used to finance the acquisition of TFM. Additionally, operating cash flow contributed CLP 1,085,692 million. 6. Business Management 6.1 Financial Ratios 6.1.1 Net Leverage CLP million Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Reported Net Financial Debt 4,627,634 5,160,130 4,886,795 4,846,260 4,579,588 Times EBITDA Net Leverage 3.2x 3.5x 3.2x 3.1x 3.0x Net Leverage (excl. IAS 29) 3.1x 3.5x 3.2x 3.1x 2.9x 6.1.2 Debt Ratios (in times) Dec-25 Dec-24 Financial Expense Ratio 3.9 3.9 Financial Debt / Equity 0.7 0.6 Total Liabilities / Equity 1.8 1.9 Current Assets / Current Liabilities 0.9 0.9 6.1.3 Working Capital Inventory Days Average Collection Days Average Payments Days Variation in CLP 4Q25 4Q24 ∆ 4Q25 4Q24 ∆ 4Q25 4Q24 ∆ Supermarkets 39.9 41.0 -1.2 11.8 13.1 -1.2 40.0 41.0 -1.0 Home Improvement 116.4 134.1 -17.7 22.7 24.8 -2.1 42.0 48.0 -6.0 Department Stores 97.2 94.6 2.6 8.9 7.3 1.6 45.0 44.0 1.0 Shopping Center - - - 32.0 36.0 -4.1 31.0 30.0 1.0 Financial Services - - - - - - 30.0 32.0 -2.0
Page 29
Press Release – Fourth Quarter 2025 | 29 Inventory Days In 4Q25, supermarket inventory days decreased by 1.2 days compared to 4Q24, mainly due to exchange rate differences in Argentina affecting inventory and cost of goods sold. Excluding exchange rate effects, supermarket inventory days would have increased by 1.0 day. Home Improvement, meanwhile, decreased by 17.7 days YoY, driven by improvements in Chile and Argentina amidst adjustments to the product mix at the regional level. Department Stores, on the other hand, registered an increase of 2.6 days of inventory compared to 4Q24, due to higher inventory levels of private label products, coupled with a challenging comparison base compared to 4Q24, a period in which increased tourist spending reduced inventory levels towards the end of the period. Average Collection Days The average collection period for Supermarkets and Home Improvement decreased by 1.2 days and 2.1 days, respectively. In Supermarkets, excluding exchange rate effects, the average collection period remained constant, while in Home Improvement, the decrease is explained by shorter average collection periods in Argentina and Colombia. Department Stores increased their average collection period by 1.6 days, driven by an increase in accounts receivable compared to the end of 4Q24. Shopping Centers decreased the ir average collection period by 4.1 days YoY, mainly due to a reduction in accounts receivable days in Argentina and Colombia . Average Payment Days At the close of December 2025, the average payment days for Supermarkets decreased by 1.0 day compared to 4Q24. Home Improvement saw a decrease of 6.0 days on average due to shorter payment terms in Argentina and Chile. Conversely, Department Stores increased by 1 day YoY, while Shopping Centers saw an increase of 1 day and Financial Services experienced a decrease of 2.0 days during the same period. 6.2 Risk Management 6.2.1 Interest Rate Risk As of December 2025, and taking into account hedges through cross-currency swaps, 75.8% of the Company's financial debt was at a fixed rate, consisting mainly of short -term debt and bonds. The remaining debt was subject to a variable interest rate. Within the variable -rate portion, 71.4% was indexed to local interest rates (either due to its initial terms or as a result of derivative agreements). The Company's hedging strategy includes a periodic review of its exposure to interest rate and foreign exchange rate fluctuations. 6.2.2 Currency Hedging In the regions where Cencosud operates, most costs and revenues are in local currency. A significant portion of the Company's debt is denominated in or converted to Chilean pesos (CLP) through cross -currency swaps. As of December 31, 2025, 63.4% of total f inancial debt was denominated in US dollars. Of this debt, 86.8% was hedged through cross -currency swaps or other currency hedges, such as net investment hedges and USD holdings. The Company's policy
Page 30
Press Release – Fourth Quarter 2025 | 30 is to mitigate the risk of exchange rate fluctuations on net foreign currency liabilities by using market instruments designed for this purpose. With the effect of all currency hedges, the Company's exposure to the US dollar was 8.4% of total gross debt as of December 31, 2025. 6.2.3 General Risks Cencosud and its subsidiaries operate in a business environment that entails a series of inherent 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 all types of risks, including those related to economic, environmental, and social aspects. The company's risk management structure is outlined by Cencosud's Board of Directors and is impl emented at various levels of the organization. In this context, Cencosud has a Corporate Internal Audit, Internal Control, and Risk Management Department, which reports directly to the Board of Directors and supports Corporate General Management in its responsibility to promote the implementation and operation of the Risk Management model. It acts as a key element of the control environment within the Company's governance and planning structure, strengthening them and aligning them with global and local best practices. For more detailed information on Risk Management, read the 2024 Integrated Annual Report at the following link: https://www.cencosud.com/cencosud/site/docs/20250410/20250410124319/memoria_2024_ce ncosud.pdf
Page 31
Press Release – Fourth Quarter 2025 | 31 Appendix Fourth Quarter 2025
Page 32
Press Release – Fourth Quarter 2025 | 32 Index 1. Financial Information .......................................................................................... 33 Consolidated Income Statement Details .................................................. 33 Adjusted EBITDA Calculation ............................................................................ 34 By Business Unit ......................................................................................................... 35 Consolidated Balance Sheet .............................................................................. 36 Balance Sheet by Country ................................................................................... 37 Consolidated Cash Flow Details ...................................................................... 38 Openings and Closures 12M25 by Country ............................................... 39 2. Business Performance ...................................................................................... 40 Supermarkets and Others .................................................................................. 40 Home Improvement ................................................................................................ 43 Department Stores .................................................................................................. 44 Shopping Centers ...................................................................................................... 45 Financial Services ...................................................................................................... 48 3. Macroeconomic Indicators Exchange Rate ...................................... 50 4. Glossary ......................................................................................................................... 51
Page 33
Press Release – Fourth Quarter 2025 | 33 1. Financial Information Consolidated Income Statement Details Fourth Quarter 2025 CLP Million 4Q25 4Q24 ∆ % Inflation effect Conversion effect Inflation effect Conversion effect 4Q25 4Q24 ∆ % Revenues 4,429,841 4,822,259 -8.1% 189,346 -311,924 198,589 124,772 4,552,420 4,498,898 1.2% Cost of Sales -3,137,641 -3,337,971 -6.0% -146,067 217,210 -129,466 -83,240 -3,208,784 -3,125,265 2.7% Gross Profit 1,292,200 1,484,288 -12.9% 43,279 -94,714 69,123 41,532 1,343,636 1,373,633 -2.2% Gross Margin 29.2% 30.8% -161 bps 22.9% 30.4% 34.8% 33.3% 29.5% 30.5% -102 bps Selling and administrtive expenses -1,018,054 -1,137,217 -10.5% -65,804 86,532 -65,454 -34,601 -1,038,782 -1,037,162 0.2% Other income by function 75,301 -31,257 -340.9% 192 -1,748 66 -244 76,857 -31,078 -347.3% Other gain (losses) 10,843 -19,201 N.A. -2,835 2,678 1,456 382 11,000 -21,039 N.A. Operating income 360,290 296,613 21.5% -25,168 -7,252 5,191 7,068 392,711 284,353 38.1% Participation profit/loss of associates -2,578 -5,089 -49.3% 0 0 0 0 -2,578 -5,089 -49.3% Net financial income -94,985 -118,126 -19.6% 10,775 4,175 -16,987 -1,366 -109,935 -99,773 10.2% Foreign exchange variations 30,493 -68,199 N.A. 368 -383 -860 -349 30,508 -66,990 N.A. Result of indexation units -13,075 -24,946 -47.6% -3,517 214 -3,621 -2,613 -9,772 -18,712 -47.8% Non-operating income (loss) -80,145 -216,360 -63.0% 7,627 4,007 -21,468 -4,328 -91,778 -190,564 -51.8% Income before taxes 280,146 80,253 249.1% -17,542 -3,246 -16,277 2,740 300,933 93,789 220.9% Income taxes -120,210 -44,130 172.4% -26,423 2,244 -29,747 -3,117 -96,032 -11,266 752.4% Profit (loss) 159,935 36,123 342.8% -43,964 -1,002 -46,024 -376 204,902 82,523 148.3% Profit (loss) attributable to controlling shareholders 134,726 16,185 732.4% -43,965 -1,002 -46,026 -376 179,693 62,587 187.1% Profit (loss) attributable non- controlling shareholders 25,209 19,938 26.4% 1 0 2 0 25,208 19,936 26.4% Adjusted EBITDA 433,910 464,238 -6.5% -7,809 -12,418 18,956 9,295 454,137 435,987 4.2% Adjusted EBITDA margin 9.8% 9.6% 17 bps -4.1% 4.0% 9.5% 7.4% 10.0% 9.7% 28 bps As Reported IAS 29 (Dec-25) IAS 29 (Dec-24) Excl. IAS 29 4Q25 4Q24 ∆ % Inflation effect Conversion effect Inflation effect Conversion effect 4Q25 4Q24 ∆ % Asset revaluation 63,970 -41,490 -254.2% 0 -1,680 0 -294 65,650 -41,195 -259.4% Deffered income taxes asset revaluation -20,425 18,010 -213.4% 0 588 0 103 -21,013 17,907 -217.3% Net effect from asset revaluation 43,545 -23,480 -285.5% 0 -1,092 0 -191 44,637 -23,288 -291.7% CLP Million As Reported IAS 29 (Dec-25) IAS 29 (Dec-24) Excl. IAS 29
Page 34
Press Release – Fourth Quarter 2025 | 34 Accumulated 2025 Adjusted EBITDA Calculation CLP Million 12M25 12M24 ∆ % Inflation effect Conversion effect Inflation effect Conversion effect 12M25 12M24 ∆ % Revenues 16,594,515 16,493,815 0.6% 381,624 -687,180 607,320 -174,012 16,900,071 16,060,507 5.2% Cost of Sales -11,720,024 -11,554,509 1.4% -315,917 476,751 -479,244 117,663 -11,880,858 -11,192,928 6.1% Gross Profit 4,874,491 4,939,306 -1.3% 65,707 -210,428 128,076 -56,350 5,019,213 4,867,580 3.1% Gross Margin 29.4% 29.9% -57 bps 17.2% 30.6% 21.1% 32.4% 29.7% 30.3% -61 bps Selling and administrtive expenses -4,012,802 -3,922,369 2.3% -161,396 187,094 -203,932 47,791 -4,038,500 -3,766,228 7.2% Other income by function 157,981 57,231 176.0% 329 -3,782 260 -1,028 161,433 57,999 178.3% Other gain (losses) 17,020 -4,019 N.A -508 2,900 18,405 -715 14,628 -21,710 N.A. Operating income 1,036,690 1,070,149 -3.1% -95,869 -24,215 -57,190 -10,301 1,156,774 1,137,640 1.7% Participation profit/loss of associates -6,763 -2,611 N.A. 0 0 0 0 -6,763 -2,611 N.A. Net financial income -370,116 -390,989 -5.3% 29,713 8,316 -25,254 4,982 -408,145 -370,717 10.1% Foreign exchange variations 56,116 -75,453 N.A. -395 -667 -4,158 1,196 57,178 -72,491 N.A. Result of indexation units -47,359 -119,625 -60.4% -7,958 2,492 -56,984 -1,673 -41,893 -60,968 -31.3% Non-operating income (loss) -368,121 -588,677 -37.5% 21,361 10,141 -86,395 4,505 -399,623 -506,787 -21.1% Income before taxes 668,569 481,472 38.9% -74,508 -14,074 -143,586 -5,796 757,151 630,853 20.0% Income taxes -270,450 -247,789 9.1% -83,159 3,713 -240,878 9,428 -191,004 -16,338 1069.0% Profit (loss) 398,119 233,683 70.4% -157,667 -10,361 -384,464 3,632 566,147 614,515 -7.9% Profit (loss) attributable to controlling shareholders 314,917 158,935 98.1% -157,669 -10,361 -384,486 3,632 482,947 539,788 -10.5% Profit (loss) attributable non- controlling shareholders 83,202 74,749 11.3% 2 0 22 0 83,200 74,727 11.3% Adjusted EBITDA 1,442,924 1,531,193 -5.8% -31,665 -34,907 -13,278 -11,923 1,509,497 1,556,394 -3.0% Adjusted EBITDA margin 8.7% 9.3% -59 bps -8.3% 5.1% -2.2% 6.9% 8.9% 9.7% -76 bps As Reported IAS 29 (Dec-25) IAS 29 (Dec-24) Excl. IAS 29 12M25 12M24 ∆ % Inflation effect Conversion effect Inflation effect Conversion effect 12M25 12M24 ∆ % Asset revaluation 124,539 23,030 440.8% 0 -3,649 0 -956 128,188 23,986 434.4% Deffered income taxes asset revaluation -37,339 -314 11786.5% 0 1,277 0 335 -38,616 -649 5851.9% Net effect from asset revaluation 87,199 22,716 283.9% 0 -2,372 0 -622 89,571 23,337 283.8% CLP Million As Reported IAS 29 (Dec-25) IAS 29 (Dec-24) Excl. IAS 29 CLP Million 4Q25 4Q24 % 12M25 12M24 % Profit (Loss) 204,902 82,523 148.3% 566,147 614,515 -7.9% Net Financial Income 109,935 99,773 10.2% 408,145 370,717 10.1% Result from Indexation Units 9,772 18,712 -47.8% 41,893 60,968 -31.3% Foreign Exchange Variations -30,508 66,990 N.A. -57,178 72,491 N.A. Income Taxes 96,032 11,266 752.4% 191,004 16,338 1069.0% Depreciation & Amortization 129,654 115,528 12.2% 487,673 445,350 9.5% Asset Revaluation -65,650 41,195 -259.4% -128,188 -23,986 434.4% Adjusted EBITDA 454,137 435,987 4.2% 1,509,497 1,556,394 -3.0%
Page 35
Press Release – Fourth Quarter 2025 | 35 By Business Unit 4Q25 SM SC HI DS FS Others TOTAL Net Income 236,902 145,889 34,517 30,774 3,153 -246,333 204,902 Net financial income - - - - - 109,935 109,935 Income Taxes - - - - - 96,032 96,032 EBIT 236,902 145,889 34,517 30,774 3,153 -40,366 410,869 Depreciation and Amortization 98,940 4,638 6,804 9,648 571 9,053 129,654 EBITDA 335,842 150,527 41,320 40,422 3,724 -31,313 540,522 Exchange Differences - - - - - -30,508 -30,508 Asset revaluation - -58,641 - - - -7,009 -65,650 Result from Indexation Units - - - - - 9,772 9,772 Adjusted EBITDA 335,842 91,886 41,320 40,422 3,724 -59,058 454,137 4Q24 SM 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 12M25 SM SC HI DS FS Others TOTAL Net Income 803,235 426,270 108,381 43,669 29,245 -844,652 566,147 Net financial income - - - - - 408,145 408,145 Income Taxes - - - - - 191,004 191,004 EBIT 803,235 426,270 108,381 43,669 29,245 -245,503 1,165,297 Depreciation and Amortization 353,422 19,283 27,035 43,163 2,128 42,642 487,673 EBITDA 1,156,657 445,553 135,415 86,832 31,373 -202,861 1,652,969 Exchange Differences - - - - - -57,178 -57,178 Asset revaluation - -121,626 - - - -6,562 -128,188 Result from Indexation Units - - - - - 41,893 41,893 Adjusted EBITDA 1,156,657 323,927 135,415 86,832 31,373 -224,708 1,509,497 12M24 SM 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
Page 36
Press Release – Fourth Quarter 2025 | 36 Consolidated Balance Sheet DEC 25 DEC 24 DEC 25 DEC 24 DEC 25 DEC 24 Cash and cash equivalents 637,156 742,644 - - 637,156 742,644 Other financial assets, current 46,666 180,668 - - 46,666 180,668 Other non-financial assets, current 39,435 39,235 1,110 423 38,325 38,812 Trade receivables and other receivables 965,920 1,030,564 - - 965,920 1,030,564 Receivables from related entities, current 14,826 21,430 - - 14,826 21,430 Inventory 1,658,377 1,646,822 6,595 13,129 1,651,782 1,633,694 Current tax assets 89,548 75,384 - - 89,548 75,384 Non-current assets held for sale 13,071 161,702 - - 13,071 161,702 TOTAL CURRENT ASSETS 3,464,999 3,898,450 7,705 13,552 3,457,294 3,884,898 Other financial assets, non-current 185,822 236,864 - - 185,822 236,864 Other non-financial assets, non-current 33,387 29,434 1,475 1,461 31,912 27,973 Trade receivable and other receivables, non 12,096 971 - - 12,096 971 Equity method investment 353,969 333,364 - - 353,969 333,364 Intangible assets other than goodwill 846,170 857,293 10,995 12,252 835,175 845,040 Goodwill 1,881,839 1,917,682 16,284 17,104 1,865,555 1,900,578 Property, plant and equipment 3,916,058 4,123,631 695,839 745,938 3,220,219 3,377,693 Investment property 3,804,096 3,548,680 393,596 435,946 3,410,500 3,112,734 Current Tax assets, non-current 43,878 52,236 - - 43,878 52,236 Deferred income tax assets 321,594 323,471 - - 321,594 323,471 TOTAL NON-CURRENT ASSETS 11,398,910 11,423,626 1,118,189 1,212,702 10,280,721 10,210,924 TOTAL ASSETS 14,863,909 15,322,076 1,125,894 1,226,253 13,738,015 14,095,823 Assets As reported IAS29 Excl. IAS29 CLP million CLP million CLP million DEC 25 DEC 24 DEC 25 DEC 24 DEC 25 DEC 24 Other financial liabilities, current 254,876 470,743 - - 254,876 470,743 Leasing Liabilities, current 194,389 200,592 - - 194,389 200,592 Trade payables and other payables 2,969,024 3,163,703 786 1,010 2,968,238 3,162,694 Payables to related entities, current 19,638 19,104 - - 19,638 19,104 Provisions and other liabilities 19,830 21,701 - - 19,830 21,701 Current income tax liabilities 54,819 44,704 - - 54,819 44,704 Current provision for employee benefits 165,237 173,226 - - 165,237 173,226 Other non-financial liabilities, current 91,885 70,807 - - 91,885 70,807 Liabilities for assets held for sale 3,473 84,027 - - 3,473 84,027 TOTAL CURRENT LIABILITIES 3,773,170 4,248,607 786 1,010 3,772,385 4,247,597 Other financial liabilities, non-current 4,173,655 4,009,255 - - 4,173,655 4,009,255 Leasing Liabilities, non-current 874,005 1,026,884 - - 874,005 1,026,884 Trade accounts payable, non-current 3,251 4,291 - - 3,251 4,291 Other provisions, non-current 62,271 59,650 19,103 19,467 43,168 40,183 Deferred income tax liabilities 645,100 600,181 379,379 417,553 265,721 182,628 Provision for employee benefits, non-current 10,342 14,004 - - 10,342 14,004 Current taxes liabilities, non-current 470 2,031 - - 470 2,031 Other non-financial liabilities, non-current 47,554 45,877 - - 47,554 45,877 TOTAL NON-CURRENT LIABILITIES 5,816,649 5,762,173 398,482 437,020 5,418,166 5,325,153 TOTAL LIABILITIES 9,589,819 10,010,780 399,268 438,030 9,190,551 9,572,750 Paid-in Capital 2,343,320 2,343,320 - - 2,343,320 2,343,320 Retained earnings (accumulated losses) 2,564,510 2,318,984 -137,564 -322,502 2,702,074 2,641,485 Issuance premium 457,665 458,902 - - 457,665 458,902 Treasury stock -161,831 -101 - - -161,831 -101 Other reserves -579,778 -442,055 864,190 1,110,725 -1,443,969 -1,552,780 Net equity attributable to controlling 4,623,885 4,679,049 726,626 788,224 3,897,259 3,890,826 Non-controlling interest 650,205 632,247 - - 650,205 632,247 TOTAL NET EQUITY 5,274,090 5,311,297 726,626 788,224 4,547,464 4,523,073 TOTAL LIABILITIES AND NET EQUITY 14,863,909 15,322,076 1,125,894 1,226,253 13,738,015 14,095,823 Liabilities CLP million CLP million CLP million As reported IAS29 Excl. IAS29
Page 37
Press Release – Fourth Quarter 2025 | 37 Balance Sheet by Country DEC 25 DEC 24 % DEC 25 DEC 24 % DEC 25 DEC 24 % Chile 6,671,545 6,593,242 1.2% 6,258,957 6,472,455 -3.3% 1,395,349 1,233,329 13.1% Argentina 2,025,912 2,305,014 -12.1% 883,553 970,744 -9.0% 1,224,239 1,419,213 -13.7% United States 1,725,592 1,939,057 -11.0% 1,036,298 1,162,657 -10.9% 56,545 64,235 -12.0% Brazil 1,065,564 1,168,016 -8.8% 628,878 606,869 3.6% 428,593 505,765 -15.3% Peru 1,714,885 1,702,651 0.7% 464,557 499,052 -6.9% 1,032,757 989,454 4.4% Colombia 1,568,296 1,518,714 3.3% 308,600 289,923 6.4% 1,018,364 1,017,513 0.1% Uruguay 92,115 95,382 -3.4% 8,976 9,081 -1.2% 118,244 81,788 44.6% Total 14,863,909 15,322,076 -3.0% 9,589,819 10,010,780 -4.2% 5,274,090 5,311,297 -0.7% IAS 29 1,125,894 1,226,253 -8.2% 399,268 438,030 -8.8% 726,626 788,224 -7.8% Excl. IAS 29 13,738,015 14,095,823 -2.5% 9,190,551 9,572,750 -4.0% 4,547,464 4,523,073 0.5% Total Assets Total Liabilities Total Net Equity
Page 38
Press Release – Fourth Quarter 2025 | 38 Consolidated Cash Flow Details Cash flows from operating activities DEC 25 DEC 24 Collections from sales of goods and provision of services 19,502,795 20,663,760 Other charges for operating activities 39,325 42,962 Payments to suppliers for the supply of goods and services -15,404,034 -15,898,447 Payments to and on behalf of employees -2,255,603 -2,394,205 Other payments for operating activities -629,738 -943,482 Income taxes paid (refunded) -166,991 -121,743 Other cash inflows (outflows) 3,277 -4,873 Cash flows from operating activities 1,089,031 1,343,971 Cash flows from investing activities DEC 25 DEC 24 Cash flows used to obtain control of subsidiaries or other businesses -119,751 - Amounts from sales of property, plant and equipment 577 2,023 Purchases of property, plant and equipment -497,423 -374,201 Purchases of intangible assets -70,953 -77,396 Dividends received 4,843 17,388 Interest received 27,526 122,709 Other cash inflows (outflows) 232,559 -38,571 Cash flows from investing activities -422,621 -348,048 Cash flows from financing activities DEC 25 DEC 24 Payments for acquiring or redeeming the entity's shares -164,142 -2,084 Amounts from long-term loans 866,471 881,951 Amounts from short-term loans 878,486 192,837 Loan repayments -1,344,525 -1,199,885 Lease liability payments -278,531 -278,529 Dividends paid -41,941 -58,922 Interest paid -222,779 -211,907 Other cash inflows (outflows) -423,805 -94,920 Cash flows from financing activities -730,767 -771,459 Increase (decrease) in cash and cash equivalents, before the effect of changes in the exchange rate -64,356 224,464 Effects of changes in the exchange rate on cash and cash equivalents -41,133 35,055 Increase (decrease) in cash and cash equivalents -105,489 259,519 Cash and cash equivalents at the beginning of the period 742,644 483,126 Cash and cash equivalents at the end of the period 637,156 742,644
Page 39
Press Release – Fourth Quarter 2025 | 39 Openings and Closures 12M25 by Country Openings Remodelings Closures 12M25 # sqm # # sqm Chile 4 10,744 19 2 597 Argentina 3 7,372 24 18 26,166 USA 8 11,585 - 3 3,649 Brazil 2 5,825 29 41 10,729 Peru 1 1,170 1 1 1,171 Colombia 2 2,581 24 12 1,696 Total 20 39,277 97 77 44,009
Page 40
Press Release – Fourth Quarter 2025 | 40 2. Business Performance Supermarkets and Others Income Statement 4Q25 4Q24 12M25 12M24 ∆ % ∆ LC % ∆ % ∆ LC % Chile 1,353,922 1,331,354 1.7% 1.7% 5,098,929 4,982,596 2.3% 2.3% Argentina 604,009 550,787 9.7% 62.5% 2,423,430 1,917,975 26.4% 69.5% USA 557,588 565,150 -1.3% 1.6% 2,109,607 1,982,281 6.4% 5.7% Brazil 385,348 427,175 -9.8% -14.0% 1,521,787 1,772,440 -14.1% -11.2% Peru 394,532 354,004 11.4% 4.1% 1,352,648 1,241,413 9.0% 2.9% Colombia 286,196 248,639 15.1% 5.0% 944,757 895,793 5.5% 4.1% Revenues 3,581,595 3,477,110 3.0% N.A. 13,451,159 12,792,498 5.1% N.A. Chile 370,673 376,853 -1.6% -1.6% 1,393,198 1,387,487 0.4% 0.4% Argentina 158,305 150,728 5.0% 55.5% 657,637 574,005 14.6% 54.5% USA 208,104 217,925 -4.5% -1.7% 798,400 764,728 4.4% 3.7% Brazil 84,663 81,697 3.6% -1.3% 320,964 348,755 -8.0% -4.8% Peru 98,845 86,875 13.8% 6.3% 335,976 303,206 10.8% 4.6% Colombia 57,593 48,713 18.2% 7.8% 196,709 181,439 8.4% 7.1% Gross Profit 978,182 962,790 1.6% N.A. 3,702,883 3,559,620 4.0% N.A. SG&A -744,484 -721,194 3.2% N.A. -2,910,852 -2,670,442 9.0% N.A. Operating Profit 236,849 244,619 -3.2% N.A. 803,225 902,136 -11.0% N.A. Adjusted EBITDA 335,842 328,149 2.3% N.A. 1,156,657 1,230,245 -6.0% N.A. Adj. EBITDA Mg. 9.4% 9.4% 8.6% 9.6%-6 bps -102 bps Supermarkets Var. vs 2024 Var. vs 2024 CLP MM CLP MM
Page 41
Press Release – Fourth Quarter 2025 | 41 Supermarkets and Others Operational Data 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 Chile 253 251 66.8% 66.5% 613,984 614,879 Argentina 266 278 54.9% 55.8% 420,311 423,675 USA 172 167 100.0% 100.0% 215,181 207,741 Brazil 138 157 92.8% 93.0% 320,072 361,468 Peru 70 70 60.0% 60.0% 211,688 212,348 Colombia 80 78 23.7% 17.9% 339,792 345,448 Total 979 1,001 69.1% 69.0% 2,121,028 2,165,558 Supermarkets N° of Stores % Leased Selling Space (sqm) 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 Argentina 28 N.A. 15.1% N.A. 138,036 N.A. Brazil 23 58 82.6% 91.4% 100,583 190,493 Peru 18 18 27.8% 27.8% 43,629 43,629 Total 69 76 40.9% 76.3% 282,248 234,122 Cash&Carry N° of Stores % Leased Selling Space (sqm) 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 Chile 37 38 97.3% 97.4% 6,516 6,663 Brazil 7 9 100.0% 100.0% 902 1,173 Colombia - 13 0% 100% - 1,776 Total 44 60 97.7% 98.3% 7,418 9,612 Convenience N° of Stores % Leased Selling Space (sqm) 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 Brazil 106 147 97.2% 94.6% 14,102 17,569 Colombia 37 37 8.1% 8.1% 18,490 18,490 Total 143 184 74.1% 77.2% 32,592 36,059 Others N° of Stores % Leased Selling Space (sqm)
Page 42
Press Release – Fourth Quarter 2025 | 42 Supermarkets and Others Same Store Sales (15) Supermarkets Online Sales Evolution (Variation in Local Currency) (15) Total Supermarkets SSS does not include Makro and Basualdo stores, and the Cash & Carry SSS in Argentina is included for reference purposes only. 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 Chile 0.6% 2.2% -0.5% 1.2% 1.2% 1.0% Argentina 30.8% 110.8% -0.6% -16.2% 29.1% 151.5% USA -2.0% 2.0% -1.7% -0.3% -0.3% 2.3% Brazil -0.9% -4.7% -8.1% -3.2% 7.8% -1.6% Peru 2.0% 2.7% 0.1% 3.2% 1.9% -0.4% Colombia 4.6% -0.2% -3.0% -7.0% 7.8% 7.3% Total Supermarkets SSS SS Tickets Average Tickets 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 Chile 0.6% 2.0% -1.0% 0.6% 1.6% 1.4% Argentina 30.8% 110.8% -0.2% -16.2% 31.0% 151.5% USA -2.0% 2.0% -1.7% -0.3% -0.3% 2.3% Brazil -0.8% -3.0% -6.9% -3.5% 6.6% 0.6% Peru 1.6% 2.5% 0.1% 3.7% 1.6% -1.1% Colombia 4.6% -0.1% -3.0% -6.9% 7.8% 7.2% Supermarkets SSS SS Tickets Average Tickets 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 Argentina 19.3% N.A. -5.9% N.A. 26.8% N.A. Brazil -1.5% -7.5% -16.3% -2.2% 17.6% -5.4% Peru 4.0% 3.8% 0.8% -0.9% 3.2% 4.7% SS Tickets Average TicketsCash&Carry SSS 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 Chile 14.2% 73.0% 21.0% 41.1% -5.6% 22.6% Brazil 26.3% 1.4% 27.4% -1.6% -0.9% 3.0% Colombia -100.0% -18.3% 0.0% -10.7% 0.0% -8.6% Convenience SSS SS Tickets Average Tickets 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 Brazil 6.8% 0.1% -2.4% -9.5% 9.4% 10.6% Colombia -3.1% 7.4% -2.7% 5.4% -0.3% 1.9% Others SSS SS Tickets Average Tickets Supermarkets 12M25 4Q24 3Q24 2Q24 1Q25 12M24 4Q24 3Q24 2Q24 1Q24 Chile 10.1% 8.8% 10.1% 10.1% 11.5% 5.1% 8.2% 4.4% 2.7% 5.0% Argentina 55.2% 53.6% 89.3% 38.7% 31.9% 136.6% 63.7% 171.5% 219.4% 198.8% USA 19.4% 10.9% 15.4% 24.8% 27.5% 30.6% 23.8% 34.7% 31.6% 34.1% Brazil -10.1% -13.3% 2.3% -9.1% -18.2% 22.7% 1.6% -0.6% 39.4% 71.5% Peru 33.5% 32.7% 27.8% 35.5% 39.4% 7.0% 21.6% 12.9% 3.9% 3.7% Colombia 10.3% 9.1% 12.6% 5.9% 13.9% -29.3% 1.0% -17.7% -15.7% -51.9%
Page 43
Press Release – Fourth Quarter 2025 | 43 Home Improvement Income Statement Home Improvement Operational Data Home Improvement Same Store Sales Home Improvement Online Sales Evolution (Variation in Local Currency) 4Q25 4Q24 12M25 12M24 ∆ % ∆ LC % ∆ % ∆ LC % Chile 216,020 210,474 2.6% 2.6% 799,271 771,727 3.6% 3.6% Argentina 172,220 221,065 -22.1% 15.3% 724,381 712,123 1.7% 34.9% Colombia 25,410 20,132 26.2% 14.4% 85,421 77,495 10.2% 8.9% Revenues 413,649 451,671 -8.4% N.A. 1,609,073 1,561,345 3.1% N.A. Chile 59,753 62,987 -5.1% -5.1% 216,996 219,788 -1.3% -1.3% Argentina 67,943 87,714 -22.5% 14.6% 283,412 305,756 -7.3% 24.1% Colombia 5,954 4,719 26.2% 15.0% 19,748 16,375 20.6% 19.0% Gross Profit 133,650 155,420 -14.0% N.A. 520,156 541,920 -4.0% N.A. SG&A -99,429 -104,875 -5.2% N.A. -412,660 -394,224 4.7% N.A. Operating Profit 34,517 50,597 -31.8% N.A. 108,381 148,081 -26.8% N.A. Adjusted EBITDA 41,320 57,251 -27.8% N.A. 135,415 173,604 -22.0% N.A. Adj. EBITDA Mg. 10.0% 12.7% 8.4% 11.1%-269 bps -270 bps Home Improvement Var. vs 2024 Var. vs 2024 CLP MM CLP MM 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 Chile 42 41 14.3% 14.6% 341,012 350,395 Argentina 56 60 26.8% 26.7% 375,172 386,792 Colombia 16 16 6.3% 6.3% 89,052 87,731 Total 114 117 19.3% 19.6% 805,236 824,918 % LeasedN° of Stores Selling Space (sqm) 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 Chile -1.3% 8.5% 0.4% 3.9% -1.6% 4.4% Argentina 14.8% 86.4% 2.9% -4.9% 11.6% 96.1% Colombia 12.9% -9.1% -2.8% -7.3% 16.2% -1.9% SS Tickets Average TicketsSSS Home Improvement 12M25 4Q24 3Q24 2Q24 1Q25 12M24 4Q24 3Q24 2Q24 1Q24 Chile 9.5% 21.7% 5.4% 1.2% 8.1% -2.2% -7.8% 0.1% 1.5% -0.9% Argentina 6.1% 1.9% 17.6% 8.5% -1.7% 138.2% 61.8% 159.9% 181.2% 364.9% Colombia 38.4% 107.2% 16.3% 7.0% 29.2% 26.2% 24.9% 26.4% 42.9% 14.7%
Page 44
Press Release – Fourth Quarter 2025 | 44 Department Stores Income Statement Department Stores Operational Data Department Stores Same Store Sales Department Stores Online Sales Evolution (Variation in Local Currency) 4Q25 4Q24 12M25 12M24 ∆ % ∆ LC % ∆ % ∆ LC % Chile 396,259 399,235 -0.7% -0.7% 1,243,762 1,173,545 6.0% 6.0% Revenues 396,259 399,235 -0.7% -0.7% 1,243,762 1,173,545 6.0% 6.0% Chile 110,749 112,156 -1.3% -1.3% 342,135 320,240 6.8% 6.8% Gross Profit 110,749 112,156 -1.3% -1.3% 342,135 320,240 6.8% 6.8% SG&A -87,619 -92,088 -4.9% -4.9% -319,441 -306,148 4.3% 4.3% Operating Profit 30,774 27,020 13.9% 13.9% 43,669 34,407 26.9% 26.9% Adjusted EBITDA 40,422 37,645 7.4% 7.4% 86,832 74,673 16.3% 16.3% Adj. EBITDA Mg. 10.2% 9.4% 7.0% 6.4% Department Stores Var. vs 2024 Var. vs 2024 CLP MM CLP MM 77 bps 62 bps 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 Chile 48 48 62.6% 62.5% 268,524 273,443 N° of Stores % Leased Selling Space (sqm) 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 Chile -0.5% 11.7% -15.2% 10.0% 17.3% 1.5% SSS SS Tickets Average Tickets Department Stores 12M25 4Q24 3Q24 2Q24 1Q25 12M24 4Q24 3Q24 2Q24 1Q24 Chile 1.0% 2.8% 1.8% 0.5% -1.9% 2.8% 2.8% -4.2% 5.4% 5.8%
Page 45
Press Release – Fourth Quarter 2025 | 45 Shopping Centers Income Statement Shopping Center Operational Data N° of Shopping Centers Selling Space (sqm) Occupancy Rate 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 Cenco Malls 34 33 1,203,769 1,193,580 99.0% 99.0% Towers N.A. N.A. 90,000 65,000 83.0% 88.9% Non-IPO Locations 2 2 19,026 19,000 95.4% 95.0% Chile 36 35 1,312,795 1,277,580 97.9% 97.7% Cenco Malls 3 3 77,818 60,534 84.3% 89.5% Non-IPO Locations 3 3 92,865 92,865 96.5% 92.4% Peru 6 6 170,683 153,399 90.9% 91.5% Cenco Malls 4 4 78,973 63,257 83.6% 92.6% Non-IPO Locations N.A. N.A. 46,176 46,176 N.A. N.A. Colombia 4 4 125,149 109,433 83.6% 92.6% Argentina 22 22 745,356 745,356 92.1% 93.1% Shopping Centers 68 67 2,353,983 2,285,767 95.0% 95.6% 4Q25 4Q24 12M25 12M24 ∆ % ∆ LC % ∆ % ∆ LC % Chile 76,764 71,427 7.5% 7.5% 271,098 249,290 8.7% 8.7% Argentina 23,554 28,700 -17.9% 21.6% 91,117 82,736 10.1% 46.6% Peru 9,144 7,958 14.9% 7.0% 33,130 30,061 10.2% 3.9% Colombia 3,825 2,906 31.6% 19.2% 13,761 11,656 18.1% 16.6% Revenues 113,286 110,992 2.1% N.A. 409,105 373,744 9.5% N.A. Chile 72,898 66,735 9.2% 9.2% 255,923 233,814 9.5% 9.5% Argentina 19,462 23,356 -16.7% 23.3% 73,381 66,253 10.8% 47.5% Peru 7,452 6,389 16.6% 8.8% 26,023 24,340 6.9% 0.7% Colombia 3,706 2,788 32.9% 20.4% 13,348 11,120 20.0% 18.6% Gross Profit 103,519 99,268 4.3% N.A. 368,674 335,527 9.9% N.A. SG&A -16,367 -17,004 -3.7% N.A. -64,128 -62,127 3.2% N.A. Operating Profit 145,889 65,748 121.9% N.A. 426,270 322,612 32.1% N.A. Adjusted EBITDA 91,886 86,946 5.7% N.A. 323,927 290,849 11.4% N.A. Adj. EBITDA Mg. 81.1% 78.3% 79.2% 77.8%277 bps 136 bps Shopping Centers Var. vs 2024 Var. vs 2024 CLP MM CLP MM
Page 46
Press Release – Fourth Quarter 2025 | 46 Operational Data by Country Chile Argentina 4Q25 4Q24 Var% 4Q25 4Q24 Var% 4Q25 4Q24 Var% 4Q25 4Q24 Var% Portal Talcahuano 1,440 1,469 -2.0% 6,210 6,210 0.0% 7,650 7,679 -0.4% N.A. N.A. N.A. Portal Valdivia 3,759 3,704 1.5% 7,617 7,617 0.0% 11,376 11,321 0.5% 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. Cenco Malls 470,909 462,408 1.8% 822,860 796,172 3.4% 1,293,769 1,258,580 2.8% 35,624 34,964 1.9% TOTAL CHILE 476,108 467,581 1.8% 836,687 809,999 3.3% 1,312,795 1,277,580 2.8% 35,624 34,964 1.9% 4Q25 4Q24 Var% 4Q25 4Q24 Var% 4Q25 4Q24 Var% 4Q25 4Q24 Var% Portal Talcahuano 1,296 1,036 25.1% 5,525 5,415 2.0% 6,822 6,451 5.8% 239 209 14.4% Portal Valdivia 2,732 2,598 5.1% 10,891 10,023 8.7% 13,623 12,622 7.9% 385 350 9.8% Trascaja N.A N.A N.A. N.A N.A N.A. N.A. N.A. N.A. 9,841 9,171 7.3% Cenco Malls 476,722 491,037 -2.9% 817,485 810,570 0.9% 1,294,207 1,301,607 -0.6% 66,300 61,697 7.5% TOTAL CHILE 480,750 494,671 -2.8% 833,901 826,008 1.0% 1,314,651 1,320,679 -0.5% 76,764 71,427 7.5% Visits (Thousand) 3rd Parties Sales (CLP million) Related Parties Sales (CLP million) Sales (CLP million) 3P Revenues (CLP million) GLA Third Parties GLA Related Parties GLA TOTAL 4Q25 4Q24 Var% 4Q25 4Q24 Var% 4Q25 4Q24 Var% 4Q25 4Q24 Var% Unicenter 77,085 77,085 0.0% 18,901 18,901 0.0% 95,986 95,986 0.0% 4,424 4,212 5.0% Portal Plaza Oeste 19,906 19,906 0.0% 22,612 22,612 0.0% 42,518 42,518 0.0% 1,288 1,261 2.1% Portal Palmas del Pliar 37,416 37,416 0.0% 37,005 37,005 0.0% 74,421 74,421 0.0% 1,797 1,770 1.6% Portal Rosario 40,182 40,182 0.0% 29,298 29,298 0.0% 69,480 69,480 0.0% 874 828 5.6% Portal Patagonia 9,789 9,789 0.0% 28,134 28,134 0.0% 37,922 37,922 0.0% 1,028 1,034 -0.6% Portal Lomas 8,201 8,201 0.0% 27,353 27,353 0.0% 35,554 35,554 0.0% 1,050 1,052 -0.2% Portal Tucuman 10,371 10,371 0.0% 21,439 21,439 0.0% 31,810 31,810 0.0% 912 886 2.9% 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% 663 633 4.7% 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% 1,543 1,504 2.6% TOTAL ARGENTINA 279,505 279,505 0.0% 465,851 465,851 0.0% 745,356 745,356 0.0% 13,580 13,181 3.0% GLA Third Parties GLA Related Parties GLA TOTAL Visits (Thousand) 4Q25 4Q24 Var% 4Q25 4Q24 Var% 4Q25 4Q24 Var% 4Q25 4Q24 Var% Unicenter 192,873 172,272 12.0% 22,863 22,863 21.8% 220,712 195,135 13.1% 16,240 13,851 17.2% Portal Plaza Oeste 39,742 33,979 17.0% 11,917 9,062 31.5% 51,659 43,041 20.0% 3,135 2,401 30.5% Portal Palmas del Pliar 45,022 37,698 19.4% 36,066 28,592 26.1% 81,088 66,289 22.3% 3,829 3,043 25.8% Portal Rosario 21,869 19,051 14.8% 12,697 10,320 23.0% 34,565 29,371 17.7% 1,085 918 18.1% Portal Patagonia 24,981 23,419 6.7% 32,655 24,456 33.5% 57,636 47,874 20.4% 1,766 1,529 15.5% Portal Lomas 11,983 11,611 3.2% 16,488 13,911 18.5% 28,470 25,521 11.6% 835 804 3.8% Portal Tucuman 19,829 16,596 19.5% 14,218 11,489 23.8% 34,047 28,085 21.2% 1,692 1,311 29.1% Portal Escobar 5,491 5,075 8.2% 20,168 17,020 18.5% 25,659 22,095 16.1% 364 293 24.3% Portal los Andes 7,994 7,649 4.5% 18,167 15,036 20.8% 26,161 22,684 15.3% 476 418 13.9% Portal Trelew 8,738 8,716 0.2% 6,420 5,902 8.8% 15,158 14,618 3.7% 571 611 -6.6% Portal Salta 8,649 7,637 13.3% 14,194 11,741 20.9% 22,843 19,378 17.9% 746 635 17.5% Portal Santiago Del Estero 4,952 3,350 47.8% 8,928 6,941 28.6% 13,880 10,291 34.9% 445 247 79.9% Power Center / Others 65,253 55,465 17.6% 120,434 98,736 22.0% 185,687 154,201 20.4% 5,189 3,859 34.5% TOTAL ARGENTINA 457,376 402,515 13.6% 340,189 276,069 23.2% 797,565 678,584 17.5% 36,371 29,921 21.6% 3rd Parties Sales (ARS million) 3P Revenues (ARS million)Related Parties Sales (ARS million) Sales (ARS million)
Page 47
Press Release – Fourth Quarter 2025 | 47 Peru Colombia 4Q25 4Q24 Var% 4Q25 4Q24 Var% 4Q25 4Q24 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. Cenco Malls 50,855 35,432 43.5% 26,963 25,102 7.4% 77,818 60,534 28.6% TOTAL PERU 104,971 89,548 17.2% 65,712 63,851 2.9% 170,683 153,399 11.3% 4Q25 4Q24 Var% 4Q25 4Q24 Var% 4Q25 4Q24 Var% Plaza Lima Sur 2,414 2,368 1.9% 120 111 8.1% 9.7 9.5 2.3% Balta N.A. N.A. N.A. 31 30 1.8% 0.9 0.9 -3.0% Plaza Camacho N.A. N.A. N.A. 5 5 -5.9% 0.7 0.7 4.7% Trascaja N.A. N.A. N.A. N.A. N.A. N.A. 16.2 14.3 13.4% Cenco Malls 1,970 1,676 17.6% 139 125 11.8% 5.6 5.6 0.6% TOTAL PERU 4,384 4,044 8.4% 295 271 8.9% 33 31 7.0% GLA Third Parties Sales (PEN million)Visits (Thousand) 3P Revenues (PEN million) GLA Related Parties GLA TOTAL 4Q25 4Q24 Var% 4Q25 4Q24 Var% 4Q25 4Q24 Var% Trascaja 46,176 46,176 0.0% N.A. N.A. N.A. 46,176 46,176 0.0% Cenco Malls 28,814 12,742 126.1% 50,159 50,515 -0.7% 78,973 63,257 24.8% TOTAL COLOMBIA 74,990 58,918 27.3% 50,159 50,515 -0.7% 125,149 109,433 14.4% 4Q25 4Q24 Var% 4Q25 4Q24 Var% 4Q25 4Q24 Var% Trascaja N.A. N.A. N.A. N.A. N.A. N.A. 13,327 11,256 18.4% Cenco Malls 377 336 12.2% 121,426 101,975 19.1% 2,175 1,751 24.2% TOTAL COLOMBIA 377 336 12.2% 121,426 101,975 19.1% 15,503 13,008 19.2% Visits (Thousand) Sales (COP million) GLA Third Parties 3P Revenues (COP million) GLA Related Parties GLA TOTAL
Page 48
Press Release – Fourth Quarter 2025 | 48 Financial Services Income Statement 4Q25 4Q24 12M25 12M24 ∆ % ∆ LC % ∆ % ∆ LC % Argentina 36,823 33,743 9.1% 61.3% 147,334 123,241 19.5% 61.1% Brazil - 19,555 N.A. N.A. - 20,633 N.A. N.A. Colombia 1,512 1,353 N.A. N.A. 3,823 233 1541.5% 1108.1% Revenues 38,335 54,651 -29.9% N.A. 151,156 144,107 4.9% N.A Argentina 10,190 18,262 -44.2% -17.0% 59,180 78,106 -24.2% 0.7% Brazil - 19,555 N.A. N.A. - 20,633 N.A. N.A. Colombia 1,512 1,353 N.A. N.A. 3,823 233 N.A. N.A. Gross Profit 11,702 39,170 -70.1% N.A. 63,002 98,973 -36.3% N.A. SG&A -5,918 -7,187 -17.7% N.A. -26,981 -22,555 19.6% N.A. Operating Profit 5,785 31,983 -81.9% N.A. 36,018 76,417 -52.9% N.A. Participation in associates -2,632 -5,106 -48.5% N.A. -6,773 -1,410 N.A. N.A. Dep & Amortizations 571 464 23.2% N.A. 2,128 1,128 88.6% N.A. Adjusted EBITDA 3,724 27,340 -86.4% N.A. 31,373 76,136 -58.8% N.A. Adj. EBITDA Mg. 9.7% 50.0% 20.8% 52.8%-4031 bps -3208 bps Financial Services Var. vs 2024 Var. vs 2024 CLP MM CLP MM
Page 49
Press Release – Fourth Quarter 2025 | 49 Financial Indicators (16) (16) No se incluyen los indicadores financieros de Brasil debido al termino de contrato del Joint Venture junto con Bradesco. CHILE 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Net Loan Portfolio (CLP million) 2,226,087 2,097,006 2,057,749 1,996,518 1,988,618 1,883,802 1,885,441 1,852,253 Provisions over expired portfolio 1.9 2.3 2.5 2.4 2.2 2.1 2.2 2.0 Debt balance >90 (%) 5.0% 4.7% 4.4% 4.5% 4.3% 4.5% 4.4% 4.9% Gross Write-offs (CLP million) 253,047 183,119 118,949 56,878 208,869 152,445 100,501 45,581 Recoveries (CLP million) 24,382 17,947 11,361 5,496 20,283 15,533 10,631 4,874 Net Write-offs (CLP million) 228,664 165,172 107,589 51,381 188,586 136,912 89,870 40,708 Anualized Net Write-offs / Average balance period (%) 11.0% 10.8% 10.7% 10.3% 10.0% 9.8% 9.7% 8.8% Renegotiated portfolio (%) 20.8% 22.1% 22.6% 23.5% 23.6% 24.9% 24.3% 23.5% % of Sales w/Credit Cards over Total Sales Supermarkets 6.5% 6.4% 6.2% 6.1% 6.4% 6.4% 6.4% 6.1% Department Stores 24.4% 23.7% 26.1% 18.9% 25.8% 23.1% 27.5% 24.6% Home Improvement 11.4% 10.1% 10.0% 9.2% 10.8% 9.2% 9.0% 8.9% ARGENTINA 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Net Loan Portfolio (ARS thousand) 293,160,453 283,709,976 273,799,198 226,708,069 211,048,286 178,694,706 174,829,198 135,619,456 Provisions over expired portfolio 1.0 1.1 1.2 1.2 1.4 1.4 1.8 2.1 Debt balance >90 (%) 10.1% 7.3% 5.1% 5.2% 3.8% 4.2% 2.6% 2.0% Gross Write-offs (ARS thousand) 48,083,706 28,183,296 16,322,409 6,915,545 14,418,157 8,505,749 4,071,395 1,686,161 Recoveries (ARS thousand) 6,969,387 4,905,138 2,274,887 1,243,527 3,097,933 2,124,117 1,010,390 417,509 Net Write-offs (ARS thousand) 41,114,320 23,278,158 14,047,522 5,672,018 11,320,224 6,381,632 3,061,005 1,268,651 Anualized Net Write-offs / Average period balance (%) 15.6% 12.1% 11.7% 10.3% 7.2% 5.9% 4.7% 4.7% Renegotiated portfolio (%) 6.0% 5.1% 4.0% 4.2% 3.5% 3.9% 2.6% 1.8% % of Sales w/Credit Cards over Total Sales Supermarkets 8.4% 8.4% 8.0% 8.3% 8.3% 8.3% 8.8% 8.3% Home Improvement 18.3% 22.3% 21.4% 22.0% 21.0% 21.7% 21.2% 19.0% PERU 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Net Loan Portfolio (PEN thousand) 483,386 481,977 491,392 501,981 506,032 488,851 514,873 520,587 Provisions over expired portfolio 2.5 1.7 1.8 1.9 1.9 1.9 1.8 2.0 Debt balance >90 (%) 3.0% 3.3% 3.5% 3.4% 3.6% 4.2% 5.1% 4.4% Gross Write-offs (PEN thousand) 74,027 57,424 37,810 19,201 100,833 80,197 51,592 25,609 Recoveries (PEN thousand) 15,122 11,062 7,180 3,926 14,540 10,839 6,542 3,186 Net Write-offs (PEN thousand) 58,905 46,362 30,630 15,275 86,294 69,359 45,050 22,423 Anualized Net Write-offs / Average period balance (%) 12.0% 12.5% 12.3% 12.2% 17.0% 18.0% 17.3% 17.1% Renegotiated portfolio (%) 3.6% 3.8% 3.9% 3.9% 4.3% 4.7% 4.5% 4.0% % of Sales w/Credit Cards over Total Sales Supermarkets 8.5% 9.1% 8.8% 8.9% 9.4% 9.6% 9.7% 9.8% COLOMBIA 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Net Loan Portfolio (COP million) 1,198,064 1,173,200 1,137,261 1,108,891 888,429 934,400 983,381 984,930 Provisions over expired portfolio 2.8 2.9 2.5 2.3 2.1 1.9 1.9 2.1 Debt balance >90 (%) 2.3% 2.0% 2.6% 2.8% 3.4% 4.2% 4.2% 3.7% Gross Write-offs (COP million) 122,194 92,417 64,981 33,530 40,775 41,719 71,780 34,247 Recoveries (COP million) 9,695 7,224 5,239 2,743 2,405 2,033 3,854 2,003 Net Write-offs (COP million) 112,499 85,193 59,742 30,787 38,370 39,686 67,925 32,243 Anualized Net Write-offs / Average period balance (%) 9.4% 9.7% 10.5% 11.1% 4.3% 5.6% 13.7% 13.0% Renegotiated portfolio (%) 3.1% 3.3% 4.1% 4.8% 6.0% 6.8% 6.9% 6.9% % of Sales w/Credit Cards over Total Sales Supermarkets 15.9% 16.4% 16.7% 16.8% 18.5% 19.6% 20.3% 19.7% Home Improvement 13.1% 13.4% 13.6% 13.7% 12.9% 13.1% 13.7% 13.0%
Page 50
Press Release – Fourth Quarter 2025 | 50 3. Macroeconomic Indicators Exchange Rate Total and Food Inflation Total Food and Non-Alcoholic Drinks Country 4Q25 4Q24 4Q25 4Q24 Chile 3.5% 4.5% 4.2% 3.5% Argentina 31.5% 117.8% 32.2% 94.7% USA 2.7% 2.9% 3.1% 2.5% Brazil 4.3% 4.8% 2.9% 7.7% Peru 2.0% 1.3% 2.0% 1.3% Colombia 5.1% 5.2% 5.1% 3.3% 4Q25 4Q24 % change 4Q25 4Q24 % change Dec 25 Dec 24 % change CLP/USD 907,13 996,46 -9,0% 926,33 978,47 -5,3% 950,50 949,18 0,1% CLP/ARS 0,62 0,97 -36,1% 0,64 0,97 -34,4% 0,77 1,03 -25,6% CLP/BRL 165,26 161,32 2,4% 171,48 163,53 4,9% 170,90 174,37 -2,0% CLP/PEN 269,91 264,54 2,0% 274,91 260,14 5,7% 267,98 252,69 6,1% CLP/COP 0,24 0,23 4,3% 0,24 0,22 9,0% 0,24 0,23 1,8% CLP/URU 23,29 22,78 2,2% 23,55 22,93 2,7% 23,34 23,69 -1,5% End of Period Average FY25
Page 51
Press Release – Fourth Quarter 2025 | 51 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): Goss Financial Debt – cash and cash equivalents – current and non - current financial assets Inventory Days: Inventory / Cost of Sales LTM *365 days Average Collection Days: Accounts Receivable / Revenue * tax (19%) * 365 days EBITDA: Net Income + Current Tax + Net Financial Cost + Depreciation and Amortization Adjusted EBITDA: EBITDA – Asset revaluation + Exchange Rate variations + results of indexation units Adjusted EBITDA Margin: Adjusted EBITDA / Revenues GLA (Gross Leasable Area): gross leasable area, the square meters of space available for lease IAS 29: Accounting standard that describes the financial reporting treatment in countries experiencing hyperinflation. IFRS 16: Financial/accounting standard that regulates the accounting treatment of operating leases by recognizing them as assets rather than operating expenses. Gross Leverage: gross financial debt / Adjusted EBITDA, excluding one-offs for the period Distributable Net Income: Net Income (loss) attributable to controlling + inflation (IAS 29) + Net effect of Asset revaluation Net Leverage: net financial debt / Adjusted EBITDA, excluding one-offs for the period LTM (Last Twelve Months): last twelve months HI: Home Improvement MM / Bn: millions / billions LC (Local Currency): considers the currency of the country analyzed PEN: Peruvian Sol Online Penetration: includes the entire online channel, both own and last milers Reported: results including the inflation adjustment in Argentina FS: Financial Services SM: 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 DS: Department Stores UF: unit of accounting in Chile, indexed for inflation USD: United States Dollars
Page 52
| 52 Press Release - Segundo trimestre 2025