Slides
Page 1
January 14, 2026 Buenos Aires, Argentina
Page 2
Sebastian Bellocchio CEO Cenco Malls
Page 3
600,000+ sqm of landbank for future developments 2,100+ stores in 41 locations A Portfolio of Best-in-Class Shopping Center and Office Assets across the Andean Region 2 Shopping Centers 2 Power Centers GLA: 63,257 sqm Colombia 2 Shopping Centers 1 Power Centers GLA: 60,534 sqm Peru 11 Shopping Centers 23 Power Centers GLA: 1,258,580 sqm Chile as of sep-25 135+ million | 3 21 cities across 3 Andean Countries LTM Visits
Page 4
30+ years of track record 1.4M+ Gross leasable area (GLA) (3) Occupancy rate (3) 97.8% (1) Share price and exchange rate as of 8 Jan 2026 (2) Exchange rate as of September 30, 2025: 958.1 CLP/USD (3) Figures as of September 30, 2025 sqm A Leading Shopping Center Company with Integrated Operations | 4 Tenant Sales LTM (2)(3) 5.1 Bn Market Cap (1) 4.7 Bn USD USD
Page 5
USD 302 / sqm / Month (LTM 3Q25) (2) Long-term, inflation-linked leases 8.8% as of September 2025 97.8% as of September 2025 02. Highest(1) Tenant Sales per sqm 05. Resilient Revenue Structure 06. Highest(1) EBITDA mg. 01. Best in Class Portfolio Prime locations across the Region 03. Lowest(1) Occupancy Cost 04. Highest(1) Occupancy Rate 89.7% LTM Sep-25 A Solid Platform for Long-term Value Creation (1) Among Chilean peers (2) Avg LTM exchange rate as of Sep-25: CLP 958.1/USD
Page 6
02. Highest(1) Tenant Sales per sqm 05. Resilient Revenue Structure 06. Highest(1) EBITDA mg. 01. Best in Class Portfolio 03. Lowest(1) Occupancy Cost 04. Highest(1) Occupancy Rate | 6 Distributed dividends since IPO CLP 890 Bn Operating cash-flow generated since IPO CLP 1,422 Bn Revenue CAGR since IPO ~7.8% Total shareholder return since IPO ~137.1 % (1) Among Chilean peers A Solid Platform for Long-term Value Creation
Page 7
Gateway to Chile Entry point for international brands Flagships to Chile Leading global retailers establishing flagship stores at Cenco Malls World-Class Brands Strong, long- standing relationships with top-tier international brands Related Stores ~35% of revenues generated by related companies, supporting stability and risk diversification Top-of-Mind Anchor Stores and International Brands | 7 Tenant Entry Strategy
Page 8
CLP (1) Tenant sales per sqm calculated as LTM tenant sales / 12 and 3Q25 GLA. * Accumulated Inflation (Dec-2019 to Sep-2025): 43.9% %, implying real tenant sales growth of 10.4% 187,264 2019 288,925 LTM (Sep-25) +54.3% Monthly Tenent Sales Growth Since IPO (2019) per sqm A Compelling Value Proposition for Tenants Highest Tenant Monthly Sales per sqm(1) ~ CLP 290,000 Among peers: | 8 Lowest Occupancy Cost 8.8% Highest Occupancy Rate 97.8%
Page 9
Strong Balance Sheet • Net Debt / EBITDA of 1.9x, providing capacity to fund future growth • Lowest leverage among Chilean real estate peers Sound Debt Profile • 100% fixed-rate debt, denominated in UF • Average maturity of 9.6 years, with a smooth amortization profile Investment-Grade Credit Profile • Humphreys: AAA (Stable) Feller Rate: AA+ (Stable) • Reflecting the quality of the portfolio and highly predictable cash flows Solid Financial Profile and Disciplined Capital Structure | 9
Page 10
Accumulated Inflation Rate (Dec-2019 to Sep-2025) of 43.9%, implying a real EBITDA growth of 17.5% 207,810 2019 335,397 LTM (Sep-25) +61.4% Adjusted EBITDA Growth Since IPO (2019) CLP million We maintain an EBITDA margin of ~90% Structural and operational strengths support a highly efficient cost structure Adjusted EBITDA Reflects Our Value Proposition | 10
Page 11
LTM Cash-Flow Waterfall, CLP millions Cash-Flow Waterfall: Solid Net Margin | 11 Net Margin 84.2%
Page 12
Best-in-class retail & mixed-use platform in the Andean Region Dominant assets in top-tier locations, including the iconic Gran Costanera Tower Resilient, Growing Cash Flows Long-term, inflation-linked leases, high occupancy rates and low occupancy costs Solid balance sheet and disciplined capital allocation Low leverage, attractive and stable dividends, selective growth CAPEX Long-term growth supported by pipeline and optionality 600,000+ sqm landbank and multiple projects under development and design Well-Positioned for Sustainable Value Creation | 12
Page 13
▶ Expanding and Optimizing our Assets ▶ Enhancing our Tenant Mix ▶ Innovating Across Formats and Services ▶ Creating Memorable Experiences in our Shopping Centers Our Purpose We Lead the Creation of Spaces and Experiences for a Better World | 13 Our Strategic Focus
Page 14
Strategic Pillars & Culture: How We Create Value Driving Forces in Our Culture Excellence in everything we do Agility, leadership and innovation Relevant and memorable solutions and experiences Company and tenant growth and development Dialog, community and trust | 14 Growth & Profitability Disciplined expansion, asset transformation and operational excellence Customer Obsession Designing experience that attract, retain and delight visitors Innovation New formats, data & digital tools to enhance tenants and visitors experience ESG Responsible growth with a focus on the environment, people and local impact 1 2 3 4
Page 15
Growth & Profitability 01.
Page 16
Growth & Profitability: Cenco Costanera | 16 “QINTO” Gastronomic zone The largest and most integrated dining hub in Chile, bringing together unique restaurant concepts and nightlife within the Company’s flagship shopping center. Remodeling & Expansion QINTO is designed to host a total of 58 restaurants across 16,000 sqm 54 opened restaurants to date, totaling 13,500 sqm
Page 17
Growth & Profitability: Cenco Costanera | 17 Space optimization & new entrance 20 new units across 2,100 sqm of GLA Former Paris Store- Gallery Transformation of Paris’ former ground floor into a modern retail gallery, featuring higher-yield tenants and a new entrance that improves visitor circulation and sales. 2Q25
Page 18
| 18 New gastronomic proposal 1,500+ sqm of GLA Rincón Jumbo 1Q26 Growth & Profitability: Cenco Costanera New Automotive Retail Space 20+ spaces across 4,600 sqm Auto City Costanera 1Q26
Page 19
| 19 Growth & Profitability: Cenco Costanera New multi-level space mainly dedicated to temporary activations, brand experiences and events, bringing the mall into the Gran Costanera Tower. By integrating and upgrading the tower’s lower floors, we convert under-used areas into 3,800 sqm of high-value shopping GLA, enhancing the visitor journey and reinforcing Cenco Costanera as a differentiated mixed-use destination. 3,800 sqm of GLA across three levels Expansion Project Works expected to begin in 2H26 New Floors Integration
Page 20
| 20
Page 21
2019 2020 2021 2022 2023 2024 18,000 16,592 73,408 YTD Sep-25 29,107 33,185 38,633 45,656 48,171 57,753 108,000 Growth & Profitability: Costanera Office Complex Top-Tier Tenants Our office complex at Costanera Tower continues to consolidate its position as a leading office hub, attracting top-tier tenants. With only the last GLA pending fit-out before going to market, the complex is nearing full placement and further reinforces Cenco Malls’ growth and profitability. GLA to be delivered Vacant GLA GLA Placed 90.000
Page 22
Growth & Profitability: Cenco Alto Las Condes | 22 Space optimization 56 stores and 15 pop-up stores with over 1,100 sqm of GLA Alto Diseño 4Q25 Cluster of small-format specialty stores, designed to bring ‘Instagram-born’ brands into a premium mall experience
Page 23
| 23 Growth & Profitability: Cenco Alto Las Condes Space optimization 2,000+ sqm Happyland 1H26 Space optimization 1,600+ sqm New Offices 1H26
Page 24
Growth & Profitability: Cenco Alto Las Condes New gastronomic offering 1,100+ sqm of GLA Rincón Jumbo 4Q25 Space optimization ~3,000 sqm of retail GLA Retail Spaces 1H26 | 24
Page 25
Growth & Profitability: Cenco Alto Las Condes | 25 Space optimization 12 restaurants with more than 1,100 sqm of GLA 4Q25 New Food Court New layout in a more strategic location, with a leaner food court that releases valuable space for other uses
Page 26
| 26 Growth & Profitability: Cenco Alto Las Condes Space Optimization 40 units with 4,800 sqm of GLA 2026 A new retail gallery with 30+ units, creating a more attractive shopping corridor while improving the use and profitability of this key area. Ex-food Court Gallery
Page 27
Growth & Profitability: Cenco Florida | 27 New space for a medical center 3,000+ sqm of GLA Meds Medical Center 3Q25 Optimization with new gastronomic offer 9 new restaurants, over 3,500 sqm of GLA Gastronomic Area 1Q26
Page 28
| 28 Growth & Profitability: Cenco Florida 6,200+ sqm of GLA 1Q26 Auto City Florida Auto City Florida will be CencoMalls’ new branded automotive hub and services, concentrating a broad range of automotive brands and services in one destination. The project strategically optimizes existing space, converting it into high-value GLA and a distinctive attraction for the shopping center. New Automotive Retail Space
Page 29
| 29 Growth & Profitability: Cenco Florida A new park directly connected to the mall, featuring gastronomy and flexible pop-up units, extending beyond the traditional shopping center concept and strengthening our role within the local community. New common area with gastronomy and pop-up units 25,000+ sqm Florida park 2,000+ sqm gastronomic space 2026 Brownfield Cenco Florida Park
Page 30
| 30 Growth & Profitability: Greenfield Projects Greenfield La Florida Multifamily Cenco Malls first residential asset, complementing the Cenco Florida’s masterplan and diversifying our income base, supported by strong local housing fundamentals. 297 units across 22,000 sqm of GLA Expected delivery: 1H28 Permitting stage
Page 31
| 31 Growth & Profitability: Brownfield Chile Brownfield Cenco Temuco Expansion to consolidate Cenco Temuco as the main retail and lifestyle hub in the region Expansion underway with delivery expected in 2027 Expansion GLA: ~16,700 sqm Final GLA: ~80,000 sqm Expansion Project
Page 32
| 32 Growth & Profitability: Brownfield Chile Brownfield Cenco Rancagua With this large-scale expansion, Cenco Rancagua will consolidate its role as the main shopping and lifestyle hub in the region Expansion GLA: ~42,000 sqm Final GLA: ~85,000 sqm Works expected to begin in 2Q26 Expansion Project
Page 33
| 33 Growth & Profitability: Greenfield Projects Greenfield Cenco Malls Outlet Phase one: ~ 18,000 sqm In permitting stage First Cenco Malls Outlet Launch of Cenco Malls’ first outlet in Maipú, strengthening our presence in Santiago through a new value-oriented retail format
Page 34
Growth & Profitability: Peru | 34 Brownfield Cenco La Molina Our top-tier mall in Lima has completed its second phase, consolidating its position as the leading shopping and services destination in the La Molina district. Two-phase expansion project Phase 1: 14,300 sqm Phase 2: 19,000 sqm Phase 1 in 4Q23 Phase 2 in 4Q25
Page 35
Greenfield Cenco Miraflores | 35 ~14,000 sqm Works expected to begin during 2026 New shopping center Boutique shopping center in a prime location, combining retail, services and gastronomy, positioned as a new meeting hub in the district. Growth & Profitability: Greenfield Projects
Page 36
Greenfield Cenco Lima | 36 ~ 80,000 sqm Design stage Greenfield in prime location Large-scale 80,000 sqm project in San Juan de Lurigancho, expanding our exposure to one of Lima’s most densely populated districts. Growth & Profitability: Greenfield Projects
Page 37
Brownfield Cenco Limonar Remodeling and Optimization of GLA +15,000 sqm expansion 2H25 Growth & Profitability: Colombia | 37 Renovated and expanded into a first- class shopping destination, adding new GLA while strengthening the Cenco Malls brand in the region and the asset’s long-term performance.
Page 38
| 38 Greenfield Cenco Medellin ~ 80,000 sqm Design stage Greenfield in prime location Large 80,000 sqm mall in a prime area of Medellín, expanding Cenco Malls’ presence in Colombia with a highly attractive retail and leisure offering. Growth & Profitability: Greenfield Projects
Page 39
Customers 02. Obsession | 39
Page 40
| 40 ONE UNIFIED BRAND Across the Region: 41 Shopping Centers under the brand
Page 41
| 41 as of Dec-25>86% Customer Satisfaction (C-SAT) Cenco Malls Brand Initiatives Drive High Customer Satisfaction 9.2% a/a “We Lead the Creation of Spaces and Experiences for a Better World”
Page 42
Innovation 03. | 42
Page 43
| 43 Innovation: Strategic Focus Customer data, insights & loyalty • App Cenco Malls • Cencosud loyalty program integration • Experience hyper- personalization Enhancing the customer experience • Regional Wayfinding system • Self-service kiosks • Gastronomic, parking and digital solutions Efficient operations • B2B tenant portal • Smart parking solutions Digital transformation of our operating model • CRM sales and service • Video analytics • Unified B2B & B2C data lake • AI capabilities Ventas Centros comerciales Locales Clientes Deuda Ocupación Facturación Sales Tenants Clients Debt Occupancy Billing Shopping Centers
Page 44
| 44 Thank you! Cenco Malls team
Page 45
Servir de forma extraordinaria en cada momento
Page 46
This presentation contains forward-looking statements, including, but not limited to, statements regarding the Company’s guidance for 2026, expected revenues, Adjusted EBITDA, margins, capital expenditures, investment plans, expansion initiatives, and strategic priorities. Forward-looking statements are based on management’s current expectations, estimates, assumptions, and beliefs as of the date of this presentation and are subject to risks, uncertainties, and other factors that may cause actual results, performance, or developments to differ materially from those expressed or implied by such statements. These factors include, among others, changes in economic, financial, political, or market conditions in the countries in which the Company operates; inflationary pressures; fluctuations in foreign exchange rates; changes in consumer demand and purchasing behavior; competitive conditions; supply chain disruptions; regulatory and tax changes; labor costs and availability; execution risks related to investment, expansion, and transformation initiatives; and the impact of unforeseen events.Forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. Forward-Looking Statement