Slides
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January 14, 2026 Buenos Aires, Argentina
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Agenda for today 01 02 03 04 9:10 am - 10:10 am Rodrigo Larraín CEO 10:10 am - 10:40 am Andrés Neely CFO 10:40 am - 11:10 am Sebastían Bellocchio CEO Cenco Malls 11:10 am - 11:30 am Coffee Break 11:30 am - 12:00 pm Diego Marcantonio Country Manager 12:00 pm - 12:30 pm Vitor Fagá Country Manager 12:30 pm - 1:00 pm Brian Johnson Country Manager 1:00 pm - 1:45 pm Q&A 1:45 pm - 2:45 pm Alejandro Catterberg Lunch Presentation 2:45 pm - 5:00 pm Visit to Unicenter 7:00 pm - 10:00 pm Dinner at Happening Costanera | 3 05 06 07 08 09 10 11
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| 4 Rodrigo Larraín CEO
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“Success lies in caring for even the smallest detail and consistently maintaining the quality of service we provide to our customers. That is Cencosud.” Living the Legacy of Commitment to Customers and Service. Founder of Cencosud 1935-2025 | 5
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01 Retail Industry Transformation
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| 7 Structural Trends What the Data Shows AI is fundamental, not incremental Embedded AI in pricing, forecasting, and promotions delivers double-digit gains in accuracy and efficiency. Yet 95% of companies still report no P&L impact, making execution the key differentiator. Data and personalization drive advantage Advanced personalization generates +10–30% conversion uplift and higher repeat rates, shifting competition beyond price alone. Loyalty must be reimagined AI shopping agents increasingly optimize across retailers, weakening traditional loyalty models and elevating experience, relevance, and real-time availability. Sources: Bain & Company; McKinsey Consumer & Retail Insights Key Trends Accelerating the Retail Transformation and Reshaping Retail Economics
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| 8 Structural Trends What the Data Shows Digital profit pools are becoming core Retail Media and “beyond trade” activities now represent ~15% of revenue and ~25% of profits for leading retailers, up materially in the last three years. Stores must evolve with technology More purchase journeys start digitally even when completed in- store, repositioning stores as experience, fulfillment, and data hubs. Scale funds transformation AI and data platforms require investment and volume; digital and geographic scale accelerates learning curves and lowers unit costs. Sources: Bain & Company; McKinsey Consumer & Retail Insights Key Trends Accelerating the Retail Transformation and Reshaping Retail Economics
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| 9 Customer-Centric Retail Is a Compounding Value Engine Note: Figures are indicative, based on internal analyses and widely observed industry benchmarks (Bain, McKinsey). Shown to illustrate relative customer value dynamics. This compounding logic requires a customer-centric ecosystem designed to accelerate and capture long-term value • Omnichannel customers spend 1.5x–1.7x more. • Ecosystem engagement drives 2x–4x higher spend. • Channel expansion is additive, not cannibalistic. Economic Uplift • Higher frequency, retention, and resilience. • +5% retention → +25% to +95% profit. • Lower ticket, much higher frequency → structurally higher long-term value. Long-Term Value Compounding Engine • Personalization drives +40% revenue uplift. • Private label strengthens loyalty and return economics. • Expanding into services, loyalty, media, and digital touchpoints multiplies returns Shift from Share of Wallet to Share of Life
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• Customer-centric model that creates a virtuous growth cycle. • Better experiences drive traffic, data, and sales. • Scale enables reinvestment in price, assortment, and convenience. • An integrated ecosystem driving efficiency, loyalty, and long-term profitability. CUSTOMER VALUE FLYWHEEL DATA AI Increased customer loyalty Increased sales Improved customer experience DATA RETAIL | 10 Building the Most Distinctive and Powerful Ecosystem in the Region
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Becoming the Most Distinctive and Powerful Ecosystem in the Region
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(*) Revenue contribution LTM as of September 2025. Becoming the Most Distinctive and Powerful Ecosystem in the Region
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(*) Revenue contribution LTM as of September 2025. Becoming the Most Distinctive and Powerful Ecosystem in the Region
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(*) Revenue contribution LTM as of September 2025. Becoming the Most Distinctive and Powerful Ecosystem in the Region
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(*) Revenue contribution LTM as of September 2025. Becoming the Most Distinctive and Powerful Ecosystem in the Region
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(*) Revenue contribution LTM as of September 2025. Becoming the Most Distinctive and Powerful Ecosystem in the Region
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Strategic Progress Update 02 | 17
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2025 Advancing Decisively on the Goals We Set Execution anchored in our four strategic pillars “To Serve Extraordinarily at Every Moment” 01 Growth & Profitability 03 Retail Ecosystem Clear purpose guiding our decisions and priorities: | 18 02 Innovation & Experience 04 Sustainability
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Acquisitions The Fresh Market – Full ownership consolidation Makro – A new Cash & Carry format in Argentina Bretas (Brazil) – Portfolio rationalization (54 stores in Minas Gerais) Colombia – Exit from non-core service station assets (37 service stations) Strategic Acquisitions and Divestments to Strengthen Regional Formats Divestments | 19
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Sharpening Value Propositions Across Formats to Win in Every Customer Segment | 20
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Strategic decisions and transformation initiatives prioritized over short-term growth to strengthen future performance. Value proposition and operational foundations put in place to enable sustained margin improvement. Progress toward a more agile, efficient, and cost- effective organization. 2025 Strengthening the Foundations for Long-Term Value | 21
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Launched an integrated transformation plan to evolve into a simpler, more agile, and more connected organization, with the Retail Ecosystem as a core pillar Launched structural simplification and process streamlining initiatives across the organization, to strengthen operational efficiency and build up capabilities Made deliberate, forward-looking investments to build a scalable platform for sustainable and profitable growth, accepting short-term impact to unlock long- term value Transforming Cencosud to Lead the Future of Retail | 22
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Retail Ecosystem
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The ecosystem unlocks opportunities, amplifies the flywheel effect, and spans multiple dimensions of our customers’ lives Reduce friction to launch faster: learn, iterate, and scale Time to Market Be present at key customer moments Share of Life Monetize ecosystem capabilities and scale new revenue streams Value Capture Setting a Regional Standard Through a Scalable Retail Ecosystem With Share of Life at the Center of Value Creation | 24
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Regional Commercial Decision Engine (Pricing & Planning) • Common standards for tools and decision rules across countries • Faster deployment and more consistent execution • Structural margin lever through discipline and control Trust to Scale: Regional Security and Resilience • Harmonized controls and monitoring across the region • Lower operational risk in critical ecosystem systems • Resilient foundation to support scalable growth Customer & Data Platform for Monetization • Single customer view with regional data governance • Reusable analytics to enable personalization at scale • Efficient growth, driving higher conversion and greater customer lifetime value From local solutions to a regional platform: less complexity, faster deployment, and a scalable foundation for margin, security, and monetization. Regional Technology Platform to Scale Growth, Efficiency, and Monetization | 25
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+20% Cencosud Media Growth YTD +21% Prime customers growth (Chile) +1B E-commerce visits per year Turning Ecosystem Capabilities into Tangible Growth Growth, efficiency, and loyalty gains across the region 57% Online sales driven by Prime customers -40% Regional incident reduction -4.2% CPO reduction | 26
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Loyalty That Compounds Value Across the Ecosystem | 27
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Growth & Profitability
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Deploying Actions That Drive Sustainable Growth | 31 Unlocking Value: Refresh & Remodels Strategic Growth: Store Optimization Adapting formats to evolving customer needs Store network optimization to drive portfolio performance 59 Stores YTD 3Q25 Remodelings Almacén bistro 12 Stores(1) YTD 3Q25 Openings 22 Stores YTD 3Q25 Closures | 31(1) 18 new stores opened in FY2025
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Private Label Growth & Penetration From Private Label to Consumer Brands Driving Growth and Margin LTM1 Sales USD 2,852 M +11.5% YoY LTM Penetration 17.7% +64 bps YoY Cuisine & Co recognized as Chile’s leading private label food brand | 32
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E-Commerce Performance E-Commerce Leadership Driving Profitable Growth LTM1 Sales USD 1,681 M +4.5% YoY LTM Penetration 10% +29 bps YoY Market leadership - E-commerce leader in Chile and Peru (~40% market share) Operational excellence - Best-in-class efficiency and customer experience - Costanera, the largest darkstore in Latin America, processing over 150,000 orders per month. Focus on profitability - All countries have improved profitability YoY | 34
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Retail Media Performance Revenue YTD 20% YoY 1,000+ brands advertised through Cenco Media during 2025 360° Omnichannel Ecosystem across stores and digital Leverages Cencosud’s unique footprint and traffic High growth potential with limited incremental CAPEX Double-digit EBITDA margin business | 35 Retail Media: Monetizing our Footprint and Traffic LTM Sep 2023 LTM Sep 2024 LTM Sep 2025 LTM Sep 2023 LTM Sep 2024 LTM Sep 2025 +161.9% Revenue +311.1% EBITDA EBITDA Mg +1,814 bps vs 2023
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Retail Media: Still important growth opportunities across the portfolio leveraging cross capabilities Strong top-line growth, accelerating profitability, and regional expansion ahead. Geographic Footprint with Significant Runway ~56% Chile Chile leads today, but growth is still ahead across the region | 36 ~20% Brazil ~10% Argentina ~7% Perú ~6% Colombia
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Innovation & Experience
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+2.2% YoY 30 Customer experience is at the core of Cencosud Million Clients | 39 ~10% ~700M per year C-SAT 76% +200 bps YoY Omnichannel clients Transactions
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Expo Vinos Peru: An Iconic Customer Experience Built Over More Than Two Decades Engaging thousands of customers through experiential retail 1.5M in sales USD 20.000+ Attendees 22nd Edition | 40
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La Cava Jumbo SUPERIOR EXECUTION TURNS A SIMPLE PRODUCT INTO AN EXPERIENCE
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Quality and Service Are in Our DNA The Fresh Market among the best in customer service by USA Today. Cencosud Recognized as the Best Citizen Brand in Chile. Wong Supermarkets: Leader in Customer Experience in Peru. The Fresh Market Recognized as Best Supermarket in USA TODAY 10Best Readers’ Choice 2025. | 42
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Sustainability
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Sustainability: Building Trust, Reputation, and Long-Term Value | 44 Community and Local Engagement 1,000,000+ participants in the Paris Parade Corporate Governance People Products & Services Planet Stakeholder Engagement Corporate Reputation Recognition CADEM #1 in Citizens Brands #1 in Corporate Holding Companies Merco Empresas: 2025: 6th place (8+ positions) Reputation & Brand Management La Voz del Mercado 2025: Most recognized company in Corporate Governance practices 67Points +5 YoY
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Strengthening Our Social and Environmental Foundations | 45 Note: All figures are YTD September 2025. Concrete actions that strengthen resilience, trust, and long-term value Healthy Culture 9,500+ beneficiaries of food Youth Employability 2,400+ interns Entrepreneurship & Innovation 850+ entrepreneurs supported People & Community Management Carbon Footprint 17 locations transitioned to eco-friendly refrigeration systems Non-Conventional Renewable Energy 9,231m2 of solar panels installed Waste Management 33% material recovery rate. +1% YoY Environmental Management
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03 2030 Roadmap
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(1) Adjusted EBITDA margin LTM September 2025 The Opportunity Ahead: Powering All Engines 12.0%1 4.8%9.7% 6.2% 11.3%2.5% Full Potential
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COUNTRIES & FORMATS Executing at Scale 200+ Initiatives Driving Sustainable Value Creation ECOSYSTEM | 48 Organic growth in USA, Peru and Chile. Business enhancement in Colombia, Brazil, and Argentina. Cenco Malls growth and expansions. Format mix optimization and selective new formats. Strengthening core processes and capabilities. Private label expansion across markets. Scaling Retail Media. E-commerce growth & profitability focus. Strengthening core processes and capabilities with technology and AI Expansion of distribution & logistics capacities.
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04 Outlook 2026
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Building Interconnected Capabilities, Accelerating Value Creation Focus during 2026 Strengthening retail ecosystem capabilities. Leading customer experience and value propositions on each format. Continue growing on underserved markets and segments. | 50
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Leveraging Argentina’s large asset base through synergies and efficiencies Focus during 2026 Strengthening the retail ecosystem leveraging companywide capabilities. Improve profitability as economic conditions continue to improve. Continue growing with focus on supermarkets and shopping centers. | 51
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Driving Growth Across Physical and Digital Platforms Focus during 2026 Continue organic expansion with focus on profitability. Deploy Cencosud e-commerce and loyalty capabilities. Enhanced Private Label Program. Continue integrating with Cencosud platform. | 52
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Strengthening the Value Proposition to Drive Profitability Focus during 2026 New management team in place to return to growth and improve profitability. Differentiated and consistent value propositions across banners with focus on supermarkets. Leverage Cencosud capabilities in retail ecosystem. | 53
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Accelerating Growth of Cencosud’s Most Profitable Operation Focus during 2026 Continue leading on customer experience and profitability. Accelerate growth in digital and ecosystem capabilities. Development of new shopping centers. | 54
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Format Adaptation and Real Estate Optimization to Drive Growth and Profitability Key Initiatives 2026 Strengthen Home Improvement presence. Accelerate –ecommerce and retail media capabilities. New management team in place to return to growth and improve profitability. | 55
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We are excited about the future outlook across our markets and believe Cencosud is uniquely positioned to capture opportunities, lead transformation, and create long-term value. | 56
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Servir de forma extraordinaria en cada momento
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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
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Andrés Neely CFO | 1
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Agenda 01 2025 Highlights 02 Capital Allocation 03 Current Financial Situation 04 Land Bank 05 2026 Guidance | 2
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2025 Highlights | 3 01
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Enhancing Financial Flexibility Through Strategic Liability Management › Lower interest rate resulting in cost savings › More flexible amortization with extended maturity shifting from semiannual to a bullet repayment › Unlocked resources to support Cencosud’s expansion in the US Market USD 600 M Total Amount New Loan USD 597 M Total Debt Prepayment USD 1.8 Bn 3.0x oversubscription Firm Offers Exceeded | 4
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100% Acquisition Positions Cencosud for Long Term Growth Cencosud consolidates full ownership of The Fresh Market, strengthening its presence in the United States Complete strategic control Acceleration of operational synergies Projection towards a new growth stage Streamlined governance accelerates initiatives execution Full integration unlocking potential new synergies Strengthening Cencosud’s position and brand recognition in the US premium grocery segment USD 295 MM 33% Put Option Transaction Price USD 657 MM TFM’s EBITDA Contribution Since Acquisition in 2022 | 5
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+ Successful Return to Local Bond Market Reflecting Strong Investor Demand +h Issuer Nemo BCENC-S BCENC-U Rating AA / AA 1 AA / AA 1 Amount (UF MM) 4.5 3.0 Term (Years) 7 21 Coupon Rate (%) 3.2% 3.4% Spread (BTU+) 78 bps 82 bps Issuance Demand 7.5 18.4 2.5x BCENC-S 2.4x BCENC-U 2.6x Successful offering, oversubscribed in both tranches UF million Competitive spread in both tranches Cencosud’s return to local market after 9 years Strong market appetite and confidence Highest amount placed for an AA issuance in 2025 Diverse investor participation (1): Feller Rate and Humphrey’s issuance ratings Successful issuance reflects market confidence in Cencosud’s financial strength and growth prospects | 6
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Capital Allocation 02 | 7
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Disciplined Capital Allocation Process and Framework To Unlock Long Term Value Creation Performance vs Targets Unified Governance Continuous Improvement through strategic capital budgeting Consistent and reliable company wide assumptions and hurdle rates Maximize Sustainable Global Returns Rigorous Governance and Strategic Capital Allocation to Maximize ROIC and Long-Term Value for Shareholders Strategic deployment of financial resources for Focus on Value Creation Growth Balancing Reinvestment Acquisitions Dividends Buybacks Maximize Cash Flows Higher Financial Resilience Greater Capital Efficiency | 8
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Capital Allocation - Balancing Growth Investment and Shareholder Returns Note (1) Other sources include sale of assets, interest received, dividends received from minority interests, among others ; (2) The amount of Inorganic Growth is net of the company’s cash at the time of the acquisition (3): Other uses include lease payments, hedging operations, dividends to minority interests, short-term investments, among others (Cash Increase). Total Funds 2 2018-YTD 2025 USD 17.8 Bn 51% 38% 4% 7% Cash From Operations USD 9.1 Bn New Debt USD 6.8 Bn Capital Increases / IPO USD 0.8 Bn Other Sources 1 USD 1.2 Bn 54% Dividends & Stock Buybacks USD 2.2 Bn Debt Prepayment & Interest USD 10.0 Bn 13% Capital Expenditures USD 2.3 Bn 12% 5% Inorganic Growth 2 USD 0.9 Bn 15% Other Uses 3 USD 2.7 Bn PUT option exercised and secured through local bond issuances as part of liability management milestones Acquisition of Makro in Argentina and the remaining 33% stake in TFM, enhancing Cencosud’s position in both markets Distributed USD 45 MM in dividends and executed two buyback programs during the year to drive TSR Accumulated CAPEX as of Sep-2025 totals USD 395 MM [+] Sources [-] Uses Main variations in 2025 | 9
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Optimizing Asset Mix and Strengthening Core Businesses Remodels & transformations to optimize assets to adapt to evolving market dynamics and maximize asset productivity Unlocking Value Capital Recycling Strategic divestments of non-core assets to unlock capital and reinforce core businesses Strategic Growth Selective store closures and openings in priority formats and countries to drive portfolio performance and market leadership Capturing Value Through Strategic Capital Allocation 1 2 3 Three Financial Strategic Levers for Higher ROIC | 10
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Current Financial Situation as of September 30th, 2025 03 | 11
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Of total debt maturities fall beyond +5 years providing long- term visibility and flexibility 54% Proactive Liability Management to Improve the Maturity Profile 21 53 227 782 308 4Q25 2026 2027 2028 2029 2,190 2030-2045 1,017 2,497 Others Local Bond Issuances (2025) Maturity Profile as of 3Q23 in USD million Adjusted EBITDA LTM – USD 1,550 million (1) 265 320 291 4Q23 2024 2025 2026 2027 2030-2045 746 1,255 1,604 Post Liability Management, duration expanded from 5.3 (3Q23) to 5.7 years (3Q25), despite near-term 2027 maturity Maturity Profile as of 3Q25 in USD million TFM Put Option (1) Using Closing Exchange Rate 962,39 | 12
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Active Hedging Strategy with Limited Foreign Currency Exposure 4.7 Gross Financial Debt 1.8 Debt in Local Currency (~95% UF) 2.9 Gross Financial Debt (USD Denominated) 1.7 Cash & The Fresh Market Hedge (2) 1.2 Uncovered Debt 0.9 Cross Currency Swaps (CCS) 0.3 Exposed Debt (USD) (1) Gross Financial Debt includes obligations to the public and obligations to third parties.(2) Includes Net Investment in The Fresh Market and Cash (USD). Figures at closing exchange Rate of CLP 962,39 per USD. Gross Financial Debt & Hedge Position as of 3Q251 in USD billion USD Risk Exposure 3Q25 5.8% vs 13.8% in 3Q24 | 13
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Investment Grade Profile with Controlled Leverage 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 3Q25 FX Neutral 2018 2019 4.5 3.1 2.2 1.4 2.8 3.3 3.5 3.4 3.3 3.0 3.1 3.2 3.5 3.3 (1.2x) 0.2x (0.1x) Controlled net leverage and strong balance sheet underpin financial resilience in a volatile environment Net Leverage Evolution (times) Cash Position as of 3Q25 1 MM 650 MM FX Neutral Net Leverage as of 3Q25 3.3x (1) Considers Cash and Equivalents, plus other current financial assets and other non-current financial assets (2) adjustment removes currency translation effects on both debt and EBITDA to reflect operational leverage under a constant FX scenario | 14
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Rating Agencies Outlook Baa3 Stable (06/24) BBB Stable (08/25) InternationalLocal AA Stable (08/25) AA Stable (04/25) “Cencosud continues to capitalize on its favorable market positioning amid the pandemic given the leverage reduction process it underwent in 2019. With a stronger credit profile, Cencosud was able to catch up with investments against competitors and developed e- commerce capabilities” “Cencosud’s solid financial position is driven by strong operational cash flow, especially in supermarkets and shopping centers, and a conservative financial strategy that maintains robust coverage metrics benefiting from favorable liquidity, broad access to financial markets, and a debt structure aligned with cash flow generation” “The company’s growth strategy strengthens Cencosud’s rating, leveraging sales through its stores, omnichannel initiatives, and positive performance of private label sales across segments and countries supports higher margins for the company” “The ratings reflect Cencosud S.A.'s (Cencosud) strong business profile as one of the biggest food retailers in the Southern Cone of Latin America, supported by a robust brand portfolio and flexibility to adapt to adverse economic conditions” Note: Based on the last available report | 15
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Land Bank 04 | 16
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Growth Opportunities Supported by a Substantial Land Bank Land Bank Key Figures 2023 2025 R+F ~8x Revenues Up ~8x Driven By New Advertising Spaces Sport Facilities Small Retail Units Land Bank (sqm) Distribution by Country (%) Active Land Bank Monetization 1 Land Bank New Developments 5.4 MM sqm of Land-Bank +150 Locations USD 1.1 Bn Appraised Market Value 5 Countries ~27% of land bank sites includes operational assets 2 (1) Considers Land Bank revenues in Chile and real information until 11/25 and dec-25 forecast. (2): ~27% of the land bank sites contain operational assets on the surface, which may include owned stores, leased retail units, among others. 5,7% 2,3% 2,0%46,6%43,5% Greenfield Brownfield & Driving growth through projects High-Value Developments Extending GLA Activating Land Bank sqm into | 17
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2026 Guidance 05 | 19
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Guidance Revenues & EBITDA 2026 vs LTM 3Q25 “A company should repurchase its shares only when its stock is trading below its expected value and when no better investment opportunities are available. ” 17.6 LTM 3Q25 18.4 2026 Guidance +3.3% Consolidated Revenues (USD Billion) 1.6 LTM 3Q25 1.8 2026 Guidance +15.0% 8.9% LTM 3Q25 9.9% 2026 Guidance ~100 bps Adjusted EBITDA (USD Billion) Adjusted EBITDA Margin (%) Note: Calculations exclude hyperinflation adjustments. YoY variation excludes FX effects between periods. 2026 Guidance exchange rate is CLP 945 /USD. LTM 3Q25 figures use quarterly exchange rate for each quarter of the period. | 20
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Capex Guidance 2026 Capex Guidance 2026 USD MM 35-40% New Stores 15-20% Remodelations, Maintenance & Others 30-35% Cenco Malls 10-15% Retail Ecosystem 600 Total Capex Note: Exchange rates used: CLP/USD 945; ARS/USD 1,530; BRL/USD: 5.6; PEN/USD: 3.6; COP/USD: 4,100 | 21
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Servir de forma extraordinaria en cada momento
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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
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January 14, 2026 Buenos Aires, Argentina
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Sebastian Bellocchio CEO Cenco Malls
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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
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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
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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
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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
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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
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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%
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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
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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
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LTM Cash-Flow Waterfall, CLP millions Cash-Flow Waterfall: Solid Net Margin | 11 Net Margin 84.2%
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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
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▶ 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
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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
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Growth & Profitability 01.
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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
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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
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| 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
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| 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
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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
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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
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| 23 Growth & Profitability: Cenco Alto Las Condes Space optimization 2,000+ sqm Happyland 1H26 Space optimization 1,600+ sqm New Offices 1H26
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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
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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
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| 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
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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
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| 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
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| 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
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| 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
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| 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
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| 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
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| 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
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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
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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
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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
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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.
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| 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
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Customers 02. Obsession | 39
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| 40 ONE UNIFIED BRAND Across the Region: 41 Shopping Centers under the brand
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| 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”
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Innovation 03. | 42
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| 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
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| 44 Thank you! Cenco Malls team
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Servir de forma extraordinaria en cada momento
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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
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2026 Buenos Aires, Argentina
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Diego Marcantonio CEO Argentina
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Cencosud Argentina At a Glance 01
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Cencosud Argentina at a Glance Key Figures1 Broad National Footprint Across 19 Provinces and Buenos Aires City USD 3.5bn Revenue 1.7m Active Credit Cards 22.5k Employees 3.6k Suppliers >100m Tickets per year 1Last twelve months as of September 30, 2025. 265 56 28 17 Stores Supermarkets Home Improvement Wholesalers Shopping Centers
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19881982 2008 2012 2024 Opening of the 1st Jumbo store “Parque Brown” Opening of the first Shopping Center, Unicenter Mall Home Depot Argentina acquisition to develop the Easy Brand Acquisition of 38.63% of Jumbo Retail Argentina, reaching 100% ownership Brand restructuring Acquisition of Disco S.A. (under the Disco and Vea brands) Launch of Financial Retail in Argentina 2004 Acquisition of Blaisten, HI store in Argentina 2025 Acquisition of Makro and Basualdo 1993 1st Easy of Cencosud 2002 Launch of VEA Express Format Launch of Cenco Media and Relaunch of Digital Business Strategy 20212015-16 Digital Business rollout History of Cencosud Argentina
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Supermarkets Home Improvement Wholesalers Shopping Centers Financial Services A Unique Ecosystem in the Argentine Market
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21% 58% 12% 4% 5% HI SM MK SH RF USD 3.5 billion1 1LTM Revenue as of September 30, 2025 Revenue Distribution by Business
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18 provinces 34 71 160 33% 25% 42% 265 Stores Sales 8.0M Million Tickets 19.6 24.4 43.0 Market Share 17.0% YTD Nov. 2025 56 Stores Sales 50 6 97% 3% 13.8 0.1 Tickets 28 Stores 14 provinces 10 provinces Sales Customers Market Share 15.7% YTD Nov. 2025 4.0 Million Customers 2B 742M424M 80M 13.9M 1.2 Million Customers Market Leader 24 4 96% 4% Tickets 4,4M 4.3 0.1 One of Argentina’s Leading Retail Players Note: Data as of LTM September 2025 – Figures in USD.
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Note: Data as of LTM September 2025 – Figures in USD. Credit Card, Digital Account, Loans, Insurance, Giftcard Products: Credit Cards 1.7M Stock 538 K APP Users Penetration: SPM: 8.4% - HI: 23% Digital Account 430K Total Accounts Revenue 265M 9 provinces 17 Malls 93.5% GLA 665K Sqm Occupancy Rate +1,300 Stores November 2025 44M Market Share 23% November 2025 Visits As of Nov-2025 +1% YoY 177M Portfolio 87M Monthly Consumption Revenue 141M Tenant Sales 1.27B One of Argentina’s Leading Retail Players
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•2,500 tons of monthly production •Distribution to 193 stores in Bs As, Córdoba, Cuyo and NOA. •Exports to Brazil, Colombia, Peru and USA Meat Cheese & Cold Cuts • 835 tons of monthly production • Core products: bakery items, finger sandwiches, pizzas, empanadas, cookies and alfajores •2 plants producing 867 tons per month •Distribution to 169 stores in Ezeiza and 97 stores in Mendoza •110 SKUs across cold cuts, cheese, and sweet products Bakery Four Manufacturing Facilities
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Covered Floor Space 167 K sqm Workforce 1,134 Stores Supplied 265 Covered Floor Space 56 K sqm Workforce 297 Stores Supplied 56 Scaled Distribution Supporting National Operations Warehouses 6 Distribution 4.4M Cases Monthly Average Third Party Warehouse 1 Distribution 1.5M Cases Monthly Average Stores Supplied 24 Warehouses 6 Distribution 0.6M Cases Monthly Average
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56% 44% Owned Rented 265 stores 76% 24% Owned Rented 56 stores 88% 12% Owned Rented 17 stores 86% 14% Owned Rented 28 stores Strategic Real Estate Assets and Ownership Mix
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BUSINESS STRATEGY
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A Multi-Brand Omnichannel Ecosystem Built for Sustainable Growth Leveraging each banner’s unique VALUE PROPOSITION to deliver an EXTRAORDINARY experience at EVERY MOMENT, meeting diverse customer needs
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Multi-Brand Strategy that boost ecosystem synergies Differentiated Value Proposition Store Standardization and Execution Excellence • Quality • Assortment • Freshness • Product differentiation across brands (imported products, Private Label, fresh and healthy products) • Order • Service • Store-WEB-APP • Loyalty and Subscription • Retailtainment Delivering outstanding omnichannel customer experience The Strategic Pillars Behind an Extraordinary Customer Experience TO SERVE EXTRAORDINARILY AT EVERY MOMENT
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Retailtainment: Elevating the Customer Experience Beyond Shopping Special Events Atmosphere Tastings D Days
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Jumbo Deli & Wine Continues to Expand, Consolidating Its Leadership in Argentina. 10,000+ sqm of Exhibition Space 180 Brands P resent 60 Wineries 100+ Gourmet Deli Products CSAT 92%
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Fresh Products: A Core and Highly Valued Differentiation Driver
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Source: Scentia Brand-aligned value proposition campaigns
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35+ Private Label Brands Driving Sustainable Competitive Advantage 8 brands 17,2 +1,1 bps Penetration 3.250 skus 7 brands 32,1 +1,1 bps Penetration 20.297 skus 17,7 +4,6 bps Penetration 19 brands 7.979 skus 14,8 +4,6 bps Penetration 850 skus 3 brands
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Leading the Shift Towards Healthier, Conscious Consumption | 21 Vegan Organic Low Carb Gluten-Free No Added Sugar Lactose-Free Ecofriendly Bulk Nuts 1,160+ exclusive SKUs
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~13.2% eMarket Share Supermarkets +180% Cenco Media LTM Revenue Growth 5 eBrands ~109M Revenue LTM USD and Retail Media 1.2M LTM Sep-25 Tickets 18 Provinces 120 own 27+ 3rd party Pick Up Points Selling Points 205 Nacional Delivery Express SameDay Long Distance Cross-Docking Partners Scaling Digital Capabilities to Accelerate Omnichannel Growth
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Data LTM Sep-25 | Loyalty Members Exclusive discounts Earn of points on every purchase Personalized benefits Special experiences SM Club Easy 671k 4.5M * Club Easy rolled out in 2024 Active Members Loyalty Programs Aligned with Brand Value Propositions Exclusive discounts Mundo Experto 129k Exclusive discounts Training and events
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| 24 Leveraging its robust competitive ecosystem, Cencosud Argentina is uniquely positioned to capture and scale PROFITABLE AND GROWTH OPPORTUNITIES.
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Servir de forma extraordinaria en cada momento
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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
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Vitor Fagá CEO Brasil | 1
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Cencosud Brazil at a Glance 01 | 2
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Brands Hyper and Supermarkets Diversified Business Portfolio Stores 139 Sales Area 322,000sqm LTM Sep-25 Revenue 1,010USD million Brands Cash & Carry Stores 23 Sales Area 100,500sqm LTM Sep-25 Revenue 364USD million Brands Household & Appliances Stores 92 Sales Area 12,300sqm LTM Sep-25 Revenue 49USD million Brands Convenience Stores Stores 14 Sales Area 2,100sqm LTM Sep-25 Revenue 9USD million (1) LTM Sep-25. Excludes Bretas stores in Minas Gerais, following completion of their sale and transfer in Q3 2025 | 3
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+90% revenue from main brands, mainly in the supermarket and cash & carry segments Consolidated Revenue 30% 32% 20% 12% 7% GB Giga Bretas USD 1.4 billion (1) (1) LTM Sep-25. Excludes Bretas stores in Minas Gerais, following completion of their sale and tranfer in Q3 2025 | 4
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12 Stores 57.900 m2 Sales Area # Transaction / year 6.000 thousand % Food 96% Our Main Brands: G.Barbosa Location São Paulo 164 (72 hyper/supermarkets; 92 household & appliances) Stores 182,500 sqm Sales Area # Transaction / year 25,300 thousand % Food 65% Location Northeast (CE, PE, AL, SE, BA) | 5
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39 supermarkets Stores 84,700 sqm Sales Area # Transaction / year 26,000 thousand % Food 98% Location Southeast (RJ) Our Main Brands: Prezunic | 6
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13 cash & carry Stores 58,000 sqm Sales Area # Transaction / year 6,500 thousand % Food 96% Location Southeast (SP) Our Main Brands: Giga Atacado | 7
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25 supermarkets Stores 65,000 sqm Sales Area # Transaction / year 8,500 thousand % Food 90% Location Midwest (GO) Our Main Brands: Bretas | 8
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1st store in Sergipe FIRST STORES OPENING CENCOSUD ARRIVAL TRANSFORMATION 1970 1975 1st store in Sergipe 1st Bakery in Bahia 1st store in Minas Gerais 1st store in Rio de Janeiro 1st store in São Paulo Cencosud acquires G.Barbosa & Mercantil Atacado Cencosud acquires Perini and Bretas Cencosud acquires Prezunic Cencosud acquires Giga Atacado Cencosud sells Bretas Minas. Maintain Goias operations Brand Origins and Growth Under Cencosud | 9| 9
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268 stores and 6 Distribution Centers covering +150 cities. Strong regional presence in key Brazilian markets Our Footprint 9% Northeast Southeast Midwest 66% 25% 53% 12% Northeast Southeast Midwest 36% By # of Stores By Revenue 6 distribution centers 268 stores 2 Offices | 10
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Northeast 74% 16% 36% Southeast 53% 38% 61% 1% Midwest 11% 10% Supermarket Cash & Carry Other % stores 66% 25% 9% Revenue Profile by Format and Region (1) (1) YTD September 2025 70% of revenue from Supermarket segment, while 26% is from Cash & Carry 01 Northeast region has 66% of stores and contributes with 36% in revenue. 02 Southeast region has 25% of stores and contributes with 53% in revenue. 03 Our Revenue Profile | 11
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Men 52% 16,300+ Women 48% Employees 5% Employees with Disability 41% Women in Leadership Role 425 Managers 74 Unions In Brazil Our Team | 12
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02 Brazil Retail Market | 13
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1. Despite historic low level of unemployment at 5.2%, slowdown in consumption and units sold in food retail market continue in 2025 2. Data shows reduction in purchase frequency, with consumers more cautious due to several factors, including: o Maintenance of high interest rates (15% annual interest rate, one of the highest in the world) o Increase in families level of debt (79.5% of families with indebtness, the highest historical level) o 30% to 50% of families income committed to debt payment Retail Consumption Landscape -15 -10 -5 0 5 10 15 1Q25 2Q25 3Q25 4Q25 6,2% -0,3% 7,1% -1,8% 3,6% -3,3% 1,3% -2,7% Retail Market Same Store Sales 2025 vs 2024 (1) (1) Source: Nielsen 01 02 in Qtyin Value | 14
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Two dominant players in Cash & Carry segment, concentrating ~50% of top 10 food retailers revenue 01 Competitive environment Maintenance of high interest rates coupled with companies’ debt and downward consumption trends impacting several key players 03 Competition intensifying amid stronger regional players, with some few accelerating expansion 02 (1) Ceará, Pernambuco, Sergipe, Alagoas and Bahia states combined area; (2) Goiás state area; (3) São Paulo state area; (4) Rio de Janeiro state area CENCOSUD Cencosud Top 10 Food Retailers | 15
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• Improve operational and financial discipline • Foster governance-driven culture • Strengthen logistics and supply-chain efficiency, coupled with economies of scale • Expand margin through new revenue streams Operational Efficiency • Consumers remain price- sensitive, while seeking broader assortment, higher service levels, and convenience • Retailer-led financing as a lower-cost alternative to traditional bank solutions (e.g. credit card) Consumer trends • e-Commerce expansion and integration with brick-and-mortar sales • Acceleration of online shopping and use of apps • Maximize consumer loyalty and experience via CRM and use of digital technology Omnichannel Key Value Creation Opportunities | 16
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03 Financials | 17
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Revenue Trend 1.481 1.687 1.603 1.462 2022 2023 2024 LTM 3Q25 -8,8% In USD million (1) Revenue excludes Bretas stores in Minas Gerais, following the completion of their sale and transfer in Q3 2025 362 379 3Q24 3Q25 +4,7% +1,2% SSS in Constant Currency 12 Month Revenue (1) Quarterly Revenue (1) | 18
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EBITDA Trend In USD million 96 99 84 76 0 1 2 3 4 5 6 7 8 0 20 40 60 80 100 120 140 160 6,5% 2022 5,8% 2023 5,2% 2024 5,2% LTM 3Q25 Ebitda USD Ebitda %NR 20 28 0 1 2 3 4 5 6 7 8 9 0 5 10 15 20 25 30 35 40 45 50 55 60 5,6% 3Q24 7,4% 3Q25 Ebitda USD Ebitda %NR (1) Ebitda and Ebitda Margin excludes Bretas stores in Minas Gerais, following the completion of their sale and transfer in Q3 2025 12 Month EBITDA (1) Quarterly EBITDA (1) | 19
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04 Transformation Journey | 20
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Strategy Focus: Returning to Sustainable Growth Brazil remains an attractive market with solid long-term growth opportunities, despite intensifying competition from stronger regional players and a Cash & Carry segment dominated by two players. Cencosud is well-positioned to capture this opportunity, requiring strong foundational and structural transformation to drive sustainable growth. Strengthen the key differentiators of our value proposition, including enhancing the in-store experience to more effectively meet consumer demands, with focus on supermarkets and an expanded presence in the Cash & Carry segment Drive growth through both organic and inorganic expansion, increasing market penetration and densification in existing regions, while deepening strategic partnerships and reinforcing the relevance of key suppliers Continue investing in digital development by expanding digital platforms and CRM capabilities to deliver an optimized experience for customers and business partners, leveraging Cencosud’s group-wide capabilities
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Transformation Priorities: Already Underway Profitable Growth New Revenue Streams Operational Efficiency 01 Review GBarbosa and Bretas supermarkets value proposition Enhance CRM utilization(“Clubs”), e-Commerce, Superapps and Retail Media Expend the array of the Financial Services and their penetration across the businesses Optimize expenses to align with operational realities and cost- efficiency benchmarks ESG in the center of our drive Strengthen Cencosud culture Consolidate Cencosud in the Cash & Carry segment02 Implement new commercial operating model with nationally- coordinated team03 04 05 06 | 22
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Seasoned Leadership in Place Vitor Fagá CEO Brazil <1 year Cencosud 15+ years retail & consumer industries Henrique Vendramini Executive Director National Commercial <1 year Cencosud 30+ years retail industry Rafael Müssnich Business Head Giga & Mercantil 4+ years Cencosud 20+ years retail & consumer industries Marcos Femia Business Head GBarbosa, Bretas & Perini 2+ year Cencosud 30+ years retail industry Gerson Estevam Business Head Prezunic & Spid 7+ year Cencosud 25+ years retail industry Richard Ku Executive Director Finance <1 year Cencosud 25+ years retail & consumer industries Leonardo Gonçalves Executive Director Transformation <1 year Cencosud 25+ years retail & consumer industries | 23
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Culture change The challenge is not only the execution of this strategy , but also the cultural shift required to sustain it . Our current culture is rooted in positive principles such as collaboration, and we must enhance the competitive mindset to drive performance. | 24
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Servir de forma extraordinaria en cada momento
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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
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Brian Johnson CEO USA | 1
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The Fresh Market Overview 01 | 2
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Who We Are | 3
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Awards and Accolades | 4
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29% Private Label Penetration 9.7% Adjusted EBITDA Margin USD +22% E-Commerce Sales Growth 172 Stores 2.2B Revenue USD +10 New Stores Opened LTM The Fresh Market is a premium specialty retailer with a reputation for high-quality fresh products, curated meal offerings and an enhanced, differentiated shopping experience Note: Figures are LTM as of September 2025 | 5 TFM at a Glance
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Strong regional presence in attractive, mature markets Growth driven by geographic densification leveraging brand strength Average annual sales per sqM ~USD $10.5k Stores in 22 states Average store size 2,010 m2 Average basket size USD 40 | 6 The Fresh Market: Our Stores
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Inflation: Services Still Elevated E-commerce: Digital Is Now Core Grocery Industry: Growth Driven by Price, Not Volume Consumer Confidence: Cautious Despite Growth TFM Business Environment – Key Signals | 7
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Fresh Paninis What Sets Us Apart Chef-quality meals made in-store Top Grade Beef (Prime & Wagyu) Premium Fresh Produce In-Store Made Meal Kits Convenience without compromise Exceptional Guest Experience Fresh, Highest-Quality Products Chef-Prepared, In-Store Meals Curated & Local Assortment | 8
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Private Label Award winning brands Multiple honors at the Vertex Awards, a global competition recognizing excellence in packaging design ~USD 650 Million LTM sales as of Sept-25 | 9
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Third-Party Distribution Partners Curated Product Assortment Fresh-Led Sales Mix Sustainability and Community Key Business Model Components Differentiated, Fresh-Led Operations ~90% of product flow through outsourced DCs Partners manage warehousing, freight and physical distribution TFM is responsible for all in-house merchandising and assortment control ~70% of total sales from Fresh Core to value proposition and premium positioning Key differentiator vs. conventional grocers Restaurant-quality prepared foods Hand-picked produce, premium bakery, custom-cut meats Local items drive differentiation and loyalty Local sourcing supports small businesses Reduced environmental footprint Stronger community connection and trust | 10
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Guest demographic profile is higher income with over 80% college educated. Half of our guests are from Millennial and Gen X age groups The Fresh Market Guest Profile 16% 22% 33% 13% 16% By Income: 71% > USD 75k > USD 250k USD 150-250k USD 75-149k USD 50-74k < USD 50k 7% 34% 28% 24% 7% By Age: 52% Millennials/Gen X Greaters (80+) Boomers (61-79) Gen X (45-60) Millenials (29-44) Gen Z (19-28) 24% 34% 23% 15% 4% By Education: 81% College Educated Graduate Degree Bachelor Degree Some College High School Diploma <High School Diploma 57% Female 43% Male | 11
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America’s Most Loved Brand | 12
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02 Synergies with Cencosud | 13
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2022-2025 Integration Benefits • Restricted cash savings • Lower debt service costs • Interest income • Lower professional costs • Microsoft • Salesforce • AWS • Cloud License software • TFM Recipes shared with LATAM • New product offerings such as Argentinian wine, olive oil • Vendor savings on products including Chilean seafood • Leverage Global Procurement Financial Benefits • SAP • Development of customer-facing mobile app • Development of internal communications platform • Integration of common pricing tool • Other back office integrations IT Contract Cost Savings Merchandising Synergies Corporate Synergies
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New products and brands in TFM such as Havanna bread, Juan Valdez coffee, Finca Lalande wine TFM Recipes sold in LATAM including brisket, chicken salad, cut fruit TFM Private Label products carried in stores including Jumbo, Wong Synergies Highlights New Argentinian Reserve Program for premium meat, wine, and olive oil | 15
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03 Looking Forward | 16
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| 17
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Looking Forward 15 Stores Openings since 2022 5 Executed Leases for 2026 Openings | 18
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Strengthening the Business in 2026 ▶ Launch of our New App ▶ Launch of Loyalty 2.0 ▶ Enhanced Local Assortment ▶ Enhanced Store Brand Program ▶ Expanded Use of our Computer-Generated Ordering and Production Planning Tools ▶ Enhanced Sustainability Program Inventory optimization | 19
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Servir de forma extraordinaria en cada momento
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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