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Earnings Presentation – Third Quarter 2025 Earnings Presentation Third Quarter 2025
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3Q25 Highlights 01
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Earnings Presentation – Third Quarter 2025 1.1 Highlights of the Quarter | 3 Cencosud Completes Acquisition of 100% of The Fresh Market ▪ Purchase of the remaining 33% stake in TFM for USD 295 million, granting Cencosud 100% ownership of the business in the United States. Productivity Plan ▪ The Company advanced in the execution of the Productivity Plan, implementing initiatives to simplify organizational structures and processes, optimize efficiency, and strengthen competitive capabilities. The plan had an extraordinary effect of CLP 45 billion on thequarter’s results. Bond Issuance in the Local Market ▪ Placement of two bond series (with 7-year and 21-year maturities) totaling 7.5 million UF (USD 308 million)(1), issued at historically low spreads, with oversubscription of 2.4x and 2.6x in the 2032 and 2046 tranches, respectively. (1) Amount as of September 30, 2025, UF 1 = USD 41.03. Closing of Bretas Transaction ▪ Completed the sale and transfer of the remaining 22 Bretas stores in Minas Gerais (Brazil) to a local operator. Following this transaction, Cencosud Brazil now operates 169 supermarket stores and 140 complementary business locations.
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Earnings Presentation – Third Quarter 2025 1.2 Highlights of the Quarter | 4 Openings of New Stores ▪ Addition of 3,928 m2 of new sales area during the quarter, including the openings of two Santa Isabel stores (Villarrica and San Fernando, Chile), a new Prezunic in Rio de Janeiro (Brazil), and the reopening of Jumbo in Cali (Colombia). Cencosud successfully launches Expo La Cava Jumbo in Chile ▪ First edition of the event in Chile, inspired by the success of Expo Vino in Peru and Argentina. The event features guided tastings, samplings, and a gastronomic area showcasing selected Jumbo products, reinforcing the brand’s differentiated value proposition for customers. Advances in Retail Ecosystem ▪ New digital capabilities launched: rollout ofJumbo’s whitelabel app in Colombia and an AI-powered search engine in Jumbo Chile which was earlier implemented in Paris. ▪ Cencosud Media expanded its digital footprint, adding 100 new in-store screens across Chile and Colombia. Record Penetration of Private Label and New Product Launches ▪ The quarter was marked by a record Private Label penetration of 17.9%, supported by stronger brand recognition and innovation with new launches including the “AmericanDream” line under the Cuisine & Co label and new additions to the“Robust” line in Home Improvement stores.
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3Q25 Financial Results 02
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Earnings Presentation – Third Quarter 2025 ▲ Revenues increased 6.1% YoY, maintaining a positive growth trend throughout 2025 ▲ In Chile, Argentina, the United States, Peru, and Colombia, all business units recorded YoY revenue growth in local currency ▲ Online sales rose 11.9% YoY on a consolidated basis, with four out of six countries reporting double-digit growth +6.1% Excl. IAS 29 REVENUES 3Q25 YoY Cencosud Consolidated +5.1% As Reported 3Q24 3Q25 9M24 9M25 3,807,849 4,040,335 11,561,610 12,347,651 +6.1% +6.8% Highlights: Offset by: ▼ Sales in Brazil declined 10.6% YoY in local currency, largely due to the sale of 54 Bretas stores during the year, despite achieving the first positive SSS of 0.4% since 1Q24 2.1 Consistent Growth Across Most Markets | 6 Revenues (1) Cencosud Consolidated (CLP Million) (1) Figures exclude the effect of hyperinflation in Argentina.
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Earnings Presentation – Third Quarter 2025 Adjusted EBITDA (2) Cencosud Consolidated (CLP Million) 3Q24 3Q25 3Q25 Excl. one-off 341,553 288,373 333,233 -15.6% -2.4% Highlights: Offset by: ▲ U.S., Brazil, Peru, and Colombia recorded YoY improvements in Adjusted EBITDA margins, reaching 7.5%, 7.7%, 12.0%, and 1.5%, respectively ▲ In Colombia, all formats improved profitability, marking one full year of consecutive Adjusted EBITDA margin expansion, reaching 1.5% 2.2 EBITDA Margin Expansion in the U.S., Brazil, Peru and Colombia | 7 -15.6% Excl. IAS 29 Adjusted EBITDA 3Q25 YoY -21.3% As Reported ▼ Extraordinary expense from the implementation of the productivity plan totaling CLP 45 billion, mainly in Chile and Argentina ▼ Higher general expenses in Chile and margin contraction in Argentina driven by lower YoY inflation and the integration of Makro (1) Extraordinary expenses associated with the execution of the productivity plan amounting to CLP 44.9 billion at the consolidated level. (2) Figures exclude the effect of hyperinflation in Argentina. -2.4% Excl. IAS 29 Adjusted EBITDA 3Q25 YoY -8.1% As Reported Excluding one-off (1): 9M24 9M25 9M25 Excl. one-off 1,120,407 1,055,360 1,100,220 -5.8% -1.8% EBITDA Margin 7.1% EBITDA Margin 8.2% EBITDA Margin 8.5% EBITDA Margin 8.9%
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Earnings Presentation – Third Quarter 2025(1) Figures in millions of CLP. (2) Distributable Net Income serves as the basis for calculating dividend payment. Accumulated Distributable Net Income Increased 41.4% YoY | 8 2.3 9M24 9M25 96,555 136,536 +41.4% The increase in YoY DNI is explained by: ✓ Lower impact from the inflation adjustment (IAS 29) ✓ Partially offset by higher general expenses and taxes Item (1) 3Q25 3Q24 ∆ % 9M25 9M24 ∆ % Net Income 8,694 88,384 -90.2% 238,184 197,560 20.6% Net Income excl. Asset Revaluation -9,502 81,775 N.A. 194,529 151,365 28.5% Net Distributable Income -33,272 67,967 N.A. 136,536 96,555 41.4% DNI Conciliation (1) 3Q25 3Q24 ∆ % 9M25 9M24 ∆ % (+) Income (loss) attributable to controlling shareholders 23,546 141,048 -83.3% 303,254 477,201 -36.5% (+) Inflation Adjustment (IAS 29) -38,621 -66,473 -41.9% -123,063 -334,451 -63.2% (-) Net effect from asset revaluation 18,197 6,609 175.3% 43,655 46,195 -5.5% Net Distributable Income (2) -33,272 67,967 N.A. 136,536 96,555 41.4% Negative quarterly DNI is explained by: ✓ Extraordinary expenses related to the productivity plan ✓ Higher financial costs and its hyperinflation adjustment ✓ Negative impact of foreign exchange variation YTD Distributable Net Income (DNI) 136,536 CLP million
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Earnings Presentation – Third Quarter 2025 (1) Net Leverage: (Financial Debt + Lease Liabilities – Cash & Financial Assets) / Adjusted EBITDA (LTM); (2) Exchange rate as of September 30, 2025: USD 1 = CLP 962.4; (3) Includes: Cash and cash equivalents + short- and long-term financial assets. Amortization Profile (2) 2018 2019 2020 2021 2022 2023 1Q24 2Q24 3Q244Q24 1Q25 2Q25 3Q25 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 › Higher financial debt, mostly USD- and UF- denominated › Partially offset by a 3.4% increase in LTM Adjusted EBITDA USD 670 millionCash Position as of September 2025 (2) (3) Net Leverage at 3.5x, with Improved Amortization Profile | 9 2.4 Debt Profile Optimization: Net Leverage (1) 21 53 227 782 615 650 185 924 2025 2026 2027 2028 2029 2030 2031 2032 2041- 2046 1,017 1,047 123 Adjusted EBITDA LTM USD 1,550 MM (2) › UF 7.5 million in local bonds issued in September, with maturities in 2032 and 2046, to fund the acquisition of the remaining 33% stake in The Fresh Market › Transaction improved the debt maturity profile, reducing short-term amortizations YoY Variation in Net Leverage: Lastest Bond Issued 3Q25 Excl. One-off: 3.4x
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Earnings Presentation – Third Quarter 2025 Effective USD-denominated debt exposure 5.8% USD-denominated debt 63.5% ▶ After hedging, 18.8% of the USD-denominated debt remains unhedged ▶ Considering the natural hedge from USD cash-flow generation in the U.S. operations, the total unhedged debt is reduced to 5.8%, down from 14.7% as of June 2025 78.8% 18.8% 2.4% CLP + UF USD Others Latam 75.3% 24.7% Fixed Variable 2.5 Limited Foreign Currency Exposure | 10 Debt by Interest Rate Debt by Currency (Net Hedging)
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03 Results by Country
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Earnings Presentation – Third Quarter 2025 3.1 Chile: Sales Growth Across All Business Units Revenues grew 2.6% YoY, driven by growth across all business units, led by Department Stores (5.1%) and Shopping Centers (9.0%). E- commerce sales increased 7.8% YoY, supported by a 10.1% rise in online supermarket sales. 3Q24 3Q25 1,732,728 1,777,368 +2.6% CONSOLIDATED REVENUES CLP million 3Q24 3Q25 3Q25 Excl. one-off 205,934 157,171 178,894 -23.7% 13.1% ADJUSTED EBITDA Adjusted EBITDA decreased 23.7% YoY, mainly reflecting the extraordinary effect associated with the productivity plan implemented during the quarter, higher general and labor expenses and a mild winter season. Excluding the extraordinary effect (CLP 21,7 billion at the country level), Adjusted EBITDA reached CLP 178,894 million, down 13.1% YoY, with Adjusted EBITDA margin of 10.1%. 8.8% CLP million 11.9% * (*) Refers to the Adjusted EBITDA Margin. +10.1% YoY Supermarkets Online Sales | 12 +7.3% YoY Department Stores SSS 3Q25 +104 bps YoY Shopping Centers Adj. EBITDA Margin 10.1%
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Earnings Presentation – Third Quarter 2025 Revenues grew above inflation, increasing 57.0% in ARS and 15.4% in CLP, driven by the strong performance of Jumbo, the integration of Makro stores and a 64.1% YoY increase in Private Label sales. Even excluding Makro stores acquired earlier this year, revenues increased above inflation (41.4% in ARS)(1). As a result, the supermarket business expended its market share by 140 bps YoY. 3Q24 3Q25 700,449 807,975 +15.4% 3Q24 3Q25 3Q25 Excl. one-off 47,211 21,809 41,841 -53.8% -11.4% Adjusted EBITDA decreased 40.2% in ARS and 53.8% in CLP YoY, reflecting a 144 bps contraction in gross margin, higher inflation- driven general expenses, and productivity plan implementation costs. Excluding the extraordinary effect (CLP 20.0 billion at the country level), Adjusted EBITDA reached CLP 41,841 million, down 11.4% YoY, with Adjusted EBITDA margin of 5.2%. +63.5% YoY Online Sales in ARS 3.2 Argentina: Supermarkets Expanded Market Share by 140 bps YoY (Ex-Makro) 2.7%6.7% +354 bps YoY Private Label Penetration | 13 CONSOLIDATED REVENUES CLP million ADJUSTED EBITDA CLP million (1) General inflation in Argentina for the 12 months ending in September 2025 was 31,8%, while food inflation was 27.3%. 5.2%
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Earnings Presentation – Third Quarter 2025 Revenues grew 5.1% in USD and 8.2% in CLP YoY, supported by higher online sales and new store openings in the last twelve months. Online sales recorded a 15.4% YoY increase, marking the second consecutive year of double-digit growth and a 76.0% increase sinceCencosud’s acquisition in 3Q22. 3Q24 3Q25 33,546 36,734 +9.5% Adjusted EBITDA increased 6.6% in USD and 9.5% in CLP YoY, expanding the EBITDA margin by 11 bps, mainly due to a lower comparison base as a result of the extraordinary impact of Hurricane Helene in 2024, partially offset by higher pre-opening expenses and new stores still in maturity phase. 3.3 USA: The Fresh Market Named Top Grocery Store Across All Categories in USA Today 10Best Readers’ Choice Awards 3Q24 3Q25 453,543 490,652 +8.2% USA TODAY 10Best Readers’ Choice 2025 The Fresh Market placed first in all categories as the Top Grocery Store. +15.4% YoY Online Sales in USD | 14 7.5%7.4% 12 New Store Openings in the Last Twelve Months CONSOLIDATED REVENUES CLP million ADJUSTED EBITDA CLP million
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Earnings Presentation – Third Quarter 2025 Revenues decreased 10.7% in BRL and 6.3% in CLP YoY, reflecting the divestment of 54 Bretas stores in Minas Gerais. Same Store Sales returned to positive territory this quarter, growing 0.4%, showing sequential improvement versus 2Q25 (-5.2%) and 1Q25 (-12.1%), evidencing a gradual recovery in comparable store performance. 3Q24 3Q25 401,766 376,296 -6.3% 3Q24 3Q25 20,928 28,676 +37.0% Adjusted EBITDA increased 32.5% in BRL and 37.0% in CLP YoY, largely due to income recognized from the sale of the remaining 22 Bretas stores during the quarter, partially offset by higher expenses related to the execution of the performance improvement plan. Brazil: Continued Improvement with Best SSS Since 1Q24 | 15 3.4 7.6%5.2% +1,678 sqm One new Prezunic store opened, reaching 39 stores in Rio de Janeiro +0.4% YoY Supermarkets SSS CONSOLIDATED REVENUES CLP million ADJUSTED EBITDA CLP million
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Earnings Presentation – Third Quarter 2025 Revenues grew 2.1% in PEN and 11.9% in CLP YoY, driven by a 4.7% increase in Cash & Carry Same Store Sales, boosted by strong B2B performance, and by the growth of online channel sales (+27.8% YoY), reaching a penetration of 7.5%. 3Q24 3Q25 299,662 335,334 +11.9% 3Q24 3Q25 33,964 40,332 +18.8% Adjusted EBITDA increased 8.4% in PEN and 18.8% in CLP YoY, reaching an Adjusted EBITDA margin of 12.0%, the highest for the third consecutive quarter. This result was supported by higher YoY Adjusted EBITDA in Supermarkets and Financial Services, partially offset by increased energy and administrative expenses in the Shopping Centers business, as well as marketing expenses ahead of phase two opening at Cenco La Molina. Peru: The Best 3Q Adjusted EBITDA Margin +4.7% YoY SSS Cash & Carry 7.5% Supermarkets Online Penetration 3.5 12.0%11.3% | 16 CONSOLIDATED REVENUES CLP million ADJUSTED EBITDA CLP million
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Earnings Presentation – Third Quarter 2025 +148 bps YoY Adjusted EBITDA Margin Expansion Revenues increased 8.5% in COP and 14.8% in CLP YoY, with all business units reporting sales growth, despite the closure of 12 SPID stores during the quarter. Same Store Sales rose 6.0% in Supermarkets and 23.0% and Home Improvement, while online sales grew 12.9%, contributing to the YoY improvement. -30 3Q24 3Q25 3Q25 Excl. one-off 3,650 6,756N.A. N.A. Adjusted EBITDA increased YoY, with an EBITDA margin expansion of 148 bps, driven by higher profitability in Supermarkets, Shopping Centers, and Home Improvement, partially offset by expenses associated with the productivity plan implemented during the quarter and the closure of the SPID operation. Excluding the extraordinary effect (CLP 3.1 billion at the country level), Adjusted EBITDA reached CLP 6,756 million, with Adjusted EBITDA margin of 2.7%. Colombia: Revenue Growth and EBITDA Margin Expansion Across All Businesses +12.9% YoY Online Sales in COP 3.6 3Q24 3Q25 219,700 252,234 +14.8% 1.4%0.0% | 17 +44 bps YoY Private Label Penetration CONSOLIDATED REVENUES CLP million ADJUSTED EBITDA CLP million 2.7%
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04 Progress in Strategic Pillars
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Earnings Presentation – Third Quarter 2025 4.1 Private Label: Record Penetration of 17.9% of Total Sales País Food Non - Food Total 3Q25 3Q24 3Q25 3Q24 3Q25 3Q24 Chile 12.9% 12.7% 27.5% 25.3% 17.1% 16.3% Argentina 17.6% 16.5% 22.2% 13.8% 19.1% 15.6% USA 30.6% 30.3% 0.8% 1.8% 29.5% 29.3% Brazil 5.4% 5.1% 3.7% 3.8% 5.2% 4.9% Peru 15.6% 15.7% 33.7% 33.6% 18.3% 18.5% Colombia 10.6% 10.2% 8.1% 7.6% 9.8% 9.4% Total 16.1% 15.5% 23.5% 20.5% 17.9% 16.7% 3Q25 Consolidated Sales USD 681 MM +12.8% YoY New Product Launches 3Q25 Consolidated Penetration 17.9% +118 bps YoY | 19 ✓ Cuisine & Co recognized as the best Private Label Food brand in the Total Brands 2025 study, which evaluated 156 brands through 40,000 consumer assessments. ✓ Introduced the American Dream line, with the launch of 24 new products during the quarter. ✓ Added 12 new products to the Robust line in the Home Improvement stores Highlight
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Earnings Presentation – Third Quarter 2025 Continued Organic Growth Across the Region +1 1,766 sqm +6 8,554 sqm Openings Remodelings Closures 3Q25 # sqm # # sqm Chile 2 2,250 7 - - Argentina - - - - - USA - - - - - Brazil 1 1,678 7 - - Peru - - - - - Colombia - - 2 12 1,696 Total 3 3,928 16 12 1,696 | 20 4.2 +1 1,204 sqm +1 4,222 sqm +2 2,250 sqm +1 1,678 sqm +18,000 sqm Additional GLA incorporated during 3Q25 Retail Real Estate Openings 9M25 Expansion of Cenco Limonar in Cali, Colombia New Easy in Villarrica Opening of new Prezunic Campo Grande store in Rio de Janeiro
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Earnings Presentation – Third Quarter 2025 4.3 Sustainability: Initiatives with Regional Impact | 21 Cencosud Promotes Youth Employability ▪ Cencosud continues to promote youth employability in partnership with various universities and technical training centers in Chile, helping students connect with real business challenges People Metro and Cencosud Strengthen Healthy Eating in Peru ▪ Through the initiative“Good ideas for betternutrition”, Metro Supermarkets and NGO La Revolución Perú held free food education workshops in Lima ▪ This initiative indirectly benefited around 600 people Third Consecutive Year Driving Female Employment ▪ In partnership with Fundación Emplea, Cencosud has trained more than 600 women in personal finance, entrepreneurship, and social media management ▪ This initiative fostered their professional development and improved their quality of life Commitment to Circular Economy and Upcycling ▪ Public-private alliance to fight food waste, preventing ~20,000 tons of waste through donations and waste recovery Planet
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Earnings Presentation – Third Quarter 2025 4.4 Cenco Malls and Cuisine & Co currently lead the Total Brands 2025 study Awards & Recognitions | 22 Cencosud ranked among the most admired Shared Services Centers worldwide Cencosud Peru climbs five positions in the Merco Empresas 2025 ranking Cencosud Brazil awarded at Think Work Innovations 2025 for its CencoMatch platform September 2025 SSO Awards September 2025 USA Today 10 Best Reader’s Choice 2025 September 2025 Total Brands 2025 September 2025 Merco September 2025 Think Work Innovations 2025 The Fresh Market recognized as the Top Grocery Store
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Earnings Presentation – Third Quarter 2025 Disclaimer | 23 The information presented in this presentation has been prepared solely by Cencosud S.A. ("Cencosud") for informational purposes only. It should not be construed as an invitation or offer to buy or sell securities, nor as investment advice of any kind. No warranty, whether explicit or implicit, is provided to the accuracy, completeness, or reliability of the information contained herein. The views and information expressed in this document are subject to change without notice, and Cencosud undertakes no obligation to update or keep such information current. It should be noted that the content of this presentation is not intended to be exhaustive. Cencosud, its affiliates, directors, partners, and employees disclaim any and all liability for any loss or damage arising from the use of this material, in whole or in part. This presentation include forward-looking statements that are subject to risks and uncertainties. These statements are based on current expectations, estimates, and projections of future events and trends that may affect Cencosud’s business, operation or financial performance. Such projections do not guarantee future results. A number of factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed or implied in these forward-looking statements.