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Earnings Presentation – Fourth Quarter 2025 Earnings Presentation Fourth Quarter 2025
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4Q25 Highlights 01
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Earnings Presentation – Fourth Quarter 2025 1.1 Highlights of the Quarter | 3 Openings of New Stores • During the quarter, the Company opened six stores (~20k sqm), including: a Santa Isabel and an Easy in Chile, a Vea Express and an Easy in Argentina, a Metro in Peru and a Jumbo in Colombia. Record Penetration of Private Label • A record Private Label penetration of 18.9%, supported by strong regional momentum, marked the quarter. Argentina led growth with an increase of 399 bps, while Chile expanded by 58 bps year-on-year, driven by higher participation in new categories, low-penetration markets, and the development of differentiated portfolios. New Offering and Expansion of Rincón Jumbo • Rincón Jumbo continued to expand with a renovated Alto Las Condes location, featuring a modern open-air design and new gastronomic offerings, a newly opened restaurant at Cenco Costanera, and the renovation of La Florida completed in January 2026, reinforcing the format’s presence and customer value proposition. TFM Opened Three New Stores • The Fresh Market opened two new stores in December 2025, in Illinois and Kentucky, and added another location in January 2026 in South Beach, Miami, bringing its presence in the Miami area to seven stores.
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Earnings Presentation – Fourth Quarter 2025 1.2 Highlights of the Quarter | 4 Approval of the Sale of Service Stations in Colombia • In January 2026, Cencosud received regulatory approval for the sale of its service station network in Colombia. Financial closing and operational transfer are expected during 1Q26. 14th Edition of Paris Parade: One of Chile’s Most Iconic Events • The latest edition of Paris Parade attracted more than one million people, consolidating its position as one of Chile’s most iconic public events. Key Events After Quarter-End CencoDay and 2026 Guidance • In January 2026, the Company held CencoDay in Buenos Aires, where it shared its strategic priorities and presented its FY2026 financial guidance and CAPEX plan, including expected revenue growth of 3.0%, Adjusted EBITDA growth of 13.6% YoY, and total CAPEX of USD 600 million for the year. Continued Progress in Retail Ecosystem Initiatives • Rolled out Fast Checkout at Paris to improve conversion, launched the renewed Cencosud Seller Center with 100% mobile experience, and expanded Cenco Media with new Sponsored Brands formats across own channels.
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4Q25 Financial Results 02
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Earnings Presentation – Fourth Quarter 2025 ▲ Revenues increased 1.2% YoY, reflecting continued growth throughout 2025, despite a significantly stronger consumption environment in the prior-year comparison, especially in Chile. ▲ Chile, Argentina, the United States, Peru, and Colombia recorded YoY revenue growth in local currency. ▲ Argentina, Peru and Colombia posted revenue growth above inflation. ▲ Online sales grew 8.0% YoY on a consolidated basis, with four out of six countries reporting double-digit growth. +1.2% Excl. IAS 29 REVENUES 4Q25 YoY Cencosud Consolidated -8.1% As Reported 4Q24 4Q25 4,498,898 4,552,420 +1.2% ▼ Argentina’s hyperinflation adjustment and FX translation effects, driven by the depreciation of the Argentine peso (ARS/USD 1,427 vs. 1,019 in 4Q24). ▼ Sales in Brazil declined 14.0% YoY in local currency, reflecting the sale of 54 Bretas stores which was completed in 3Q25. 2.1 Resilient Performance Despite Accounting and FX Headwinds | 6 Revenues (1) Cencosud Consolidated (CLP million) (1) Figures exclude the impact of Argentina’s hyperinflation accounting adjustment under IAS 29. 12M24 12M25 16,060,507 16,900,071 +5.2% Highlights: Offset by:
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Earnings Presentation – Fourth Quarter 2025 Adjusted EBITDA (1) Cencosud Consolidated (CLP Million) 435.987 454.137 4Q24 4Q25 4.2%Highlights: Offset by: ▲ Chile, Peru, Colombia, and Brazil recorded YoY improvements in Adjusted EBITDA, with margins reaching 13.1%, 12.2%, 5.3%, and 4.7%, respectively. FY2025 Adjusted EBITDA reflects the one-off costs related to the productivity plan implemented in 3Q25. ▲ As a result of disciplined execution and strategic adjustments, profitability improved across all formats in Colombia, while Brazil’s supermarket business delivered a significant expansion in Adjusted EBITDA margin YoY. 2.2 Double-Digit EBITDA Margin, Driven by Margin Expansions in Chile, Brazil and Colombia | 7 4.2% Excl. IAS 29 Adjusted EBITDA 4Q25 YoY -6.5% As Reported ▼ Margin contraction in the United States reflecting store closure expenses, softer holiday demand, and new stores still ramping up. ▼ Margin pressure in Argentina due to higher operating costs including Makro integration, store closure expenses, increased utility costs, and continued weakness in construction impacting Home Improvement performance. (1) Figures exclude the impact of Argentina’s hyperinflation accounting adjustment under IAS 29. 1.556.394 1.509.497 12M24 12M25 -3.0% EBITDA Margin 9.7% EBITDA Margin 10.0% EBITDA Margin 9.7% EBITDA Margin 8.9%
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Earnings Presentation – Fourth Quarter 2025(1) Figures in millions of CLP. (2) Distributable Net Income serves as the basis for calculating dividend payment. Quarterly Distributable Net Income Doubles YoY | 8 2.3 The increase in YoY DNI is explained by: ✓ Positive impact of foreign exchange variation ✓ Lower impact from the conversion and inflation adjustments (IAS 21 & 29) Item (1) 4Q25 4Q24 ∆ % 12M25 12M24 ∆ % Net Income 159,935 36,123 342.8% 398,119 233,683 70.4% Net Income excl. Asset Revaluation 116,391 59,602 95.3% 310,919 210,968 47.4% Distributable Net Income 91,181 39,664 129.9% 227,718 136,219 67.2% FY25 Distributable Net Income (DNI) 227.7 CLP billion +67.2% YoY Distributable Net Income CLP million 136.219 227.718 12M24 12M25 67.2% 39.664 91.181 4Q24 4Q25 129.9%
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Earnings Presentation – Fourth Quarter 2025 (1) Net Leverage: (Financial Debt + Lease Liabilities – Cash & Financial Assets) / Adjusted EBITDA (LTM); (2) Exchange rate as of December 31, 2025: USD 1 = CLP 907.1; (3) Includes: Cash and cash equivalents + short- and long-term financial assets. Amortization Profile(2) 2018 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 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 3.2 › Net Financial Debt decreased 10% QoQ, driven by favorable FX movements and higher cash balance › Partially offset by a 2.1% decrease in FY 2025 Adjusted EBITDA vs LTM Sep-25 USD 959 millionCash Position as of December 2025 (2) (3) Net Leverage Reduced to 3.2x QoQ, Strong Cash Position | 9 2.4 Debt Profile Optimization: Net Leverage (1) 57 242 813 616 650 964 2026 2027 2028 2029 2030 2031 2032 131 2041- 2046 1,020 185 1,095 Adjusted EBITDA LTM USD 1,664 MM (2) › 55% of total debt maturities scheduled beyond five years, providing greater long- term visibility and financial flexibility QoQ Variation in Net Leverage: Lastest Bond Issued 4Q25 Excl. IAS 29: 3.1x 55% >5 years USD million
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Earnings Presentation – Fourth Quarter 2025 Effective USD-denominated debt exposure 8.4% USD-denominated debt 63.4% ▶ Post hedging, 14.6% of the USD-denominated debt remains unhedged ▶ Including the net investment coverage in U.S. operations, the effective unhedged position declines to 8.4%. 82.2% 14.6% 3.2% CLP + UF USD Others Latam 75.8% 24.2% Fixed Variable 2.5 Limited Foreign Currency Exposure | 10 Debt by Interest Rate Debt by Currency (Net Hedging)
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Earnings Presentation – Fourth Quarter 2025 2026 Guidance: Continued Revenue Growth and Margin Expansion 2025 2026 Guidance 16,900 17,400 +3.0% Consolidated Revenues (CLP billion) 1,509 2025 1,715 2026 Guidance +13.6% 8.9% 2025 9.9% 2026 Guidance +92 bps Adjusted EBITDA (CLP billion) Adjusted EBITDA Margin (%) Note: Figures exclude the impact of Argentina’s hyperinflation accounting adjustment under IAS 29. 2.6 | 11
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Earnings Presentation – Fourth Quarter 2025 Disciplined Capex Plan Supporting Growth Across Retail and Real Estate (1) Guidance exchange rate: CLP/USD 945; ARS/USD 1,530; BRL/USD: 5.6; PEN/USD: 3.6; COP/USD: 4,100. (2) Capex FY 2025 is presented excluding M&A transactions and translated using the year-end CLP/USD exchange rate of 907.13 2.7 | 12 Capex FY2025 (2) 627 USD million +17 42,000 sqm of selling space +7 New Stores Supermarkets The Fresh Market Shopping Centers +40,000 sqm of GLA 600 35-40% New Stores 15-20% Renovations, Maintenance & Others 30-35% Shopping Centers 10-15% Retail Ecosystem Total Capex Capex Guidance 2026 (1) USD million
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03 Results by Country
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Earnings Presentation – Fourth Quarter 2025 3.1 Chile: Resilient Growth and Margin Improvement Revenues grew 1.6% YoY, driven by growth in Supermarkets (1.7%), Shopping Centers (7.5%), and Home Improvement (2.6%). Lower tourist traffic compared to 4Q24 affected Department Stores sales but this was partially offset by stronger e-commerce performance (+21.7%) and solid performance during Cyber Day and Black Friday events. 4Q24 4Q25 2,017,685 2,050,357 +1.6% CONSOLIDATED REVENUES CLP million 4Q24 4Q25 233,014 268,681 +15.3% ADJUSTED EBITDA Adjusted EBITDA increased 15.3% YoY, led by margin expansion in Shopping Centers and Department Stores, as well as the favorable impact on margins from CLP/USD appreciation during the quarter. CLP million 11.9% * (*) Refers to the Adjusted EBITDA Margin. 14.4% E-Commerce Penetration Supermarkets | 14 +21.7% YoY Department Stores Online Sales +280 bps YoY Shopping Centers Adj. EBITDA Margin 13.1%
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Earnings Presentation – Fourth Quarter 2025 Revenues grew above inflation(1), increasing 48.6% in ARS and 0.3% in CLP, mainly driven by Supermarkets and the integration of Makro. Private Label sales increased by 26.7%, reaching 20.1% penetration (+399 bps YoY). Excluding Makro, Supermarket revenue grew 31.0% YoY in ARS, broadly in line with inflation, despite the closure of 12 Vea and one Disco stores during the quarter. The Supermarket business gained 123 bps of market share YoY. 4Q24 4Q25 834,664 837,396 +0.3% 4Q24 4Q25 66,851 50,099 -25.1% Adjusted EBITDA increased 11.9% in ARS and decreased 25.1% in CLP YoY, reflecting a 294 bps contraction in gross margin, higher general and store closure–related expenses, weaker performance in Financial Services due to higher risk charges and narrower interest rate spreads, as well as continued weakness in Home Improvement, as expense inflation (31.5%) outpaced category inflation (19.3%). +31.6% YoY Online Sales in ARS 3.2 Argentina: Revenue Growth Despite Short-Term Profitability Pressure 8.0% +399 bps YoY Private Label Penetration | 15 CONSOLIDATED REVENUES CLP million (1) General inflation in Argentina for the 12 months ending in December 2025 was 31.5%, while food inflation was 32.2%. 6.0% ADJUSTED EBITDA CLP million
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Earnings Presentation – Fourth Quarter 2025 Revenues increased 1.6% in USD and decreased 1.3% in CLP YoY, supported by 10.9% rise in online sales while reflecting the impact of store closures and the ongoing ramp-up of recently opened stores. During the quarter, TFM opened two new stores in Illinois and Kentucky, and closed two underperforming locations, resulting in a total of 172 stores at year-end. 4Q24 4Q25 64,223 51,185 -20.3% Adjusted EBITDA decreased 17.4% in USD and 20.3% in CLP YoY, primarily driven by extraordinary expenses related to the closure of two underperforming stores, a weaker-than-usual holiday season, and the temporary impact of recently opened stores that are still in the ramp-up stage. 3.3 USA: Continued Expansion with Disciplined Portfolio Management 4Q24 4Q25 565,150 557,588 -1.3% +10.9% YoY Online Sales in USD | 16 9.2%11.4% CONSOLIDATED REVENUES CLP million 30.3% Private Label Penetration ADJUSTED EBITDA CLP million
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Earnings Presentation – Fourth Quarter 2025 Revenues decreased 17.7% in BRL and 13.7% in CLP YoY, reflecting the exit of 54 Bretas stores in Minas Gerais executed in 3Q25 and continued portfolio optimization, including the conversion of 19 Bretas stores from Cash & Carry to traditional supermarkets, and the closure of underperforming non-core pharmacy locations, resulting in a net reduction of 97 stores YoY. 4Q24 4Q25 446,730 385,348 -13.7% 4Q24 4Q25 18,450 18,132 -1.7% Adjusted EBITDA decreased 11.0% in BRL and 1.7% in CLP YoY, mainly due to a positive one-off gain related to Financial Services in 4Q24. Excluding this effect, Adjusted EBITDA in supermarkets increased significantly (>50x YoY), supported by commercial strategy execution and a stronger value proposition, resulting in a 283 bps gross margin expansion YoY. Brazil: Commercial Execution and Portfolio Actions Delivering Margin Expansion | 17 3.4 4.7%4.4% 97 Locations Net Reduction due to Portfolio and Format Optimization +467 bps YoY Supermarkets Adjusted EBITDA margin CONSOLIDATED REVENUES CLP million ADJUSTED EBITDA CLP million
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Earnings Presentation – Fourth Quarter 2025 Revenues grew 4.4% in PEN and 11.7% in CLP YoY, driven by a strong performance of the Cash & Carry format (Same Store Sales +4.0% YoY), continued growth in e-commerce sales (+32.7% YoY), the opening of a new Metro store during the quarter, and the expansion of Wong at Cenco La Molina. 4Q24 4Q25 362,420 404,923 +11.7% 4Q24 4Q25 44,534 49,458 +11.1% Adjusted EBITDA increased 4.0% in PEN and 11.1% in CLP YoY, reaching an Adjusted EBITDA margin of 12.2%. This result was supported by higher YoY Adjusted EBITDA in Supermarkets and Shopping Centers, driven by increased variable rent income, the addition of Phase II of Cenco La Molina, which boosted visits by approximately 50%, and solid growth at Cenco Arequipa. Peru: Maintains Solid Growth Momentum +4.0% YoY SSS Cash & Carry 7.4% Supermarkets Online Penetration 3.5 12.2%12.3% | 18 CONSOLIDATED REVENUES CLP million ADJUSTED EBITDA CLP million
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Earnings Presentation – Fourth Quarter 2025 +205 bps YoY Adjusted EBITDA Margin Expansion Revenues increased 5.9% in COP and 16.2% in CLP YoY, with all business units reporting sales growth supported by continued format optimization, with new Cash & Carry stores delivering 30% YoY growth. Same Store Sales increased 4.0% in Supermarkets and 12.9% in Home Improvement, driven by strong B2B sales, while online sales grew 16.3%, contributing to the YoY improvement. 4Q24 4Q25 8,916 16,582 +86.0% Adjusted EBITDA increased 72.7% in COP and 86.0% in CLP YoY, with an EBITDA margin expansion of 197 bps, supported by broad- based profitability improvement, effective cost and pricing actions, and contract terms adjustments in Shopping Centers. Colombia: Record Quarter with Growth and Margin Expansion Across All Businesses +16.3% YoY Online Sales in COP 3.6 4Q24 4Q25 272,249 316,328 +16.2% 5.2%3.3% | 19 +26 bps YoY Private Label Penetration CONSOLIDATED REVENUES CLP million ADJUSTED EBITDA CLP million
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04 Progress in Strategic Pillars
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Earnings Presentation – Fourth Quarter 2025 4.1 Private Label: Record Penetration of 18.9% of Total Sales Country Food Non - Food Total 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 Chile 12.4% 12.3% 30.3% 28.8% 18.4% 17.9% Argentina 17.2% 15.6% 25.7% 16.9% 20.1% 16.1% USA 31.7% 31.1% 0.7% 0.9% 30.3% 29.7% Brazil 5.7% 5.0% 3.1% 3.7% 5.4% 4.8% Peru 16.1% 16.3% 36.2% 35.4% 19.2% 19.2% Colombia 10.2% 10.0% 10.1% 9.8% 10.2% 9.9% Total 16.2% 15.6% 26.3% 23.6% 18.9% 17.7% 4Q25 Consolidated Sales USD 843 MM +10.9% YoY 4Q25 Consolidated Penetration 18.9% +121 bps YoY | 21 ✓ Sustained double-digit regional growth with record sales in 4Q25. ✓ Cuisine & Co ranked among Chile’s Top 3 Emerging Brands in CADEM’s Citizen Brands study. ✓ Holiday decorations campaign: Private Label sales +23% and contribution +20% regionally, supported by early execution in Chile. ✓ 2025 Ventilation campaign: 57 new items launched, expanding into new sub-categories (Industrial Ventilation, Air Coolers, Split AC) to support growth. Highlights FOOD NON-FOOD
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Earnings Presentation – Fourth Quarter 2025 Continued Organic Growth Across the Region +1 1,766 sqm +8 11,585 sqm Openings Remodelings Closures 4Q25 # sqm # # sqm Chile 2 8,424 5 - - Argentina 2 5,606 - 18 26,166 USA 2 3,031 - 2 2,348 Brazil - - 22 35 3,687 Peru 1 1,170 1 - - Colombia 1 1,377 10 - - Total 8 19,608 38 55 32,201 | 22 4.2 +2 2,581 sqm +1 4,222 sqm +3 3,520 sqm +1 1,678 sqm +68,216 sqm Additional GLA incorporated in FY2025 Retail Real Estate Openings FY2025 New TFM Store in Jensen Beach, FL New Santa Isabel in La Florida, SantiagoNew Metro Store in Lima +1 7,224 sqm +1 5,346 sqm +1 260 sqm +1 1,170 sqm
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Earnings Presentation – Fourth Quarter 2025 4.3 Sustainability: Initiatives with Regional Impact | 23 Cencosud Adheres to the TNFD Standard ▪ Cencosud becomes the first retailer in Chile to adhere to The Task Force on Nature-Related Financial Disclosure (TNFD) reporting standard, with the objective of progressively integrating nature and biodiversity-related risks and opportunities into its management framework. Corporate Governance Promoting a healthy nutrition culture across the region ▪ Cencosud strengthened its commitment to healthy living through the “Feeding with Purpose” initiative, along with a panel discussion with Red Pacto Global Chile on the role of the private sector in sustainable development, reaching students, families, and communities in Chile, Argentina, and Peru through education, training, and health screening programs. Cencosud launched its Regional Human Rights Policy ▪ The policy covers all employees and reinforces its commitment to safe, inclusive workplaces and responsible engagement with communities and suppliers. Planet People
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Earnings Presentation – Fourth Quarter 2025 01 02 03 04 4.4 Awards & Recognitions | 24 Cencosud leads the Cadem Corporate Brand study For the second consecutive period, Cencosud was the No. 1 Corporate Brand in the Cadem Citizen Brands study, which analyzes 350 brands in 49 categories, along with Diario Financiero and Deloitte. Cencosud featured in the Top of Mind Students awards More than 2,800 young people evaluated 1,846 organizations, and Cencosud obtained 9th place overall, standing out as the best-rated retail company in reputation, purpose, and image as an employer. Cencosud receives 8 awards at the EIKON Chile 2025 Awards At the 7th edition of the EIKON Chile Awards, Cencosud received 8 awards for campaigns that reflect its commitment to innovation, sustainability and extraordinary service. Cencosud awarded for Smart Energy 2025 In the second edition of the Smart Energy Awards, Cencosud stood out in the “Leaders in energy digitalization” category for its progress in digital solutions that strengthen its Energy Management System in line with the Energy Efficiency Law.
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Earnings Presentation – Fourth Quarter 2025 4.5 Awards & Recognitions | 25 05 06 07 08 Jumbo stands out as a leader in reputation and human connection in 2025 For its strong reputation and connection with people, Jumbo ranked 1st in its category and 7th overall in Ipsos Chile’s 2025 Corporate Reputation Study. It also achieved 1st place in the 2025 Human Companies Study by True Brands and Nielsen IQ. Cencosud No. 1 in Business Holding – Merco Companies Chile 2025 For the third consecutive year, Cencosud led the Business Holding category in the Merco Empresas Chile 2025 ranking and placed 6th overall for reputation. Furthermore, the Regional External Communications team ranked third among best communications team in Chile. Cencosud Peru recognized as the best retailer to do business with For the fifth consecutive year, Cencosud Peru achieved 1st place as the best retailer to do business with, in the supermarket channel, according to the 2025 Advantage Report by Advantage Group International. Paris ranked No. 1 in its category in the 2025 Corporate Reputation Study Paris was the top-rated brand in its category according to Ipsos Chile’s study, also placing 27th among the country’s 100 most prominent brands, thanks to attributes such as trust, leadership, and sustainability. Foto
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Earnings Presentation – Fourth Quarter 2025 Disclaimer | 26 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.