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Executive Session 2026 Andrés Neely CFO Executive Session CENCOSUD
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The information presented in this presentation has been prepared solely by Cencosud S.A. ("Cencosud") for informational purposes only. It does not constitute, and should not be construed as a recommendation, an invitation or offer to buy or sell any securities of Cencosud or any of its subsidiaries in any jurisdiction, nor as investment advice of any kind. No warranty, whether explicit or implicit, is provided as 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 contains statements that could constitute forward-looking statements. These statements use words, and variations thereof, such as the future tense verbs generally, "plan", "intend", "expect", "anticipate", "estimate", "maintain", "project", "continue", "reduce" and "grow". These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current expectations of Cencosud and its management with respect to, among other things: (1) Cencosud’s strategic objectives and business plans; and (2) trends and developments affecting Cencosud’s financial condition, results of operations or cash flows. Forward-looking statements reflect only our current expectations, are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of various factors. These factors include the company's ability to successfully execute its planned projects and strategic plans, the possibility that expected benefits and opportunities may not materialize in the expected timeframe or at all, as well as risks related to the political and economic scenario; financial and market risks and other factors described in Cencosud’s Annual Report. Readers are cautioned not to place undue reliance on those forward-looking statements, which state only as of their dates. Cencosud undertakes no obligation to release publicly the result of any revisions to these forward-looking statements, except as required by law. Certain financial and operational information contained herein may be preliminary and subject to change. Figures included in this presentation may be rounded; therefore, totals may not add up precisely. Forward-Looking Statement
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2Q26: Operational Progress Across Markets Partially Offsets Competitive and Consumer Headwinds in Chile 150 79 177 2Q25 FX Divestments & Closures 2Q25 LFL Sales Growth 2Q26 4,167 3,938 4,115 -1.2% 11 48 13 2Q25 FX Chile Other Countries 2Q26 375 329 -12.3% 01. ADJUSTED EBITDA (CLP billion)REVENUES (CLP billion) ▲ Revenue growth above inflation in Peru, with resilient local- currency growth in Chile, Argentina, the US and Colombia. ▲ Online sales increased 14.6% YoY, now 12.2% of revenues, driven by growth in five of six countries and the Prime program. ▲ Shopping Centers business sustained strong growth across the region. ▲ Strong EBITDA growth in Peru (+11.5% LC), Colombia (+80.0% LC), Argentina and Brazil, on efficiencies and better commercial execution. Chile held a double-digit margin. ▲ Brazil Supermarkets kept improving profitability through portfolio optimization. ▲ Shopping Centers delivered solid profitability on revenue growth and operating leverage. +4.5% -1.9% -3.6% 3
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4Q25 Service stations divestment announcement Sustained Operational Improvement Driving Margin Expansion02. Colombia ( COP bn )Brazil (BRL mn ) 3.1% 5.6% 2Q25 New Management 1 EBITDA excludes gain on Bretas sale. 4 Key Milestones Revenues EBITDA Mg 2Q26 Makro acquisition 2Q26 St. Marché Acquisition 2026 E-commerce App 2026 Remodelings PZ y GB 2025 First Metro Almacen 1Q25 Bretas divestment announcement Key Milestones 2Q251 2Q26 3.1% 5.6% 2,355 1,929 2.1% 2Q25 3.8% 2Q26 1,059 1,059
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We are simplifying the way we operate at Cencosud to enhance agility, expand capabilities, and strengthen the enablers that drive long-term sustainable growth 03. 5 Scale Common platforms to support the integration of new businesses Efficiency Reduced duplication and greater synergies across countries and businesses Talent Specialized roles and better ways of working CLP ~60 Bn (USD 65.2 M)1 Productivity Plan investment (LTM 2Q26) Greater integration through shared priorities and capabilities Agility Faster time-to-market and dynamically aligned priorities (1) FX rate: CLP 922.21/US$.
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Makro Argentina: Successful Integration Is Driving Improved Operating Performance 04. Systems integration phase 1 live since January 2026 EBITDA Margin 1H26 vs 1H25+360 bps INTEGRATION PROCESS DRIVERS BEHIND THE MARGIN 6 C Margin expansion driven by successful integration Share Service Center integration phase 1 also live since Mid-25 Private label penetration improvement through imports Cenco Media business model Distribution Center integration
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Active Portfolio Management and Capital Allocation05. Sao Paulo Brazil’s Largest Consumer Market Population: 23 million One of largest urban locations in the world DIVESTED IN MINAS GERAIS (54 Bretas Stores) 37 Stores remodeled / converted 8 New stores opened in Chile 4 New stores opened in USA DIVESTED IN SERVICE STATIONS (37 Stores) 7 Brazil - St Marché Colombia – Makro CAPEX YTD-Jul 26 1 New stores opened in Peru GDP Sao Paulo ~30% of the Country 20 Cash & Carry Stores 18 owned with real estate ~0.3x EV/Sales ~USD 158 MM Enterpise Value ~USD 480 MM Sales (2025A)
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06. Strategic Fit • Leading premium supermarket in Sao Paulo • Strong value proposition focused on quality • Reinforces Cencosud’s premium positioning in Brazil 32 Stores ~USD 216 M LTM Mar-26 Sales Sao Paulo Higher exposure to Brazil’s largest consumer market Commercial and operational synergies with existing operations Platform for future premium segment growth Attractive long-term growth potential 8 The acquisition strengthens Cencosud’s presence in Brazil’s most attractive market while enhancing its premium platform and long-term growth Value CreationPortfolio Optimization
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07. Strategic Fit • Leading Cash and Carry operator in Colombia • Valuable owned real estate footprint • Complementary format to Cencosud’s existing operations Capture growth in the Horeca customer segment (+6% sales growth in 20241) Enhance private label development opportunities The acquisition strengthens Cencosud’s presence in Colombia, expands its Cash and Carry platform and creates new opportunities for long term growth Value CreationStrategic Expanison Source: (1) USDA FAS / DANE, Dec. 2025 20 Stores (18 owned) 16 cities 73,000 sqm Selling Area 99
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Disciplined Expansion with a Clear Focus on New Store Returns 08. N e w S t o r e s E B I T D A M a r g i n LATEST OPENINGS IN THE US 20 New Stores since Acquisition 13 New Stores since 2025 Different formats to capture growth and meet customer needs Opening 1 Year 2 Years 3 Years
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Disciplined Expansion with a Clear Focus on New Store Returns09. 13 Gbarbosa Stores Renovated 11 ACTIVE PORTFOLIO MANAGEMENT IN BRAZIL 10 Prezunic Stores Renovated 1 Adjusted for seasonality
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Digital Investments are Evolving from Strategic Enablers to Delivering Tangible Business Value 10. 50+ INITIATIVES E-COMMERCE & OMNICHANNEL 45+ INITIATIVES TECHNOLOGY MODERNIZATION 45+ INITIATIVES OPERATIONAL EFFICIENCY 25+ INITIATIVES INTELLIGENT SUPPLY CHAIN Better experience · Technology leadership · Operational excellence · Scalable growth 12 Digital Foundations Built, Monetization Ahead Ongoing Digital Initiatives:
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Argentina Rating Evolution 2015 2025 Actual D CCC+ B- Caa1 Caa1 B3 Greater Scale and Diversification Have Strengthened Our Risk Profile and Reduced Relative Exposure to Argentina 11. 13 % Investment Grade Countries % Argentina 2015 2025 11.0 16.9 +53.8% 2015 2025 0.7 1.5 +120.5% 2015 2025 14.9 10.1 +47.0% Revenues (CLP Bn) Assets (CLP Bn)EBITDA (CLP Bn) 47% 65% 30% 20% 72% 81% 37% 13% 61% 68% 12% 14% +3 +4 Cencosud is Investment Grade since 2011 +6
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Argentina Continues to Deliver Solid Operating Performance, with Recent Volatility Largely Driven by Financial Services 12. 14Notes: (1) Source: Central Bank of the Argentine Republic SM ARGENTINA BUSINESSES SC Non-Performing Loan Portfolio (NPLs)¹ (90+ Days Past Due): NPLs (90d) Starting point 4Q24 Delinquency peak 2Q26 Cencosud 3.4% 3.85x 2.49x Player 1 3.9% 5.90x 4.34x Player 2 2.2% 3.58x 3.07x Player 3 2.0% 3.43x 3.25x +127 bps YoY 6M26 EBITDA Margin ~90% Occupancy Rate We had solid risk management during the 1H26 with positive perspective moving forward FS Strong growth in Argentina’s financial services loan portfolio, supported by a controlled risk profile, with delinquency declining in 2Q26.
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Balancing Growth and Investment with Disciplined Balance Sheet Management 13. Target ≤ 3.0x 15 Cash Position USD 820 million As of June 30, 2026 2Q26 Excl. IAS 29 3.4x 2018 2019 2020 2021 2022 2023 2024 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 4.5 3.1 2.2 1.4 2.8 3.3 3.0 3.1 3.2 3.5 3.1 3.4 3.6 NET LEVERAGE1 1 Net Leverage: (Financial Debt + Lease Liabilities – Cash & Financial Assets) / EBITDA LTM Jun-26 Cash position includes Cash and cash equivalents + short- and long-term financial assets .
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Proactive Refinancing Strengthens Financial Flexibility and Supports Our Focus on Execution 14. 29 244 818 617 650 199 310 500 111 975 243 2026 2027 2028 2029 2030 2031 2032 2033 2036 1,103 2041- 2055 310 500 1,457 45 AMORTIZATION PROFILE USD million Apr 26 Bonds Issuance Cencosud Adjusted EBITDA LTM USD 1,516 million1 Apr 26 Bond Issuance Cenco Malls Flexible schedule to focus on the transformation and capacity-building efforts 16 LIABILITY MANAGEMENT 2027 144A USD 950 million: longer duration, lower cost, record-tight spread Debt portfolio gained 2 years of duration All-in USD-equivalent cost of debt down 16 bps Priced at the tightest spread in Cencosud's international market history, amid a challenging macro backdrop marked by the middle east conflict. Pre LM Duration 5.3 years Post LM Duration 7.4 years Pre LM USD Rate 4.7% Post LM USD Rate 4.6%
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Current Implied Valuation Remains Below Peer Benchmarks15. 17 Cencosud Retail Business Enterprise Value – USD bn Notes: Market capitalization of Cencosud and Cenco Malls based on the closing share price as of August 17, 2026. Financial in formation based on 2Q26 reported figures Chile Retail Sales USD 7.8 Bn (43% of total Revenues) Enterprise Value reflects retail operations that own underlying real estate assets, together with shopping center businesses that are not part of Cenco Malls. 12,1 5,9 2,6 7,8 6,7 6,2 3,3 5,2 1,1 Cencosud EV Cencosud NFD Cencosud Market Cap Cencosud in Cenco Malls Market Cap Retail NAV Retail NFD Retail EV Landbank Retail EV (w/o landbank) Cencosud’s Retail assets book value (w/o landbank) is USD 10.4 Bn as of 2Q26 6.0xEV/EBITDA 7.9xAverage EV/EBITDA LatAm Peers
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2026