Earnings release
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EARNINGS RELEASE 2Q25 August 2025
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Second Quarter 2025 1 Table of Contents I. Executive Summary……………………………..….………....…...............................................................................2 II. Summary of Consolidated Results…….………………………………….................................................................3 III. Highlights of the Period..………...........………….……...................................................................................4 IV. Consolidated Income Statement……………...….……...…............................................................................8 V. Consolidated Income Statement Analysis…..…......................................................................................10 VI. Balance Sheet & Cash Flow Statement Analysis …………………………………………………………….…………………16 VII. Data by Country..................................................................................................................................21 VIII. Consolidated Financial Statements - IFRS - Consolidated Balance Sheet………………………….………....….............................................................32 - Consolidated Income Statement………....…..................................................................................33 - Consolidated Cash Flow Statement.…......................................................................................... 34 Notes: • All figures in dollars are calculated using the observed dollar exchange rate for July 1st, 202 5: $933.42/US$. • Quarters: 1Q, 2Q, 3Q y 4Q. • Periods ending March 31st, June 30th, September 30th and December 31st: 3M, 6M, 9M, 12M. • Currency symbols: Ch$, CLP or $: Chilean pesos. US$ or USD: U.S. dollars. COP: Colombian pesos. UYU: Uruguayan pesos. PEN: Peruvian sol. • Units: M: millions, TH: thousands. • DTC (Direct-to-Consumer) sales: revenue from Forus’ stores and e -commerce websites, as well as Forus’ sales on third-party marketplaces. • Digital sales: revenue from Forus’ e-commerce websites + Forus’ sales on third-party marketplaces. • Wholesale: traditional wholesale channel. • Sqm: square meters. • Other symbols: SSS: Same store sales. SG&A: Selling, General & Administration. YoY: Year over Year.
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Second Quarter 2025 2 I. Executive Summary At FORUS, we continue to strengthen our strategic alliances with the best and most relevant brands in the world, as we aim to exceed the expectations of our customers in all our markets and continue on our path of profitable and sustainable growth. This quarter FORUS obtained the exclusive representation for Chile and Peru of PARFOIS, a global accessories and fashion brand, internationally known for its attractive and coveted designs for women. During the quarter, we opened our first Parfois store in Lima, Peru, and launched our e-commerce platform Parfois.pe. In August, we celebrated the opening of our first Parfois store in Chile, at the Marina Oriente Mall in Viña del Mar, and prepared the inauguration, in the near future, of our first store in Santiago and our website Parfois.cl. Another important milestone this month was that we signed a new agreement with VF Corporation that expands our strategic alliance with VANS, which we have successfully distributed in Chile since 2019, to operate the iconic brand in Colombia and Peru. In Colombia, we will open seven VANS stores and launch the digital channel Vans.com.co during 3Q25. In Peru, meanwhile, we will begin to distribute and operate the brand in January 2026, using our proven phygital sales model focused on the consumer experience. In 2Q25, FORUS reported consolidated revenue of Ch$ 111,645 million, an increase of 1.0% YoY, despite the challenging comparison base, given that 2Q24 was an all-time sales record. Our consolidated EBITDA was Ch$ 22,094 million in 2Q25, a variation of -6.4% YoY, with a solid EBITDA margin of 19.8%, a contraction of 156 basis points. Consolidated SG&A increased 6.6% YoY, mainly explained by higher wage expenses (minimum wage adjustment in Chile, incorporation of new employees to run new brands and bolstering of management teams in subsidiaries), higher store leases and usage rights (impacted by inflation, contract renewals and more square meters in subsidiaries) and an increase in depreciation & amortization expenses (related to new store openings and store remodeling). Consolidated Net Profit for the quarter reached Ch$ 10,231 million, a decrease of 12.4% YoY, with a net margin of 9.2%. In 2Q25, Chile (71.9% of consolidated revenue) registered sales of Ch$ 80,317 million, a variation of -0.5% YoY, explained by i) the unseasonably dry and warm winter in the central region of the country (including Santiago), which weakened demand for winter clothing and footwear; ii) high unemployment (8.9%) and other challenging macroeconomic factors that squeeze consumers; and iii) the normalization to historical rates of the impact that Argentine tourists have had on our sales. The Direct-to-Consumer (DTC) segment decreased by 1.0% YoY and wholesale increased by 2.1% YoY. Within DTC, our stores recorded SSS of -1.4% (with a comparison base of 21.4% in 2Q24) and an increase in sales area of 1.0% YoY. Our digital channel’s sales decreased by 11.4% YoY (after growing 28.2% YoY in 2Q24) and represented 30% of DTC sales (25% of total revenue). Chile's EBITDA decreased 12.2% YoY with an EBITDA margin of 18.9%, explained by the 299 basis point deterioration in SG&A/sales. Our international subsidiaries recorded sales of Ch$ 31,328 million, an increase of 5.3% YoY, and EBITDA of Ch$ 6,878 million, an increase of 9.8% YoY, with a solid EBITDA margin of 22.0%, an expansion of 90 basis points. Revenues from the subsidiaries’ DTC segment rose 7.8% YoY, while the wholesale segment recorded a decrease of 9.3% YoY. Within the subsidiaries’ DTC segment, store sales grew 6.4% YoY, while the digital channel (27% of DTC) recorded an increase of 11.9% YoY.
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Second Quarter 2025 3 II. Summary of Consolidated Results Second Quarter 2025 • Consolidated Revenue in 2Q25 reached Ch$ 111,645 million, up 1.0% YoY. • Gross profit came in at Ch$ 60,787 million in 2Q25, an increase of 0.9% YoY, with a gross margin of 54.4%, which was stable YoY (-6 basis points). • Operating Income in 2Q25 was Ch$ 14,766 million, a decrease of 13 .5% YoY, with an operating margin of 13.2%, a contraction of 222 basis points. • EBITDA in 2Q25 reached Ch$ 22,094 million, a decrease of 6.4% YoY with an EBITDA margin of 19.8%, a contraction of 156 basis points YoY. • Net Income in 2Q25 reached Ch$ 10,231 million, a decrease of 12.4% YoY, with a net margin of 9.2%, a deterioration of 141 basis points YoY. • Digital revenues decreased 6.3% YoY in 2Q25 and represented 29% of DTC sales (25% of consolidated revenue). • Revenues from international subsidiaries grew 5.3% YoY and represented 28.1% of Consolidated Revenues in 2Q25. Our international subsidiaries' EBITDA increased 9.8% YoY and represented 31.1% of Consolidated EBITDA. First Semester 2025 • Consolidated Revenue in 6M25 reached Ch$ 206,158 million, up 6.3% YoY. • Gross profit came in at Ch$ 110,222 million in 6M25, an increase of 5.3% YoY, with a gross margin of 53.4%, a contraction of 52 basis points YoY. • Operating Income in 6M25 was Ch$ 22,602 million, a decrease of 4.1% YoY, with an operating margin of 11.0%, a contraction of 119 basis points YoY. • EBITDA in 6M25 reached Ch$ 37,090 million, an increase of 2.3% YoY with an EBITDA margin of 18.0%, a contraction of 70 basis points YoY. • Net Income in 6M25 reached Ch$ 15,221 million, a decrease of 10.5% YoY, with a net margin of 7.4%, a deterioration of 139 basis points YoY. • Digital revenues decreased 3.0% YoY in 6M25 and represented 25% of DTC sales (20% of consolidated revenue). • Revenues from international subsidiaries grew 6.3% YoY and represented 2 6.9% of Consolidated Revenues in 6M25. Our international subsidiaries' EBITDA increased 11.2% YoY and represented 28.0% of Consolidated EBITDA.
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Second Quarter 2025 4 III. Highlights of the Period New Management Structure In an extraordinary meeting of the Board of Directors held today, April 9, 2025, Mr. Sebastián Swett O. resigned, voluntarily, as Chief Executive Officer, effective immediately. His resignation was accepted by the Board of Directors. At the same meeting, t he Board of Directors appointed Mr. Francisco Arrighi G. as the new Chief Executive Officer, effective immediately. Mr. Arrighi, who ha d served as Chief Commercial Officer until that day, has been an important member of FORUS' leadership team for 12 years. Mr. Swett's resignation was part of FORUS' management succession plan, given that Mr. Swett later was elected to the company's Board of Directors and, subsequently, was appointed Chairman of the Board of Directors. The Board of Directors also agreed, as planned, to make a change in the organizational structure of the company, reinstating the position of Deputy CEO and appointing Mr. Manuel Somarriva L. to said position, effective immediately. Mr. Somarriva, who has s erved as Chief Operating Officer until today, has been an important member of the company's leadership for 17 years. Mr. Swett led FORUS to a new chapter in the company’s history. His leadership, passion, dedication and innovation have contributed significantly to our culture and shaped us as a team. We want to thank him for his invaluable contribution to FORUS and, above all, for sharing with all of us the Swett family ’s sincerity, warmth and passion, and profound commitment to our customers, employees and community, which have become an indelible part of who we are as a company. 34th Annual Ordinary Shareholders’ Meeting On April 16, 202 5, FORUS held its 3 4th Annual Ordinary Shareholders’ Meeting, where the following issues, among others, were approved: I. Board Election and Appointment of the Chairman of the Board In the shareholders’ meeting, FORUS's Board of Directors was elected for a new three -year term, as stipulated by the company's bylaws. The new Board consists of the following individuals: i) Mr. Alfonso Swett S. ii) Mr. Ricardo Swett S. iii) Mr. Sebastián Swett O. iv) Mrs. Macarena Swett O. v) Mr. Heriberto Urzúa S. vi) Mr. Francisco Gutiérrez P. vii) Mr. Juan Pablo Vega W. (Independent)
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Second Quarter 2025 5 In the Board meeting held immediately after the shareholders’ meeting, Mr. Sebastián Swett O. was appointed as the Board's Chairman. II. Directors' Committee At the same Board meeting, and in accordance with Article 50 bis of Law No. 18.046 on Public Limited Companies, it was noted that Mr. Juan Pablo Vega W., as the sole independent board member, would automatically be a member of the Directors' Committee , and he also , subsequently, appointed Mr. Ricardo Swett S. and Mr. Francisco Gutiérrez P. as the other two members. III. Dividend Distribution a) Dividend No. 53, Final, Mandatory Minimum: A total distribution of CLP $5,074,380,200, or $19.63245186 per share. This amount, combined with Interim Dividend No. 52 (paid on October 30, 2024), represents a distribution of 30% of the 2024 fiscal year's profit. b) Dividend No. 54, Additional: A total distribution of $3,026,883,234, or $11.71081729 per share, which equates to 10% of the 2024 fiscal year's profit. These dividends were paid out starting May 9, 2025, to shareholders registered in the FORUS Shareholder Registry as of midnight on May 3, 2025. IV. Dividend Policy For the 2025 fiscal year, the dividend policy agreed upon is to distribute 40% of the net profits, whether as interim or final dividends. Interim dividends may be decided by the Board, at the date(s) and in the amount(s) it deems appropriate in each case, all in accordance with the company's performance during the fiscal year and provided that its cash position and the economic situation of both the country and the company allow it. V. Appointment of external audit firm EY Servicios Profesionales de Auditoría y Asesoría SpA was retained as the external auditors for the 2025 fiscal year. VI. Appointment of credit risk rating agency International Credit Rating (ICR) Compañía Clasificadora de Riesgo Limitada was retained as the credit risk rating agency for the 2025 fiscal year. FORUS brings PARFOIS to Chile and Peru In May, FORUS secured the exclusive representation for Chile and Peru of PARFOIS, the global fashion and accessories brand internationally recognized for its attractive and coveted designs for women. Founded in Portugal in 1994, PARFOIS has become one of the world's fastest -growing fashion houses,
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Second Quarter 2025 6 boasting over 1,100 stores in 72 countries. Under the statement "Fashion for Every Woman," PARFOIS offers trendy and bold fashion with a wide range of products including bags, jewelry, clothing, footwear, watches, scarves, sunglasses, and other accessories. PARFOIS stores constantly set trends, with new and exclusive products arriving every week. As the brand's representative in Chile and Peru, FORUS will sell its products through our PARFOIS stores and the brand's websites in each country. In May, we inaugurated our first PARFOIS store in a prime location within the Jockey Plaza shopping center in Lima and we launched our Parfois.pe website. In August, we opened our first Parfois store in Chile, in the Marina Oriente Mall in Viña del Mar, and we will soon inaugurate our first Parfois store in Santiago , as well as our new e-commerce site Parfois.cl. ICR reiterates FORUS's solvency rating as AA/Stable On May 28, ICR confirmed Forus S.A.'s solvency rating at AA/Stable and its shares (ticker: Forus) at First Class Level 1. According to the credit risk rating agency, this decision is "due to the company’s financial strength, categorized by ICR as 'Exceptional,' and factors related to its business, such as the strength of its commercialized brands, its target customer segment —which shows less income variability and, consequently, lower risk for Forus — the diversification of its operations across four countries, and the economies of scale that have contributed to successfully advancing its digital strategy in recent years to remain competitive and profitable in an industry that has experienced an extended period of weakening sales." RKF unveils new store concept On April 29, RKF celebrated the reopening of its store in the Alto Las Condes mall, in Santiago, which was remodeled under the concept “El Rescate de los Oficios” (The Rescue of Crafts). This new store concept represents an aesthetic evolution for RKF and reaffirms RKF's commitment to the value of craftsmanship, authenticity and durability. FORUS and Under Armour celebrate the participation of employees in the Santiago Marathon In line with our commitment to healthy and active living, FORUS and Under Armour provided support to FORUS employees who took on the great personal challenge of participating in the Santiago Marathon, held on Sunday, May 18th. FORUS provided these employees with a preparation kit and also co-financed the registration fees for those who beat their times from the previous year. In addition, Under Armour organized a post-race event with breakfast and recovery activities for these athletes. The Columbia Hike Society in Colombia continues to grow The Columbia Hike Society in Colombia, which originally began in Bogotá, continues to expand. On May 18th, the club held a new simultaneous trekking event in three cities: Bogotá, Cali and Medellín. Led by
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Second Quarter 2025 7 guides and experts, more than 140 people participated, exploring new trails, connecting with nature, and sharing these experiences as a community. Under Armour sponsors the Yoga & Run event in Colombia The Yoga & Run sports event was held in Bogotá on May 3 rd and 4 th, organized by Ergofitness and sponsored by Under Armour. The event, which included 3k, 5k, and 10k races, had more than 3,000 participants, 180 of whom were children, and concluded with a massive yoga event in the Simón Bolivar Park. The award-winning Star Wars x Hush Puppies collection arrives in Chile On June 10, the limited-edition Star Wars x Hush Puppies collection landed in Chile, with an entertaining immersive event held at the Hush Puppies store in the Parque Arauco mall in Santiago. The Hush Puppies and Hush Puppies Kids teams worked in collaboration with Lucasfilms and Disney to design this intergalactic collection of footwear and ac cessories for children and adults, which will be available exclusively in Chile, Peru, Colombia and Uruguay. Additionally, as part of the BCU 2025 Disney Consumer Products event, Hush Puppies was awarded the “Best Collaboration 2025” prize by Cine Color Chile , representatives of Disney in Chile. Highlights After the Period FORUS expands strategic alliance with VF Corporation to operate VANS in Colombia and Peru As part of our strategic plan to continue growing in Colombia and Peru, in August we signed a new agreement with VF Corporation that expands our strategic alliance with VANS to exclusively operate the iconic brand in these two markets. This agreement represents the natural evolution of the relationship between our two companies, following our successful experience together in Chile, where FORUS has been the exclusive distributor of VANS since 2019. In Colombia, during 3 Q25, we will open seven VANS stores, and we will launch our e -commerce website Vans.com.co. In Peru, meanwhile, we will begin operating the brand in January 2026, implementing our proven phygital model focused on the consumer experience.
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Second Quarter 2025 8 IV. Consolidated Income Statement Second quarter: 2Q25 % Revenues 2Q24 % Revenues YoY Th Ch$ Th Ch$ Revenues 111,644,982 110,509,353 1.0% Cost of Sales (50,857,889) -45.6% (50,271,810) -45.5% 1.2% Gross Profit 60,787,093 54.4% 60,237,543 54.5% 0.9% Distribution Expenses (1,125,854) -1.0% (1,035,910) -0.9% 8.7% Administrative Expenses (44,895,185) -40.2% (42,132,569) -38.1% 6.6% Selling, General and Administrative Expenses (46,021,039) -41.2% (43,168,479) -39.1% 6.6% Operating Income 14,766,054 13.2% 17,069,064 15.4% -13.5% Other income 289,795 135,186 114.4% Other expenses (109,594) (312,906) -65.0% Financial Income 825,084 944,597 -12.7% Financial Expenses (1,378,456) (1,115,922) 23.5% FX Differences (535,825) (472,743) 13.3% Income/(expenses) from Inflation Adjusted Units 88,932 197,179 -54.9% Other gains and losses 70,499 (401,539) -117.6% Non-Operating Income (749,565) -0.7% (1,026,148) -0.9% -27.0% Profit before income tax 14,016,489 12.6% 16,042,916 14.5% -12.6% Income Taxes (3,785,630) (4,361,465) -13.2% Profit (Loss) 10,230,859 9.2% 11,681,451 10.6% -12.4% Profit (loss) attributable to equity holders of parent 10,182,969 11,631,073 -12.5% Profit (loss) attributable to minority interest 47,890 50,378 -4.9% Profit (loss) 10,230,859 9.2% 11,681,451 10.6% -12.4% EBITDA 22,093,564 19.8% 23,593,210 21.3% -6.4% FORUS S.A. & SUBSIDIARIES Consolidated Income Statement
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Second Quarter 2025 9 First half: 6M25 % Revenues 6M24 % Revenues YoY Th Ch$ Th Ch$ Revenues 206,157,890 193,916,002 6.3% Cost of Sales (96,135,549) -46.6% (89,422,944) -46.1% 7.5% Gross Profit 110,022,341 53.4% 104,493,058 53.9% 5.3% Distribution Expenses (2,443,725) -1.2% (2,119,325) -1.1% 15.3% Administrative Expenses (84,976,568) -41.2% (78,813,242) -40.6% 7.8% Selling, General and Administrative Expenses (87,420,293) -42.4% (80,932,567) -41.7% 8.0% Operating Income 22,602,048 11.0% 23,560,491 12.1% -4.1% Other income 426,018 321,583 32.5% Other expenses (165,964) (383,982) -56.8% Financial Income 1,540,974 1,624,789 -5.2% Financial Expenses (2,742,841) (2,045,839) 34.1% FX Differences (1,298,187) (85,895) 1411.4% Income/(expenses) from Inflation Adjusted Units 426,440 591,221 -27.9% Other gains and losses 198,911 (134,249) -248.2% Non-Operating Income (1,614,649) -0.8% (112,372) -0.1% 1336.9% Profit before income tax 20,987,399 10.2% 23,448,119 12.1% -10.5% Income Taxes (5,766,597) (6,442,622) -10.5% Profit (Loss) 15,220,802 7.4% 17,005,497 8.8% -10.5% Profit (loss) attributable to equity holders of parent 15,167,589 16,892,638 -10.2% Profit (loss) attributable to minority interest 53,213 112,859 -52.9% Profit (loss) 15,220,802 7.4% 17,005,497 8.8% -10.5% EBITDA 37,090,149 18.0% 36,250,640 18.7% 2.3% FORUS S.A. & SUBSIDIARIES Consolidated Income Statement
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Second Quarter 2025 10 V. Consolidated Income Statement Analysis Revenue & Operating Results • FORUS recorded Ch$ 111,645 million in Consolidated Revenues in 2Q25, an increase of 1.0% YoY. In Chile, we recorded revenues of Ch$ 80,317 million in 2Q25, a variation of -0.5% YoY. This quarter, we faced several challenges, starting with an extremely high comparison base, given that in the second quarter of last year we recorded the highest quarterly sales in our history in Chile (with SSS of 21.4% in 2Q24), driven largely by favorable weather (winter arrived early and was particularly cold and rainy in 2024) and by the high influx of Argentine tourists last year who made purchases in the country. Unlike 2Q24, this quarter the winter was delayed in the c entral region of the country and was much milder and drier, which weakened the demand for winter apparel and footwear. In addition to this, the participation of Argentine tourists in our sales normalized and returned to historical rates this quarter. Furthermore, we continue to face a challenging consumer environment in the country: in 2Q25, the unemployment rate and the informal employment rate rose to 8.9% and 26.0%, respectively. Moreover, the purchasing power of Chileans remained pressured by inflation (4.1% in June) and high interest rates. All of the above contributed to consumer confidence (42.7 in June) remaining in pessimistic territory (50 is neutral) during the quarter. Within this context, according to the National Chamber of Commerce, Services, and Tourism of Chile (CNC), store sales of footwear in the Metropolitan Region showed a YoY variation of -2.2%, -14.8%, and -7.1% in April, May, and June, respectively; the apparel category, in contrast, recorded variations of 10.2%, -3.6%, and 10.4%, respectively. In the case of FORUS, in Chile, the footwear category accounts for more than double the sales of the apparel category. Sales from our Direct-to-Consumer (DTC) segment in Chile registered a variation of -1.0% YoY, while revenue from our wholesale segment increased by 2.1% YoY in 2Q25. Within the DTC segment (84% of Chile's revenue), our stores (70% of DTC sales) recorded a Same-Store Sales (SSS) of -1.4% YoY and a 2.8% YoY increase in sales per square meter this quarter. At the end of June 2025, the sales floor area increased by 1.0% YoY compared to the same period last year (a net increase of 5 stores in 12 months). During 2Q25, we opened one VANS store and one Columbia store, and closed four locations (one 7Veinte, two Billabong, and one L’Occitane en Provence module). The digital chan nel (30% of DTC sales) recorded a decrease of 11.4% YoY this quarter, partly explained by the closure of Dafiti in February (Dafiti represented 6% of digital sales in 2024). Our international subsidiaries, as a group, recorded revenues of Ch$ 31,328 million in 2Q25, a 5.3% YoY increase, driven by growth in Uruguay and Peru. The contribution of our international subsidiaries to FORUS's consolidated revenues was 28.1% this quarter (compared to 26.9% in 2Q24). The digital
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Second Quarter 2025 11 sales of the international subsidiaries grew by 11.9% YoY in 2Q25 and represented 27% of DTC sales (23% of the total revenue of the international subsidiaries). The following is a summary of our sales performance per subsidiary: • Peru: Sales increased by 8.1% YoY in 2Q25 (3.1% YoY in local currency), driven by higher revenue from the DTC segment (in local currency) and by the appreciation of the PEN against the CLP, which increased the subsidiary's contribution when consolidating results. In 2Q25, the DTC segment (86% of revenue) registered an increase of 8.3% YoY (3.7% YoY in local currency) and the wholesale segment (14% of revenue) an increase of 6.8% YoY (-1.1% YoY in local currency). Within the DTC segment, digital channel revenues (14% of DTC sales) recorded robust growth of 23.6% YoY (19.3% YoY in local currency), mainly driven by a greater focus on our marketplace channel (fortified the team, increased resources); our stores (86% of DTC) registered an increase of 6.1% YoY (1.5% YoY in local currency), with an SSS of 0.8%. Sales per square meter in Peru showed an increase of 3.4% YoY (-1.1% YoY in local currency) in 2Q25. During the quarter, we opened our first Parfois store in the Jockey Plaza shopping center in Lima. In the last twelve months, we have opened a net of 2 stores (4 openings + 2 closings); the latter is equivalent to a 1.9% YoY increase in sales floor area. The slowdown in our store sales this quarter was due to several factors. Firstly, we had 5 stores temporarily closed this quarter (8% of the total stores in Peru): four of these stores are located in the Larcomar shopping center (closed for two weeks in June) and one store in the Real Plaza Trujillo mall (closed since February). Added to this was the difficult comparison base, given that in 2Q24 SSS was 20.2%, mainly explained by i) the favorable weather (as in Chile, the 2024 winter in Peru was colder and rainier than this year) and ii) the withdrawals from Pension Fund Administrators (AFP) that began in May of last year stimulated consumption in 2Q24. • Uruguay: Revenues increased by 11.4% YoY in 2Q25 (17.7% YoY in local currency), explained by the sustained growth of the DTC segment (91% of revenue) and the recovery of the wholesale segment (9% of revenue); this was partially offset by the depreciation of the UYU against the CLP, which reduced the subsidiary's co ntribution when consolidating results. The DTC segment grew by 5.8% YoY (11.8% YoY in local currency) this quarter, while the wholesale segment increased by 137.5% YoY (153.8% YoY in local currency). Within the DTC segment, store sales (69% of DTC) grew by 4.1% YoY (10.3% YoY in local currency), driven by a SSS of 2.2% and a 6.3% YoY increase in sales floor square meters. In the last twelve months, we had no net openings: we carried out 2 openings (including the 367 sqm MANGO flagship store in Montevideo) and 2 closings. During 2Q25, we did not open or close stores. Sales per square meter had a variation of -3.5% YoY (+2.2% YoY in local currency) this quarter. Revenue from our digital channel grew 9.9% YoY (15.1% YoY in local currency) and represented 31% of DTC sales (28% of the total), mainly driven by the strong performance of our e-commerce websites. The wholesale segment, in turn, recovered strongly this quarter with a growth of 137.5% YoY (153.8% YoY in local currency), after a weak 1Q25, partly
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Second Quarter 2025 12 explained by a delay in some orders; in fact, if we look at the first six months of 2025, wholesale grew by 13.0% YoY (23.2% YoY in local currency). • Colombia: Sales registered a variation of -6.0% YoY in 2Q25 (-1.0% YoY in local currency), where the robust performance of the DTC segment (82% of revenue) was offset by the decrease in the wholesale segment (18% of revenue) and the depreciation of the COP against the CLP, which reduced the subsidiary's contribution when cons olidating results. The DTC segment ’s sales increased by 10.7% YoY (15.8% YoY in local currency) while the wholesale segment decreased by 44.3% YoY (-40.5% YoY in local currency). Within the DTC segment, store sales increased by 11.5% YoY (16.9% YoY in loca l currency), mainly driven by an SSS of 11.6%, explained by healthier inventory quality this quarter, better mix of new products with full range of sizes , compared to last year when the subsidiary's priority was to reduce excess inventory and generate cash (recovering from the shock the retail sector suffered when the tariff on imported textiles was increased from 15% to 40% starting in January 2023). In the last twelve months, we opened a net of 1 store (1 opening and 0 closings), whereby the sales floor a rea increased by 3.8% YoY in that period. During 2Q25, we did not open or close stores. Sales per square meter increased 2.7% YoY (7.7% YoY in local currency) this quarter. The digital channel registered an increase of 9.3% YoY (14.1% YoY in local currency) and represented 37% of DTC sales (30% of the total). The sharp decrease in wholesale, in turn, is mainly explained by the high comparison base, given that in 2Q24 we had an extraordinary sale of excess inventory from previous seasons at discounted prices. • Consolidated Gross Profit of Ch$ 60,787 million increased 0.9% YoY, with a 54.4% gross margin , stable with respect to the same period last year (-6 basis points variation). In Chile, gross profit decreased by 1.0% YoY in 2Q25, with a gross margin of 54.2%, a slight deterioration of 23 basis points, explained by the sales mix (sales in the wholesale segment, which structurally has a lower gross margin, grew more than the DTC segment) and, to a lesser extent, by FX pressure and higher discounts in the DTC segment. In 2Q25, the gross profit of the DTC segment (86% of Chile's total gross profit) decreased by 2.3% YoY, with a gross margin of 55.9%, equivalent to a contraction of 75 basis points. On the other hand, the gross p rofit of the wholesale segment (14% of Chile's total) increased by 8.8% YoY with a gross margin of 45.4%, a recovery of 280 basis points. The average CLP/USD for the fall/winter collection depreciated by 3.4% compared to the exchange rate of the same collection the previous year. The international subsidiaries’ gross profit increased 6.0% YoY in 2Q25, with a gross margin of 55.1%, an expansion of 36 basis points. The breakdown by country is as follows:
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Second Quarter 2025 13 • Peru: This quarter, gross profit increased by 8.3% YoY and the gross margin of 59.1% remained stable (8 basis points variation). The gross profit of the DTC segment (89% of Peru's total gross profit) grew by 7.9% YoY, with a gross margin of 60.8%, a slight deterioration of 23 basis points. The gross profit of the wholesale segment (11% of the total), in turn, registered an increase of 11.3% YoY with a gross margin of 48.0%, an expansion of 191 basis points. • Uruguay: In 2Q25, gross profit grew by 5.2% YoY and the gross margin of 55.6% deteriorated by 328 basis points, mainly explained by FX pressure on the costs of our fall/winter products (due to the depreciation of the UYU against the USD) and, to a lesser extent, by the sales mix (due to the strong growth of the wholesale channel). The gross profit of the DTC segment (94% of Uruguay's total gross profit) grew by 1.6% YoY, with a gross margin of 57.2%, a deterioration of 240 basis points. The gross profit of the wholesale segment (6% of Uruguay's total gro ss profit) grew by 118.4% YoY, with a gross margin of 39.7%, a deterioration of 346 basis points. • Colombia: This quarter, gross profit grew by 3.9% YoY and the gross margin of 49.3% registered a robust expansion of 468 basis points, explained by the strong recovery in the gross margin of the wholesale segment. The gross profit of the DTC segment (89% of Colombia's total gross profit) increased by 9.2% YoY, with a gross margin of 53.4%, a deterioration of 69 basis points. The gross profit of the wholesale segment (11% of the total) decreased by 25.6% YoY, with a gross margin of 30.3%, an expansion of 763 basis points, explained by the low comparison base, given the discounts made in 2Q24 for the extraordinary sale of excess inventory from previous collections. • In 2Q25, the consolidated Operating Income of Ch$ 14,766 million decreased by 13.5% YoY, with an operating margin of 13.2%, a contraction of 222 basis points. In Chile this quarter, we recorded an Operating Result of Ch$ 10,205 million, a decrease of 20.7% YoY, with an operating margin of 12.7%, a contraction of 323 basis points. The decrease in the Operating Result this quarter is mainly explained by the 7.2% YoY increase in SG&A and the operating deleveraging, given that the SG&A/revenue ratio increased by 299 basis points. This quarter, the increase in SG&A was mainly due to: i) the impact of the minimum wage increase on the base salaries of our sales force; ii) the pressure of inflation on our expenses (store leases and employee salaries); iii) expenses asso ciated with the incorporation of new brands; and iv) higher expenses associated with technological developments focused on providing a better customer experience and improving the productivity of our operations. In 2Q25, our international subsidiaries, as a group, reported an Operating Income of Ch$ 4,561 million, an 8.5% YoY increase, with an operating margin of 14.6%, an expansion of 43 basis points. The growth in the international subsidiaries' operating income was driven by Uruguay and Colombia:
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Second Quarter 2025 14 • Peru: In 2Q25, the operating result of Ch$ 1,754 million decreased by 1.7% YoY, with an operating margin of 16.8%, a deterioration of 169 basis points, mainly explained by the 12.9% growth in SG&A and the deterioration of the SG&A/revenue ratio (177 basis points). The increase in SG&A was mainly due to higher depreciation and amortization expenses from store openings/remodeling and IT investments, as well as higher programmed IT/logistics expenses (new WMS in the distribution center). • Uruguay: This quarter, Uruguay recorded an operating result of CLP 2,196 million, an increase of 17.5% YoY, with an operating margin of 17.2%, which represents an expansion of 90 basis points, mainly explained by greater efficiencies and higher operating leverage. SG&A increased by only 0.5% this quarter, which translated into a 418 basis point improvement in the SG&A/revenue ratio. • Colombia: In 2Q25, the operating result of Ch$ 611 million grew by 11.0% YoY, with an operating margin of 7.5%, an expansion of 115 basis points. This growth was driven by the strong expansion of the gross margin in the wholesale segment and by efficiencies in the subsidiary's expenses, given that SG&A only increased by 2.7% YoY this quarter. Non-Operating Income • In 2Q25, we recorded consolidated Non-Operating Loss of Ch$ 750 million, a 27.0% YoY improvement. The lower Non-Operating Loss this quarter is mainly explained by i) the Other Gains/Losses account, which registered a gain of Ch$ 70 million this quarter, compared to a loss of Ch$ 402 million in 2Q24, explained by a lower provision for fines and indemnities this quarter and ii) the Other Income/Expenses by Function account, which recorded a net gain of Ch$ 180 million this quarter, compared to a loss of Ch$ 178 million in the same period last year, mainly explained by the higher recovery from claims this quarter, while in 2Q24 we recorded higher write -offs for claims. The Net Financial Income/(Expenses) account registered a 223.0% increase in net expense, mainly explained by higher lease liabilities, explained by contract renewals. Net Income and EBITDA • In 2Q25, FORUS reported consolidated net income of Ch$ 10,231 million, a 12.4% YoY decrease, with a net margin of 9.2%, a contraction of 141 basis points. In 2Q25, Net Income is attributable to the Operating Result. Chile contributed a net income of Ch$ 7,425 million (72.6% of FORUS's Net Income), a decrease of 21.8% YoY. The subsidiaries, as a group, contributed a net income of Ch$ 2,806 million in 2Q25 (27.4% of the consolidated Net Income), which represented an increase of 28.5% YoY.
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Second Quarter 2025 15 • In 2Q25, FORUS's consolidated EBITDA reached Ch$ 22,094 million, a decrease of 6.4% YoY, with an EBITDA margin of 19.8%, a contraction of 156 basis points. In 2Q25, Chile contributed 68.9% of the consolidated EBITDA, while the subsidiaries contributed 31.1%, where Peru contributed 11.9%; Colombia, 6.0%; and Uruguay, 13.2%. Chile's EBITDA decreased by 12.2% YoY, while the subsidiaries' EBITDA increased by 9.8% YoY this quarter.
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Second Quarter 2025 16 VI. Balance Sheet & Cash Flow Statement Analysis Consolidated Balance Sheet • Assets (in millions of Ch$) Jun-2025 Dec-2024 M Ch$ M Ch$ M Ch$ % Current Assets 217,001 212,842 4,159 2.0% Non-Current Assets 153,481 146,443 7,038 4.8% Total Assets 370,482 359,285 11,197 3.1% Variation Our Current Assets increased by 2.0% and showed significant variations in the following accounts: Trade and Other Receivables, which increased by Ch$ 8,772 million, due to sales; and the Current Tax Assets account, which decreased by Ch$ 8,712 million, due to the recovery of tax surpluses that were activated as of December 31, 2024. The Inventories account recorded a rise of Ch$ 4,448 million; and Other Current Financial Assets decreased by Ch$ 2,395 million, mainly due to the payment of purchased inventory and payments to suppliers for materials and services related to the construction of our second distribution center in Chile. Our Non-Current Assets increased by 4.8% and showed significant variations in the following accounts: Rights of Use, which increased by Ch$ 3,892 million, and Property, Plant, and Equipment, which increased by Ch$ 2,118 million, mainly due to the increase in rights of use for lease renewals and progress in the construction of our second distribution center in Chile. • Liabilities (in millions of Ch$) Jun-2025 Dec-2024 M Ch$ M Ch$ M Ch$ % Current Liabilities 58,713 67,310 (8,597) -12.8% Non-Current Liabilities 58,006 54,837 3,169 5.8% Shareholder's Equity 253,763 237,138 16,625 7.0% Total Liabilities & Shareholders' Equity 370,482 359,285 11,197 3.1% Variation Our Current Liabilities decreased by 12.8%, with significant variations in the following accounts: Other Short-Term Provisions, which decreased by Ch$ 7,024 million, mainly explained by the payment of dividends from the 2024 fiscal year; Current Provisions for Employee Benefits , which decreased by Ch$ 2,310 million due to the payment of annual bonuses accrued at the end of 2024; Trade Accounts Payable and Other Accounts Payable, which decreased by Ch$ 2,021 million, mainly due to the payment for the purchase of inventories.
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Second Quarter 2025 17 Meanwhile, Non-Current Liabilities, increased by 5.8%, mainly due to Other Non-Current Lease Liabilities, which increased by Ch$ 3,399 million, associated with lease renewals that generate an increase in long-term obligations. • Shareholders’ Equity Shareholders’ Equity on June 30th of 2025 and December 31st of 2024 was the following: Jun-2025 Dec-2024 M Ch$ M Ch$ M Ch$ % Paid-in capital 24,243 24,243 - - Other reserves 24,373 23,022 1,351 5.9% Retained earnings 204,480 189,259 15,221 8.0% Non-controlling interest 667 614 53 8.7% Total Shareholders' Equity 253,763 237,138 16,625 7.0% Variation Shareholders' Equity increased by a net total of Ch$ 16,625 million, mainly due to the increase in Retained Earnings. The company’s net income in 6M25 was Ch$ 15,221 million. The change in Other Reserves is explained by the following FX consolidation differences at the subsidiaries: M Ch$ Perú Forus S.A. (59) Uruforus S.A. 1,164 Forus Colombia S.A.S. 246 Total FX consolidation differences 1,351 Financial Ratios • Leverage and Liquidity Ratios Units Jun 25 Dec 24 Var. Leverage x 0.46 0.52 -0.06 Interest Coverage x 13.52 13.27 0.25 Units Jun 25 Dec 24 Var. Current liquidity x 3.70 3.16 0.53 Acid ratio x 2.06 1.80 0.26
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Second Quarter 2025 18 The current liquidity shows a slight improvement compared to December, primarily due to the 12.8% decrease in Current Liabilities. The acid-test ratio registered an increase of 14.4%, explained by the 4.8% increase in inventories. • Debt Ratios Financials Units Jun 25 Dec 24 Liabilities Current Liabilities % 50.3% 55.1% Non-Current Liabilities % 49.7% 44.9% • Profitability Ratios (6M period) Units Jun-25 Jun-24 Var. ROA % 4.1% 5.1% -1.0% ROS % 7.4% 8.8% -1.4% ROE % 6.0% 7.2% -1.2% EPS $ 58.7 65.4 -6.7 The company posted earnings per share of Ch$ 58.7 in 6M25, a decrease of Ch$ 6.7 YoY, or -10.2% YoY.
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Second Quarter 2025 19 Consolidated Cash Flow Jun-2025 Jun-2024 Variation M Ch$ M Ch$ M Ch$ Cash flows from Operating Activities 28,233 34,142 (5,909) Cash flows from (used in) Investment Activities (4,783) (21,630) 16,847 Cash flows from (used in) Financing Activities (22,325) (18,824) (3,502) Cash flow from operating activities generated a negative variation of Ch$ 5,909 million compared to the same period last year, mainly due to higher payments to suppliers for the supply of goods and services. Cash flows from investing activities showed a positive variation of Ch$ 16,847 million compared to the same period last year, mainly due to the (net) recovery of resources associated with funds in easily liquidated investments held by the company. Finally, cash flow from financing activities showed a negative variation of Ch$ 3,501 million, mainly due to the payment of loans associated with the purchase of inventory.
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Second Quarter 2025 20 Market Risk Analysis Economic outlook by country: In Latin America, economic growth remained moderate in 2Q25. In Chile, grew by 3.1% in 2Q25, exceeding the 2.9% growth expected by the market. The 12 -month cumulative inflation rate stood at 4.1% in June, down from 4.9% in March. The unemployment rate in 2Q25 was 8.9%, an increase of 0.6 percentage points over twelve months. The informal employment rate stood at 26.0%, down 1.0 percentage point in twelve months. Chilean consumer confidence registered 42.7 points in June, a slight improvement over March (40.8 ) but still in negative territory (50 is neutral). In Uruguay, GDP growth is expected to moderate in 2Q25 (estimated at 2.3%) after growing 3.4% in 1Q25. The twelve -month inflation rate was 4.6% in June, a slowdown from the 5.7% recorded in March. Unemployment, in turn, was 7.7% in 2Q25, compared to 8.0% in 1Q25. In Peru, GDP grew 2.8%, a slowdown from the 3.9% recorded in 1Q25. The cumulative 12-month inflation rate as of June remained moderate at 1.8%. In Colombia, GDP grew 2.1% in 2Q25, compared to 2.7% in 1Q25. The cumulative 12- month inflation rate reached 4.8% in June, compared to 5.1% in March. The unemployment rate in June reached 8.6%, a decrease of 1.7 percentage points compared to the same month of the previous year (10.3%). Foreign exchange risk: Fluctuations of the exchange rates of Chile, Peru, Colombia and Uruguay against the USD directly impact the cost of sales of the company, as we import almost all of our products . The CLP/USD has been highly volatile over the last twelve months; at the close of June 30, 2025, it appreciated 1.2% compared to the same date last year, but with significant fluctuations over the last twelve months (maximum of 1,013 and minimum of 896). With respect to other local currencies: at the end of June, Peru's PEN appreciated 7.5% against the USD; Uruguay's UYU appreciated 1.1%; and Colombia's COP appreciated 1.9% (closing price). The appreciation of the PEN against the CLP (quarterly average FX) increased Peru's contribution by consolidating its results in CLP, while the depreciation of the COP and the UYU against the CLP (quarterly average FX) decrease d the contribution of those subsidiaries by consolidating their results in CLP. Financial risk: The company follows a conservative cash management policy, with sufficient funds and sources of financing to finance our 2025 investment plans, while maintaining minimal levels of financial debt.
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Second Quarter 2025 21 VII. Data by Country Revenue (Ch$ million) 2Q25 2Q24 Var % Local Currency 6M25 6M24 Var % Local Currency Chile 80,317 80,749 -0.5% -0.5% 150,642 141,712 6.3% 6.3% Colombia 8,168 8,689 -6.0% -1.0% 15,972 15,365 3.9% 9.4% Peru 10,423 9,638 8.1% 3.1% 18,768 17,241 8.9% 4.3% Uruguay 12,737 11,433 11.4% 17.7% 20,776 19,597 6.0% 13.6% Total Subsidiaries 31,328 29,760 5.3% 55,515 52,204 6.3% Total Forus 111,645 110,509 1.0% 206,158 193,916 6.3% Revenue (% total) 2Q25 2Q24 6M25 6M24 Chile 71.9% 73.1% 73.1% 73.1% Colombia 7.3% 7.9% 7.7% 7.9% Peru 9.3% 8.7% 9.1% 8.9% Uruguay 11.4% 10.3% 10.1% 10.1% Total Subsidiaries 28.1% 26.9% 26.9% 26.9% Same Store Sales (in local currency) 2025 2025 2024 1Q 2Q 3Q 4Q 6M 6M Chile 14.7% -1.4% 5.5% 13.3% Colombia 10.8% 11.6% 11.2% 4.4% Peru 5.2% 0.8% 2.6% 11.2% Uruguay 4.3% 2.2% 3.0% 8.5% Digital (% of Sales) Digital (% of DTC) 2025 2025 1Q 2Q 3Q 4Q 6M 1Q 2Q 3Q 4Q 6M Chile 13% 25% 20% Chile 18% 30% 25% Colombia 26% 30% 28% Colombia 35% 37% 36% Peru 10% 12% 11% Peru 12% 14% 13% Uruguay 15% 28% 23% Uruguay 19% 31% 26% Forus 14% 25% 20% Forus 19% 29% 25% 20252025
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Second Quarter 2025 22 E-commerce websites, by country Marketplaces, by country e-commerce sites Chile Website 1 Cat Cat.cl 2 Columbia Columbia.cl 3 Merrell Merrell.cl 4 Jansport Jansport.cl 5 7veinte 7veinte.cl 6 Norseg Norseg.cl 7 Zapatos Zapatos.cl 8 Hush Puppies HushPuppies.cl 9 Hush Puppies Kids HushPuppiesKids.cl 10 Keds Keds.cl 11 Mountain Hardwear MountainHardwear.cl 12 Burton Burton.cl 13 Azaleia Azaleia.cl 14 Billabong Billabong.cl 15 RKF Rkflife.com 16 BSoul BSoul.com 17 Vans Vans.cl 18 Calpany Calpany.cl 19 Under Armour Underarmour.cl 20 Element Elementbrand.cl 21 RVCA RVCA.cl 22 Sorel Sorel.cl 23 L'Occitane en Provence cl.loccitane.com 24 Crocs Crocs.cl Uruguay Website 1 Cat Catlifestyle.com.uy 2 Hush Puppies Hushpuppies.com.uy 3 Merrell Merrell.com.uy 4 Pasqualini Pasqualini.com.uy 5 Columbia Columbia.com.uy 6 RKF Rkflife.com.uy 7 Mango Forusuy.com 8 Under Armour Underarmour.uy 9 BSoul Bsoul.uy Peru Website 1 Billabong Billabong.pe 2 Columbia Columbia.pe 3 Hush Puppies Hushpuppies.pe 4 RKF Rkflife.pe 5 Patagonia Patagonia.pe 6 Supermall Supermall.pe 7 Keds Keds.pe 8 BSoul BSoul.pe 9 Norseg Norseg.pe 10 Parfois Parfois.pe Colombia Website 1 Cat Catlifestyle.co 2 Hush Puppies Hushpuppies.com.co 3 Merrell Merrellcolombia.com 4 Under Armour Underarmour.com.co 5 Columbia Columbia.com.co 6 RKF Rkflife.com.co 7 BSoul BSoul.com.co 8 Norseg Norseg.com.co 51 Total Forus S.A. Marketplaces Chile 1 Mercado Libre 2 Mercado Ripley 3 Paris Marketplace 4 Falabella Online Uruguay 1 Mercado Libre Peru 1 Mercado Libre 2 Shopstar 3 Falabella Online 4 Rappi Colombia 1 Dafiti 2 Mercado Libre 3 Falabella Online
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Second Quarter 2025 23 Number of stores and selling area in square meters # Stores Sqm # Stores Sqm # Stores Sqm % Chile 265 30,434 260 30,143 5 1.0% Colombia 43 3,127 42 3,012 1 3.8% Peru 59 4,829 57 4,737 2 1.9% Uruguay 46 5,187 46 4,881 0 6.3% Total 413 43,577 405 42,773 8 1.9% Jun. 2024 YoYJun. 2025 2Q25 stores openings/closures, by country Store Openings # Stores Chain Store City Sqm Chile 1 VANS Plaza Oeste Santiago 115 1 Columbia Plaza Maule Santiago 106 2 221 Perú 1 Parfois Jockey Plaza Lima 155 1 155 3 376 Store Closures # Stores Chain Store City Sqm Chile 1 7Veinte Parque Arauco Santiago 110 1 Billabong Plaza Iquique Iquique 92 1 Billabong Plaza Antofagasta Antofagasta 125 1 L'Occitane Mall Marina Oriente Viña del Mar 10 4 337 Total 4 337 Forus Openings/closures, net (1-Apr-25 to 30-Jun-25) Country # Stores Sqm Chile -2 -116 Peru 1 155 Uruguay 0 0 Colombia 0 0 Total -1 39
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Second Quarter 2025 24 CHILE (Ch$ million) Chile Total P&L 2Q25 % Rev. 2Q24 % Rev. YoY% Revenues 80,317 80,749 -0.5% Cost of Sales (36,793) (36,803) 0.0% Gross Profit 43,524 54.2% 43,946 54.4% -1.0% Operating Income 10,205 12.7% 12,866 15.9% -20.7% EBITDA 15,215 18.9% 17,327 21.5% -12.2% Direct to Consumer (DTC) P&L 2Q25 % Rev.2T20 2Q24 % Rev. YoY% Revenues 67,323 68,024 -1.0% Cost of Sales (29,693) (29,494) 0.7% Gross Profit 37,630 55.9% 38,531 56.6% -2.3% Operating Income 10,163 15.1% 12,156 17.9% -16.4% EBITDA 14,461 21.5% 15,899 23.4% -9.0% Wholesale P&L 2Q25 % Rev. 2Q24 % Rev. YoY% Revenues 12,994 12,725 2.1% Cost of Sales (7,100) (7,309) -2.9% Gross Profit 5,894 45.4% 5,416 42.6% 8.8% Operating Income 42 0.3% 710 5.6% -94.1% EBITDA 755 5.8% 1,428 11.2% -47.1%
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Second Quarter 2025 25 CHILE (cont.) (Ch$ million) Chile Total P&L 6M25 % Rev. 6M24 % Rev. YoY% Revenues 150,642 141,712 6.3% Cost of Sales (70,467) (65,373) 7.8% Gross Profit 80,175 53.2% 76,339 53.9% 5.0% Operating Income 16,685 11.1% 18,080 12.8% -7.7% EBITDA 26,694 17.7% 26,899 19.0% -0.8% Direct to Consumer (DTC) P&L 6M25 % Rev. 6M24 % Rev. YoY% Revenues 118,106 112,419 5.1% Cost of Sales (51,701) (48,825) 5.9% Gross Profit 66,404 56.2% 63,595 56.6% 4.4% Operating Income 14,832 12.6% 15,054 13.4% -1.5% EBITDA 23,412 19.8% 22,462 20.0% 4.2% Wholesale P&L 6M25 % Rev. 6M24 % Rev. YoY% Revenues 32,537 29,293 11.1% Cost of Sales (18,766) (16,549) 13.4% Gross Profit 13,771 42.3% 12,745 43.5% 8.1% Operating Income 1,852 5.7% 3,026 10.3% -38.8% EBITDA 3,282 10.1% 4,438 15.1% -26.0%
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Second Quarter 2025 26 PERU (Ch$ million) Peru Total P&L 2Q25 % Rev. 2Q24 % Rev. YoY% Revenues 10,423 9,638 8.1% Cost of Sales (4,265) (3,952) 7.9% Gross Profit 6,158 59.1% 5,686 59.0% 8.3% Operating Income 1,754 16.8% 1,784 18.5% -1.7% EBITDA 2,637 25.3% 2,481 25.7% 6.3% Direct to Consumer (DTC) P&L 2Q25 % Rev. 2Q24 % Rev. YoY% Revenues 9,013 8,319 8.3% Cost of Sales (3,532) (3,241) 9.0% Gross Profit 5,481 60.8% 5,078 61.0% 7.9% Operating Income 1,585 17.6% 1,573 18.9% 0.8% EBITDA 2,421 26.9% 2,226 26.8% 8.8% Wholesale P&L 2Q25 % Rev. 2Q24 % Rev. YoY% Revenues 1,410 1,320 6.8% Cost of Sales (733) (711) 3.1% Gross Profit 677 48.0% 609 46.1% 11.3% Operating Income 168 11.9% 211 16.0% -20.2% EBITDA 216 15.3% 256 19.4% -15.6%
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Second Quarter 2025 27 PERU (cont.) (Ch$ million) Peru Total P&L 6M25 % Rev. 6M24 % Rev. YoY% Revenues 18,768 17,241 8.9% Cost of Sales (7,851) (7,198) 9.1% Gross Profit 10,917 58.2% 10,044 58.3% 8.7% Operating Income 2,565 13.7% 2,672 15.5% -4.0% EBITDA 4,256 22.7% 4,118 23.9% 3.4% Direct to Consumer (DTC) P&L 6M25 % Rev. 6M24 % Rev. YoY% Revenues 15,511 14,223 9.1% Cost of Sales (6,133) (5,598) 9.6% Gross Profit 9,378 60.5% 8,625 60.6% 8.7% Operating Income 2,037 13.1% 2,023 14.2% 0.7% EBITDA 3,635 23.4% 3,389 23.8% 7.2% Wholesale P&L 6M25 % Rev. 6M24 % Rev. YoY% Revenues 3,257 3,019 7.9% Cost of Sales (1,718) (1,599) 7.4% Gross Profit 1,539 47.3% 1,419 47.0% 8.5% Operating Income 528 16.2% 649 21.5% -18.7% EBITDA 622 19.1% 729 24.1% -14.7%
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Second Quarter 2025 28 URUGUAY (Ch$ million) Uruguay Total P&L 2Q25 % Rev. 2Q24 % Rev. YoY% Revenues 12,737 11,433 11.4% Cost of Sales (5,657) (4,703) 20.3% Gross Profit 7,080 55.6% 6,730 58.9% 5.2% Operating Income 2,196 17.2% 1,869 16.3% 17.5% EBITDA 2,917 22.9% 2,618 22.9% 11.4% Direct to Consumer (DTC) P&L 2Q25 % Rev. 2Q24 % Rev. YoY% Revenues 11,592 10,951 5.8% Cost of Sales (4,966) (4,429) 12.1% Gross Profit 6,625 57.2% 6,522 59.6% 1.6% Operating Income 1,958 16.9% 1,804 16.5% 8.5% EBITDA 2,662 23.0% 2,539 23.2% 4.8% Wholesale P&L 2Q25 % Rev. 2Q24 % Rev. YoY% Revenues 1,145 482 137.5% Cost of Sales (691) (274) 152.0% Gross Profit 454 39.7% 208 43.1% 118.4% Operating Income 238 20.8% 65 13.5% 266.2% EBITDA 255 22.3% 79 16.4% 221.8%
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Second Quarter 2025 29 URUGUAY (cont.) (Ch$ million) Uruguay Total P&L 6M25 % Rev. 6M24 % Rev. YoY% Revenues 20,776 19,597 6.0% Cost of Sales (9,507) (8,477) 12.2% Gross Profit 11,268 54.2% 11,120 56.7% 1.3% Operating Income 2,357 11.3% 2,220 11.3% 6.2% EBITDA 3,724 17.9% 3,417 17.4% 9.0% Direct to Consumer (DTC) P&L 6M25 % Rev. 6M24 % Rev. YoY% Revenues 17,957 17,103 5.0% Cost of Sales (7,743) (6,989) 10.8% Gross Profit 10,213 56.9% 10,114 59.1% 1.0% Operating Income 1,950 10.9% 1,849 10.8% 5.5% EBITDA 3,275 18.2% 2,997 17.5% 9.3% Wholesale P&L 6M25 % Rev. 6M24 % Rev. YoY% Revenues 2,819 2,494 13.0% Cost of Sales (1,764) (1,488) 18.6% Gross Profit 1,055 37.4% 1,006 40.4% 4.8% Operating Income 407 14.4% 371 14.9% 9.7% EBITDA 449 15.9% 420 16.8% 6.8%
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Second Quarter 2025 30 COLOMBIA (Ch$ million) Colombia Total P&L 2Q25 % Rev. 2Q24 % Rev. YoY% Revenues 8,168 8,689 -6.0% Cost of Sales (4,143) (4,814) -13.9% Gross Profit 4,025 49.3% 3,875 44.6% 3.9% Operating Income 611 7.5% 550 6.3% 11.0% EBITDA 1,324 16.2% 1,167 13.4% 13.5% Direct to Consumer (DTC) P&L 2Q25 % Rev. 2Q24 % Rev. YoY% Revenues 6,701 6,055 10.7% Cost of Sales (3,120) (2,778) 12.3% Gross Profit 3,580 53.4% 3,277 54.1% 9.2% Operating Income 776 11.6% 672 11.1% 15.5% EBITDA 1,788 26.7% 1,180 19.5% 51.5% Wholesale P&L 2Q25 % Rev. 2Q24 % Rev. YoY% Revenues 1,467 2,634 -44.3% Cost of Sales (1,023) (2,036) -49.8% Gross Profit 445 30.3% 598 22.7% -25.6% Operating Income (165) -11.2% (121) -4.6% 35.6% EBITDA (463) -31.6% (13) -0.5% NM
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Second Quarter 2025 31 COLOMBIA (cont.) (Ch$ million) Colombia Total P&L 6M25 % Rev. 6M24 % Rev. YoY% Revenues 15,972 15,365 3.9% Cost of Sales (8,310) (8,376) -0.8% Gross Profit 7,662 48.0% 6,990 45.5% 9.6% Operating Income 996 6.2% 589 3.8% 69.1% EBITDA 2,416 15.1% 1,816 11.8% 33.0% Direct to Consumer (DTC) P&L 6M25 % Rev. 6M24 % Rev. YoY% Revenues 12,441 10,982 13.3% Cost of Sales (5,800) (5,227) 11.0% Gross Profit 6,642 53.4% 5,755 52.4% 15.4% Operating Income 1,199 9.6% 737 6.7% 62.7% EBITDA 2,371 19.1% 1,777 16.2% 33.4% Wholesale P&L 6M25 % Rev. 6M24 % Rev. YoY% Revenues 3,531 4,383 -19.5% Cost of Sales (2,510) (3,148) -20.3% Gross Profit 1,020 28.9% 1,235 28.2% -17.4% Operating Income (204) -5.8% (149) -3.4% 37.1% EBITDA 45 1.3% 39 0.9% 13.7%
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Second Quarter 2025 32 June 2025 December 2024 Th Ch$ Th Ch$ ASSETS Current Assets Cash and cash equivalents 24,467,096 22,858,031 Other financial assets, current 42,365,485 44,760,578 Other non-financial assets, current 5,846,193 5,409,423 Trade and other account receivables 47,821,911 39,049,734 Accounts receivables from related companies 269,697 269,697 Inventories 96,231,320 91,782,824 Tax assets, current - 8,712,267 Total Current Assets 217,001,702 212,842,554 Non-Current Assets Other non-financial assets, non-current 179,070 136,480 Fees receivables, non-current 528,105 532,852 Net intangibles assets 2,648,325 1,961,306 Goodwill 2,736,336 2,727,132 Property, plant & equipment, net 139,918,280 133,908,235 Deferred tax assets 7,470,594 7,176,855 Total Non-Current Assets 153,480,710 146,442,860 TOTAL ASSETS 370,482,412 359,285,414 LIABILITIES Current Liabilities Other financial liabilities, current 1,884,422 2,658,834 Current lease liabilities 17,496,360 16,005,904 Current trade and other current accounts payable 22,347,311 24,368,776 Other short-term provisions 3,537,445 10,561,209 Current tax liabilities 473,177 - Current provisions for employees benefits 8,838,548 11,148,897 Other non-financial liabilities, current 4,136,023 2,566,574 Total Current Liabilities 58,713,286 67,310,194 Non-Current Liabilities Other non-current financial liabilities 206,814 436,572 Other non-current liabilities, leases 57,792,306 54,393,803 Other non-financial non-current liabilities 6,840 6,692 Total Non-Current Liabilities 58,005,960 54,837,067 TOTAL LIABILITIES 116,719,246 122,147,261 SHAREHOLDER'S EQUITY Paid-in capital 24,242,787 24,242,787 Retained earnings 204,479,758 189,258,956 Issue premium 17,386,164 17,386,164 Other reserves 6,987,416 5,636,413 Equity attributable to equity holders of the parent 253,096,125 236,524,320 Non-controlling interest 667,041 613,833 Total Net Equity 253,763,166 237,138,153 TOTAL NET EQUITY AND LIABILITIES 370,482,412 359,285,414 FORUS S.A. & SUBSIDIARIES CONSOLIDATED BALANCE SHEETS expressed in Thousands of Chilean Pesos, as of
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Second Quarter 2025 33 and for the quarters June 2025 June 2024 2Q25 2Q24 Th Ch$ Th Ch$ Th Ch$ Th Ch$ Revenues 206,157,890 193,916,002 111,644,982 110,509,353 Cost of Sales (96,135,549) (89,422,944) (50,857,889) (50,271,810) Gross Margin 110,022,341 104,493,058 60,787,093 60,237,543 Other incomes of total operation 426,018 321,583 289,795 135,186 Logistic costs (2,443,725) (2,119,325) (1,125,854) (1,035,910) Administrative Expenses (84,976,568) (78,813,242) (44,895,185) (42,132,569) Other expenses of total operation (165,964) (383,982) (109,594) (312,906) Other gains or (losses) 198,911 (134,249) 70,499 (401,539) Financial Income 1,540,974 1,624,789 825,084 944,597 Financial Expenses (2,742,841) (2,045,839) (1,378,456) (1,115,922) Exchange Differentials (1,298,187) (85,895) (535,825) (472,743) Income/(expenses) from Inflation Adjusted Units 426,440 591,221 88,932 197,179 Profit before income tax 20,987,399 23,448,119 14,016,489 16,042,916 Income Taxes (5,766,597) (6,442,622) (3,785,630) (4,361,465) Profit (loss) 15,220,802 17,005,497 10,230,859 11,681,451 Profit (loss) attributable to equity holders of parent 15,167,589 16,892,638 10,182,969 11,631,073 Profit (loss) attributable to minority interest 53,213 112,859 47,890 50,378 Profit (loss) 15,220,802 17,005,497 10,230,859 11,681,451 Earnings per share $ 58.9 $ 65.8 $ 39.6 $ 45.2 expressed in Thousands of Chilean Pesos for the end of the periods of FORUS S.A. & SUBSIDIARIES CONSOLIDATED INCOME STATEMENT
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Second Quarter 2025 34 June 2025 June 2024 Th Ch$ Th Ch$ Cash Flows Originating from (used in) Operating Activities Types of Earnigns from operating activities Earnings from sales of goods and rendering of services 232,563,323 215,923,617 Earnings from premiums and benefits, annual payments and other benefits of subscribed policies - 157,539 Other earnings from operating activities 40,520 38,704 Types of Payment Payments to suppliers for the supply of goods and services (164,700,617) (137,513,505) Payments to and on behalf of employees (33,716,022) (29,673,511) Payments for premiums and benefits, annuities and other obligations derived from the policies subscribed (29,057) (24,204) Other payments for operating activities (105,711) (159,862) Net cash flows originating from (used in) the operation 34,052,436 48,748,778 Income taxes paid (reimbursed), classified as operating activities 1,620,572 (4,994,445) Other cash inflows (outflows), classified as operating activities (7,440,224) (9,612,118) Cash flows from (used in) operating activities 28,232,784 34,142,215 Cash Flows Originating from (used in) investment activities Purchases of property, plant and equipment, classified as investment activities (6,054,315) (4,706,191) Purchases of intangible assets, classified as investment activities (1,076,507) (214,502) Purchases of other long-term assets classified as investment activities (328,470) (343,146) Interest received, classified as investment activities 429 - Other cash inflows (outflows), classified as investment activities 2,675,868 (16,366,057) Cash Flows Originating from (used in) investment activities (4,782,995) (21,629,896) Cash Flows Originating from (used in) financing activities Amounts from loans, classified as financing activities 19,228,719 16,148,618 Loans Reimbursements, classified as financing activities (17,863,905) (13,013,665) Payments of lease liabilities (15,418,219) (13,800,366) Dividends paid, classified as financing activities (8,101,263) (7,530,745) Interest paid, classified as financing activities (170,579) (627,439) Cash flows from (used in) financing activities (22,325,247) (18,823,597) Increase (decrease) in cash and cash equivalents, before the effect of the changes in the exchange rate 1,124,542 (6,311,278) Effects of the Exchange Rate Variation on Cash and Cash Equivalents Effects of the Exchange Rate Variation on Cash and Cash Equivalents 484,523 1,562,990 Increase (decrease) of the Cash and Cash Equivalents 1,609,065 (4,748,288) Cash and Cash Equivalents (Initial Balance) 22,858,031 26,726,187 Cash and Cash Equivalents (Final Balance) 24,467,096 21,977,899 FORUS S.A. CONSOLIDATED BALANCE SHEETS expressed in Thousands of Chilean Pesos, as of
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Second Quarter 2025 35 FORUS is leading Chilean phygital retail company, focused on the customer experience, connecting people to the brands that move them. The Company, which designs, markets and distributes proprietary and international brands of footwear, apparel and accessories, was founded in 1980 and, to date, has 413 stores and 51 e-commerce websites in Chile, Peru, Colombia and Uruguay. FORUS operates a portfolio of 28 brands, which includes CAT, RKF, Columbia, Under Armour, Parfois, Merrell, BSoul, VANS, Hush Puppies, Crocs, L’OCCITANE en Provence, Azaleia and Norseg, among others. Address: Av. Las Condes N° 11.281, Torre C. Las Condes Santiago, Chile Contact: Isabel Darrigrandi Head of Investor Relations Phone: +56 (2) 2923-3035 Email: ir@forus.cl Website: www.forus.cl