Earnings release
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2 1. Executive Summary 3 2. Ripley Corp Income Statement 4 2.1 2Q25 Ripley Corp Results ................................ ................................ ................................ ......................... 4 3. Recent Highlights 6 4. Progress in our ESG Strategy 7 5. Business Results 9 5.1 Digital Advances ................................ ................................ ................................ ................................ ......... 9 5.2. Retail Segment ................................ ................................ ................................ ................................ ......... 10 5.3 Banking Segment................................ ................................ ................................ ................................ ...... 11 5.4 Real Estate Segment ................................ ................................ ................................ ................................ 13 5.5 Headquarters and Consolidation Adjustments Segment ................................ .............................. 14 6. Key Indicators 16 7. Financial Structure 18 8. Annexes 20 8.1 Ripley Corp Statement of Financial Position ................................ ................................ .................... 21 8.2 Analysis of Variations in the Consolidated Statement of Financial Position and Consolidated Cash Flow Statement ................................ ................................ ................................ ................................ ........................... 22 8.3 Consolidated Net Cash Flows ................................ ................................ ................................ ............... 25 8.4 Other Indicators ................................ ................................ ................................ ................................ ........ 28 9. Risk Management 30
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3 1. Executive Summary ● Ripley recorded a 3.7% increase in revenues in 2Q25, driven by stronger consumer demand and a more favorable macroeconomic environment in Peru, along with loan portfolio growth in Chile, which expanded by 18.6% YoY. This was further supported by the positive effect of the appreciation of the Peruvi an sol against the Chilean peso. ● The consolidated gross margin expanded by 352 bps , reaching 36.8% in 2Q25. This performance was mainly explained by a lower net cost of risk and a reduction in the cost of funds in the banking segment. In addition, improved inventory management allowed Ripley to keep obsolete stock at low levels in Chile and reduce it by 0.5 percentage points in Peru. These factors were complemented by reduced promotional activity and a higher share of sales in products that maximize profitability. ● The continued focus on profitability and efficiency drove a 42.0% year -on-year increase in operating income, rising from CLP 20,560 million in 2Q24 to CLP 29,199 million in 2Q25, marking Ripley’s strongest operating performance for a second quarter in its history. EBITDA reached CLP 49,004 million, up CLP 8,600 million, with a 133 bps expansion in EBITDA margin to 9.2% in 2Q25, also the highest level for a second quarter. This result was mainly led by the strong performance of the banking segment, followed by improvements in Peru’s retail operations and the real estate segment. Selling expenses as a percentage of sales increased from 29.3% to 31.3%, reflecting higher costs associated with the increase in the minimum wage, CPI adjustments, and the implementation of the 40 -hour workweek law in Chile, as well as higher commercial activity in the Bank. ● Net income reached CLP 15,736 million in 2Q25, an increase of CLP 4,612 million compared to 2Q24, also the highest level for a second quarter in the past seven years. This was driven by an increase of CLP 8,640 million in operating income and an improvement of CLP 2,223 million in non -operating results versus the same period of the prior year.
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4 2. Ripley Corp Income Statement 2.1 2Q25 Ripley Corp Results ● In the second quarter of 2025, Ripley posted a 3.7% year-on-year increase in revenues compared to the same period in 2024. This performance was driven by a favorable macroeconomic context in Peru – including lower inflation and stronger consumer activity – together with the appreciation of the Peruvian sol against the Chilean peso. In addition, growth in the banking segment in Chile contributed positively, with the loan portfolio expanding 18.6% YoY. ● Retail revenues rose 2.6% YoY, reaching CLP 391,785 million, mainly supported by performance in Peru. In this market, same -store sales (SSS) grew 9.0%, favored by a more dynamic economic environment, lower inflation, and the appreciation of the Peruvian sol agai nst the Chilean peso. In Chile, revenues decreased 0.6% YoY, totaling CLP 247,610 million. This outcome reflects a 5.5% growth in SSS, driven by tourism inflows, offset by a lower store count and reduced e -commerce sales volumes, consistent with the Company’s profitability-oriented strategy. ● Banking revenues increased 6.1% year-on-year, reaching CLP 129,555 million. In Chile, stronger commercial activity led to an 18.6% YoY expansion in the end -of-period loan portfolio, mainly due to higher sales of financial products. A notable improvement was obser ved in the net cost of risk over portfolio 1, which decreased from 10.3% in 2Q24 to 7.7%2 in 2Q25. Along with continued enhancements in origination models and collection channels, this contributed to a sustained reduction in delinquency levels, with loans over 90 days past due (excluding the high -liquidity years of pension withdrawals in 2021 and 2022) declining to 3.5% in 2Q25, from 5.1% in 4Q23. In Peru, the loan portfolio grew 0.7% YoY, with a significant improvement in loans over 90 days past due, reaching 3.3% in 2Q25. Net cost of risk 3 declined substantially, from 20.6% in 2Q24 to 13.7% in 2Q25. 1 Net cost of risk for the quarter annualized (quarterly net provision expense multiplied by 4, divided by average gross loan portfolio). 2 In June 2025, a reversal of CLP 2,082 million in additional specific provisions was recorded. Excluding this reversal, the qu arterly net cost of risk over the average portfolio was 8.5%. 3 Net cost of risk for the quarter annualized (quarterly net provision expense multiplied by 4, divided by average gross loan portfolio). CONSOLIDATED RIPLEY CORP (amounts in MMCLP) 2Q25 2Q24 Var % 6M25 6M24 Var % Revenues from ordinary activities 533.160 514.157 3,7% 1.028.366 975.225 5,4% Cost of sales (336.918) (343.028) (1,8%) (651.425) (659.754) (1,3%) Gross Profit 196.242 171.129 14,7% 376.942 315.470 19,5% SG&A expenses (167.043) (150.569) 10,9% (324.685) (292.067) 11,2% EBIT 29.199 20.560 42,0% 52.257 23.403 123,3% Other income (losses) (2.570) 5.567 N/A (2.649) 5.605 N/A Net financial cost (11.735) (11.451) 2,5% (23.392) (22.702) 3,0% Share of post-tax profits of associates 3.293 2.245 46,7% 6.360 5.662 12,3% Exchange difference & results per adjustment units 492 (9.103) N/A 557 (3.331) N/A Income/loss before taxes 18.680 7.817 139,0% 33.133 8.637 283,6% Income tax expense (2.944) 3.307 N/A (2.021) 7 N/A Income (loss) from continued operations 15.736 11.125 41,5% 31.112 8.645 259,9% Non-controlling interest (65) (5) 1166,7% (54) 61 N/A Controlling interest Net Income 15.801 11.130 42,0% 31.166 8.584 263,1% EBITDA 49.004 40.405 21,3% 92.007 62.578 47,0% AccumulatedQuarterly
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5 ● The real estate segment posted an 8.0% YoY increase in revenues , driven by the ramp -up of Mall Aventura Iquitos and Mall Aventura San Juan de Lurigancho, as well as improved operating indicators across all shopping centers. Traffic grew 10.0% YoY, tenant sales increased 11.6% in local currency, and the consolidated occupancy rate reached 97.1%, representing a 60 bps improvement compared to 2Q ● Gross profit for the second quarter increased 14.7%, reaching CLP 196,242 million, with a gross margin of 36.8%, a 352 bps improvement compared to the prior year. This performance was mainly supported by a 38.2% higher contribution from the banking segment, whose margin expanded by 1,279 bps, reflecting a lower cost of risk in Chile (-12.3%) and Peru (-33.7%), as well as a reduction in funding costs in both countries. Additionally, the retail segment increased its contribution by 10.5%, with margin expanding from 28.0% to 30.2% in 2Q25, explained by lower i nventory obsolescence and improved profitability in online sales. The real estate segment’s contribution rose 12.2%, supported by the ramp-up of new shopping centers and the YoY appreciation of the PEN against the CLP. ● Selling, General and Administrative Expenses (SG&A) increased 10.9% year -on-year, driven by a 13.2% rise in Chile and 5.5% in Peru (in CLP). In Chile, the 11.7% increase in the retail segment was mainly explained by higher personnel expenses – resulting from the increase in the minimum wage (+13.7%), CPI adjustments (+4.1%), and the implementation of the 40-hour workweek law – along with higher spending on technology, marketing, and advisory services. In the banking segment, the increase was also driven by higher personnel expenses (minimum wage adjustments, CPI, and the implementation of the 40-hour law), higher technology spending with a focus on cybersecurity, and greater commercial activity. In Peru, expenses decreased 0.6% in local currency, reflecting efficiencies in the real estate and banking segments. However, in CLP terms, expenses increased 5.5%, reflecting the appreciation of the PEN against the CLP. Despite this, Peru achieved greater expense dilution of 57 bps, improving from 24.8% in 2Q24 to 24.3% in 2Q25. ● As a result, EBITDA reached CLP 49,004 million in 2Q25, up 21.3% YoY with a 133 bps margin expansion, mainly driven by the performance of the banking segment and retail and real estate operations in Peru. Banking segment EBITDA increased CLP 13,103 million YoY, with a 957 bps margin improvement, rising from 9.4% to 19.0% in 2Q25, explained by lower cost of risk and reduced funding costs in both countries. Real estate EBITDA grew 10.0% YoY, reaching CLP 14,569 million and a margin of 88.3% (+161 bps), reflecting the ramp-up of new shopping centers in Peru. Lastly, the retail segment reported a YoY increase of CLP 551 million, with a stable 5.0% margin, reflecting higher profitability in Peru – which achieved its best result in 15 years – offset by lower expense dilution in Chile. ● Non-operating results showed a loss of CLP 10,519 million, an improvement of CLP 2,223 million compared to 2Q24. This variation was mainly explained by a better result in Foreign exchange differences (+CLP 9,459 million) and Equity method income (+CLP 1,049 million), p artially offset by lower Other gains ( -CLP 8,137 million), due to a smaller revaluation of Mall Aventura assets compared to the same period last year. ● As a result, Ripley posted net income of CLP 15,736 million in the second quarter of 2025, representing an increase of CLP 4,612 million versus 2Q24.
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6 3. Recent Highlights ● Ripley Corp joins the new MSCI Nuam Index Ripley Corp was included in the new MSCI Nuam Index, developed by MSCI in partnership with Nuam Exchange, which brings together 56 leading companies from Chile, Peru, and Colombia. This inclusion enhances the Company’s regional visibility and reinforces its commitment to sustainable growth and the capital markets. ● Ripley Perú recognized at eCommerce Day 2025 At eCommerce Day 2025 held in Lima, Ripley Peru was awarded – for the second consecutive year – the Ecommerce Award in the “App & In -store Experience” category. This recognition reflects the commitment and efforts of our teams to deliver an integrated, high-quality shopping experience to our customers across both digital channels and physical stores. ● Ripley Corp holds Investor Day 2025 On June 10, Ripley Corp held its Investor Day 2025, highlighting its ability to adapt in a challenging environment while advancing toward a more agile, profitable structure prepared for a new stage of growth. With a customer-centric approach, a focus on profitability, and an integrated omnichannel ecosystem, the Company presented significant progress across all its business units – retail, banking, and real estate – and reaffirmed its strong presence and growth potential in Peru. ● Chile and Peru recognized in Merco Talento 2025 In the latest edition of Merco Talento, Ripley Chile was distinguished with 3rd place in the Retail category and ranked 28th overall among 200 companies, reflecting the strength of its organizational culture and commitment to employee development. Meanwhil e, Ripley Peru consolidated its position at 27th overall and stood out exceptionally by ranking 3rd in the sector ranking, reaffirming its ability to attract and retain talent. ● Mall Aventura recognized in the CX Index For the third consecutive year, Mall Aventura ranked 13th nationwide in Peru among the brands with the best consumer experience, and Top 3 in the Shopping Center category in the CX Index 2025, a study conducted by DATUM. This recognition celebrates the team’s commitment to providing every customer with a memorable experience. ● Banco Ripley Chile launches new banking plans During the second quarter, Banco Ripley Chile introduced its new Light, Pro, and Black plans – a flexible offering designed to adapt to different lifestyles. This initiative aims to expand access to financial services with tangible benefits and personalized solutions, strengthening customer relationships. ● Ripley Peru recognized in Best Internship Experiences (BIE) Ripley Peru was recognized as one of the best places to undertake internships in Peru, ranking within the Top 6 out of 21 Peruvian companies. According to the Best Internship Experiences (BIE) study conducted by FirstJob, the evaluation covered aspects such as learning opportunities, benefits, infrastructure, and more.
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7 4. Progress in our ESG Strategy Circular Ripley ● Products with sustainable attributes Ripley remains committed to sustainability in its private label product lines, setting the goal that by 2026, 100% of apparel (men’s, women’s, kids, and sportswear) will include at least one sustainable attribute or process certified by an international body. As of the end of the second quarter of 2025, progress on this indicator reached 89%. ● Circular economy partnership with Sonner We continue to strengthen our partnership with Sonner, a Chilean start -up and pioneer in sustainable acoustics, to which we have delivered more than 1,300 kilograms of discontinued corporate uniforms from our retail and financial operations in Chile. These materials have been transformed into acoustic panels that today enhance sound quality in offices and meeting rooms. This project generates a double positive impact: it revalues and reintegrates our waste into operations while improving the quality of life of more than 1,200 employees who use these spaces. ● Initiatives to promote circularity During the second quarter, we reinforced our initiatives to promote circularity in the fashion industry. Through Brother brand workshops held in our Parque Arauco store, we have encouraged reuse and upcycling, reaching 141 sewing and repair sessions to dat e, inviting our customers to give new life to their garments. In addition, we participated in Mall Plaza’s “De mano en mano” campaign, in partnership with Ropantic, promoting textile exchange and cross -brand collaboration to encourage more conscious consumption habits. Responsible Ripley ● Banco Ripley Financial Education Program “Corta y Clara” For the third consecutive year, Banco Ripley promoted the Corta y Clara program together with Duoc UC and Fundación Entrepreneur, training 28 monitors and 5 Bank leaders to deliver financial education workshops and talks. This year, the program aims to reach 1,350 students, fostering a more conscious and healthy relationship with money. ● Renewable energy at Mall Aventura Mall Aventura’s locations in Santa Anita, San Juan de Lurigancho, and Arequipa continued to operate with electricity supplied by Enel Group companies, certified by SGS as 100% renewable. In addition, since January 2025, Mall Chiclayo has joined this group, also operating with energy from 100% renewable sources. ● Private Label Vendor Audit With the objective of reinforcing our responsibility across the entire value chain, we implemented a Vendor Code of Business Conduct and Ethics, which has been signed by all our international private label suppliers managed from our Hong Kong office. Furth ermore, 100% of these suppliers have been audited and hold internationally recognized certifications such as QUIMA (under the Smeta 2-Pillar standard), WRAP, or BSCI.
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8 We are all Ripley ● June: Diversity Month In June, we celebrated Diversity Month, reinforcing our commitment to inclusive workplaces in both Chile and Peru. Key highlights included the launch of the Sunflower Hidden Disabilities project, the dissemination of our Inclusive and Preferential Customer Service Manual, and awareness activitie s on sexual diversity. In addition, we conducted our annual diversity survey and, in Peru, trained human resources leaders from all our stores —in collaboration with the Ministry of Women and Vulnerable Populations— to strengthen labor inclusion for people with different abilities. ● World Environment Day: Volunteering with WaterIsLife in Ripley Peru To commemorate World Environment Day and promote water conservation, our Volunteer Team, together with WaterIsLife and the NGO Juguete Pendiente, delivered water filters to 50 families from the Villas de Ancón settlement. Through these state -of-the-art fil ters, families gained access to safe drinking water, contributing to their well-being and improving their quality of life.
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9 5. Business Results 5.1 Digital Advances In 2025, we continued to focus on monetizing our physical -digital ecosystem, which recorded over 50 million average digital visits during the last quarter, reflecting 3.7% growth in 2Q25. This increase was mainly driven by Peru, along with the strong performance of the Ripley App, which achieved approximately 70% YoY growth in visitors. Given the focus on profitability, digital sales (GMV) decreased 3.2% YoY, with penetration reaching 28.0% in 2Q25. This was explained by stronger growth in physical store sales versus digital in Chile, as well as a greater emphasis on softline products, which increased their share of digital sales by 3 percentage points compared to 2Q24. As of June 2025, the Ripley App surpassed 9 million cumulative downloads across both countries, accounting for more than 60% of the Company’s digital transactions and becoming one of the leading shopping apps in Chile and Peru. Meanwhile, in our Marketplace (3P), we are implementing a strategic shift aimed at strengthening our focus on Sellers that generate the greatest contribution and reinforce Ripley’s value proposition. Our digital banking platform continues to gain traction, with 93% of our customers being served through digital channels, maintaining the same level as in the previous year. Total Visits1 thousands 50.055 48.246 3,7% Consolidated Retail Total Sold Units 2 thousands 2.145 2.077 3,3% Digital Sales GMV MMCLP 138.221 142.720 -3,2% Sales GMV 1P MMCLP 114.262 120.302 -5,0% Sales GMV 3P MMCLP 23.959 22.418 6,9% Shares Digital Sales % 28,0% 30,5% -2,5 p.p. Number of Sellers n° 3.333 5.264 -36,7% Consolidated Bank Digital Clients 3 % 93% 93% 0,1 p.p. 1/ Considers the monthly average of quarterly digital visits, from the retail and banking segment 2/ Considers units sold quarterly (1P) 3/ Digital customers / Total customers Ripley Corp Unit 2Q25 2Q24 Variation 1Q25/1Q24
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10 5.2. Retail Segment During 2Q25, retail segment revenues increased 2.6% year -on-year, totaling CLP 391,785 million. This growth was driven by solid performance in Peru, partially offset by Chile. In Peru, revenues grew 8.7% in CLP, as a result of a 4.7% increase in local curr ency and the appreciation of the Peruvian sol against the Chilean peso. This performance was supported by a 9.0% increase in same-store sales (SSS), offset by a lower store count and the Company’s profitability focus in the e-commerce channel. In Chile, revenues decreased 0.6% YoY, reaching CLP 247,610 million. Although SSS grew 5.5%, boosted by foreign tourism, this effect was offset by a reduced store base and lower e-commerce sales volume due to the focus on profitability. A highlight was the expansion of the consolidated gross margin, which grew 215 bps to 30.2% in 2Q25, driven by improvements in both countries. In Chile, the gross margin expanded 257 bps, while in Peru it expanded 164 bps, reflecting lower inventory obsole scence, reduced promotional activity, and a shift in product mix toward higher-margin categories. In Chile, inventory days increased by 10.3 days versus 2Q24, reaching 115.6 days, explained by faster turnover of winter-season items in 2024 due to colder-than-usual temperatures that year. Nevertheless, obsolete inventory remained at low levels, similar to last year. In Peru, inventory days remained stable at 130.9 days in 2Q25, while obsolete inventory was reduced by 0.5 percentage points compared to 2Q24, reaching 2.6%. Selling, general and administrative expenses (SG&A) increased 9.4% in CLP and 8.3% excluding the effect of PEN/CLP appreciation. As a percentage of revenues, SG&A/Sales rose from 27.0% in 2Q24 to 28.8% in 2Q25, reflecting lower expense dilution in Chile, p artially offset by improvements in Peru. In Chile, expenses grew 11.7% YoY, mainly due to higher fixed salaries stemming from the increase in minimum wage (+13.7%) and CPI (+4.1%), as well as the impact of the new 40 -hour workweek law. Additional contribut ors included higher spending on technology, marketing, and advisory services. In Peru, expenses grew 4.2% in CLP but only 0.5% in local currency, allowing for improved operating efficiency, with expense dilution improving from 23.1% in 2Q24 to 22.2% in 2Q25. Retail Segment (amounts in MMCLP) 2Q25 2Q24 Var % 2Q25 2Q24 Var % 2Q25 2Q24 Var % Revenues 247.610 249.197 (0,6%) 144.176 132.614 8,7% 391.785 381.811 2,6% Gross Profit 78.867 72.979 8,1% 39.416 34.078 15,7% 118.283 107.057 10,5% Gross Margin 31,9% 29,3% 2,6 p.p. 27,3% 25,7% 1,6 p.p. 30,2% 28,0% 2,2 p.p. SG&A expenses (80.984) (72.528) 11,7% (31.936) (30.653) 4,2% (112.920) (103.181) 9,4% SG&A/Revenues (32,7%) (29,1%) -3,6 p.p. (22,2%) (23,1%) 1,0 p.p. (28,8%) (27,0%) -1,8 p.p. EBIT (2.116) 451 N/A 7.480 3.426 118,3% 5.364 3.876 38,4% Operational Margin (0,9%) 0,2% -1,0 p.p. 5,2% 2,6% 2,6 p.p. 1,4% 1,0% 0,4 p.p. Non-Operational Income (3.524) (968) 264,1% (651) (3.320) (80,4%) (4.175) (4.288) (2,6%) Net Income (2.985) 442 N/A 4.582 (262) N/A 1.597 180 788,5% EBITDA 7.973 10.959 (27,2%) 11.608 8.071 43,8% 19.581 19.030 2,9% EBTIDA Margin 3,2% 4,4% -1,2 p.p. 8,1% 6,1% 2,0 p.p. 5,0% 5,0% 0,0 p.p. Retail Segment (amounts in MMCLP) 2Q25 2Q24 Var % 6M25 6M24 Var % 6M25 6M24 Var % Revenues 484.715 458.198 5,8% 262.566 245.793 6,8% 747.281 703.991 6,1% Gross Profit 151.830 129.955 16,8% 68.850 59.561 15,6% 220.680 189.516 16,4% Gross Margin 31,3% 28,4% 3,0 p.p. 26,2% 24,2% 2,0 p.p. 29,5% 26,9% 2,6 p.p. SG&A expenses (156.507) (140.244) 11,6% (61.130) (59.176) 3,3% (217.638) (199.420) 9,1% SG&A/Revenues (32,3%) (30,6%) -1,7 p.p. (23,3%) (24,1%) 0,8 p.p. (29,1%) (28,3%) -0,8 p.p. EBIT (4.677) (10.289) (54,5%) 7.720 384 1908,4% 3.043 (9.904) N/A Operational Margin (1,0%) (2,2%) 1,3 p.p. 2,9% 0,2% 2,8 p.p. 0,4% (1,4%) 1,8 p.p. Non-Operational Income (6.136) (4.384) 40,0% (1.567) (5.449) (71,2%) (7.704) (9.833) (21,7%) Net Income (5.680) (9.331) (39,1%) 3.719 (4.376) N/A (1.961) (13.707) (85,7%) EBITDA 15.489 10.711 44,6% 16.022 9.560 67,6% 31.512 20.271 55,5% EBTIDA Margin 3,2% 2,3% 0,9 p.p. 6,1% 3,9% 2,2 p.p. 4,2% 2,9% 1,3 p.p. Chile Peru Consolidated Chile Peru Consolidated
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11 EBITDA increased CLP 551 million YoY, reaching CLP 19,581 million in 2Q25, with a stable margin of 5.0%. This result reflects higher profitability in Peru, where EBITDA margin rose from 6.1% in 2Q24 to 8.1% in 2Q25 – the best performance in the last 15 years – offsetting lower margins in Chile (3.2% in 2Q25 vs. 4.4% in 2Q24). At a consolidated level, the segment’s non -operating result recorded a net expense of CLP 4,175 million in 2Q25, slightly lower than the net expense of CLP 4,288 million in 2Q24. This improvement of CLP 112 million was mainly explained by a CLP 1,703 milli on better result in foreign exchange differences, associated with the USD/PEN variation on lease liabilities (IFRS 16) in Peru (the PEN appreciated against the USD in 2025 compared to a depreciation in 2024), and lower net financial costs. These effects we re partially offset by a lower result in Other gains of CLP 2,352 million, reflecting the impact of store closures in 2024 and 2025. 5.3 Banking Segment4 During the second quarter of 2025, banking segment revenues totaled CLP 129,555 million, representing a 6.1% increase compared to the same period last year. This growth was mainly explained by the expansion of the consolidated loan portfolio, which increased 14.4% YoY, driving higher interest income in both countries (in CLP). In Chile, the gross loan portfolio grew 18.6% versus 2Q24, supported by higher placements of financial products. This growth was accompanied by an improvement in portfolio quality, highlighted by the reduction of loans over 90 days past due to historically low levels for the bank (3.5%), excluding the high -liquidity years generated by pension withdrawals. As a result, net cost of risk decreased 12.3%, which, along with a 9.6% reduction in funding costs, led to a 25.5% increase in gross profit compared to 2Q 24. SG&A expenses in Chile rose 24.6%, mainly due to higher fixed salaries (adjustments for minimum wage increases, CPI, and 4 These correspond to the financial statements prepared in accordance with the instructions issued by the banking regulators of each country (CMF and SBS). In the Central Office segments of each country, the corresponding IFRS adjustments are made, such as I FRS 9, mainly related to net cost of risk (expected loss). Banking Segment (amounts in MMCLP) 2Q25 2Q24 Var % 2Q25 2Q24 Var % 2Q25 2Q24 Var % Revenues 92.044 85.963 7,1% 37.511 36.151 3,8% 129.555 122.114 6,1% Gross Profit 50.930 40.591 25,5% 20.349 10.980 85,3% 71.279 51.571 38,2% Gross Margin 55,3% 47,2% 8,1 p.p. 54,2% 30,4% 23,9 p.p. 55,0% 42,2% 12,8 p.p. SG&A expenses (36.993) (29.678) 24,6% (15.466) (15.214) 1,7% (52.459) (44.891) 16,9% SG&A/Revenues (40,2%) (34,5%) -5,7 p.p. (41,2%) (42,1%) 0,9 p.p. (40,5%) (36,8%) -3,7 p.p. EBIT 13.937 10.914 27,7% 4.883 (4.234) N/A 18.820 6.680 181,7% Operational Margin 15,1% 12,7% 2,4 p.p. 13,0% (11,7%) 24,7 p.p. 14,5% 5,5% 9,1 p.p. Non-Operational Income 58 247 (76,6%) (5) (32) (85,4%) 53 215 (75,3%) Net Income 11.097 9.074 22,3% 3.393 (3.337) N/A 14.490 5.737 152,6% EBITDA 18.409 14.474 27,2% 6.145 (3.023) N/A 24.554 11.451 114,4% EBTIDA Margin 20,0% 16,8% 3,2 p.p. 16,4% -8,4% 24,7 p.p. 19,0% 9,4% 9,6 p.p. Banking Segment (amounts in MMCLP) 6M25 6M24 Var % 6M25 6M24 Var % 6M25 6M24 Var % Revenues 182.280 174.039 4,7% 74.729 75.948 (1,6%) 257.009 249.987 2,8% Gross Profit 100.971 78.592 28,5% 41.475 20.579 101,5% 142.446 99.170 43,6% Gross Margin 55,4% 45,2% 10,2 p.p. 55,5% 27,1% 28,4 p.p. 55,4% 39,7% 15,8 p.p. SG&A expenses (73.727) (58.072) 27,0% (31.829) (30.096) 5,8% (105.557) (88.168) 19,7% SG&A/Revenues (40,4%) (33,4%) -7,1 p.p. (42,6%) (39,6%) -3,0 p.p. (41,1%) (35,3%) -5,8 p.p. EBIT 27.243 20.520 32,8% 9.646 (9.517) N/A 36.890 11.003 235,3% Operational Margin 14,9% 11,8% 3,2 p.p. 12,9% (12,5%) 25,4 p.p. 14,4% 4,4% 10,0 p.p. Non-Operational Income 2 55 (96,8%) (37) (188) (80,4%) (35) (133) (73,7%) Net Income 22.023 16.502 33,4% 6.668 (7.155) N/A 28.690 9.348 206,9% EBITDA 36.271 27.447 32,1% 12.205 (7.271) N/A 48.476 20.176 140,3% EBTIDA Margin 19,9% 15,8% 4,1 p.p. 16,3% -9,6% 25,9 p.p. 18,9% 8,1% 10,8 p.p. Chile Peru Consolidated Chile Perú Consolidated
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12 implementation of the 40-hour workweek law), higher variable compensation driven by increased commercial activity, and higher spending on technology and cybersecurity. In terms of risk, the quarterly net cost of risk over average loan portfolio reached 7.7% in 2Q25, a significant reduction from 10.3% in 2Q24, in line with the favorable evolution of delinquency indicators. In Peru, the gross loan portfolio increased 4.0% YoY in CLP (0.7% in local currency) compared to 2Q24. Revenues remained stable in local currency and grew 3.8% in CLP, reflecting the appreciation of the PEN against the CLP. Gross profit increased 85.3% in CLP versus 2Q24, explained by a 33.7% reduction in net cost of risk, a 29.5% decrease in funding costs, and the effect of currency appreciation. Specifically, the quarterly net cost of risk over average loan portfolio declined from 20.6% in 2Q24 to 13.7% in 2Q25, an improvement of 6.9 percentage points. As a result, banking segment EBITDA reached CLP 24,554 million in 2Q25, representing an increase of CLP 13,103 million compared to the same quarter of the previous year. This improvement was mainly explained by the reduction in net cost of risk and lower funding costs in both operations.
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13 5.4 Real Estate Segment During the second quarter of 2025, consolidated real estate segment revenues reached CLP 16,506 million, representing an 8.0% increase compared to the same period last year. This performance mainly reflects a 4.9% increase in revenues from operations in Pe ru (in local currency), along with the positive effect of the appreciation of the Peruvian sol against the Chilean peso (PEN/CLP). Consolidated EBITDA totaled CLP 14,569 million, up 10.0% YoY, reaching an EBITDA margin of 88.3% in 2Q25, representing a 161 bps expansion versus 2Q24. Finally, segment net income amounted to CLP 9,566 million, a 1.2% YoY increase. Non-operating results in the real estate segment decreased by CLP 1,455 million YoY, mainly explained by a lower contribution from the “Other gains” line, which declined by CLP 5,616 million due to a smaller revaluation of Mall Aventura assets. This was pa rtially offset by a CLP 3,264 million improvement in Foreign exchange differences, driven by the appreciation of the PEN against the USD in 2025 (contrasting with the depreciation observed in 2024), positively impacting IFRS 16 lease liabilities. In additi on, there was a CLP 1,049 million improvement in the Share of profit of associates line, explained by a CLP 2,098 million higher net income contribution from Grupo Marina compared to 2Q24. In Chile, results from the segment mainly derive from Ripley’s 50% ownership in the associate Inmobiliaria Mall Viña del Mar S.A. (IMVM). During the quarter, the segment reported net income of CLP 3,447 million, of which CLP 3,293 million corresponded to Ripley’s share in IMVM. In 2Q25, IMVM posted 7.9% revenue growth versus 2Q24 and an 11.4% increase in EBITDA, reaching CLP 15,781 million, with a margin of 93.8% (a 293 bps improvement). Tenant sales rose 4.8% YoY, and the occupancy rate remained at high levels, reaching 95.7% in the second quarter. Real Estate Segment (amounts in MMCLP) 2Q25 2Q24 Var % 2Q25 2Q24 Var % 2Q25 2Q24 Var % Revenues 35 33 4,2% 16.471 15.253 8,0% 16.506 15.287 8,0% Gross Profit 35 33 4,2% 15.080 13.433 12,3% 15.115 13.466 12,2% Gross Margin 100,0% 100,0% 0,0 p.p. 91,6% 88,1% 3,5 p.p. 91,6% 88,1% 3,5 p.p. SG&A expenses (1) (1) (6,7%) (591) (263) 125,1% (592) (263) 124,8% SG&A/Revenues (1,7%) (1,9%) 0,2 p.p. (3,6%) (1,7%) -1,9 p.p. (3,6%) (1,7%) -1,9 p.p. EBIT 34 33 4,4% 14.489 13.170 10,0% 14.523 13.203 10,0% Operational Margin 98,3% 98,1% 0,2 p.p. 88,0% 86,3% 1,6 p.p. 88,0% 86,4% 1,6 p.p. Non-Operational Income 3.637 2.695 34,9% (5.745) (3.348) 71,6% (2.108) (653) 222,8% Net Income 3.447 2.549 35,2% 6.119 6.906 (11,4%) 9.566 9.455 1,2% EBITDA 34 33 4,4% 14.535 13.214 10,0% 14.569 13.247 10,0% EBTIDA Margin 98,3% 98,1% 0,2 p.p. 88,2% 86,6% 1,6 p.p. 88,3% 86,7% 1,6 p.p. Real Estate Segment (amounts in MMCLP) 6M25 6M24 Var % 6M25 6M24 Var % 6M25 6M24 Var % Revenues 73 73 0,1% 32.895 30.717 7,1% 32.968 30.789 7,1% Gross Profit 73 73 0,1% 29.499 26.476 11,4% 29.571 26.549 11,4% Gross Margin 100,0% 100,0% 0,0 p.p. 89,7% 86,2% 3,5 p.p. 89,7% 86,2% 3,5 p.p. SG&A expenses (1) (1) 0,3% (903) (840) 7,5% (905) (841) 7,5% SG&A/Revenues (1,8%) (1,8%) 0,0 p.p. (2,7%) (2,7%) 0,0 p.p. (2,7%) (2,7%) 0,0 p.p. EBIT 71 71 0,1% 28.595 25.636 11,5% 28.667 25.707 11,5% Operational Margin 98,2% 98,2% 0,0 p.p. 86,9% 83,5% 3,5 p.p. 87,0% 83,5% 3,5 p.p. Non-Operational Income 7.142 6.400 11,6% (9.401) (8.508) 10,5% (2.259) (2.108) 7,2% Net Income 6.978 6.178 12,9% 13.396 11.976 11,9% 20.374 18.154 12,2% EBITDA 71 71 0,1% 28.690 25.720 11,5% 28.761 25.791 11,5% EBTIDA Margin 98,2% 98,2% 0,0 p.p. 87,2% 83,7% 3,5 p.p. 87,2% 83,8% 3,5 p.p. Chile Peru Chile Peru Consolidated Consolidated 2Q25 Ownership Country Investment¹ (MMCLP) GLA (m²) Malls Inm. Mall Viña del Mar S.A. 50% Chile 153.620 189.305 3 Mall Aventura S.A. 100% Perú 642.245 321.480 5 Total 795.865 510.785 8 1/ The balance sheet amounts are considered: for Inm. Mall Viña del Mar S.A., Inversiones en Asociadas; and for Mall Aventura S.A., Plusvalía and Propiedades, Planta y Equipos de inversión.
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14 In Peru, results came exclusively from Mall Aventura S.A., a wholly owned subsidiary of Ripley. During the quarter, segment revenues increased 8.0% in CLP, reaching CLP 16,471 million, representing a 4.9% increase in local currency. Mall Aventura continued to show improvements in its key operating metrics, highlighted by 11.6% YoY tenant sales growth and a 61 bps improvement in the occupancy rate, which reached 97.1%. As a result, EBITDA for the period rose 10.0% versus 2Q24, totaling CLP 14,535 million, wi th an EBITDA margin of 88.2%, equivalent to a 161 bps expansion. 5.5 Headquarters and Consolidation Adjustments Segment In the Corporate Offices segment, consolidation adjustments are recognized for intercompany transactions, the differences arising between the regulatory provisioning model and the IFRS 9 expected loss model for the banking segment, contributions from joint businesses, and expenses related to corporate payrolls in each country. In recent quarters, the most significant adjustment in the Corporate Offices segment has been related to differences with respect to IFRS 9 in the banking segment. In the case of Peru, since the regulatory model corresponds to an incurred-loss approach, the following differences arise: (i) the gap between provisions under the expected -loss model (IFRS 9) and the regulatory provisioning model, and (ii) any additional provisions beyond those required by regulation. Accordingly, the gap generated in the quarter is explained by differences between the regulatory provisioning model and the expected-loss model. As a result, during the second quarter of 2025, the Peru Corporate Offices segment recorded a provision expense of CLP 2,122 million. Regarding retail cost of sales, the collaboration with the banking business generated additional benefits for the retail segment, which are eliminated at the accounting level in the Corporate Offices segment. Meanwhile, SG&A expenses are mainly related to corporate functions in each country. Headquarters (amounts in MMCLP) 2Q25 2Q24 Var % 2Q25 2Q24 Var % 2Q25 2Q24 Var % 2Q25 2Q24 Var % Revenues (1.745) (1.876) (7,0%) (1.499) (1.868) (19,8%) (1.442) (1.310) 10,1% (4.686) (5.054) (7,3%) Cost of sales (4.010) (2.332) 72,0% (1.190) 5.104 N/A 1.452 1.316 10,3% (3.748) 4.088 N/A Cost of sales Retail (5.011) (2.111) 137,4% 1.196 577 107,4% 1.452 1.316 10,3% (2.363) (218) 983,0% Cost of sales Banking 1.002 (221) N/A (2.122) 4.773 N/A - - 0,0% (1.121) 4.552 N/A Interest expenses 0 0 206,3% - - 0,0% - - 0,0% 0 0 206,3% Cost net of risk - (1.000) (100,0%) (2.122) 4.773 N/A - - 0,0% (2.122) 3.773 N/A Others 1.001 779 28,6% - - 0,0% - - 0,0% 1.001 779 28,6% Real Estate Cost of Sales - - 0,0% (264) (246) 7,5% - - 0,0% (264) (246) 7,5% Gross Profit (5.755) (4.208) 36,8% (2.689) 3.236 N/A 9 6 55,1% (8.435) (966) 773,0% SG&A expenses 45 (2.011) N/A 303 927 (67,3%) (1.421) (1.150) 23,6% (1.073) (2.233) (52,0%) EBIT (5.710) (6.219) (8,2%) (2.386) 4.163 N/A (1.411) (1.144) 23,4% (9.507) (3.200) 197,1% Non-operational Income 4.381 (613) N/A 452 949 (52,4%) (9.122) (8.353) 9,2% (4.289) (8.017) (46,5%) Net Income 493 (390) N/A (1.457) 3.630 N/A (8.953) (7.487) 19,6% (9.917) (4.247) 133,5% EBITDA (5.487) (5.984) (8,3%) (2.802) 3.805 N/A (1.411) (1.144) 23,4% (9.700) (3.323) 191,9% Headquarters (amounts in MMCLP) 6M25 6M24 Var % 6M25 6M24 Var % 6M25 6M24 Var % 6M25 6M24 Var % Revenues (3.443) (3.486) (1,2%) (2.832) (3.594) (21,2%) (2.618) (2.462) 6,3% (8.892) (9.542) (6,8%) Cost of sales (7.755) (3.324) 133,3% (1.734) 10.656 N/A 2.625 2.446 7,3% (6.864) 9.778 N/A Cost of sales Retail (9.620) (3.844) 150,3% 1.255 728 72,4% 2.625 2.446 7,3% (5.740) (670) 757,0% Cost of sales Banking 1.865 520 258,5% (2.469) 10.417 N/A - 0 (100,0%) (604) 10.937 N/A Interest expenses 1 0 205,7% - 1 (100,0%) - 0 (100,0%) 1 1 (27,3%) Cost net of risk - (1.000) (100,0%) (2.469) 10.417 N/A - 0 (100,0%) (2.469) 9.417 N/A Others 1.864 1.520 22,6% - 1 (100,0%) - - 0,0% 1.864 1.521 22,5% Real Estate Cost of Sales - - 0,0% (520) (489) 6,2% - 0 (100,0%) (520) (489) 6,2% Gross Profit (11.198) (6.810) 64,4% (4.565) 7.061 N/A 8 (16) N/A (15.756) 236 N/A SG&A expenses 189 (3.487) N/A 1.462 1.949 (25,0%) (2.237) (2.101) 6,5% (586) (3.638) (83,9%) EBIT (11.009) (10.296) 6,9% (3.104) 9.011 N/A (2.230) (2.117) 5,3% (16.342) (3.402) 380,3% Non-operational Income 7.529 9.649 (22,0%) 1.055 1.658 (36,4%) (17.710) (13.998) 26,5% (9.126) (2.691) 239,1% Net Income 2.049 1.629 25,8% (1.505) 7.520 N/A (16.535) (14.299) 15,6% (15.991) (5.150) 210,5% EBITDA (10.576) (9.840) 7,5% (3.936) 8.296 N/A (2.230) (2.117) 5,3% (16.742) (3.660) 357,4% Chile Peru Chile Peru Corporate Consolidated Corporate Consolidated
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15 Non-operating results are mainly associated with financial expenses and foreign exchange differences from related-party transactions, which are eliminated upon consolidation. In addition, corporate financial expenses and monetary adjustments from UF-denominated bonds are recorded. Taking all of this into account, the Corporate Offices segment posted a negative EBITDA of CLP 9,700 million, compared to a negative EBITDA of CLP 3,323 million in the same period of the previous year. The CLP -6,676 million variation is mainly explained by the adjustment to the net cost of risk in Peru Corporate Offices (associated with the change in the provisioning model), which showed a variation of CLP -6,895 million.
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16 6. Key Indicators5 5 a) Exchange rate (PEN/CLP) observed at the end of each period. b) Open stores (average) are calculated based on the days open to the public during the quarter. The bank's portfolio corresponds to the gross portfolio at the end of the period. c) Delinquency is calculated using the functional currency of the country and based on the gross portfolio. d) Financial figures correspond to the banking segments of each country, following the methodologies of the regulators, CMF and SBS in Chile and Peru, respectively. e) In Chile, customer portfolio write-offs are made for all balances that are 180 days past due at the end of each month. In Peru, write-offs are made for balances that are 150 days past due and have not been judicialized. f) LTM portfolio considers the average portfolio of the last twelve months. g) margin of operational malls considers net income from the recovery of common expenses and other minor concepts. 2Q 3Q 4Q 1Q 2Q RETAIL CHILE Stores # 45 45 43 42 42 Sales area m ² 285.821 285.821 280.405 272.342 272.342 Variation in Retail Sales (YoY) % 5,6% 5,1% 7,9% 13,4% -0,6% SSS % 10,6% 9,8% 13,2% 26,2% 5,5% Inventory MMCLP 203.908 231.130 204.469 223.433 209.995 Inventory Days Days 105,3 134,0 89,8 117,3 115,6 RETAIL PERU Stores # 31 31 30 30 30 Sales area m ² 224.383 224.383 221.747 221.747 221.747 Variation in Retail Sales (YoY) % 22,1% 21,6% 19,0% 4,6% 8,7% SSS % 1,6% 11,3% 11,6% 9,4% 9,0% Inventory MPEN 566.932 582.471 533.991 576.744 587.678 Inventory Days Days 130,8 124,0 100,2 147,2 130,9 Exchange rate PEN/CLP 246 243 265 260 0 Inventory MMCLP 139.477 141.313 141.262 149.677 154.994 20252024RETAIL BUSINESS Unit 2Q 3Q 4Q 1Q 2Q RIPLEY BANKING CHILE Loan Flows MMCLP 432.154 410.656 513.769 452.135 494.734 Gross Loan Portfolio MMCLP 884.679 882.359 981.220 996.672 1.049.068 Provisions/ Total Gross Loan % 11,5% 11,2% 10,1% 9,5% 9,2% LTM Net risk cost/LTM Average Loan Portfolio % 13,2% 12,1% 10,0% 9,1% 8,5% Recovery net write-offs MMCLP 24.692 23.148 19.413 20.222 17.929 Net write-offs (LTM)/Average Loan Portf (LTM) % 13,5% 12,3% 10,8% 9,5% 8,5% Over 90 Days NPL's % 4,7% 4,2% 3,7% 3,5% 3,5% Number of credit cards with debt thousands 939 910 950 912 921 Basel % 17,29% 17,78% 15,01% 15,73% 15,83% RIPLEY BANKING PERU Loan Flows MPEN 746.708 751.881 873.486 798.134 842.987 Gross loan portfolio MPEN 1.382.948 1.290.266 1.360.418 1.353.426 1.392.569 Provisions/ Total Gross Loan % 9,8% 8,3% 7,5% 7,6% 7,7% LTM Net risk cost/LTM Average Loan Portfolio % 22,0% 20,3% 17,4% 14,6% 12,8% Recovery net write-offs MPEN 83.107 70.171 45.192 42.403 42.563 Net write-offs (LTM)/Average Loan Portf (LTM) % 22,5% 22,8% 21,4% 17,8% 14,9% Over 90 Days NPL's % 5,2% 4,1% 3,4% 3,1% 3,3% Number of credit cards with debt thousands 379 363 383 362 376 Basel % 14,72% 17,11% 17,48% 17,93% 18,50% Loan Flows MMCLP 186.607 186.298 224.000 207.767 218.457 Gross loan portfolio MMCLP 355.642 315.694 362.606 354.192 369.878 Recovery net write-offs MMCLP 20.769 17.387 11.589 11.038 11.030 20252024UnitBANKING BUSINESS
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17 2Q 3Q 4Q 1Q 2Q CHILE CONSOLIDATED GRUPO MARINA¹⁰ Tenant sales MMCLP 137.540 131.079 181.995 171.220 144.196 Vacancy % 95,4% 95,6% 95,4% 95,1% 95,7% GLA m² 189.357 189.344 189.342 189.305 189.305 EBITDA Margin of operating malls % 91% 91% 93% 91% 94% 2Q 3Q 4Q 1Q 2Q PERU CONSOLIDATED MALL AVENTURA Mall sales MPEN 539.162 594.573 701.057 589.383 601.652 Average Ocupancy Rate % 96,5% 96,7% 97,0% 96,8% 97,1% Average GLA m2 320.095 320.465 320.824 321.480 321.683 EBITDA Margin of operating malls % 87% 89% 92% 91% 92% Tenant sales MMCLP 134.740 147.321 179.781 153.426 155.916 MALL AVENTURA AREQUIPA Mall sales MPEN 159.860 171.959 205.724 170.026 173.408 Average Ocupancy Rate % 99,0% 98,6% 98,6% 97,0% 97,8% Average GLA m2 75.107 75.106 75.106 75.106 75.288 EBITDA Margin of operating malls % 93% 93% 97% 96% 98% Tenant sales MMCLP 39.950 42.607 52.756 44.260 44.938 MALL AVENTURA SANTA ANITA Mall sales MPEN 138.402 147.717 171.965 146.815 147.579 Average Ocupancy Rate % 92,5% 92,6% 93,2% 93,5% 93,7% Average GLA m2 88.314 88.373 89.046 90.368 90.370 EBITDA Margin of operating malls % 92% 89% 85% 88% 87% Tenant sales MMCLP 34.587 36.601 44.099 38.218 38.245 MALL AVENTURA CHICLAYO Mall sales MPEN 78.203 85.756 101.295 85.617 86.493 Average Ocupancy Rate % 95,3% 95,4% 96,0% 97,0% 97,4% Average GLA m2 48.271 48.582 48.242 47.563 47.564 EBITDA Margin of operating malls % 84% 89% 89% 87,9% 90,5% Tenant sales MMCLP 19.543 21.248 25.976 22.287 22.414 MALL AVENTURA IQUITOS Mall sales MPEN 61.303 72.606 81.247 66.950 68.336 Average Ocupancy Rate % 98,5% 98,6% 98,8% 98,6% 98,8% Average GLA m2 47.029 47.029 47.055 47.068 47.068 EBITDA Margin of operating malls % 83% 81% 99% 90% 93% Tenant sales MMCLP 15.320 17.990 20.835 17.428 17.709 MALL AVENTURA SAN JUAN DE LURIGANCHO Mall sales MPEN 101.394 116.536 140.827 119.975 125.835 Average Ocupancy Rate % 98,6% 99,6% 99,9% 99,7% 99,7% Average GLA m2 61.375 61.375 61.375 61.375 61.394 EBITDA Margin of operating malls % 80% 87% 92% 93% 95% Tenant sales MMCLP 25.339 28.875 36.114 31.232 32.610 20252024 20252025REAL ESTATE BUSINESS Unit REAL ESTATE BUSINESS Unit
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18 7. Financial Structure Ripley Corp closed 2Q25 with liquidity of CLP 513,813 million. The banking segment ended the quarter with liquidity of CLP 451,796 million, while the non -banking segment reported liquidity of CLP 62,016 million. The YoY decrease of CLP 17,432 million in the non -banking segment is mainly explained by dividend payments made by Ripley Corp to its shareholders, totaling CLP 12,100 million in 2Q25. Banking segment leverage: As of June 30, 2025, the segment’s net financial debt reached CLP 1,425 billion. Leverage (NFD/Equity) stood at 2.76x, up from 2.72x in June 2024, explained by higher financing needs due to the YoY increase in the consumer loan portfolio. In Chile, the solvency ratio (Basel) was lower than that observed in June 2024, due to new regulatory requirements implemented in December 2024, which increased capital requirements and adjusted asset classifications. A gradual stabilization is ex pected throughout 2025. In Peru, the ratio increased compared to 2024, mainly explained by a reduction in risk-weighted credit assets. Non-banking segment leverage: At the end of June 2025, net financial debt (NFD) amounted to CLP 413,684 million, reflecting an increase of CLP 12,216 million compared to June 2024. This variation was mainly explained by the reduction in cash following dividend payments by Ripley Corp to its shareholders (CLP 12,100 million) and the CLP 21,230 million increase in Other financial liabilities, which reflected the impact of inflation on UF - denominated debt (local bonds) of CLP 10,869 million and new debt of CLP 10,355 million from the Mall Aventura bond issuance in December 2024. This was partially offset by a CLP 26,446 million decrease in Lease liabilities, resulting from store closures in b oth countries. As a result, the leverage ratio NFD/Assets remained stable at 0.20x compared to the same period last year. jun-25 dec-23 jun-24 Chile 15,8% 15,0% 17,3% Peru 18,5% 17,5% 14,7% Basel RatioRipley Bank RIPLEY CORP (amounts in MMCLP) jun-25 jun-24 jun-25 jun-24 jun-25 jun-24 Cash and other financial assets, current (note 39) 62.016 46.198 186.394 229.226 248.411 275.425 Other financial assets, non-current (note 39) - 33.250 265.402 132.189 265.402 165.439 Cash and Equivalents 62.016 79.448 451.796 361.416 513.813 440.864 Other financial liabilities, current (note 39) 71.823 184.721 1.204.860 1.069.226 1.276.683 1.253.947 Other financial liabilities, non-current (note 39) 299.362 165.233 219.922 130.493 519.284 295.727 Liabilities for financial leases, current (note 22) 13.767 17.886 - - 13.767 17.886 Liabilities for financial leases, non-current (note 22) 90.749 113.076 - - 90.749 113.076 Financial debt 475.700 480.916 1.424.782 1.199.719 1.900.482 1.680.635 NFD 413.684 401.468 972.986 838.303 1.386.669 1.239.771 Equity 721.290 669.304 352.997 308.410 1.074.287 977.714 Real Estate Assets 931.524 865.944 - - 931.524 865.944 Other assets 1.112.750 1.116.312 1.920.392 1.669.816 3.033.142 2.786.128 Assets 2.044.274 1.982.257 1.920.392 1.669.816 3.964.666 3.652.072 NFD/Assets 0,20x 0,20x 0,51x 0,50x 0,35x 0,34x NFD/Equity 0,57x 0,60x 2,76x 2,72x 1,29x 1,27x TotalBanking Non Banking
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19 Non-Banking Segment Financial Information6 Maturity Profile (Thousands MMCLP) 6 The amortization profile includes only principal repayments (excluding working capital debt). It does not include accrued int erest or amortized cost. UF as of March 2024 was CLP 38,894.11, and the PEN/CLP exchange rate was 259.52.
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20 8. Annexes
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21 8.1 Ripley Corp Statement of Financial Position RIPLEY CORP CONSOLIDATED (amounts in MMCLP) jun-25 dec-24 Var MM$ Var % Current Assets Cash and cash equivalents 186.828 271.998 (85.171) (31,3%) Other financial assets 61.583 98.211 (36.629) (37,3%) Other non-financial assets 24.708 26.252 (1.544) (5,9%) Trade and other receivables 787.124 805.924 (18.799) (2,3%) Receivables from related parties 50 50 - 0,0% Inventories 364.989 342.818 22.171 6,5% Tax assets 26.035 32.999 (6.964) (21,1%) Total Current Assets 1.451.317 1.578.252 (126.936) (8,0%) Non-current Assets Other financial assets 265.402 186.988 78.414 41,9% Other non-financial assets 11.421 12.445 (1.024) (8,2%) Trade and other receivables 563.433 485.169 78.264 16,1% Investments accounted for using the equity method 153.620 151.185 2.435 1,6% Intangible assets other than goodwill 102.355 105.380 (3.026) (2,9%) Goodwill 29.348 29.437 (89) (0,3%) Property, plant and equipment 191.658 197.481 (5.824) (2,9%) Right-of-use assets 310.571 313.896 (3.324) (1,1%) Investment properties 648.463 651.355 (2.893) (0,4%) Deferred tax assets 237.078 232.563 4.515 1,9% Total Non-current Assets 2.513.349 2.365.899 147.450 6,2% TOTAL ASSETS 3.964.666 3.944.151 20.515 0,5% LIABILITIES Current Liabilities Other financial liabilities 1.276.683 1.228.355 48.328 3,9% Lease liabilities 50.213 50.300 (87) (0,2%) Trade and other payables 399.511 498.503 (98.993) (19,9%) Payables to related parties 11.694 14.001 (2.307) (16,5%) Other provisions 20.027 22.668 (2.641) (11,7%) Tax liabilities 315 4.824 (4.509) (93,5%) Employee benefit provisions 23.017 19.651 3.366 17,1% Other non-financial liabilities 6.224 7.394 (1.170) (15,8%) Total Current Liabilities 1.787.684 1.845.697 (58.013) (3,1%) Non-current Liabilities Other financial liabilities 519.284 448.897 70.387 15,7% Lease liabilities 411.773 428.229 (16.455) (3,8%) Trade and other payables 278 254 23 9,2% Payables to related parties 19.646 20.192 (545) (2,7%) Other provisions 20.427 20.721 (294) (1,4%) Deferred tax liabilities 119.478 114.026 5.452 4,8% Employee benefit provisions 10.174 9.623 552 5,7% Other non-financial liabilities 1.635 1.652 (17) (1,0%) Total Non-current Liabilities 1.102.695 1.043.593 59.102 5,7% TOTAL LIABILITIES 2.890.379 2.889.290 1.090 0,0% TOTAL EQUITY – RIPLEY CORP Issued capital 203.873 203.873 - 0,0% Retained earnings 573.792 552.331 21.461 3,9% Share premium 162.504 162.504 - 0,0% Other reserves 132.766 134.747 (1.982) (1,5%) Equity attributable to owners of the parent 1.072.934 1.053.454 19.479 1,8% Non-controlling interests 1.353 1.407 (54) (3,8%) Total Equity 1.074.287 1.054.862 19.425 1,8% - - - 0,0% TOTAL LIABILITIES AND EQUITY 3.964.666 3.944.151 20.515 0,5%
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22 8.2 Analysis of Variations in the Consolidated Statement of Financial Position and Consolidated Cash Flow Statement Assets Consolidated total assets increased by CLP 20,515 million. This variation is mainly explained by: • Decrease in cash and cash equivalents of CLP 85,171 million. The main variations are explained by: o Operating Cash Flows: Negative operating cash flow amounted to CLP 2,432 million, resulting from collections from sales of goods and services, net of payments to suppliers and employees of CLP 18,133 million, offset by income tax payments of CLP 20,566 million. o Investing Cash Flows: Positive investing cash flow totaled CLP 26,490 million, mainly explained by redemption of time deposits of CLP 34,615 million, dividends received from the associate Inmobiliaria Mall Viña del Mar S.A. of CLP 3,925 million, and interest received of CLP 3,269 million, partially offset by acquisitions of property, plant and equipment and intangibles, net, of CLP 14,603 million. o Financing Cash Flows: Negative financing cash flow totaled CLP 108,850 million, mainly due to repayment of bank loans of CLP 37,372 million, lease liability payments of CLP 34,657 million, dividend payments of CLP 12,100 million, and interest payments of CLP 24,720 million. • Increase in trade and other receivables, current and non -current, totaling CLP 59,465 million. This positive variation is mainly explained by an increase in credit card loan receivables of CLP 69,159 million, partially offset by a decrease in prepaid expenses of CLP 3,713 million and other receivables of CLP 5,296 million. Condensed Consolidated Statements of Financial jun-25 dec-24 Var Var Current Assets MM$ MM$ MM$ % Non-current Assets 1.451.317 1.578.252 (126.935) (8,0%) Total Assets 2.513.349 2.365.899 147.450 6,2% Current Liabilities 3.964.666 3.944.151 20.515 0,5% Non-current Liabilities Total Liabilities 1.787.684 1.845.697 (58.013) (3,1%) Total Equity 1.102.695 1.043.593 59.102 5,7% Total Liabilities and Equity 2.890.379 2.889.290 1.090 0,0%
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23 Regarding the loan operations of the banking subsidiaries, these showed a net increase of CLP 69,159 million. The breakdown by portfolio type and country is as follows: In the Chilean banking subsidiaries, there was a net increase of CLP 65,608 million. This was explained by an increase in gross loan placements (credit cards, consumer loans, mortgage loans, and commercial loans) of CLP 67,846 million. With respect to risk provisions, there was an increase of CLP 2,238 million. In the Peruvian banking subsidiary, the loan portfolio from credit card operations posted a net increase of CLP 3,551 million, explained by an increase in gross credit card placements of CLP 7,274 million. Regarding risk provisions, there was an increase of CLP 3,723 million. • Increase in current and non -current other financial assets of CLP 41,786 million, mainly explained by higher investment in bank bonds of CLP 86,642 million and available -for-sale investment instruments of CLP 4,238 million, partially offset by a decrease i n time deposits of CLP 31,470 million and hedging instruments of CLP 14,711 million. • Decrease in property, plant and equipment, intangibles, and investment properties of CLP 11,742 million, mainly explained by foreign currency translation differences of CLP 2,521 million and depreciation and amortization expenses of CLP 22,069 million, partially offset by additions of CLP 15,322 million. • Increase in inventories of CLP 22,170 million, mainly explained by early procurement to face the Spring-Summer season, as well as preparation for upcoming Cyber Days sales events. • Decrease in tax assets of CLP 6,964 million, mainly explained by lower monthly provisional tax payments of CLP 4,405 million and lower recoverable taxes from prior years of CLP 2,292 million. Portfolio Type País Total Portfolio Provisions Net Portfolio Total Portfolio Provisions Net Portfolio Total Portfolio Provisions Net Portfolio MM$ MM$ MM$ MM$ MM$ MM$ MM$ MM$ MM$ Credit card loan receivables Chile 956.780 89.964 866.816 899.409 88.148 811.261 57.371 1.816 55.555 Consumer loan receivables Chile 81.236 6.782 74.454 69.692 6.350 63.342 11.544 432 11.112 Mortgage loan receivables Chile 10.992 52 10.940 12.040 61 11.979 (1.048) (9) (1.039) Commercial loan receivables Chile 58 2 56 79 3 76 (21) (1) (20) Subtotal Chile 1.049.066 96.800 952.266 981.220 94.562 886.658 67.846 2.238 65.608 Credit card loan receivables Peru 369.879 50.519 319.360 362.605 46.796 315.809 7.274 3.723 3.551 Subtotal Peru 369.879 50.519 319.360 362.605 46.796 315.809 7.274 3.723 3.551 Total 1.418.945 147.319 1.271.626 1.343.825 141.358 1.202.467 75.120 5.961 69.159 jun-25 dec-24 Variations
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24 Liabilities Consolidated total liabilities increased by CLP 1,089 million. This variation is mainly explained by: • Increase in current and non-current other financial liabilities of CLP 118,715 million, mainly due to higher obligations with the public of CLP 22,343 million, borrowings from financial institutions of CLP 20,912 million, time deposits and other term funding of CLP 44,467 million , and other financial obligations of CLP 27,251 million. • Decrease in lease liabilities, both current and non-current, of CLP 16,542 million, mainly due to payments made during 2025. • Decrease in trade and other payables, both current and non-current, of CLP 98,969 million, mainly due to lower balances in accounts payable to suppliers of CLP 72,066 million, as a result of reduced purchases of domestic products in Chile and Peru. In addition, there was a decrease in VAT payables of CLP 12,641 million and payroll- related payables of CLP 6,271 million. Equity Equity increased by CLP 19,325 million. This variation is mainly explained by: • Net income for the period of CLP 31,112 million. • effect from foreign currency translation reserve of CLP 1,435 million. • Minimum dividend provision of CLP 9,698 million.
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25 8.3 Consolidated Net Cash Flows jun-25 Retail Bank Real Estate Headquarters and Consolidation Adjustments Segment Total Retail Bank Real Estate Headquarters and Consolidation Adjustments Segment Total Headquarters and Consolidation Adjustments Segment Total MM$ MM$ MM$ MM$ MM$ MM$ MM$ MM$ MM$ MM$ MM$ MM$ Net cash flows from (used in) operating activities -40.945 22.701 - -3.786 -22.030 -10.768 -1.831 33.535 842 21.779 -2.181 -2.432 Net cash flows from (used in) investing activities 892 -6.442 - - -5.550 -204 -1.917 -436 - -2.556 34.596 26.490 Net cash flows from (used in) financing activities -31.171 -10.668 - 4.403 -37.436 -11.973 - -27.117 330 -38.760 -32.654 -108.850 - - - - - - - - - - - - Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes -71.224 5.592 - 616 -65.016 -22.945 -3.747 5.982 1.172 -19.538 -239 -84.793 Effects of exchange rate variations on cash and cash equivalents -13 -4 - -2 -18 -29 -181 -41 -1 -252 -107 -378 - - - - - - - - - - - - Net increase (decrease) in cash and cash equivalents -71.237 5.588 - 615 -65.034 -22.974 -3.928 5.941 1.171 -19.790 -346 -85.171 - - - - - - - - - - - - Cash and cash equivalents at beginning of the period 92.703 63.436 - 13 156.153 48.598 59.718 9.741 -1.956 116.101 -256 271.998 - - - - - - - - - - - - - - - - - - - - - - - - Cash and cash equivalents at end of the period 21.466 69.024 - 628 91.118 25.624 55.790 15.682 -785 96.311 -602 186.828 jun-24 Retail Bank Real Estate Headquarters and Consolidation Adjustments Segment Total Retail Bank Real Estate Headquarters and Consolidation Adjustments Segment Total Headquarters and Consolidation Adjustments Segment Total MM$ MM$ MM$ MM$ MM$ MM$ MM$ MM$ MM$ MM$ MM$ MM$ Net cash flows from (used in) operating activities -16.222 -35.395 - -6.885 -58.502 -8.628 3.551 23.208 563 18.694 -589 -40.397 Net cash flows from (used in) investing activities -2.193 -7.803 - - -9.996 -29.834 -2.710 -4.080 - -36.625 47.619 998 Net cash flows from (used in) financing activities 5.202 -1.176 - 6.971 10.997 8.021 - -14.927 -1.353 -8.259 -47.291 -44.553 Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes -13.213 -44.374 - 87 -57.500 -30.441 840 4.201 -790 -26.190 -261 -83.952 Effects of exchange rate variations on cash and cash equivalents -68 -11 - 265 186 1.391 2.466 -159 0 3.699 10 3.895 Net increase (decrease) in cash and cash equivalents -13.281 -44.385 - 352 -57.315 -29.050 3.307 4.042 -789 -22.491 -251 -80.057 - - - - - - - - - - - - Cash and cash equivalents at beginning of the period 28.552 151.450 - 360 180.363 35.781 64.584 5.898 768 107.030 40 287.432 - - - - - - - - - - - - - - - - - - - - - - - - Cash and cash equivalents at end of the period 15.271 107.065 - 712 123.047 6.730 67.891 9.940 -22 84.539 -211 207.375 Chile Peru Consolidado Chile Peru Consolidated
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26 a) Ripley Chile As of June 30, 2025, net cash flows showed a decrease of CLP 65,016 million. This decrease was explained by negative operating cash flows of CLP 22,030 million, negative investing cash flows of CLP 5,550 million, and negative financing cash flows of CLP 37,436 million. As of June 30, 2024, net cash flows showed a decrease of CLP 57,501 million. This decrease was explained by negative operating and investing cash flows of CLP 58,502 million and CLP 9,996 million, respectively, partially offset by positive financing cash flows of CLP 10,997 million. The main variations in cash flows by segment are described below: Retail Segment: Operating Cash Flows: Negative CLP 40,945 million as of June 2025 (negative CLP 16,222 million as of June 2024). The negative variation of CLP 24,723 million was mainly due to higher employee -related payments of CLP 8,945 million, and lower collections from sales of goods and services, net of payments to suppliers, of CLP 15,134 million. Investing Cash Flows: Positive CLP 892 million as of June 2025 (negative CLP 2,193 million as of June 2024). The positive variation of CLP 3,085 million was mainly due to dividends received from Inversiones Padebest Perú S.A.C. and Inmobiliaria Mall Viña del Mar S.A. of CLP 5,1 51 million, partially offset by lower collections from related parties of CLP 1,766 million. Financing Cash Flows: Negative CLP 31,171 million as of June 2025 (positive CLP 5,202 million as of June 2024). The negative variation of CLP 36,373 million was mainly explained by higher repayments of loans from related parties of CLP 36,386 million. Banking Segment: Operating Cash Flows: Positive CLP 22,701 million as of June 2025 (negative CLP 35,395 million as of June 2024). The positive variation of CLP 58,097 million was mainly explained by higher collections from sales of services, net of payments to suppliers, of CLP 64,736 million, partially offset by higher employee -related payments of CLP 5,311 million. Investing Cash Flows: Negative CLP 6,442 million as of June 2025 (negative CLP 7,803 million as of June 2024). The positive variation of CLP 1,361 million is not considered material. Financing Cash Flows: Negative CLP 10,668 million as of June 2025 (negative CLP 1,176 million as of June 2024). The negative variation of CLP 9,491 million was mainly explained by dividend payments to Ripley Financiero Ltda. amounting to CLP 9,481 million. Real Estate Segment: Operating Cash Flows: Operating cash flows do not show significant variations to explain. Investing Cash Flows: Operating cash flows do not show significant variations to explain. Financing Cash Flows: Operating cash flows do not show significant variations to explain.
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27 b) Ripley Peru As of June 30, 2025, cash and cash equivalents decreased by CLP 19,538 million. This decrease was explained by negative investing cash flows of CLP 2,556 million and negative financing cash flows of CLP 38,760 million, partially offset by positive operating cash flows of CLP 21,779 million. As of June 30, 2025, cash and cash equivalents decreased by CLP 19,538 million. This decrease was explained by negative investing cash flows of CLP 2,556 million and negative financing cash flows of CLP 38,760 million, partially offset by positive operating cash flows of CLP 21,779 million. The main variations in cash flows by segment are described below: Retail Segment: Operating Cash Flows: Operating cash flows were negative CLP 10,768 million as of June 2025 (negative CLP 8,628 million as of June 2024). The negative variation of CLP 2,140 million was mainly due to higher collections from sales of goods and services and higher payments to suppliers for goods and services of CLP 5,449 million, offset by income tax payments of CLP 2,012 million and employee-related payments of CLP 5,505 million. Investing Cash Flows: Investing cash flows were negative CLP 204 million as of June 2025 (negative CLP 29,834 million as of June 2024). The positive variation of CLP 29,630 million was mainly explained by a decrease in loans to related parties of CLP 29,522 million. Financing Cash Flows: Financing cash flows were negative CLP 11,973 million as of June 2025 (positive CLP 8,021 million as of June 2024). The negative variation of CLP 19,994 million was mainly explained by net loan repayments of CLP 19,332 million. Bank Segment: Operating Cash Flows: Operating cash flows were negative CLP 1,831 million as of June 2025 (positive CLP 3,551 million as of June 2024). The negative variation of CLP 5,381 million was mainly explained by higher operating payments of CLP 5,097 million. Investing Cash Flows: Investing cash flows were negative CLP 1,917 million as of June 2025 (negative CLP 2,710 million as of June 2024). The positive variation of CLP 794 million is not considered material for explanation purposes. Financing Cash Flows: Financing cash flows do not present relevant variations to explain. Real Estate Segment: Operating Cash Flows: The positive variation of CLP 10,327 million was mainly explained by higher collections from sales of goods and services, net of employee-related disbursements, of CLP 13,287 million, partially offset by income tax payments of CLP 2,369 million. Investing Cash Flows: Investing cash flows were negative CLP 436 million as of June 2025 (negative CLP 4,080 million as of June 2024). The positive variation of CLP 3,644 million was mainly explained by a decrease in purchases of other long-term assets of CLP 3,211 million.
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28 Financing Cash Flows: Financing cash flows were negative CLP 27,117 million as of June 2025 (negative CLP 14,927 million as of June 2024). The negative variation of CLP 12,190 million was mainly explained by higher loans granted to related parties of CLP 3,956 million, dividend payments to Inversiones Padebest Perú S.A.C. and Tiendas por Departamento Ripley S.A. of CLP 6,593 million, and interest payments of CLP 1,373 million. 8.4 Other Indicators The following section describes the main financial ratios of Ripley Corp on a consolidated basis, which are calculated excluding the assets and liabilities of the banking subsidiaries: Current Ratio (Current Assets / Current Liabilities) The current ratio shows a slight decrease of 0.01 compared to the previous year in the Company’s ability to cover its short-term obligations with its current assets. The most significant factors include a decrease in cash and cash equivalents of CLP 86,831 million, other financial assets of CLP 51,200 million, and trade and other receivables of CLP 13,991 million. These effects were partially offset by an increase in inventories of CLP 22,170 million, together with a decrease in other financial liabilities of CLP 34,026 million and trade and other payables of CLP 88,292 million. Quick Ratio (Acid-Test Ratio) (Current Assets – Inventories) / Current Liabilities The quick ratio decreased by 0.20 compared to the previous year, indicating a higher reliance on inventories to cover immediate obligations. This variation was mainly explained by the decrease in cash and cash equivalents of CLP 86,831 million, other financial assets of CLP 51,200 million, and trade and other receivables of CLP 13,991 million. These effects were partially offset by an increase in inventories of CLP 22,1 70 million, together with a decrease in other financial liabilities of CLP 34,026 million and trade and other payables of CLP 88,292 million. Since inventory levels increased, this negatively affected the indicator. Liquidity Units jun-25 dec-24 Variation Current Ratio Times 1,05 1,06 (0,01) Quick Ratio (Acid-Test Ratio) Times 0,29 0,49 (0,20) Working Capital MM$ 22.561 34.202 (11.641) Leverage jun-25 dic-24 Variación Debt-to-Equity Ratio Times 0,71 0,69 0,02 Current Debt Times 0,36 0,41 (0,05) Non-current Debt Times 0,64 0,59 0,05 Activity jun-25 dic-24 Variación Inventory Turnover Times 3,20 2,64 0,56 Property, Plant & Equipment Turnover Times 8,74 7,86 0,88 Total Asset Turnover Times 0,78 0,76 0,02 Profitability (Consolidated) jun-25 dic-24 Variación ROE (Return on Equity) % 7,41 (0,25) 7,66 ROA (Return on Assets) % 1,99 (0,07) 2,06
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29 Working Capital (Current Assets – Current Liabilities) Working capital decreased by CLP 11,641 million compared to the previous year, explained by a reduction in current assets of CLP 137,301 million and a reduction in current liabilities of CLP 125,660 million. Despite this contraction, the Company maintains positive working capital, which allows it to finance daily operations and meet short-term obligations. Debt Ratio (Current and Non-current Other Financial Liabilities – Cash) / Total Equity This indicator increased by 0.02 compared to the previous year. The increase was mainly explained by higher net debt of CLP 37,029 million and an increase in equity of CLP 19,425 million compared to the previous year. Current Debt / Total Liabilities This indicator decreased by 0.05 compared to the previous year. The variation is not considered material to explain. Non-current Debt / Total Liabilities This indicator increased by 0.05 compared to the previous year. The variation is not considered material to explain. Inventory Turnover (Cost of Sales LTM(**) / Average Inventory LTM) This indicator increased by 0.56 compared to the previous period, explained by higher cost of sales in Chile versus the prior year and a significant increase in average inventories compared to the previous year. Property, Plant and Equipment Turnover (Total Revenues LTM(**) / Property, Plant and Equipment) This indicator increased by 0.88 compared to the previous year, mainly explained by higher total revenues generated in the comparable periods. Total Asset Turnover (Total Revenues LTM(**) / Total Assets) This indicator increased by 0.02 compared to the previous period. The variation is not considered material to explain. Return on Equity (ROE) (Net Income Corp / Equity Corp) This indicator increased by 7.66, mainly due to net income of CLP 76,518 million as of June 2025, compared to a loss of CLP 2,419 million during the same period in 2024. At the level of average equity, there was an increase of 8.41% compared to the previous year. Return on Assets (ROA) (Net Income Corp / Total Assets Corp) This indicator increased by 2.06, explained by net income of CLP 76,518 million for the year ended June 2025, compared to a loss of CLP 2,419 million during the same period in 2024. At the level of average total assets, there was an increase of 4.53%. (**) LTM: Last Twelve Months
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30 9. Risk Management Ripley Corp’s businesses are exposed to different types of risk: liquidity, market, and operational (including reputational, cybersecurity, and fraud). On the banking side, the Company is also exposed to credit risk, given its offering of consumer loans through credit cards and personal loans. In this context, the effects of global economic cycles are a key factor, particularly those related to the economic performance of Chile and Peru, as well as regulatory changes in both countries. Operational risk, in particular, is transversal to Ripley Corp and is understood as the risk associated with losses resulting from inadequate or failed internal processes, people, and systems, or from external events (natural events, fraud, and others). Th is definition also includes legal and reputational risk. Cybersecurity and information security have become increasingly relevant within operational risk management, while the Company continues to manage risks in processes, vendor services, business continuity, and both transactional and internal fraud. Risks from Health Emergencies The pandemic left important lessons regarding the impact of health emergencies on the markets where the Company operates and, more broadly, on its stakeholders. One of the key takeaways from this crisis is that ensuring compliance with health protection measures for both customers and employees remains a top priority. Political Risk With respect to political risks, both Chile and Peru face significant challenges that could affect their stability. Public distrust of political parties and the legitimacy crisis have weakened the relationship between citizens and institutions, while the rise of organized crime and insecurity represents a growing challenge for both countries. These factors underscore the need for profound political and social reforms. Interest Rate Risk Short-term financing (which may be renewed into long-term financing) carries potential fluctuations in market interest rates, which can lead to increased financial costs. To mitigate this type of risk, various short- and long- term instruments are used, den ominated in Chilean pesos, unidades de fomento (UF), Peruvian soles, U.S. dollars, or euros, and are typically contracted at fixed rates. In the case of variable-rate financing, the Company evaluates the use of derivative instruments, a strategy that allow s for mitigating potential fluctuations in accounts Foreign Exchange Risk Both the Chilean peso and the Peruvian sol are subject to fluctuations against the U.S. dollar and other currencies. A portion of the products offered for sale in stores are purchased abroad; therefore, during the period in which such import operations remain payable, the Company is exposed to exchange rate fluctuations. The Company hedges this risk through derivative hedging instruments. Furthermore, due to the adoption of IFRS 16 and the existence of long-term lease contracts in U.S. dollars within the retail and real estate segments in Peru, exchange rate fluctuations arise from the movement of the sol against the U.S. dollar. Since this is an accounting impact, the Company has decided not to hedge this exposure.
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31 Inflation Risk The Group maintains significant items in its financial statements denominated in unidades de fomento (UF), such as financial obligations in bonds and lease liabilities, which are exposed to changes in valuation in Chilean pesos as inflation varies. Certain assets, such as recoverable taxes and prepaid expenses, are also adjusted for inflation, partially offsetting the exposure. The Group has entered into derivative contracts designed to hedge most of its net UF-denominated liability position. Liquidity Risk This risk is associated with the Group’s ability, excluding its banking subsidiaries, to repay or refinance its financial commitments at reasonable market prices, and with its ability to execute its business plans with stable funding sources. The Group manages these risks under a corporate financial policy that includes mainta ining significant short-term operating cash flows, obtaining financial liabilities through market alternatives such as customer deposits, bank loans, credit lines, and import financing, which are managed and contracted through the parent company and the main subsidiaries. To minimize liquidity risk, the Group maintains a debt structure diversified by type of creditor and market, with proactive management of refinancing obligations. On the banking side, Banco Ripley and its subsidiaries have an approved, defined, and implemented liquidity management policy, in line with the requirements and obligations arising from their operations and consistent with legal and regulatory requirements . For more information, please refer to Ripley Corp’s Consolidated Financial Statements. Credit Risk in Banking Segments One of the Bank’s core activities is the granting of loans to customers. Credit risk refers to the possibility that the Bank may incur losses due to the partial or total default of a borrower. Accordingly, financial institutions must continuously evaluate their entire loan portfolio and contingent credits to establish adequate and timely provisions to cover potential losses from non-recovery. To this end, banks use assessment models they consider most appropriate, depending on the portfolio type and the nature of the operations. Banco Ripley Chile and its subsidiaries determine credit risk provisions for the consumer and credit card portfolios in accordance with CMF regulations. For purposes of the Consolidated Financial Statements, the Company adopted the expected loss model, whi ch includes provisions for contingent loans, while also maintaining the regulatory provisions required by the CMF. In the case of Banco Ripley Perú S.A., credit risk provisions are determined under SBS standards. For consolidation purposes in Ripley Corp S.A., adjustments are made to account for differences between the SBS regulatory model and the IFRS 9 expected loss model with contingent loans. Evolution of the Chilean and Peruvian Economies Consumer behavior is affected by overall economic performance, as well as expectations around growth, inflation, employment, and interest rates. Beyond influencing purchasing behavior, these factors also impact borrowers’ willingness to repay their loans. Accordingly, negative changes in growth, inflation, or employment indicators could affect the Company’s results.
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32 Competitive Risk Ripley Corp operates in highly competitive markets, a phenomenon intensified in recent years with the arrival of numerous specialty retailers, both domestic and international. The Company’s results may be affected depending on the aggressiveness or intensi ty of this competition. In the banking markets of Chile and Peru, there has been a significant increase in both local and foreign competitors, along with a growing supply of credit cards from department stores. Added to this is the growth of fintechs and o ther digital players. This environment could reduce the interest rates and fees Banco Ripley can charge, potentially limiting loan growth and putting pressure on margins. Specific Trade or Market Structure Risk The Company is not dependent on any single supplier. Instead, it maintains a broad and global base of suppliers distributed across different regions, ensuring access to diverse sources of supply. Similarly, it does not face customer concentration risk, as it serves millions of clients across different socioeconomic segments. Ripley currently sells thousands of products in Chile and Peru. Therefore, its specific market risk in this regard is low and comparable to that of the retail industry in general and department stores in particular. Legislative, Regulatory, and Administrative Risk from Local Authorities The financial condition and operating results of the Company and its subsidiaries may be affected by the enactment, amendment, or repeal of applicable regulations, whether administrative, labor, tax, or otherwise. The impact of potential regulatory changes will depend on their relevance to the business and whether they are restrictive, neutral, or expansionary in nature. In addition, political reforms or changes may affect consumer and business confidence, with potential impacts on consumption and/or investment. Risk of Asset Damage or Impairment Ripley’s businesses rely on a significant amount of assets, which, if affected, could negatively impact equity and results. Accordingly, fixed assets such as buildings, infrastructure, facilities, equipment, and merchandise, as well as potential civil liability risks, are covered by insurance policies. Cybersecurity Risk Cybersecurity risks refer to threats, vulnerabilities, or incidents that may compromise the confidentiality, integrity, or availability of the organization’s information and technology systems. These risks are driven by increased dependence on digital technologies and the growing sophistication of cyberattacks, making them a critical priority for any company. Cybersecurity risks are constantly evolving, as cybercriminals continuously adapt their methods and techniques, making prevention increasingly complex. These risks have a transversal impact, affecting not only technology but also the Company’s reputation, finances, and regulatory compliance.