Earnings release
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2 1. Executive Summary 3 2. Ripley Corp Income Statement 4 2.1 3Q25 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............................................................................................................................................12 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 22 Flow Statement .......................................................................................................................................................22 8.3 Consolidated Net Cash Flows ....................................................................................................................25 8.4 Other Indicators ..............................................................................................................................................29 9. Risk Management 31
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3 1. Executive Summary ● Ripley Corp posted a 5.7% YoY increase in revenue in 3Q25, driven by the expansion of its loan portfolio in Chile and Peru, which grew 21.0% and 8.0% (PEN) YoY, respectively. This was complemented by retail segment growth of 2.7%, explained by higher revenue in Chile and the positive impact of the apprec iation of the Peruvian sol against the Chilean peso. In addition, the real estate segment recorded revenue growth of 4.7% in PEN and 14% in CLP. ● The consolidated gross margin expanded 154 bps , reaching 36.7% in 3Q25, mainly due to a stronger contribution from the retail segment as a result of a continued focus on profitability, as well as a lower net cost of risk in the banking segment in Peru. Furthermore, improved inventory management helped maintain low levels of obsolete stock, reducing it by 0.4 and 0.5 percentage points in Chile and Peru, respectively. This was complemented by reduced promotional activity and a higher mix of products that maximize profitability. ● A continuous focus on profitability and efficiency led to a 22.2% YoY increase in operating income, rising from CLP 11,995 million in 3Q24 to CLP 14,660 million in 3Q25, marking the best third -quarter operating performance in Ripley’s history, excluding 2021. EBITDA reached CLP 33,849 million, improving CLP 2,089 million YoY, with a stable 6.8% EBITDA margin, similar to 3Q24. This improvement was mainly driven by the performance of the retail segment in Chile, followed by the real estate and banking segment s in Peru. Operating expenses grew 9.4% YoY, and the expense-to-sales ratio increased from 32.6% to 33.8% in 3Q25. Excluding the PEN/CLP appreciation effect, expenses increased 6.5% YoY, reflecting higher commercial activity in the Chilean bank, incrementa l costs related to minimum wage adjustments, additional pension contributions, CPI indexation, and the rollout of the 40 -hour labor law, as well as higher advisory expenses that will drive efficiencies and value creation going forward. ● Ripley Corp’s net income totaled CLP 3,777 million in 3Q25 , representing a CLP 2,475 million decrease YoY. This variation is mainly explained by a higher tax expense during the quarter, given that in 3Q24 the Company recorded a non-recurring positive effect in this line. In 3Q24, the Company recognized a CLP 1,421 million tax income associated with the Capital Propio Tributario (CPT) effect, reflecting the monetary correction of tax assets and liabilities due to inflation and exchange rate variations. In 3Q25, the Company recorded a tax expense, resulting in lower net income year over year.
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4 2. Ripley Corp Income Statement 2.1 3Q25 Ripley Corp Results ● In the third quarter of 2025 , Ripley recorded a 5.7% increase in revenue compared to the same period in 2024. This performance was driven by the strong results of the banking segment in both countries, with loan portfolios growing 21.0% and 8.0% (PEN) year over year, respectively, as well as higher revenue in the retail segment, which grew 2.7%, reflecting increased sales in Chile combined with the appreciation of the Peruvian sol against the Chilean peso. Additionally, Mall Aventura’s revenue grew 4.7% in PEN and 14.0% in CLP. ● Retail segment revenue increased 2.7% YoY, reaching CLP 344,486 million. In Chile, revenue grew 0.8% YoY, totaling CLP 202,809 million. This performance was driven by same-store sales (SSS) growth of 3.9%, supported by stronger local demand, partially offset by a reduce d tourism effect and a lower store count. In Peru, revenue increased 5.6% YoY in CLP, although it declined 3.5% in local currency, due to a high comparison base associated with the liquidity injections stemming from pension withdrawals during 3Q24. ● In the banking segment, revenue increased 12.9%, reaching CLP 137,441 million. In Chile, greater commercial activity led to a 21.0% YoY expansion in the loan portfolio at period -end, driven primarily by higher sales of financial products. The net cost of risk over the portfolio 1 reached 9.4%2, slightly above the 9.2% in 3Q24. This increase is partially explained by the implementation of the new telephone prefix regulation in Chile, which reduced customer response rates and temporarily affected collection management in its main channel. Despite this, continuous improvements in origination models and collection channels have contributed to a sustained decline in delinquency levels, with 90+ day delinquency at 3.6% (excluding the high -liquidity years of pension withdrawals in 2021 and 2022), down from 4.2% in 3Q24. In Peru, the loan portfolio grew 8.0% YoY in local currency, with a significant improvement in 90+ day delinquency, which reached 3.1% in 3Q25, compared to 4.1% in 3Q24. The net cost of risk3 reached 11.3%, an improvement from 12.6% in 3Q24. 1 Net quarterly cost of risk multiplied by 4, divided by the average gross loan portfolio. 2 In July 2025, CLP 3,297 million of mandatory additional provisions were reclassified as complementary specific provisions. Complementary specific provisions are provisions that are constituted and/or released to ensure sufficient coverage of net write-offs. During 3Q25, CLP 1,000 million of complementary specific provisions were released. Excluding this release, the quarterly net cost of risk over the a verage loan portfolio was 9.8%. 3 Net quarterly cost of risk multiplied by 4, divided by the average gross loan portfolio. CONSOLIDATED RIPLEY CORP (amounts in CLP mm) 3Q25 3Q24 Var % 9M25 9M24 Var % Revenues from ordinary activities 494.541 467.806 5,7% 1.522.907 1.443.030 5,5% Cost of sales (312.870) (303.171) 3,2% (964.295) (962.926) 0,1% Gross Profit 181.671 164.634 10,3% 558.612 480.105 16,4% SG&A expenses (167.011) (152.640) 9,4% (491.696) (444.707) 10,6% EBIT 14.660 11.995 22,2% 66.917 35.398 89,0% Other income (losses) 225 (695) N/A (2.424) 4.910 N/A Net financial cost (12.179) (11.386) 7,0% (35.570) (34.088) 4,3% Share of post-tax profits of associates 3.205 3.119 2,8% 9.566 8.782 8,9% Exchange difference & results per adjustment units 472 1.799 (73,8%) 1.028 (1.532) N/A Income/loss before taxes 6.383 4.832 32,1% 39.516 13.469 193,4% Income tax expense (2.606) 1.421 N/A (4.627) 1.428 N/A Income (loss) from continued operations 3.777 6.252 (39,6%) 34.890 14.897 134,2% Non-controlling interest (2) 9 N/A (56) 70 N/A Controlling interest Net Income 3.779 6.244 (39,5%) 34.945 14.827 135,7% EBITDA 33.849 31.760 6,6% 125.856 94.338 33,4% AccumulatedQuarterly
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5 ● The real estate segment recorded revenue growth of 13.9% YoY in CLP and 4.7% in local currency, driven by the continued ramp-up of Mall Aventura Iquitos and Mall Aventura San Juan de Lurigancho, as well as improved operational indicators across all shopping centers. Tenant sales increased 2.3% in local currency des pite a high comparison base, and the consolidated occupancy rate reached 97.2%, representing a 54 bps improvement versus 3Q24. ● Gross profit for the third quarter increased 10.3% to CLP 181,671 million, with a gross margin of 36.7%, a 154 bps improvement YoY. This enhancement was driven by the retail segment, whose contribution increased 12.4%, with margin expansion from 25.3% to 27.7% in 3Q25, explained by lower inventory obsolescence and higher profitability in online sales. In addition, the banking seg ment increased its contribution by 15.1%, with margin expansion of 106 bps, supported by the growth in loan placements, lower cost of funds relative to the portfolio in both countries, and a reduction in cost of risk in Peru. Finally, the real estate segment’s contribution increased 21.0%, boosted by the continued maturation of new shopping centers and the YoY appreciation of the PEN against the CLP. ● Administrative and selling expenses increased 9.4% year over year; however, excluding the PEN/CLP exchange rate effect, the increase was 6.5%. In Chile, the rise was mainly driven by a 19.0% increase in the bank, associated with higher commercial activity, increased personnel expenses (due t o CPI adjustments, higher minimum wage, additional pension contributions, and implementation of the 40 -hour labor law), as well as higher spending on technology and a stronger focus on cybersecurity. In the retail segment, expenses increased 3.9%, reflecti ng higher personnel costs (for the same reasons noted above) and increased spending on technology, marketing, and advisory services. In Peru, expenses increased 19.5% in CLP, while the increase was 9.1% in local currency, mainly due to higher expenses in the retail segment, which include non-recurring effects in the comparison base and advisory costs during 3Q25. Excluding these non-recurring items, expenses remained stable year over year. ● EBITDA reached CLP 33,849 million in 3Q25, a 6.6% YoY increase, driven primarily by the performance of retail in Chile, whose EBITDA grew CLP 3,975 million, and by the solid evolution of the real estate segment, which grew 21.7% YoY, reaching an 88.8% margin (+565 bps). This result reflects the c ontinued maturation of the new shopping centers in Peru and the high occupancy rates across the business. In addition, the bank in Peru delivered stronger profitability, supported by lower funding costs and lower risk levels compared to 3Q24. ● Non-operating results showed a loss of CLP 8,277 million in 3Q25, an increase of CLP 1,114 million in losses compared to 3Q24. This variation is mainly explained by a CLP 1,776 million decline in exchange differences, associated with the greater appreciation of the PEN against the USD during the quarter, which impacted lease liabilities under IFRS 16. This effect was partially offset by an improvement of CLP 920 million in Other gains, related to store closure costs in Peru recorded in 2024. ● As a result, Ripley reported net income of CLP 3,777 million in the third quarter of 2025.
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6 3. Recent Highlights ● Ripley Peru leads the CXI Index Activa 2025 in customer experience Ripley Peru was recognized as the leading brand in customer experience in the CXI Index Activa 2025 ranking, in the Department Stores category. This achievement reflects the successful implementation of a customer-centric strategy that combines technologic al innovation, operational efficiency, and consistent, empathetic service across all touchpoints. Key advances include improvements in the omnichannel experience, streamlined in -store purchasing through mobile sales tools, and increased efficiency in home delivery operations. This recognition reinforces our commitment to delivering simple, reliable, and coherent experiences, strengthening customer preference and loyalty. ● Mall Aventura ranks first in the Total Brands ranking for Shopping Centers Mall Aventura was recognized in the 2025 Total Brands ranking, prepared by BBK Group and Criteria, which evaluates dimensions such as value proposition, experience, identity, and brand purpose. In this assessment, Mall Aventura ranked first in the Shopping Centers category and seventh overall within the retail sector, consolidating its leadership, positioning, and strong connection with consumers. ● Aventura expands its GLA with a new Gastronomic Boulevard in Arequipa At Mall Aventura Arequipa, the expansion project of the Gastronomic Boulevard has been highly successful, reaching 100% occupancy prior to opening. The new area, scheduled to open in December 2025, will increase the center’s restaurant offering by 50%, adding 1,350 sqm of additional GLA. The space will feature well-known brands such as Fridays (Tex -Mex cuisine), María Almenara (fine pastries), Shimaya (Japanese cuisine), Master Kong (Chinese cuisine), and Mezcla (diverse culinary proposal), strengthening th e mall’s gastronomic and experiential offering. ● Launch of Toys“R”Us in Chile and Peru Ripley Corp incorporated the renowned global brand Toys“R”Us into its commercial offering in Chile and Peru, establishing an alliance that strengthens the toy category and enhances family -oriented experiences in both markets. In Chile, Toys“R”Us debuted wi th dedicated spaces in the Parque Arauco and Mall Marina stores, while in Peru the launch took place at the Jockey Plaza store. Additionally, the brand was fully integrated into Ripley’s digital channels —both Ripley.com and the Ripley App —ensuring a seamle ss omnichannel experience. This incorporation represents a significant step in Ripley’s differentiation strategy and value-proposition expansion, adding a globally recognized brand and reinforcing the family -focused shopping experience. ● Launch of Spavaldi: new private-label men’s fashion brand Ripley launched Spavaldi, its new private -label men’s fashion brand inspired and designed in Italy, aiming to redefine contemporary elegance. With a classic, versatile, and premium aesthetic, Spavaldi blends Italian design with high-quality materials such as linen and cotton, offering garments distinguished by exceptional craftsmanship and impeccable fit. This new brand strengthens Ripley’s strategy of expanding and elevating its private-label portfolio, adding differentiation and value within the apparel segment.
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7 4. Progress in our ESG Strategy Circular Ripley ● Products with sustainable attributes Ripley maintains its commitment to sustainability within its private-label product lines, setting the goal that 100% of apparel (men’s, women’s, children’s and sportswear) will include at least one sustainable attribute or certified process by an internati onal organization by 2026. As of the end of the third quarter of 2025, progress toward this goal reached 89%. ● Donation of private-label product samples Ripley continues to strengthen its donation model for private -label apparel samples, which are donated to the COANIQUEM, Debra, and María Ayuda foundations, where they are sold through their solidarity stores. Additionally, for the first time, a donation was made to Fundación Banco de Ropa, which provides new and personalized clothing to people in vulnerable situations, contributing to strengthening their self -esteem and creating new opportunities. Through these initiatives, Ripley contributes to environmental care by extending the useful life of 22,962 garments so far this year, while simultaneously supporting the well -being of children and families through the financing of social initiatives. Complementing these actions, the Customer Experience team trained the sales and warehouse teams of Fundación María Ayuda to enhance performance in their solidarity stores, building on previous training provided to Fundación Debra’s teams. Responsible Ripley ● Energy Efficiency System Through its strong partnership with Colbún , Ripley has strengthened its energy control and monitoring system, achieving 4.3% energy savings year -to-date, equivalent to 1.7 GWh. This significant progress positions Ripley as a leader in sustainability, as it is the first retailer to certify 100% of its facilities under the ISO 50001 Energy Management standard. In August 2025, the Company successfully passed a new AENOR audit, confirming the maintenance and full compliance of its system with the standard. ● Private-Label Vendor Audit Program To extend social and ethical responsibility across the entire value chain, Ripley implemented a Vendor Code of Business Conduct and Ethics, which has been signed by all international private-label suppliers managed through the Hong Kong office. Additionall y, 100% of these suppliers have been audited and hold internationally recognized certifications, such as QUIMA (under the Smeta 2-Pillar standard), WRAP, or BSCI. ● Strengthening Financial Education at Duoc UC As part of CompromisoR, Ripley continues to promote financial education in partnership with Duoc UC, an initiative that now reaches seven campuses. At Duoc UC Melipilla, a seminar led by Macarena León Zambrano, Head of Disputes and Fraud at Banco Ripley, b rought together more than 100 students who explored key financial concepts. Additionally, students and faculty participated in training activities with Fundación Entrepreneur, culminating in a Financity championship, helping participants learn about financial management in an engaging and practical way.
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8 We are all Ripley ● Ripley joins the global Sunflower network Ripley Chile and Peru joined the global Hidden Disabilities Sunflower network, an initiative aimed at raising visibility and awareness of invisible disabilities, fostering greater social understanding and improving the everyday experience of those who live with them. As part of this commitment, a training session led by the regional director of Sunflower for Latin America was delivered to more than 100 organizational leaders, who will now serve as active ambassadors of inclusion within their teams. To ensure broad and consistent engagement, Ripley implemented mandatory Sunflower training for all employees, incorporating it into the onboarding process as well. Through this initiative, the company seeks to promote a culture of respect and empathy, crea ting an environment of trust and inclusion where individuals wearing the Sunflower symbol feel safe, understood, and supported. ● Female leadership Ripley continues to strengthen the development and participation of women in leadership positions across the organization. During the quarter, the fifth edition of the Mujeres Imparables program was carried out, an initiative that promotes professional dev elopment, visibility, and conscious leadership among female employees. To date, more than 175 women have participated in this program, contributing to the fact that 47% of leadership positions at Ripley Chile are held by women. This accomplishment reflects the company’s commitment to gender equity, diversity, and the formation of more representative and inclusive teams. ● Banco Ripley Chile recognized in FirstJob’s EFY 2025 ranking Banco Ripley Chile was ranked 23rd among the best companies in Chile for professionals under 35, a recognition that reinforces our commitment to offering an environment where people can grow, contribute, and enjoy a meaningful work experience.
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9 5. Business Results 5.1 Digital Advances4 In 2025, we continued to focus on improving the profitability of our physical-digital ecosystem, which recorded more than 48 million average digital visits during the last quarter, reflecting 5.2% growth in 3Q25. This increase was mainly driven by higher App traffic in both countries, where the number of visitors rose approximately 41% YoY. Throughout 2025, the digital business has shown signs of recovery, with a positive trend compared to the declines seen in the first quarter (-9.8% in 1Q25; -3.2% in 2Q25; and -0.3% in 3Q25), supported by the new Marketplace (3P) strategy. Since the second quarter, we have progressed in implementing a more selective model aimed at strengthening partnerships with the sellers that account for the majority of sales and contribution. This model shift seeks to capture greater commercial and operational synergies, resulting in a 2.6x increase in Fulfillment by Ripley product sales compared to the previous year. This reflects the consolidation of the 3P ecosystem through fulfillment and r etail media solutions that enhance customer experience, logistics efficiency, and the profitability of the digital channel. Digital channel penetration reached 25.1% in 3Q25, compared to 26,0% in 3Q24, consistent with the Company’s focus on prioritizing profitability. As of September 2025, Ripley App surpassed 9.3 million cumulative downloads across Chile and Peru, representing over 60% of the Company’s digital transactions, positioning it as one of the preferred shopping apps in both markets. Our digital banking offering continues to gain traction, with 92% of our customers being served through digital channels, in line with the level recorded in the previous year. 4 Figures for 3Q24 exclude the calendar effect of the Cyber event, which in 2024 began on September 30, whereas in 2025 it started in October. Total Visits1 thousands 48.188 45.805 5,2% Consolidated Retail Total Sold Units 2 thousands 1.651 1.629 1,4% Digital Sales GMV CLP mm 105.004 105.341 -0,3% Sales GMV 1P CLP mm 84.233 86.679 -2,8% Sales GMV 3P CLP mm 20.772 18.662 11,3% Shares Digital Sales % 25,1% 26,0% -0,9 p.p. Number of Sellers n° 2.928 5.495 -46,7% Consolidated Bank Digital Clients 3 % 92% 91% 0,6 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 3Q25 3Q24 Variation 3Q25/3Q24
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10 5.2. Retail Segment5 During 3Q25, retail segment revenue reached CLP 344,486 million, reflecting 2.7% YoY growth. In Peru, revenue increased 5.6% in CLP, driven by the appreciation of the Peruvian sol against the Chilean peso. However, in local currency, revenue declined 3.5% YoY due to a high comparison base associated with the liquidity effect generated by pension withdrawals in 3Q24. Same -store sales (SSS) in the country reached -0.4%. In Chile, revenue grew 0.8% YoY, totaling CLP 202,809 million. Quarterly SSS reached 3.9%, driven by stronger local demand, partially offset by a lower tourism effect, a smaller store network compared to 3Q24, and a year-over- year decline in e-commerce volume—consistent with the Company’s focus on prioritizing profitability. The consolidated retail gross margin reached 27.7% in 3Q25, expanding 238 bps compared to 3Q24, driven by improvements in both countries. In Chile, the gross margin increased 325 bps, while in Peru it expanded 119 bps. This performance reflects lower level s of inventory obsolescence, reduced promotional intensity, and a shift in the product mix toward higher -margin categories. Regarding inventories, Chile reached 146 inventory days, an increase of 14.2 days versus 3Q24. This increase is mainly explained by the calendar effect of the Cyber event, which in 2025 took place in October, whereas in 2024 it began on September 30. Despite this, obsolescence improved, decreasing 0.4 percentage points YoY. In Peru, inventory days increased 7.2 days in CLP and 5.4 days in local currency in 3Q25, due to the high turnover observed in 2024 as a result of the liquidity generated by pension withdrawals. Similarly, obsolete inventory decreased 0.5 percentage points compared to 3Q24, reflecting more efficient and disciplined inventory management. Administrative and selling expenses increased 8.7% in CLP and 5.7% when excluding the PEN/CLP appreciation effect. As a proportion of revenue, SG&A/Sales rose from 29.2% in 3Q24 to 30.9% in 3Q25, reflecting lower expense dilution in both Chile and Peru. In Chile, expenses grew 3.9% YoY, driven by higher fixed compensation 5 In the third quarter of 2025, the method for recognizing the contribution of the joint financial retail business between the R etail and Corporate segments was modified. This change reflects a reallocation based on the contributions of each segment, with the objective of more accurately representing the operational nature of the joint business. These reclassifications have no impact at the consolidated level. Retail Segment (amounts in CLP mm) 3Q25 3Q24 Var % 3Q25 3Q24 Var % 3Q25 3Q24 Var % Revenues 202.809 201.141 0,8% 141.678 134.213 5,6% 344.486 335.354 2,7% Gross Profit 59.643 52.613 13,4% 35.763 32.278 10,8% 95.406 84.891 12,4% Gross Margin 29,4% 26,2% 3,3 p.p. 25,2% 24,0% 1,2 p.p. 27,7% 25,3% 2,4 p.p. SG&A expenses (72.833) (70.069) 3,9% (33.586) (27.811) 20,8% (106.419) (97.880) 8,7% SG&A/Revenues (35,9%) (34,8%) -1,1 p.p. (23,7%) (20,7%) -3,0 p.p. (30,9%) (29,2%) -1,7 p.p. EBIT (13.189) (17.456) (24,4%) 2.177 4.467 (51,3%) (11.012) (12.988) (15,2%) Operational Margin (6,5%) (8,7%) 2,2 p.p. 1,5% 3,3% -1,8 p.p. (3,2%) (3,9%) 0,7 p.p. Non-Operational Income (4.325) (2.214) 95,4% (1.114) (627) 77,5% (5.439) (2.841) 91,4% Net Income (12.134) (13.621) (10,9%) 315 2.413 (86,9%) (11.818) (11.208) 5,4% EBITDA (3.184) (7.159) (55,5%) 6.456 8.777 (26,4%) 3.272 1.618 102,2% EBTIDA Margin -1,6% -3,6% 2,0 p.p. 4,6% 6,5% -2,0 p.p. 0,9% 0,5% 0,5 p.p. Retail Segment (amounts in CLP mm) 3Q25 3Q24 Var % 9M25 9M24 Var % 9M25 9M24 Var % Revenues 687.524 659.339 4,3% 404.244 380.006 6,4% 1.091.768 1.039.344 5,0% Gross Profit 205.013 179.193 14,4% 104.613 91.839 13,9% 309.626 271.032 14,2% Gross Margin 29,8% 27,2% 2,6 p.p. 25,9% 24,2% 1,7 p.p. 28,4% 26,1% 2,3 p.p. SG&A expenses (221.181) (206.051) 7,3% (94.716) (86.987) 8,9% (315.898) (293.038) 7,8% SG&A/Revenues (32,2%) (31,3%) -0,9 p.p. (23,4%) (22,9%) -0,5 p.p. (28,9%) (28,2%) -0,7 p.p. EBIT (16.168) (26.857) (39,8%) 9.897 4.852 104,0% (6.271) (22.006) (71,5%) Operational Margin (2,4%) (4,1%) 1,7 p.p. 2,4% 1,3% 1,2 p.p. (0,6%) (2,1%) 1,5 p.p. Non-Operational Income (10.461) (6.598) 58,6% (2.681) (6.076) (55,9%) (13.142) (12.675) 3,7% Net Income (16.574) (22.304) (25,7%) 4.034 (1.963) N/A (12.539) (24.267) (48,3%) EBITDA 14.003 4.439 215,5% 22.479 18.337 22,6% 36.482 22.776 60,2% EBTIDA Margin 2,0% 0,7% 1,4 p.p. 5,6% 4,8% 0,7 p.p. 3,3% 2,2% 1,2 p.p. Chile Peru Consolidated Chile Peru Consolidated
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11 resulting from the increase in the minimum wage (+5.8%), CPI adjustment (+4.4%), and the additional pension contribution (+1%), together with the impact of the 40 -hour labor law. There were also higher expenses in technology, marketing, and advisory services. In Peru, expenses increased 20.8% in CLP and 10.2% YoY in local currency, mainly due to non -recurring effects in the comparison base and advisory expenses during 3Q25. Excluding these non-recurring items, expenses remained stable compared to the prior year. The segment’s EBITDA reached CLP 3,272 million in 3Q25, an improvement of CLP 1,654 million compared to 3Q24. As a result, the EBITDA margin increased to 0.9%, above the 0.5% recorded in the same period last year, reflecting progress in efficiency and prof itability. The result was driven mainly by the performance in Chile, where the EBITDA margin improved 199 bps YoY, rising from -3.6% in 3Q24 to -1.6% in 3Q25, supported by stronger gross margin levels. In Peru, the EBITDA margin reached 4.6%, representing the second -best performance for a third quarter, following 3Q24, which was influenced by the extraordinary impact of pension fund withdrawals and non -recurring expense items. This result reflects lower expense dilution compared to 3Q24, partially offset by an improvement in gross margin. At the consolidated level, the segment’s non -operating result recorded a net expense of CLP 5,43 9 million in 3Q25, higher than the CLP 2,841 million net expense in 3Q24. This variation is mainly explained by a CLP 3,098 million decline in exchange differences, primarily associated with USD/PEN fluctuations affecting lease liabilities under IFRS 16 in Peru (the PEN appreciated against the USD to a lesser degree in 2025 than in 2024).
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12 5.3 Banking Segment6 During the third quarter of 2025, banking segment revenue totaled CLP 137,441 million, representing a 12.9% increase compared to the same period of the previous year. This growth was mainly driven by the expansion of the consolidated loan portfolio, which grew 21.6% YoY, boosting interest income in both countries. In Chile, the gross loan portfolio grew 21.0% compared to 3Q24, reflecting increased placement of financial products. This momentum was accompanied by an improvement in portfolio quality, highlighted by the reduction of 90+ day delinquency to 3.6% in 3Q25, down from 4.2% in 3Q24. The net cost of risk over the average portfolio reached 9.4% 7, slightly above the 9.2 % in 3Q24, explained in part by the implementation of the new telephone prefix regulation, which reduced customer contact rates and eventually affected temporally collection management in its main channel. Administrative and selling expenses in Chile increased 19.0%, mainly due to higher commercial activity, increased personnel costs (driven by CPI adjustments, higher minimum wage, the additional pension contribution, and the implementation of the 40-hour labor law), as well as higher spending on technology and a stronger focus on cybersecurity. In Peru, the gross loan portfolio increased 23.4% YoY in CLP (8.0% in local currency) compared to 3Q24. Revenue grew 2.4% YoY in local currency and 12.2% in CLP, reflecting the appreciation of the PEN against the CLP. Gross profit increased 25.1% in CLP versus 3Q24, driven by a 15.8% reduction in funding costs and the positive effect of currency appreciation. The quarterly net cost of risk over the average loan portfolio reached 11.3%, an improvement of 131 bps compared to 3Q24. 6 Correspond to the financial statements presented in accordance with the instructions issued by the banking regulators of each country (CMF and SBS). In the Corporate segments of each country, the corresponding IFRS adjustments are made, such as IFRS 9, which is mainly related to net cost of risk (expected credit loss). 7 In July 2025, CLP 3,297 million in mandatory additional provisions were reclassified as complementary specific provisions. Complementary specific provisions are recognized and/or released to ensure sufficient coverage of net write -offs. During 3Q25, CLP 1, 000 million of complementary specific provisions were released. Excluding this release, the quarterly net cost of risk over the average loan portfolio was 9.8%. Banking Segment (amounts in CLP mm) 3Q25 3Q24 Var % 3Q25 3Q24 Var % 3Q25 3Q24 Var % Revenues 97.292 86.009 13,1% 40.149 35.782 12,2% 137.441 121.790 12,9% Gross Profit 50.994 46.001 10,9% 24.289 19.413 25,1% 75.284 65.414 15,1% Gross Margin 52,4% 53,5% -1,1 p.p. 60,5% 54,3% 6,2 p.p. 54,8% 53,7% 1,1 p.p. SG&A expenses (39.289) (33.029) 19,0% (17.483) (14.581) 19,9% (56.771) (47.610) 19,2% SG&A/Revenues (40,4%) (38,4%) -2,0 p.p. (43,5%) (40,7%) -2,8 p.p. (41,3%) (39,1%) -2,2 p.p. EBIT 11.706 12.972 (9,8%) 6.807 4.832 40,9% 18.512 17.804 4,0% Operational Margin 12,0% 15,1% -3,1 p.p. 17,0% 13,5% 3,4 p.p. 13,5% 14,6% -1,1 p.p. Non-Operational Income (5) (600) (99,1%) (10) (6) 75,2% (16) (606) (97,4%) Net Income 8.974 9.217 (2,6%) 4.569 3.333 37,1% 13.542 12.550 7,9% EBITDA 15.850 16.829 (5,8%) 7.739 6.214 24,5% 23.589 23.044 2,4% EBTIDA Margin 16,3% 19,6% -3,3 p.p. 19,3% 17,4% 1,9 p.p. 17,2% 18,9% -1,8 p.p. Banking Segment (amounts in CLP mm) 9M25 9M24 Var % 9M25 9M24 Var % 9M25 9M24 Var % Revenues 279.572 260.048 7,5% 114.879 111.730 2,8% 394.451 371.777 6,1% Gross Profit 151.965 124.592 22,0% 65.765 39.991 64,4% 217.730 164.584 32,3% Gross Margin 54,4% 47,9% 6,4 p.p. 57,2% 35,8% 21,5 p.p. 55,2% 44,3% 10,9 p.p. SG&A expenses (113.016) (91.101) 24,1% (49.312) (44.677) 10,4% (162.328) (135.777) 19,6% SG&A/Revenues (40,4%) (35,0%) -5,4 p.p. (42,9%) (40,0%) -2,9 p.p. (41,2%) (36,5%) -4,6 p.p. EBIT 38.949 33.492 16,3% 16.453 (4.685) N/A 55.402 28.806 92,3% Operational Margin 13,9% 12,9% 1,1 p.p. 14,3% (4,2%) 18,5 p.p. 14,0% 7,7% 6,3 p.p. Non-Operational Income (4) (545) (99,3%) (47) (194) (75,7%) (51) (739) (93,2%) Net Income 30.996 25.720 20,5% 11.236 (3.822) N/A 42.232 21.897 92,9% EBITDA 52.121 44.276 17,7% 19.944 (1.057) N/A 72.065 43.220 66,7% EBTIDA Margin 18,6% 17,0% 1,6 p.p. 17,4% -0,9% 18,3 p.p. 18,3% 11,6% 6,6 p.p. Chile Peru Consolidated Chile Perú Consolidated
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13 As a result, the banking segment’s EBITDA reached CLP 23,589 million in 3Q25, an increase of CLP 545 million compared to the same quarter of the previous year, driven by improvements in Peru’s funding cost and cost of risk. Finally, the banking segment’s net income totaled CLP 13,542 million in 3Q25, exceeding the result obtained in 3Q24 by CLP 992 million. 5.4 Real Estate Segment During the third quarter of 2025, consolidated revenue for the real estate segment reached CLP 17,266 million, representing 13.9% growth compared to the same period of the previous year. This performance reflects a 4.7% increase in revenue in Peru (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 15,334 million, a 21.7% YoY increase, reaching an 88.8% EBITDA margin in 3Q25, which represents a 565 bps expansion versus 3Q24. Net income for the segment reached CLP 11,357 million, a 15.9% YoY increase. The segment’s non-operating result decreased by CLP 669 million YoY, explained by lower exchange difference results—due to a stronger appreciation of the PEN against the USD in 2024 compared to 2025—and its impact on lease liabilities under IFRS 16, in addition to higher net financial costs. In Chile, the segment’s results primarily reflect Ripley’s participation in the associate company Inmobiliaria Mall Viña del Mar S.A. (IMVM), in which it holds a 50% ownership stake. During the quarter, the segment recorded profits of CLP 3,376 million, of which CLP 3,205 million correspond to Ripley’s share in IMVM. In 3Q25, IMVM Real Estate Segment (amounts in CLP mm) 3Q25 3Q24 Var % 3Q25 3Q24 Var % 3Q25 3Q24 Var % Revenues 35 33 4,2% 17.231 15.120 14,0% 17.266 15.153 13,9% Gross Profit 35 33 4,2% 15.933 13.162 21,1% 15.968 13.195 21,0% Gross Margin 100,0% 100,0% 0,0 p.p. 92,5% 87,0% 5,4 p.p. 92,5% 87,1% 5,4 p.p. SG&A expenses (1) (1) 6,8% (678) (636) 6,6% (679) (637) 6,6% SG&A/Revenues (2,0%) (2,0%) 0,0 p.p. (3,9%) (4,2%) 0,3 p.p. (3,9%) (4,2%) 0,3 p.p. EBIT 34 33 4,1% 15.255 12.525 21,8% 15.289 12.558 21,7% Operational Margin 98,0% 98,0% -0,1 p.p. 88,5% 82,8% 5,7 p.p. 88,5% 82,9% 5,7 p.p. Non-Operational Income 3.406 3.438 (0,9%) (3.924) (3.288) 19,4% (518) 151 N/A Net Income 3.376 3.341 1,0% 7.982 6.456 23,6% 11.357 9.797 15,9% EBITDA 34 33 4,1% 15.300 12.568 21,7% 15.334 12.601 21,7% EBTIDA Margin 98,0% 98,0% -0,1 p.p. 88,8% 83,1% 5,7 p.p. 88,8% 83,2% 5,7 p.p. Real Estate Segment (amounts in CLP mm) 9M25 9M24 Var % 9M25 9M24 Var % 9M25 9M24 Var % Revenues 108 106 1,4% 50.127 45.837 9,4% 50.234 45.943 9,3% Gross Profit 108 106 1,4% 45.431 39.638 14,6% 45.539 39.744 14,6% Gross Margin 100,0% 100,0% 0,0 p.p. 90,6% 86,5% 4,2 p.p. 90,7% 86,5% 4,1 p.p. SG&A expenses (2) (2) 2,5% (1.581) (1.476) 7,1% (1.583) (1.478) 7,1% SG&A/Revenues (1,8%) (1,8%) 0,0 p.p. (3,2%) (3,2%) 0,1 p.p. (3,2%) (3,2%) 0,1 p.p. EBIT 106 104 1,4% 43.850 38.161 14,9% 43.955 38.265 14,9% Operational Margin 98,2% 98,2% 0,0 p.p. 87,5% 83,3% 4,2 p.p. 87,5% 83,3% 4,2 p.p. Non-Operational Income 10.548 9.838 7,2% (13.326) (11.796) 13,0% (2.778) (1.958) 41,9% Net Income 10.353 9.518 8,8% 21.378 18.433 16,0% 31.731 27.951 13,5% EBITDA 106 104 1,4% 43.990 38.288 14,9% 44.095 38.392 14,9% EBTIDA Margin 98,2% 98,2% 0,0 p.p. 87,8% 83,5% 4,2 p.p. 87,8% 83,6% 4,2 p.p. Peru Chile Peru Consolidated ConsolidatedChile 3Q25 Ownership Country Investment¹ (MMCLP) GLA (m²) Malls Inm. Mall Viña del Mar S.A. 50% Chile 156.826 189.320 3 Mall Aventura S.A. 100% Perú 676.769 323.012 5 Total 833.595 512.332 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 recorded 6.3% revenue growth and a 2.8% increase in EBITDA, reaching CLP 14,653 million, with an 88.3% EBITDA margin. Tenant sales increased 2.0% YoY, and occupancy remained high, reaching 95.8% in the third quarter. In Peru, the results correspond entirely to Mall Aventura S.A., a wholly owned subsidiary of Ripley. During the quarter, segment revenue increased 14.0% in CLP, reaching CLP 17,231 million, equivalent to 4.7% growth in local currency. Mall Aventura continu ed to show improvements across its key operational indicators, despite the high comparison base of 3Q24, which was influenced by pension withdrawals. Highlights include 2.3% YoY growth in tenant sales and a 54 bps improvement in occupancy, reaching 97.2%. As a result, EBITDA for the period increased 21.7% compared to 3Q24, totaling CLP 15,300 million, with an 88.8% EBITDA margin, equivalent to a 567 bps expansion. 5.5 Headquarters and Consolidation Adjustments Segment 8 In the Corporate segment, consolidation adjustments are recognized for intercompany transactions, the differences between the regulatory provisioning model and the IFRS 9 expected credit loss model for the banking segment, the contributions from the joint financial retail business, and expenses related to corporate functions in each country. In recent quarters, the most relevant adjustment in the Corporate segment has been related to the differences with respect to IFRS 9 in the banking segment. In the case of Peru —given that the regulatory model corresponds to an incurred -loss model—the following differences arise: (i) the gap between expected credit loss provisioning (IFRS 9) and regulatory provisioning, and (ii) any provisioning in excess of regulatory requirements. In this way, the gap generated in the quarter is explained by the difference between the 8 Beginning in the third quarter of 2025, the method for recognizing the contribution of the joint financial retail business be tween the Retail and Corporate segments was modified. This change reflects a reallocation based on each segment’s contribution, wit h the aim of more accurately representing the operational nature of the joint business. These reclassifications have no impact on consolidated results. Headquarters (amounts in CLP mm) 3Q25 3Q24 Var % 3Q25 3Q24 Var % 3Q25 3Q24 Var % 3Q25 3Q24 Var % Revenues (1.660) (1.502) 10,5% (1.572) (1.659) (5,2%) (1.420) (1.331) 6,7% (4.653) (4.492) 3,6% Cost of sales (1.791) (251) 612,8% 43 4.539 (99,0%) 1.414 1.338 5,7% (333) 5.626 N/A Cost of sales Retail (2.688) (967) 177,9% 491 801 (38,6%) 1.414 1.338 5,7% (782) 1.172 N/A Cost of sales Banking 896 716 25,2% (178) 3.982 N/A - - 0,0% 719 4.698 (84,7%) Interest expenses 0 0 204,7% - - 0,0% - - 0,0% 0 0 204,7% Cost net of risk - - 0,0% -178 3982 N/A - - 0,0% (178) 3.982 N/A Others 896 716 25,2% - - 0,0% - - 0,0% 896 716 25,2% Real Estate Cost of Sales - - 0,0% -270 -244 10,6% - - 0,0% (270) (244) 10,6% Gross Profit (3.452) (1.753) 96,9% (1.529) 2.880 N/A (6) 8 N/A (4.987) 1.134 N/A SG&A expenses (2.416) (4.750) (49,1%) 678 298 127,2% (1.404) (2.062) (31,9%) (3.142) (6.513) (51,8%) EBIT (5.868) (6.503) (9,8%) (851) 3.178 N/A (1.410) (2.054) (31,4%) (8.129) (5.379) 51,1% Non-operational Income 3.045 2.686 13,4% 610 485 25,9% (5.960) (7.038) (15,3%) (2.304) (3.866) (40,4%) Net Income (3.139) (597) 426,3% (170) 2.585 N/A (5.995) (6.875) (12,8%) (9.304) (4.887) 90,4% EBITDA (5.645) (6.270) (10,0%) (1.291) 2.821 N/A (1.410) (2.054) (31,4%) (8.346) (5.502) 51,7% (4.160) (415984,0%) Headquarters (amounts in CLP mm) 9M25 9M24 Var % 9M25 9M24 Var % 9M25 9M24 Var % 9M25 9M24 Var % Revenues (5.103) (4.988) 2,3% (4.404) (5.253) (16,2%) (4.038) (3.793) 6,5% (13.546) (14.034) (3,5%) Cost of sales (3.086) (200) 1441,4% (1.690) 15.194 N/A 4.040 3.785 6,7% (737) 18.779 N/A Cost of sales Retail (5.847) (1.436) 307,1% 1.746 1.528 14,2% 4.040 3.785 6,7% (61) 3.877 N/A Cost of sales Banking 2.761 1.236 123,4% (2.646) 14.400 N/A - - 0,0% 115 15.636 (99,3%) Interest expenses 1 0 205,3% - 1 (100,0%) - - 0,0% 1 1 (16,6%) Cost net of risk - (1.000) (100,0%) -2646 14400 N/A - (0) (100,0%) (2.646) 13.400 N/A Others 2.760 2.236 23,4% - 1 (100,0%) - - 0,0% 2.760 2.237 23,4% Real Estate Cost of Sales - - 0,0% -790 -734 7,7% - (0) (100,0%) (790) (734) 7,7% Gross Profit (8.190) (5.188) 57,9% (6.094) 9.941 N/A 2 (8) N/A (14.282) 4.745 N/A SG&A expenses (10.386) (12.498) (16,9%) 2.139 2.248 (4,8%) (3.641) (4.163) (12,5%) (11.887) (14.414) (17,5%) EBIT (18.575) (17.686) 5,0% (3.955) 12.189 N/A (3.639) (4.171) (12,7%) (26.169) (9.669) 170,7% Non-operational Income 10.574 12.336 (14,3%) 1.665 2.143 (22,3%) (23.669) (21.036) 12,5% (11.430) (6.558) 74,3% Net Income (2.330) 385 N/A (1.675) 10.105 N/A (22.530) (21.174) 6,4% (26.535) (10.684) 148,4% EBITDA (17.919) (16.996) 5,4% (5.227) 11.118 N/A (3.639) (4.171) (12,7%) (26.786) (10.050) 166,5% Chile Peru Chile Peru Corporate Consolidated Corporate Consolidated
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15 regulatory provisioning model and the expected credit loss model. Accordingly, during the third quarter of 2025, the Corporate segment in Peru recorded a risk-provisioning expense of CLP 178 million. Regarding retail cost of sales, the collaboration within the joint retail-bank business generated additional benefits for the retail segment, which are eliminated for accounting purposes in the Corporate segment. Meanwhile, administrative and selling expenses are primarily related to the corporate areas in each country. The non-operating result is mainly related to financial expenses and exchange differences from related -party transactions, which are eliminated at consolidation. Additionally, the segment records corporate financial expenses and monetary adjustments generated by UF-denominated bonds. The Corporate segment’s EBITDA recorded a loss of CLP 8,346 million, compared to a negative EBITDA of CLP 5,502 million in the same period last year. The CLP 2,843 million negative variation is mainly explained by the adjustment to Peru’s Corporate net cost o f risk (associated with the change in the provisioning model), which showed a CLP 4,160 million negative variation relative to 3Q24.
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16 6. Key Indicators9 9a) Exchange rate (PEN/CLP) observed at the end of each period. b) Average number of stores open is calculated based on the days they were open to the public during the quarter. Bank portfolios correspond to the gross loan portfolio at period-end. c) Delinquency is calculated in the country’s functional currency and over the gross loan portfolio. d) Financial figures correspond to the banking segments of each country, in accordance with the methodologies of the respective regulators: CMF in Chile and SBS in Peru. e) In Chile, loan write-offs are applied to all balances with 180 days past due as of month-end; in Peru, write-offs apply to balances with 150 days past due that have not entered judicial collection. f) LTM portfolio considers the average portfolio over the past twelve months. g) EBITDA margin for operating malls considers revenue net of common expense recoveries and other minor items. 3Q 4Q 1Q 2Q 3Q RETAIL CHILE Stores # 45 43 42 42 42 Sales area sqm 285.821 280.405 272.342 272.342 272.342 Variation in Retail Sales (YoY) % 5,1% 7,9% 13,4% -0,6% 0,8% SSS % 9,8% 13,2% 26,2% 5,5% 3,9% Inventory CLP mm 231.130 204.469 223.433 209.995 254.495 Inventory Days Days 131,8 89,8 117,3 115,6 146,0 RETAIL PERU Stores # 31 30 30 30 30 Sales area sqm 224.383 221.747 221.747 221.747 221.747 Variation in Retail Sales (YoY) % 21,6% 19,0% 4,6% 8,7% 5,6% SSS % 11,3% 11,6% 9,4% 9,0% -0,4% Inventory PEN m 582.471 533.991 576.744 587.678 553.969 Inventory Days Days 124,0 100,2 147,2 130,9 131,2 Exchange rate PEN/CLP 243 265 260 264 277 Inventory CLP mm 141.313 141.262 149.677 154.994 153.704 20252024RETAIL BUSINESS Unit 3Q 4Q 1Q 2Q 3Q RIPLEY BANKING CHILE Loan Flows CLP mm 410.656 513.769 452.135 494.734 470.368 Gross Loan Portfolio CLP mm 882.359 981.220 996.672 1.049.068 1.067.937 Provisions/ Total Gross Loan % 11,2% 10,1% 9,5% 9,2% 9,8% LTM Net risk cost/LTM Average Loan Portfolio % 12,1% 10,0% 9,1% 8,5% 8,5% Recovery net write-offs CLP mm 23.148 19.413 20.222 17.929 20.163 Net write-offs (LTM)/Average Loan Portf (LTM) % 12,3% 10,8% 9,5% 8,5% 7,8% Over 90 Days NPL's % 4,2% 3,7% 3,5% 3,5% 3,6% Number of credit cards with debt thousands 910 950 912 921 912 Basel % 17,78% 15,01% 15,73% 15,83% 15,66% RIPLEY BANKING PERU Loan Flows PEN m 751.881 873.486 798.134 842.987 865.360 Gross loan portfolio PEN m 1.290.266 1.360.418 1.353.426 1.392.569 1.393.309 Provisions/ Total Gross Loan % 8,3% 7,5% 7,6% 7,7% 7,3% LTM Net risk cost/LTM Average Loan Portfolio % 20,3% 17,4% 14,6% 12,8% 12,4% Recovery net write-offs PEN m 70.171 45.192 42.403 42.563 45.188 Net write-offs (LTM)/Average Loan Portf (LTM) % 22,8% 21,4% 17,8% 14,9% 12,9% Over 90 Days NPL's % 4,1% 3,4% 3,1% 3,3% 3,1% Number of credit cards with debt thousands 363 383 362 376 376 Basel % 17,11% 17,48% 17,93% 18,50% 19,65% Loan Flows CLP mm 186.298 224.000 207.767 218.457 234.983 Gross loan portfolio CLP mm 315.694 362.606 354.192 369.878 389.428 Recovery net write-offs CLP mm 17.387 11.589 11.038 11.030 12.271 20252024UnitBANKING BUSINESS
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17 3Q 4Q 1Q 2Q 3Q CHILE CONSOLIDATED GRUPO MARINA Tenant sales CLP mm 131.079 181.995 171.220 144.196 133.744 Vacancy % 95,6% 95,4% 95,1% 95,7% 95,8% GLA sqm 189.344 189.342 189.305 189.305 189.320 EBITDA Margin of operating malls % 91% 93% 91% 94% 88% 3Q 4Q 1Q 2Q 3Q PERU CONSOLIDATED MALL AVENTURA Mall sales PEN m 594.573 701.057 589.367 601.652 608.191 Average Ocupancy Rate % 96,7% 97,0% 96,8% 97,5% 97,2% Average GLA sqm 320.465 320.824 321.480 321.887 323.012 EBITDA Margin of operating malls % 83% 86% 86% 88% 89% Tenant sales CLP mm 147.321 179.781 153.422 155.916 165.150 MALL AVENTURA AREQUIPA Mall sales PEN m 171.959 205.724 170.026 173.408 176.543 Average Ocupancy Rate % 98,6% 98,6% 97,0% 97,8% 98,0% Average GLA sqm 75.106 75.106 75.106 75.288 76.385 EBITDA Margin of operating malls % 89% 91% 90% 92% 92% Tenant sales CLP mm 42.607 52.756 44.260 44.938 47.939 MALL AVENTURA SANTA ANITA Mall sales PEN m 147.717 171.965 146.815 147.579 147.240 Average Ocupancy Rate % 92,6% 93,2% 93,5% 93,7% 93,3% Average GLA sqm 88.373 89.046 90.368 90.370 90.505 EBITDA Margin of operating malls % 81% 80% 85% 84% 87% Tenant sales CLP mm 36.601 44.099 38.218 38.245 39.982 MALL AVENTURA CHICLAYO Mall sales PEN m 85.756 101.295 85.617 86.493 90.341 Average Ocupancy Rate % 95,4% 96,0% 97,0% 97,4% 98,4% Average GLA sqm 48.582 48.242 47.563 47.564 47.564 EBITDA Margin of operating malls % 86% 86% 85,1% 87,1% 87,8% Tenant sales CLP mm 21.248 25.976 22.287 22.414 24.531 MALL AVENTURA IQUITOS Mall sales PEN m 72.606 81.247 66.950 68.336 70.372 Average Ocupancy Rate % 98,6% 98,8% 98,6% 98,8% 98,9% Average GLA sqm 47.029 47.055 47.068 47.068 47.068 EBITDA Margin of operating malls % 77% 95% 86% 88% 86% Tenant sales CLP mm 17.990 20.835 17.428 17.709 19.109 MALL AVENTURA SAN JUAN DE LURIGANCHO Mall sales PEN m 116.536 140.827 119.975 125.835 123.695 Average Ocupancy Rate % 99,6% 99,9% 99,7% 99,7% 99,8% Average GLA sqm 61.375 61.375 61.375 61.394 61.489 EBITDA Margin of operating malls % 84% 89% 89% 91% 91% Tenant sales CLP mm 28.875 36.114 31.232 32.610 33.589 2025 20252025 2024 REAL ESTATE BUSINESS Unit REAL ESTATE BUSINESS Unit
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18 7. Financial Structure Ripley Corp closed 3Q25 with liquidity of CLP 462,087 million. The banking segment ended the quarter with CLP 403,608 million in liquidity, while the non-banking segment closed with CLP 58,479 million. The year-over- year decrease of CLP 22,159 million in non-banking cash is mainly explained by the CLP 12,100 million dividend payment made by Ripley Corp to its shareholders in 2Q25, as well as lower cash levels due to the calendar effect of the Cyber event (which began on September 30 in 2024, while in 2025 i t took place in the fourth quarter). Banking segment leverage : as of September 30, 2025, the segment’s net financial debt totaled CLP 1,399 billion. The leverage ratio (NFD/Equity) reached 2.76x, increasing from 2.50x in September 2024, explained by higher financing needs resulting from the year -over-year expansion of the consumer loan portfolio. In Chile, the solvency ratio (Basel) stands at a lower level than in September 2024, due to new regulatory requirements implemented in December 2024, which increased capital requirements and adjusted asset classifications. In Peru, the ratio increased compared to 2024, mainly due to a reduction in credit risk –weighted assets. Non-banking segment leverage : as of the end of September 2025, net financial debt (NFD) totaled CLP 451,508 million, reflecting an increase of CLP 35,492 million compared to September 2024. This variation is explained by the increase in other financial liabilities by CLP 31,939 million, together with the decrease in cash by CLP 22,159 million, partially offset by the reduction in lease liabilities by CLP 18,607 million. The net increase of CLP 13,333 million in other financial liabilities and lease liabilities is mainly attributable to t he UF indexation on local bond debt (CLP 7,089 million), combined with the effect of exchange rate variation on debt denominated in Peruvian soles (CLP 9,234 million). As a result, the NFD/Assets leverage ratio remained stable at 0.21x compared to the same period of the previous year. sept-25 dec-23 sept-24 Chile 15,7% 15,0% 17,8% Peru 19,6% 17,5% 17,1% Basel RatioRipley Bank RIPLEY CORP (amounts in CLP mm) sept-25 sept-24 sept-25 sept-24 sept-25 sept-24 Cash and other financial assets, current (note 39) 58.479 80.638 153.381 240.393 211.860 321.030 Other financial assets, non-current (note 39) - - 250.227 163.992 250.227 163.992 Cash and Equivalents 58.479 80.638 403.608 404.384 462.087 485.022 Other financial liabilities, current (note 39) 97.631 204.787 1.159.999 1.050.380 1.257.630 1.255.168 Other financial liabilities, non-current (note 39) 305.898 166.802 238.630 146.445 544.528 313.247 Liabilities for financial leases, current (note 22) 14.254 32.625 - - 14.254 32.625 Liabilities for financial leases, non-current (note 22) 92.204 92.439 - - 92.204 92.439 Financial debt 509.987 496.654 1.398.629 1.196.825 1.908.616 1.693.479 NFD 451.508 416.016 995.021 792.441 1.446.529 1.208.457 Equity 749.283 657.881 359.971 317.282 1.109.254 975.162 Real Estate Assets 980.507 848.716 - - 980.507 848.716 Other assets 1.160.166 1.148.939 1.902.447 1.670.459 3.062.613 2.819.398 Assets 2.140.673 1.997.654 1.902.447 1.670.459 4.043.120 3.668.113 NFD/Assets 0,21x 0,21x 0,52x 0,47x 0,36x 0,33x NFD/Equity 0,60x 0,63x 2,76x 2,50x 1,30x 1,24x TotalBanking Non Banking
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19 Non-Banking Segment Financial Information10 Maturity Profiles (Thousands CLP mm) 10 The amortization profile considers only principal amortizations (excluding working capital debt). It does not include accrued interest or amortized cost. UF as of the end of September 2025 was equivalent to CLP 39,485.65, and the PEN/CLP exchange rate was 277.46.
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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 CLP mm) sept-25 dec-24 Var MM$ Var % Current Assets Cash and cash equivalents 149.385 271.998 (122.614) (45,1%) Other financial assets 62.475 98.211 (35.736) (36,4%) Other non-financial assets 27.511 26.252 1.259 4,8% Trade and other receivables 797.920 805.924 (8.003) (1,0%) Receivables from related parties 50 50 - 0,0% Inventories 408.199 342.818 65.381 19,1% Tax assets 26.209 32.999 (6.790) (20,6%) Total Current Assets 1.471.749 1.578.252 (106.503) (6,7%) Non-current Assets Other financial assets 250.227 186.988 63.240 33,8% Other non-financial assets 11.770 12.445 (675) (5,4%) Trade and other receivables 589.379 485.169 104.210 21,5% Investments accounted for using the equity method 156.826 151.185 5.640 3,7% Intangible assets other than goodwill 102.904 105.380 (2.477) (2,4%) Goodwill 30.875 29.437 1.438 4,9% Property, plant and equipment 194.827 197.481 (2.654) (1,3%) Right-of-use assets 309.604 313.896 (4.292) (1,4%) Investment properties 681.660 651.355 30.305 4,7% Deferred tax assets 243.300 232.563 10.737 4,6% Total Non-current Assets 2.571.371 2.365.899 205.472 8,7% TOTAL ASSETS 4.043.120 3.944.151 98.969 2,5% LIABILITIES Current Liabilities Other financial liabilities 1.257.630 1.228.355 29.276 2,4% Lease liabilities 51.188 50.300 888 1,8% Trade and other payables 426.964 498.503 (71.539) (14,4%) Payables to related parties 12.809 14.001 (1.192) (8,5%) Other provisions 18.234 22.668 (4.435) (19,6%) Tax liabilities 1.218 4.824 (3.606) (74,8%) Employee benefit provisions 23.154 19.651 3.504 17,8% Other non-financial liabilities 6.090 7.394 (1.304) (17,6%) Total Current Liabilities 1.797.289 1.845.697 (48.408) (2,6%) Non-current Liabilities Other financial liabilities 544.528 448.897 95.631 21,3% Lease liabilities 412.054 428.229 (16.174) (3,8%) Trade and other payables 356 254 102 40,0% Payables to related parties 19.250 20.192 (942) (4,7%) Other provisions 20.859 20.721 138 0,7% Deferred tax liabilities 127.496 114.026 13.470 11,8% Employee benefit provisions 10.501 9.623 878 9,1% Other non-financial liabilities 1.638 1.652 (14) (0,9%) Total Non-current Liabilities 1.136.682 1.043.593 93.089 8,9% TOTAL LIABILITIES 2.933.971 2.889.290 44.681 1,5% TOTAL EQUITY – RIPLEY CORP Issued capital 203.873 203.873 - 0,0% Retained earnings 576.481 552.331 24.150 4,4% Share premium 162.504 162.504 - 0,0% Other reserves 164.941 134.747 30.194 22,4% Equity attributable to owners of the parent 1.107.798 1.053.454 54.344 5,2% Non-controlling interests 1.351 1.407 (56) (4,0%) Total Equity 1.109.150 1.054.862 54.288 5,1% - - - 0,0% TOTAL LIABILITIES AND EQUITY 4.043.120 3.944.151 98.969 2,5%
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22 8.2 Analysis of Variations in the Consolidated Statement of Financial Position and Consolidated Cash Flow Statement Assets The consolidated total assets increased by CLP 98,969 million. This variation is mainly explained by: • Decrease in cash and cash equivalents of CLP 122,613 million. The main variations are explained by: o Operating Cash Flows: The negative operating cash flow amounted to CLP 9,625 million, generated by payments to suppliers and payments to employees, net of collections from the sale of goods totaling CLP 9,772 million. o Investing Cash Flows: The positive investing cash flow reached CLP 18,163 million, mainly explained by the redemption of time -deposit investments for CLP 34,615 million, dividends received from the associate Inmobiliaria Mall Viña del Mar S.A. for CLP 3,92 5 million, and interest received for CLP 3,924 million, partially offset by the acquisition of property, plant, equipment, and intangible assets for a total of CLP 24,320 million. o Financing Cash Flows: The negative financing cash flow amounted to CLP 136,679 million, mainly due to bank loan repayments of CLP 35,676 million, lease liability payments of CLP 51,808 million, dividends paid of CLP 12,100 million, and interest paid of CLP 37,094 million. • The increase in trade receivables and other current and non-current receivables totaled CLP 96,207 million. This positive variation is mainly explained by the increase in credit-related receivables of CLP 98,136 million. Condensed Consolidated sept-25 dec-24 Var Var Statements of Financial Position MM$ MM$ MM$ % Current Assets 1.471.749 1.578.252 (106.502) (6,7%) Non-current Assets 2.571.371 2.365.899 205.472 8,7% Total Assets 4.043.120 3.944.151 98.969 2,5% Current Liabilities 1.797.289 1.845.697 (48.408) (2,6%) Non-current Liabilities 1.136.682 1.043.593 93.089 8,9% Total Liabilities 2.933.971 2.889.290 44.681 1,5% Total Equity 1.109.150 1.054.862 54.289 5,1% Total Liabilities and Equity 4.043.120 3.944.151 98.969 2,5%
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23 Regarding the credit operations of the banking subsidiaries, these show a net increase of CLP 98,136 million. The breakdown by portfolio type and country is as follows: In the banking subsidiaries in Chile, there was a net increase of CLP 76,229 million, explained by the increase in gross loan placements (credit cards, consumer loans, mortgage loans, and commercial loans) totaling CLP 86,716 million. With respect to risk provisions, these recorded an increase of CLP 10,487 million. In the banking subsidiary in Peru, the loan portfolio related to credit card operations shows a net increase of CLP 21,907 million, explained by the increase in gross credit card placements of CLP 26,823 million. Risk provisions recorded an increase of CLP 4,916 million. • Increase in current and non -current other financial assets of CLP 27,503 million, mainly explained by higher investment in bank bonds totaling CLP 70,029 million, an increase of CLP 6,112 million in available -for-sale investment instruments, partially offs et by a decrease of CLP 30,929 million in time deposits and CLP 15,380 million in hedging instruments. • Increase in property, plant and equipment, intangible assets, and investment properties of CLP 25,174 million, mainly explained by foreign exchange translation differences of CLP 35,397 million and additions of CLP 24,265 million, partially offset by depreciation and amortization expense totaling CLP 32,306 million. • Increase in inventory of CLP 65,381 million, mainly due to the need to anticipate and cover the higher projected demand for the Cyber Days mass-sales event scheduled for the third quarter of 2025. Additionally, this increase reflects stock accumulation in preparation for the Christmas season, which is characterized by a high sales volume during the last quarter of the year. Liabilities Total consolidated liabilities increased by CLP 44,681 million. This variation is mainly explained by: • Increase in current and non -current other financial liabilities of CLP 124,907 million, mainly due to higher obligations with the public totaling CLP 37,673 million, bank borrowings of CLP 49,061 million, and other financial obligations of CLP 39,403 million. • Decrease in current and non -current lease liabilities of CLP 16,286 million, primarily due to payments made during 2025. 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 972.658 97.476 875.182 899.409 88.148 811.261 73.249 9.328 63.921 Consumer loan receivables Chile 84.847 7.527 77.320 69.692 6.350 63.342 15.155 1.177 13.978 Mortgage loan receivables Chile 10.380 45 10.335 12.040 61 11.979 (1.660) (16) (1.644) Commercial loan receivables Chile 51 1 50 79 3 76 (28) (2) (26) Subtotal Chile 1.067.936 105.049 962.887 981.220 94.562 886.658 86.716 10.487 76.229 Credit card loan receivables Peru 389.428 51.713 337.715 362.605 46.797 315.808 26.823 4.916 21.907 Subtotal Peru 389.428 51.713 337.715 362.605 46.797 315.808 26.823 4.916 21.907 Total 1.457.364 156.762 1.300.602 1.343.825 141.359 1.202.466 113.539 15.403 98.136 sept-25 dec-24 Variations
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24 • Decrease in trade payables and other current and non-current payables totaling CLP 71,437 million, mainly due to the reduction in trade payables to suppliers by CLP 44,569 million. Additionally, there was a decrease of CLP 18,777 million in value-added tax payables, CLP 3,657 million in accrued payroll liabilities, and CLP 3,451 million in other trade creditors. • Increase in deferred tax liabilities totaling CLP 13,470 million, mainly due to the increase in deferred taxes related to depreciation (CLP 9,888 million) and the rise in deferred taxes associated with investment property (CLP 2,602 million). Equity Equity increased by CLP 54,288 million. This variation is mainly explained by: • Net income for the period of CLP 34,890 million. • Negative currency translation reserve effect of CLP 30,335 million. • Minimum dividend provision of CLP 10,788 million.
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25 8.3 Consolidated Net Cash Flows sept-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 -48.657 -8.651 - -10.951 -68.260 -13.254 8.086 54.871 1.632 51.335 7.300 -9.625 Net cash flows from (used in) investing activities -27.029 -9.446 3.926 25.442 -7.108 -37.746 -2.946 -1.388 17 -42.063 67.333 18.163 Net cash flows from (used in) financing activities -2.321 -21.262 -3.926 -13.424 -40.933 14.423 - -35.714 345 -20.946 -74.800 -136.679 - - - - - - - - - - - - Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes -78.008 -39.359 0 1.066 -116.301 -36.577 5.141 17.769 1.994 -11.673 -167 -128.141 Effects of exchange rate variations on cash and cash equivalents 14 0 - 30 44 2.677 2.917 126 -97 5.623 -140 5.527 - - - - - - - - - - - - Net increase (decrease) in cash and cash equivalents -77.994 -39.359 0 1.096 -116.257 -33.900 8.057 17.895 1.898 -6.050 -307 -122.614 - - - - - - - - - - - - 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 14.710 24.077 0 1.109 39.896 14.698 67.775 27.636 -59 110.052 -563 149.385 sept-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 -28.943 -6.709 - -3.996 -39.648 5.078 -8.525 31.357 1.610 29.521 -197 -10.325 Net cash flows from (used in) investing activities 16.303 -12.459 7.073 397 11.314 -39.609 -4.056 -4.587 -4.691 -52.943 40.312 -1.317 Net cash flows from (used in) financing activities 607 -1.768 -7.073 3.554 -4.680 10.348 - -27.393 1.099 -15.946 -40.672 -61.298 Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes -12.033 -20.935 0 -45 -33.013 -24.182 -12.581 -623 -1.982 -39.368 -557 -72.939 Effects of exchange rate variations on cash and cash equivalents -43 -26 - 257 188 882 1.537 150 7 2.577 6 2.771 Net increase (decrease) in cash and cash equivalents -12.076 -20.961 0 212 -32.825 -23.300 -11.044 -473 -1.974 -36.791 -551 -70.168 - - - - - - - - - - - - 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 16.477 130.489 0 572 147.538 12.480 53.540 5.425 -1.206 70.239 -511 217.263 Chile Peru Consolidado Chile Peru Consolidated
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26 a) Ripley Chile As of September 30, 2025, net cash flows show a decrease of CLP 116,301 million. This decrease is explained by negative operating cash flows of CLP 68,260 million, investing cash flows of CLP 7,108 million, and negative financing cash flows of CLP 40,933 million. As of September 30, 2024, net cash flows showed a decrease of CLP 33,013 million. This decrease was explained by negative operating cash flows of CLP 39,648 million and negative financing cash flows of CLP 4,680 million, partially offset by positive investing cash flows of CLP 11,314 million. Below are the main variations in cash flows by segment: Retail Segment: Operating Cash Flows: Operating cash flows show a negative balance of CLP 48,657 million as of September 2025 (compared to a negative CLP 28,943 million as of September 2024). The CLP 19,715 million negative variation is mainly explained by the increase in payments on behalf of employees by CLP 11,361 million, and by the decrease in collections from the sale of goods and services, net of payments to suppliers for goods and services, by CLP 9,106 million. Investing Cash Flows : Investing cash flows show a negative balance of CLP 27,029 million as of September 2025 (compared to a positive balance of CLP 16,303 million as of September 2024). The CLP 43,333 million negative variation is mainly explained by net loans granted to related parties totaling CLP 43,942 million. Financing Cash Flows : Financing cash flows show a negative balance of CLP 2,231 million as of September 2025 (compared to a positive balance of CLP 607 million as of September 2024). The CLP 2,928 million negative variation is mainly explained by net loan repayments totaling CLP 41,657 million. Banking Segment: Operating Cash Flows : Operating cash flows show a negative balance of CLP 8,651 million as of September 2025 (compared to a negative CLP 6,709 million as of September 2024). The CLP 1,943 million negative variation is mainly explained by the decrease in collections from the sal e of goods and services, net of payments to suppliers for goods supplied, totaling CLP 12,704 million, and by higher employee -related payments of CLP 5,957 million, partially offset by higher income tax refunds amounting to CLP 16,718 million. Investing Cash Flows: Investing cash flows show a negative balance of CLP 9,446 million as of September 2025 (compared to a negative balance of CLP 12,459 million as of September 2024). The CLP 3,012 million positive variation is mainly explained by lower acquisitions of intangible assets totaling CLP 3,687 million. Financing Cash Flows: Financing cash flows show a negative balance of CLP 21,262 million as of September 2025 (compared to a negative balance of CLP 1,768 million as of September 2024). The CLP 19,494 million negative variation is mainly explained by the dividend payment to Rip ley Financiero Ltda., which amounted to CLP 19,482 million.
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27 Real Estate Segment: Operating Cash Flows: Operating cash flows do not present significant movements to explain. Investing Cash Flows: Investing cash flows show a positive balance of CLP 3,926 million as of September 2025 (compared to a positive balance of CLP 7,073 million as of September 2024). The CLP 3,147 million negative variation is mainly due to lower dividend payments received from the associate Inmobiliaria Mall Viña del Mar S.A. in 2025 compared to 2024. Financing Cash Flows : Financing cash flows show a negative balance of CLP 3,926 million as of September 2025 (compared to a negative balance of CLP 7,073 million as of September 2024). The CLP 3,147 million positive variation is mainly explained by lower loan repayments from Ripley Marina S.A. to Comercial Eccsa S.A. made in 2025 compared to 2024. b) Ripley Peru As of September 30, 2025, cash and cash equivalents decreased by CLP 11,673 million. This decrease is explained by negative investing cash flows of CLP 42,063 million and negative financing cash flows of CLP 20,946 million, partially offset by positive operating cash flows of CLP 51,335 million. As of September 30, 2024, cash and cash equivalents decreased by CLP 39,368 million. This decrease was explained by negative investing cash flows of CLP 52,943 million and negative financing cash flows of CLP 15,946 million, partially offset by positive operating cash flows of CLP 29,521 million. Below are the main variations in cash flows by segment: Retail Segment: Operating Cash Flows: Operating cash flows show a negative balance of CLP 13,254 million as of September 2025 (compared to a positive balance of CLP 5,078 million as of September 2024). The CLP 18,333 million negative variation is mainly explained by the increase in collections from the sale of goods and services and in payments to suppliers for goods and services totaling CLP 7,765 million, as well as higher employee -related payments of CLP 8,947 million. Investing Cash Flows : Investing cash flows show a negative balance of CLP 37,746 million as of September 2025 (compared to a negative balance of CLP 39,609 million as of September 2024). The CLP 1,863 million positive variation is mainly due to the decrease in loans to related entities totaling CLP 1,446 million. Financing Cash Flows : Financing cash flows show a positive balance of CLP 14,423 million as of September 2025 (compared to a positive balance of CLP 10,348 million as of September 2024). The CLP 4,074 million positive variation is mainly explained by the decrease in net loan re payments totaling CLP 6,120 million and the increase in lease liabilities of CLP 2,610 million.
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28 Banking Segment: Operating Cash Flows : Operating cash flows show a positive balance of CLP 8,086 million as of September 2025 (compared to a negative balance of CLP 8,525 million as of September 2024). The positive variation of CLP 16,611 million is mainly driven by higher operating activity payments totaling CLP 16,340 million. Investing Cash Flows: Investing cash flows show a negative balance of CLP 2,946 million as of September 2025 (compared to a negative balance of CLP 4,056 million as of September 2024). The positive variation of CLP 1,110 million is not material to explain. Financing Cash Flows: Financing cash flows do not present movements requiring explanation. Real Estate Segment: Operating Cash Flows: Operating cash flows show a positive balance of CLP 54,871 million as of September 2025 (compared to a positive balance of CLP 31,357 million as of September 2024). The positive variation of CLP 23,514 million is mainly explained by higher collections from the sale of goods and services, net of employee-related disbursements, totaling CLP 22,043 million. Investing Cash Flows: Investing cash flows show a negative balance of CLP 1,388 million as of September 2025 (compared to a negative balance of CLP 4,587 million as of September 2024). The positive variation of CLP 3,198 million is mainly due to a decrease in the purchase of other long-term assets totaling CLP 2,753 million. Financing Cash Flows: Financing cash flows show a negative balance of CLP 36,714 million as of September 2025 (compared to a negative balance of CLP 27,393 million as of September 2024). The CLP 8,320 million negative variation is mainly explained by higher loan repayments totaling CLP 5,375 million, dividend payments to Inversiones Padebest Perú S.A.C. and Tiendas por Departamento Ripley S.A. totaling CLP 6,593 million, partially offset by a decrease in interest paid of CLP 4,060 million.
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29 8.4 Other Indicators Below are the main financial ratios for Ripley Corp on a consolidated basis, calculated without considering the assets and liabilities of the banking subsidiaries: Current Ratio (Current Assets / Current Liabilities) The current liquidity ratio shows a slight decrease of 0.02 compared to the previous year, reflecting a marginal reduction in the Company’s ability to cover its short -term obligations with its current assets. The most significant contributing factors inclu de the decrease in cash and cash equivalents of CLP 91,311 million, the reduction in other financial assets of CLP 50,257 million, and the decline in trade receivables and other accounts receivable of CLP 5,405 million. These effects were partially offset by an increase in inventories of CLP 65,381 million, along with the decrease in other financial liabilities of CLP 8,217 million and the reduction in trade payables and other accounts payable of CLP 95,257 million. Quick Ratio (Acid-Test Ratio) (Current Assets – Inventories) / Current Liabilities The acid-test ratio recorded a decrease of 0.22 compared to the previous year, indicating a greater reliance on inventories to cover immediate obligations. This variation is mainly explained by the decline in cash and cash equivalents of CLP 91,311 million, the decrease in other financial assets of CLP 50,257 million, and the reduction in trade receivables and other accounts receivable of CLP 5,405 million, partially offset by an increase in inventories of CLP 65,381 million, as well as the decrease in other financial l iabilities of CLP 8,217 million and the reduction in trade payables and other accounts payable of CLP 95,257 million. Since inventory levels increased, this negatively affects the performance of the ratio. Liquidity Units sept-25 dic-24 Variation Current Ratio Times 1,03 1,06 (0,02) Quick Ratio (Acid-Test Ratio) Times 0,28 0,49 (0,22) Working Capital CLP mm 17.959 34.202 (16.243) Leverage sept-25 dic-24 Variation Debt-to-Equity Ratio Times 0,73 0,69 0,03 Current Debt Times 0,38 0,41 (0,03) Non-current Debt Times 0,62 0,59 0,03 Activity sept-25 dic-24 Variation Inventory Turnover Times 3,22 2,69 0,53 Property, Plant & Equipment Turnover Times 8,79 8,07 0,72 Total Asset Turnover Times 0,77 0,76 0,01 Profitability (Consolidated) sept-25 dic-24 Variation ROE (Return on Equity) % 6,98 2,92 4,06 ROA (Return on Assets) % 1,89 0,76 1,13
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30 Working Capital Current Assets – Current Liabilities Working capital decreased by CLP 16,243 million compared to the previous year, explained by the decrease in current assets of CLP 87,734 million and the decrease in current liabilities of CLP 71,490 million. Despite this contraction, the Company maintains positive working capital, which allows it to finance its day -to-day operations and meet its short-term obligations. Debt Ratio (Current and Non-current Other Financial Liabilities – Cash) / Total Equity This indicator increased by 0.03 compared to the previous year, mainly explained by the increase in net debt of CLP 75,507 million and the increase in equity of CLP 54,288 million. Current Debt / Total Liabilities This indicator decreased by 0.03 compared to the previous year, and this variation is not material to explain. Non-current Debt / Total Liabilities This indicator increased by 0.03 compared to the previous year, and this variation is not material to explain. Inventory Turnover (Cost of Sales LTM(**) / Average Inventory LTM) This indicator shows an increase of 0.53 compared to the previous period, and this variation is explained by the increase in cost of sales in Chile relative to the prior year, as well as the significant increase in average inventory levels compared to the previous year. Property, Plant and Equipment Turnover (Total Revenues LTM(**) / Property, Plant and Equipment) This indicator shows an increase of 0.72 compared to the previous year, and this rise is explained by higher total revenue recorded in the comparable periods. Total Asset Turnover (Total Revenues LTM(**) / Total Assets) The total asset turnover ratio (LTM total revenue / total assets) shows an increase of 0.01 compared to the previous period, and this variation is not material to explain. Return on Equity (ROE) (Net Income Corp / Equity Corp) This indicator increased by 4.06, driven by net income of CLP 74,044 million as of September 2025, compared with CLP 28,156 million for the same period in 2024. At the level of average equity, an increase of 9.96% was observed compared to the previous year. Return on Assets (ROA) (Net Income Corp / Total Assets Corp) This indicator increased by 1.13, as the year ended September 2025 recorded net income of CLP 74,044 million, compared with net income of CLP 28,156 million for the same period in 2024. At the level of average total assets, an increase of 5.85% was observed. (**) LTM: Last Twelve Months
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31 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 th rough 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 contin uity, 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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32 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 man ages these risks under a corporate financial policy that includes maintaining 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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33 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.