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November 12, 2025 09:00 am ET / 11:00 am Chile Earnings Conference Call 3Q25
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This presentation contains forward-looking statements. We have based all forward-looking statements largely on our current beliefs, expectations and projections about future events and financial trends affecting our business. Although management considers these projections to be reasonable based on information currently available to it, many important factors could cause our actual results to differ substantially from those anticipated in our forward- looking statements. Figures related to future dates, as well as the words “target,” “goal,” “objective,” “believe,” “may,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “forecast” and similar words are intended to identify forward-looking statements. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities and the effects of future regulation and competition. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. In light of the risks and uncertainties described above, the forward-looking events and circumstances discussed in this presentation might not occur and are not guarantees of future performance. Therefore, we caution readers not to place undue reliance on these statements. Forward- looking statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements included in this presentation because of new information, future events or other factors. CAUTION REGARDING FORWARD-LOOKING STATEMENTS 2
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3 3Q25 Earnings Omnichannel Growth ➢ Store opening plan 23-25: 58 new stores ➢ 43 in Chile (35 to date, with further openings planned for Nov.-Dec.) ➢ 15 in Peru (9 to date, with further openings planned for Nov.-Dec.) ➢ Strong performance from new stores New Store Openings Santo Domingo Caldera Canal Beagle Chonchi Coronel New Stores in 2025 (YTD) Buin Concón Renca Quinta Normal
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4 3Q25 Earnings Omnichannel Growth ➢ Streamline multiformat strategy, converting all Mayorista 10 stores ➢ Add scale to Super10 (soft discount) and Alvi (cash & carry) ➢ Alvi store footprint grew from 37 to 53, with 15 conversions and one recent new opening, with further openings in the pipeline Accelerating Mayorista 10 Conversions
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5 3Q25 Earnings Omnichannel Growth ➢ Streamline multiformat strategy, converting all Mayorista 10 stores ➢ Add scale to Super10 (soft discount) and Alvi (cash & carry) Accelerating Mayorista 10 Conversions ➢ Super10 store footprint grew from 16 to 46, with 29 conversions and one recent new opening, with further openings in the pipeline, and a new advertising campaign, giving visibility to the brand
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6 3Q25 Earnings Customer Experience Promotional Activity ➢ Promotional strategy: ✓ Long-lasting campaigns focusing on basic products to which customers are highly price-sensitive ✓ Additional high-impact promotions on specific product categories (short- term campaigns) ✓ Leverage multiformat strategy
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7 3Q25 Earnings Customer Experience Private Label Growth ➢ Contributing to profitability & competitiveness: ✓ Improving sourcing, with less intermediation ✓ Optimizing price positioning ➢ Sales penetration: 13%
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8 3Q25 Earnings Customer Experience Building Loyalty 2025 Alvi Members Expo event: ➢ Over 9,000 members of Club Alvi and representatives from over 40 major brands that supply the traditional trade ➢ Small business owners discover new products and growth opportunities to increase profitability
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9 3Q25 Earnings Efficiency & Productivity Operating Efficiency 428 437 3Q24 3Q25 Number of Stores 23.477 22.646 3Q24 3Q25 Average Headcount -1.4%+2.1% ➢ Continued roll-out of technologies designed to improve efficiency, productivity, and customer experience, at stores and distribution centers ➢ Initiatives allowed for implementation of optimization plan in 1Q25
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10 3Q25 Earnings Efficiency & Productivity ➢ Successful bidding process to migrate more stores to lower, unregulated electricity rates, with supply using renewable energy sources: ➢ Coverage increased from current 15% to over 50% for 2027 ➢ In 2025, 28 facilities have migrated to unregulated rates Energy Efficiency 15% 50% 2024 2027E Renewable Energy / Unregulated Electricity Rates (% of electricity consumption in Chile under contract)
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11 3Q25 Earnings Committed & Sustainable Organization Diversity & Inclusion ➢ For the third consecutive year, SMU received the Impulsa prize, recognizing the companies with the best gender equality indicators in their respective industries. ➢ At SMU, 36% of leadership positions are held by women.
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735 690 29,6% 32,3% 3Q24 3Q25 Revenue Gross Margin 217 223 3Q24 3Q25 649 667 9M24 9M25 Revenue and Gross Profit 3Q25 Earnings 12 Focus on profitability and commercial efficiency: • Optimization of promotions and elimination of certain low-margin volume sales • Lower revenue, but significant recovery in gross margin (+270 bps in 3Q and +170 bps in 9M) and, consequently, in gross profit (+2.3% in 3Q and +2.7% in 9M) • Strong sales performance from new stores contributes to revenue Gross Profit Third Quarter; CLP Bn +2.3% +230 bps Revenue Third Quarter; CLP Bn -6.1% Quarterly Gross Margin 30,6% 30,8% 31,5% 30,1% 29,6% 31,5% 31,8% 32,4% 32,3% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 2.137 2.075 30,4% 32,1% 9M24 9M25 Revenue Gross Margin Gross Profit First Nine Months; CLP Bn +2.7% +170 bps Revenue First Nine Months; CLP Bn -2.9%
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166 172 22,6% 24,9% 3Q24 3Q25 OPEX OPEX/Revenue 484 511 22,6% 24,6% 9M24 9M25 OPEX OPEX/Revenue 171,8 165,9 3,4 2,8 1,0 Operating Expenses 3Q24 Services Personnel Rent Others Operating Expenses 3Q25 Operating Expenses (1) 3Q25 Earnings 13 (1) Operating expenses: Sum of distribution and administrative expenses, excluding depreciation and amortization. Operating Expenses Third Quarter; CLP Bn +3.5% +230 bps Operating Expenses First Nine Months; CLP Bn +5.6% +180 bps Disciplined approach to operating expenses: • Real reduction in operating expenses in 3Q25: in nominal terms, they increased only 3.5%, while inflation was above 4%, despite higher minimum wage (+5.8% vs. 3Q24) and electricity rates • Implementation of strategic initiatives focused on efficiency and productivity help keep expenses under control • Savings on insurance expenses (-20.4%, maintaining the same level of policy coverage) and external services (-17.3%) (1.3)
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14 EBITDA Third Quarter; CLP Bn EBITDA First Nine Months; CLP Bn EBITDA (1) 50 51 7,0% 7,3% 3Q24 3Q25 EBITDA EBITDA Margin -1.6% +30 bps 165 155 7,7% 7,5% 9M24 9M25 EBITDA EBITDA Margin -6.0% -20 bps • Growth in gross profit • Limited expansion in operating expenses • Recovery in EBITDA margin 3Q25 Earnings (1) EBITDA = Gross profit – administrative expenses – distribution costs + depreciation + amortization. .
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3Q25 Earnings 15 Net Income Net Income First Nine Months; CLP Bn 7 33 3Q24 3Q25 33 52 9M24 9M25 Net Income Third Quarter; CLP Bn Net income includes non-operating gain from the sale of purchase options, stores, and distribution center: • 3Q25: CLP 42,8 Bn before taxes / CLP 31,2 Bn after taxes. • 9M25: CLP 60,4 Bn before taxes / CLP 44,1 Bn after taxes. +336.7% +56.0%
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16 3,9X 2,7X 3,4X 2,3X 3,7X 2,4X 4,6X 3,7X 5,1X 3,3X Net Financial Liabilities/EBITDA Net Financial Debt/EBITDA Adjusted for Store Rental Expenses Dec. 2021 Dec. 2022 Dec. 2023 Dec. 2024 Sept. 2025 4,9X 9,5X 6,4X 17,5X 5,9X 14,4X 4,5X 8,9X 4,0X 6,5X Net Interest Coverage Net Interest Coverage Adjusted for Store Rental Expenses Dec. 2021 Dec. 2022 Dec. 2023 Dec. 2024 Sept. 2025 Net Financial Debt / EBITDA Net Interest Coverage Temporary impact of organic growth plan on financial indicators: • Financial liabilities and financial expenses reflect 100% of the new obligations for rights of use associated with rental contracts for new stores (not included in financial debt). • Cash reflects 100% of the capex used for store setup. • EBITDA contribution from new stores is lower, because stores have not yet reached maturity. Financial Ratios (1)3Q25 Earnings (1) Definitions: Net financial liabilities = other current and non-current financial liabilities - cash and cash equivalents Net financial debt = other current and non-current financial liabilities - current and non-current obligations for rights of use - cash and cash equivalents EBITDA adjusted for store rental expenses = EBITDA including store rental expenses not included in administrative expenses under IFRS Net interest coverage = EBITDA for the last 12 months / (total financial expenses – total financial income Adjusted net interest coverage = EBITDA adjusted for store rental expenses/(total financial expenses – financial expenses for obligations for rights of use – total financial income)
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Bond Covenants 3Q25 Earnings 17 (1) Net financial debt = Total current and non-current financial liabilities minus total current and non- current obligations for rights of use minus cash and cash equivalents (2) Net interest coverage = EBITDA/net financial expenses . 3,8X 4,9X 6,4X 5,9X 4,5X 4,0X 2,5X 2,5X 2,5X 2,5X 2,5X 2,5X Dec. '20 Dec. '21 Dec. '22 Dec. '23 Dec. '24 Sept. '25 Net Interest Coverage Bond Covenant 0,59X 0,59X 0,55X 0,54X 0,53X 0,63X 0,49X 1,03X 1,03X 1,03X 1,03X 1,03X 1,03X 1,03X Dec. '19 Dec. '20 Dec. '21 Dec. '22 Dec. '23 Dec. '24 Sept. '25 Net Financial Debt / Equity Bond Covenant Bond Covenant: Net Interest Coverage (2)Bond Covenant: Net Financial Debt / Equity (1) Temporary impact of organic growth plan on financial indicators: • Financial liabilities and financial expenses reflect 100% of the new obligations for rights of use associated with rental contracts for new stores (not included in financial debt). • Cash reflects 100% of the capex used for store setup. • EBITDA contribution from new stores is lower, because stores have not yet reached maturity.
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80 (148) (46) (47) (26) (68) 155 177 83 Cash Dec. 2024 Operating Cash Sales of Assets /Purchase Options (Net) Debt Amortization (Net) Lease Payments Interest Payments Dividends CAPEX Cash Sept. 2025 21 11 50 50 70 89 50 5 59 39 0 39 Bonds Banks Strong Cash Position 3Q25 Earnings 18 Debt Maturity Profile as of September 30, 2025 (Bonds and Bank Debt - CLP Bn) Cash Flow 9M25 (CLP Bn) • Payment of bonds series T and AK (CLP 145 bn) in 1H25 using proceeds from bonds issued in 2024 • Net effect form asset sales: CLP 83 Bn, with an account receivable of CLP 11 Bn as of September 30 • Cash level remains above historical average • Minimal debt payments required through 2026 -75 Bn
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Earnings Conference Call 3Q25 November 12, 2025 09:00 am ET / 11:00 am Chile
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Sales of Purchase Options Appendix 20 • Almost all of SMU’s stores operate through long-term rental contracts that are accounted for as “other financial liabilities - obligations for rights-of-use”, in accordance with IFRS 16. • Small group of stores + Lo Aguirre distribution center are financed through lease contracts with insurance companies (“other financial liabilities – obligations for rights-of-use with purchase option”). • In 2025, SMU has optimized its financial position by ceding the leases, selling the respective purchase options, and signing long- term (30-year) rental contracts with the buyer to ensure operating continuity. • Under financial lease, asset is pledged as collateral, and after paying off a significant amount of the total debt, the loan-to-value ratio is very low (average 30%). • The long-term rental contracts have a cap rate of UF + 6.5%. Consequently, the Company is replacing a real estate investment of UF + 6.5% with investments in its core food retail business, where projects have an estimated IRR of approximately UF + 20%. • These transactions provide free cash flow to invest in growth and do not have a significant impact on net financial liabilities/EBITDA. 1Q 2Q Impact 1H25 3Q 4Q Impact 2H25 Total Assets 2 own stores 7 leased stores 5 leased stores. 1 own store + 1 DC Cash received - 25.3 25.3 57.4 11.0 68.4 93.6 Pre-tax gain 4.2 13.4 17.6 42.8 42.8 60.4 Net income 3.1 9.8 12.9 30.7 30.7 43.6 Dividend - 2.3 2.3 7.4 23.0 30.4 32.7 Cash after dividend - 23.0 23.0 61.0 -23.0 38.0 61.0 ∆ Net debt 11.2 -7.9 3.3 4.0 23.0 27.0 30.3 Summary of Transactions and Impacts