Cencosud (CENCOSUD) Q2 2026 earnings summary

Executive summary

• Second quarter 2026 results were weaker than expected due to FX effects, inflation on USD debt, transformation and efficiency costs, and temporary sales disruptions from store and mall remodelings.

• Omnichannel and digital transformation advanced, with online sales up 14.6% YoY and 31 million active loyalty customers.

• Expanded regional portfolio through acquisitions (St. Marché in Brazil, Makro in Colombia), store remodelings, and new store openings, notably in Chile, Brazil, and Colombia.

• Performance reflected a moderate consumer environment, but underlying profitability remained resilient despite temporary productivity-related costs.

• Launched new hard discount format Don Salva and expanded Santa Isabel into Chiloé.

Financial highlights

• Consolidated revenue (excluding Argentina hyperinflation) was CLP 4,115 billion, down 1.2% YoY; adjusting for FX and portfolio changes, revenue grew 4.5%.

• Adjusted EBITDA reached CLP 329 billion (8.0% margin), down 12.3% YoY; strong growth in Colombia (+100.1% YoY CLP), Brazil (+8.1% YoY LC), and Argentina (+105.7% YoY LC).

• Net income (excluding Argentina hyperinflation) was CLP 21 billion, down 84.2% YoY, mainly due to non-cash inflationary impacts, FX, and transformation costs.

• Online sales reached CLP 480 billion (+14.6% YoY), with penetration at 12.2% of total sales; Prime Membership increased 31.3%.

• Private label penetration reached 18.9% of consolidated sales, with notable expansion in Argentina and Brazil.

Outlook and guidance

• Management expects improved operating performance and margin recovery in the second half, supported by remodeled stores and ongoing strategic initiatives.

• Continued focus on omnichannel growth, digital adoption, and loyalty program expansion across all markets.

• Optimism remains for meeting full-year guidance, despite macro and FX headwinds.

• Focus for the remainder of the year is on integrating recent acquisitions and completing the transformation plan.