Cencosud (CENCOSUD) Q3 2026 earnings summary

Executive summary

• Consolidated revenue grew 2.3% excluding IAS 29 and IAS 21 adjustments; reported revenue rose 9.2%, while growth excluding FX and portfolio actions was 4.5%.

• Positive supermarket same-store sales in four of six markets and 17.4% online sales growth supported improving commercial momentum.

Financial highlights

• Revenue was CLP 4,134bn excluding Argentina accounting adjustments, up 2.3% YoY; reported revenue was CLP 4,328bn, up 9.2%.

• Adjusted EBITDA was CLP 303bn, down 5.2% reported and 9.0% excluding accounting adjustments; excluding Brazil’s CLP 18.3bn prior-year gain, it declined 3.7%.

• Net income was CLP 50.2bn, up 477.9% reported; excluding Argentina accounting adjustments, it was CLP 86bn, up 82.2%. Distributable net income was negative CLP 46.8bn.

• Online sales rose 17.4% to CLP 446bn; penetration reached 11.3%, up 141 bps, and online transactions increased 14.6%.

Outlook and guidance

• Priorities include converting sales recovery into stronger margins through productivity initiatives, efficiency gains and expense discipline.

• Chile’s Q4 sales trend was positive, with competitive intensity broadly unchanged; loyalty and value-proposition initiatives are expected to support growth.

• Renovated Brazil stores are expected to contribute positively in Q4; cleaner comparisons and profitability progress are expected over the next few quarters.