Cencosud (CENCOSUD) Q4 2025 earnings summary

Executive summary

• Achieved revenue growth in five of six operating countries, with consolidated revenue up 1.2% year-on-year excluding Argentina's accounting adjustments.

• Margin expansion returned to double-digit levels, and distributable net income more than doubled year-over-year.

• Opened eight new stores in Q4, completed 20 for the year, and expanded private label penetration to a record 18.9%.

• Advanced digital, omnichannel, and customer engagement initiatives, including Fast Checkout and expanded Cenco Media offerings.

• Regulatory approval received for sale of Colombian service station network; financial closing expected in Q1 2026.

Financial highlights

• Quarterly Adjusted EBITDA increased 4.2% year-on-year (excluding Argentina), with margin returning to double digits.

• Distributable Net Income for Q4 more than doubled to CLP 91,181 million; full-year up 67.2% to CLP 227,718 million.

• Net leverage decreased to 3.2x, or 3.1x excluding one-off productivity plan expenses.

• Ended year with $960 million in cash and cash equivalents; 55% of debt matures beyond five years.

• Online sales rose 8.0% YoY, with four of six countries posting double-digit growth.

Outlook and guidance

• 2026 guidance: consolidated revenues of CLP 1,740 billion (+3% YoY), Adjusted EBITDA of CLP 1,715 billion (+13.6% YoY), and margin of 9.9%.

• CapEx plan of $600 million for 2026, with 35-40% for new stores, 15-20% for renovations, 30-35% for shopping centers, and 10-15% for digital and productivity projects.

• Plans to open 17-20 new supermarkets (including 7 in the US) and add over 40,000 sqm of gross leasable area in shopping centers.

• Focus on profitable growth, ecosystem development, and disciplined capital allocation.