Cencosud Shopping (CENCOMALLS) Cenco Day 2026 summary

Portfolio overview and operational performance

• Operates 41 shopping centers and office assets across Chile, Peru, and Colombia, with over 2,100 stores and 1.4M+ sqm of GLA, attracting 135M+ visits LTM as of September 2025.

• Maintains a 97.8% occupancy rate and generates USD 5.1Bn in tenant sales LTM, with a market cap of USD 4.7Bn as of January 2026.

• Features a best-in-class portfolio with prime locations, high tenant sales per sqm, and the lowest occupancy cost among Chilean peers.

• Revenue CAGR since IPO is ~7.8%, with total shareholder return of ~137.1% and CLP 890Bn in distributed dividends.

• Strong relationships with top international brands and related companies, with ~35% of revenues from related parties supporting stability.

Financial profile and capital structure

• Net Debt/EBITDA stands at 1.9x, the lowest leverage among Chilean real estate peers, supporting future growth.

• 100% fixed-rate debt denominated in UF, with an average maturity of 9.6 years and a smooth amortization profile.

• Investment-grade credit ratings: AAA (Humphreys, stable) and AA+ (Feller Rate, stable), reflecting portfolio quality and predictable cash flows.

• Adjusted EBITDA grew 61.4% since IPO, maintaining a ~90% margin and real EBITDA growth of 17.5% after inflation.

• LTM net margin is 84.2%, with net profit of CLP 302,852M as of September 2025.

Strategic focus and growth initiatives

• Focused on expanding and optimizing assets, enhancing tenant mix, and innovating across formats and services.

• Strategic pillars include disciplined expansion, customer experience, innovation, and ESG priorities.

• Over 600,000 sqm landbank and multiple projects under development or design support long-term growth.

• Unified brand across the region, driving high customer satisfaction (>86% C-SAT as of Dec 2025).

• Digital transformation initiatives include a new app, loyalty program integration, B2B tenant portal, and advanced data analytics.