Cencosud Shopping (CENCOMALLS) Q3 2026 earnings summary

Executive summary

• 3Q26 underlying revenue increased 4.5% YoY excluding FX and portfolio actions; reported revenue rose 9.2% YoY.

• Commercial trends strengthened across the region: supermarket SSS was positive in 4 of 6 markets, while online sales grew 17.4% YoY.

• Adjusted EBITDA fell 5.2% YoY on a reported basis, with growth in Argentina, Peru and Colombia offset by Chile and Brazil headwinds.

• Net income rose to CLP 50.2bn, supported by higher operating income and asset revaluation gains.

Financial highlights

• Reported revenue +9.2% YoY; underlying revenue +4.5% excluding FX and portfolio actions.

• Adjusted EBITDA decreased 5.2% YoY; excluding the CLP 18.3bn Bretas sale gain in 3Q25, it declined 3.7% in CLP.

• Net income was CLP 50.247bn vs CLP 8.694bn in 3Q25; asset revaluation net effect was CLP 69.355bn vs CLP 18.197bn.

• Distributable net income was negative CLP 46.817bn vs negative CLP 33.272bn; SG&A, UF-indexed debt and Financial Services partially offset net income gains.

Segment performance

• Chile: revenue +1.4% YoY; adjusted EBITDA -19.8%, as higher retail costs and Financial Services credit-risk provisions outweighed shopping center growth.

• Argentina: revenue +4.5% in CLP and adjusted EBITDA +29.1%; supermarket adjusted EBITDA grew 109.5% in ARS, supported by efficiencies, supplier terms and Makro synergies.

• United States: revenue -1.5% and adjusted EBITDA -3.0% in CLP; online sales +17.8%, with softer demand and higher promotional, product and supply-chain costs.

• Peru: revenue +8.4% and adjusted EBITDA +11.2%; shopping center adjusted EBITDA grew 34.7% in CLP, supported by Cenco La Molina occupancy and operating scale.

• Brazil revenue -8.7% and adjusted EBITDA -68.6%, including the prior-year Bretas gain; Colombia revenue +17.9% and adjusted EBITDA +141.0%.