Forus (FORUS) Q1 2026 earnings summary

Executive summary

• Revenue increased 0.4% year-over-year to CLP 94,922 million in 1Q26, with strong 18.1% growth at international subsidiaries offsetting a 5.6% decline in Chile.

• Gross margin expanded by 133 basis points to 53.4% compared to 52.1% in 1Q25, driven by favorable FX and improved inventory mix.

• Net income declined 16.9% year-over-year to CLP 4,140 million.

• EBIT dropped 24.7% year-over-year to CLP 5,898 million, partially offset by improved non-operating profit.

• International subsidiaries (30.1% of revenue) posted double-digit revenue and EBITDA growth, led by Colombia and Peru.

Financial highlights

• EBITDA margin decreased by 111 basis points to 14.8% in 1Q26, with EBITDA reaching CLP 14,003 million, down 6.6% year-over-year.

• SG&A expenses rose 8.3% year-over-year to CLP 44,815 million.

• Non-operating result improved from a loss of CLP 865 million to a gain of CLP 223 million.

• Digital sales grew 18.4% year-over-year, representing 22% of DTC revenues.

• Net debt/LTM EBITDA at 0.8x; Moody’s Local affirmed AA/Stable rating.

Outlook and guidance

• Forward-looking statements caution about risks and uncertainties affecting future performance, including business development, liquidity, and capital requirements.

• Shareholders approved a 40% dividend payout policy for FY2026.

• Moody’s Local reaffirmed AA/Stable solvency rating in April.