SMU (SMU) Q1 2026 earnings summary

Executive summary

• Launched a 2026–2028 strategic plan focused on growth, technology, and efficiency, building on multi-format and omnichannel strategies.

• Revenue grew 2.1% year-over-year in Q1 2026, led by Unimarc (+2.6%), with sequential improvement in Alvi, Super10, and Peru operations.

• EBITDA rose 9.6% year-over-year to CLP 59,393 million, with margin expanding to 8.2%.

• Net income dropped 90% year-over-year to CLP 420 million, mainly due to non-cash tax effects and restructuring costs.

• Opened four new stores in Q1 (two in Chile, two in Peru), completed major store conversions, and expanded omni-channel coverage, driving 19% online sales growth.

Financial highlights

• Revenue reached CLP 722 billion in Q1 2026, with gross profit up 2.7% to CLP 231 billion and gross margin at 32.0%.

• Operating expenses rose just 0.5% year-over-year, below inflation, reflecting efficiency gains.

• Operating income increased 6.1% to CLP 27,157 million; EBITDA margin reached 8.2%.

• Non-operating loss was CLP -26,105 million, with CLP -9,035 million in extraordinary effects.

• Net income fell to CLP 420 million from CLP 4,210 million in Q1 2025, mainly due to tax and restructuring impacts.

Outlook and guidance

• Revenue and EBITDA margin expected to improve further in 2026, with Unimarc outperforming and low-cost formats recovering to at least inflation levels.

• Strategic plan targets 60 new store openings, 80% store upgrades, and expanded omnichannel presence.

• No significant additional cost pressures anticipated beyond inflation; efficiency initiatives to offset freight and wage increases.

• Cash flow from operations expected to recover in Q2 as non-recurring effects subside.

• Restructuring plan implemented in January 2026 is expected to generate annual savings equivalent to its cost.