SMU (SMU) Q2 2026 earnings summary

Executive summary

• Strategic plan for 2026-2028 targets growth, competitiveness, efficiency, omnichannel expansion, and private label penetration, supported by a sustainable culture.

• Revenue for 1H26 grew 2.1% year-over-year to CLP 1,414,451 million; 2Q26 revenue up 2.2% versus 2Q25, with growth across all business lines, especially Unimarc and Peru.

• Seven new stores opened in 1H26, with 16 planned for 2026 and 60 over three years; store conversions to low-cost formats Alvi and Super10 completed in 2025.

• Omnichannel expansion drove 15% online sales growth in 1H26, supported by expanded coverage and increased transactions.

• Private label penetration reached 14% of sales in 2Q26, boosting margins and differentiation.

Financial highlights

• 1H26 revenue: CLP 1,414 bn (+2.1% YoY); 2Q26 revenue: CLP 693 bn (+2.2% YoY).

• Gross margin declined slightly by 10 bps in 1H26 and 40 bps in 2Q26, remaining at 32.0%.

• EBITDA for 1H26: CLP 108,886 million (+3.9% YoY); EBITDA margin expanded 10 bps to 7.7%.

• Net income for 1H26: CLP 1,708 million, down 91% YoY, mainly due to higher restructuring costs and lower gains on asset sales.

• Non-operating loss for 1H26: CLP -52,039 million, mainly from lower asset sale gains and higher restructuring costs.

Outlook and guidance

• Sales growth accelerated in late 2Q26 and into 3Q26, with expectations for continued improvement and fixed cost dilution.

• Gross margin expected to remain at 32% for the rest of 2026; EBITDA margin targeted at 8–8.5% for the year.

• Management expects continued improvement in converted store performance and operating leverage as new formats mature.

• Working capital and net debt expected to normalize in 2H26 as inventory is reduced.

• Organizational restructuring expected to generate annual savings equivalent to restructuring costs.