SMU (SMU) Q3 2026 earnings summary

Executive summary

• 2026–2028 strategy targets 60 new stores and 80 upgrades, alongside technology investment and operating-efficiency initiatives.

• 3Q26 revenue rose 3.1% YoY; 9M26 revenue rose 2.4% and EBITDA rose 2.0%, with a stable 7.5% margin.

• Lower-margin format mix and higher distribution costs pressured gross margin and 3Q26 EBITDA; weaker non-operating results drove net losses.

Financial highlights

• Revenue was CLP 710,848 million in 3Q26 (+3.1%) and CLP 2,125,298 million in 9M26 (+2.4%).

• Gross profit rose 0.8% in 3Q26 to CLP 224,223 million and 1.5% in 9M26 to CLP 676,662 million, despite lower gross margins.

• EBITDA was CLP 49,720 million in 3Q26 (-1.8%) and CLP 158,606 million in 9M26 (+2.0%); margins were 7.0% and 7.5%, respectively.

• Net loss was CLP 5,657 million in 3Q26 and CLP 3,949 million in 9M26, versus prior-year net income of CLP 32,613 million and CLP 51,775 million, respectively.

• Non-operating loss was CLP 25,182 million in 3Q26 and CLP 77,221 million in 9M26, reflecting lower asset-sale gains and higher restructuring costs.

Outlook and guidance

• Sales momentum was expected to continue, supported by the 2026–2028 Growth with Value for the Customer initiatives.

• Q4 revenue growth was tracking above 3%; EBITDA margin was expected at 8%–8.5%, with expense growth below inflation.

• Q4 gross margin was expected below the prior year; a stronger Unimarc sales mix was expected to support average margin.

• Planned Q4 activity included 15 Unimarc and 18 Alvi upgrades, four new store openings, and conversions of two Unimarc and one Super10 store to Alvi.