Cencosud (CENCOSUD) Q1 2026 earnings summary

Executive summary

• Revenues declined 4.4% year-over-year to CLP 3,957 billion (excluding Argentina hyperinflation/FX), with growth in Peru and Colombia offsetting declines in Chile, Argentina, Brazil, and the US.

• Adjusted EBITDA fell 12.4% year-over-year to CLP 344 billion, with margin contracting to 8.7%; net distributable income dropped 56.1% to CLP 44 billion.

• Transformation initiatives and portfolio optimization advanced, including acquisition of 51% of Plaza Central in Colombia and divestment of gas stations/service stations.

• Online channel sales grew double digits in Peru and Colombia, with penetration reaching 15.6% in Chile.

• Management expects operational improvements from transformation and efficiency initiatives to become more evident throughout the year.

Financial highlights

• Revenues: CLP 3,957 billion, down 4.4% YoY (reported revenue up 0.2% YoY excluding Argentina hyperinflation adjustment); adjusted EBITDA: CLP 344 billion, down 12.4% YoY, margin 8.7%.

• Distributable net income: CLP 44 billion, down 56.1% YoY; net income impacted by higher deferred tax expenses from hyperinflation adjustments in Argentina and asset revaluations in Chile.

• Net leverage stood at 3.2x as of March 2026, with a cash position of USD 920 million.

• Online sales reached CLP 384 billion (+3.6% YoY), with total penetration of 10.1%.

• Private label penetration reached 18.5% consolidated, up 72 bps YoY, with Argentina leading at 21%.

Outlook and guidance

• Transformation agenda and ecosystem integration progressing, with focus on productivity, cost discipline, and organizational simplification.

• Management remains confident in delivering results as transformation progresses, with operational improvements already visible.

• Positive trends in supermarkets and home improvement in Chile and Argentina are expected to continue into Q2, supported by tactical actions and loyalty programs.