Cencosud Shopping (CENCOMALLS) Q1 2026 earnings summary

Executive summary

• Revenue declined 4.4% year-over-year to CLP 3,957 billion, with growth in Peru and Colombia offsetting declines in Chile, Argentina, and the US due to FX impacts.

• Adjusted EBITDA fell 12.4% year-over-year to CLP 344 billion, with margin contracting 78 bps to 8.7%.

• Distributable net income dropped 56.1% year-over-year to CLP 44 billion, mainly due to higher deferred tax expenses from asset revaluations in Chile and inflation adjustments in Argentina.

• Portfolio actions included acquiring a 51% stake in Plaza Central (Colombia) and divesting gas stations in Colombia.

• Online channel continued double-digit growth in Peru and Colombia, with 15.6% penetration in Chile.

Financial highlights

• Revenues: CLP 3,957 billion, down 4.4% year-over-year (excluding Argentina hyperinflation adjustment, reported revenue up 0.2%).

• Adjusted EBITDA: CLP 344 billion, down 12.4% year-over-year; margin at 8.7%.

• Distributable net income: CLP 44 billion, down 56.1% year-over-year.

• Net leverage increased to 3.2x, driven by FX headwinds and lower LTM EBITDA.

• Cash position at USD 920 million as of March 31, 2026.

Outlook and guidance

• Transformation agenda progressing, with ecosystem integration and productivity gains.

• Recent bond issuances in Chile (UF 12.5M) and the US (USD 500M) extended debt maturities.