Cencosud Shopping (CENCOMALLS) Q2 2026 earnings summary

Executive summary

• Achieved significant progress in omnichannel strategy, with 14.6% YoY online sales growth and 31 million active loyalty customers across all regions.

• Expanded regional portfolio through strategic acquisitions in Brazil (St. Marché) and Colombia (Makro), new store openings in Chile, and the launch of Don Salva and Santa Isabel in Chiloé.

• Maintained focus on operational efficiency, digital transformation, and growing customer loyalty.

• Performance reflected a more moderate consumer environment, but underlying profitability remained resilient despite temporary productivity-related costs.

Financial highlights

• Consolidated revenue reached CLP 4,115 billion, down 1.2% YoY, but up 4.5% YoY excluding FX and portfolio actions; online sales grew 14.6% YoY, now representing 12.2% of consolidated revenues.

• Adjusted EBITDA was CLP 329 billion (8.0% margin), with strong growth in Colombia (+80.0% YoY LC), Brazil (+8.1% YoY LC, ex-divestment), and Argentina (+105.7% YoY LC).

• Net income was impacted by non-operational effects, including inflation-indexed bond adjustments, asset revaluation, and FX, resulting in distributable net income of CLP 5,610 million (-56.2% YoY) and net income (excl. Argentina hyperinflation) of CLP 21 billion (-84.2% YoY).

• Private label penetration reached 18.9% consolidated, led by Argentina and Brazil.

Outlook and guidance

• Continued focus on omnichannel expansion, digital adoption, and loyalty program growth, with management expecting a stronger recovery in the second half of the year.

• Ongoing transformation and portfolio optimization in Brazil and Colombia expected to drive further profitability improvements.

• Anticipates normalization of credit-related impacts in Argentina after 2Q26.