Reached CLP $16,493,815 Million: Cencosud Reports a 15.9% Increase in Revenue in 2024

• Adjusted EBITDA increased by 10.8% compared to the previous year, reaffirming the Company’s commitment to profitable growth.

• Net Income in 2024 totaled CLP $233,683 million, a 20.0% decrease compared to the previous year. This decline was mainly due to the depreciation of the Chilean peso against the U.S. dollar and economic conditions in Argentina.

• In the last quarter of the year, the Company reported revenues of CLP $4,822,259 million, a 46.2% increase compared to the same period in 2023. This was driven by improved business performance in Chile and higher sales in the United States.

SANTIAGO, Chile--(BUSINESS WIRE)--Cencosud reported today a 15.9% year-over-year increase in revenue for 2024, reaching CLP $16,493,815 million (USD 17,477 million). This growth was primarily driven by an increase in online sales and revenue growth across all countries, except Argentina, which has been impacted by a challenging economic environment. Notably, strong performances were recorded in the United States, Colombia, and Peru, where revenue grew at a double-digit rate in Chilean pesos compared to 2023.

Adjusted EBITDA for 2024 reached CLP $1,531,193 million (USD 1,622 million), a 10.8% increase compared to the previous year. This reflects double-digit growth in Adjusted EBITDA in Chile, the United States, and Peru, further confirming the Company’s commitment to profitable growth.

The Company’s Net Income in 2024 was CLP $233,683 million (USD 248 million), representing a 20.0% decrease compared to the previous year. This was mainly due to the depreciation of the Chilean peso against the U.S. dollar, which impacted non-operating results, and the economic situation in Argentina. However, this was partially offset by a 7.1% increase in operating profit for the year.

“We have concluded 2024 with a renewed focus on our strategy, having strengthened our Corporate Governance and structures to continue delivering the best value proposition to our customers and driving sustainable and profitable growth for our shareholders,” said Cencosud’s CEO, Rodrigo Larraín.

Fourth Quarter Results

Regarding the results of the last quarter of 2024, the Company reported revenues of CLP $4,822,259 million (USD 5,010 million), a 46.2% year-over-year increase, driven by the solid performance of businesses in Chile, Peru, and the United States, along with lower inflation and greater stability of the Argentine currency compared to the same period last year.

Among the key milestones of the quarter was the opening of 10 stores across four countries, adding more than 10,000 m² of new sales space for the Company. Specifically, six The Fresh Market stores opened in the United States, two Spid stores in Chile, one Jumbo store in Argentina, and one Wong store in Peru.

Adjusted EBITDA for the last quarter of 2024 grew 29.9% compared to the same quarter in 2023, reaching a total of CLP $464,238 million (USD 482 million). This was driven by double-digit growth in the United States, record EBITDA in Peru, and over 100% EBITDA growth in Colombia. Additionally, Department Stores in Chile increased their Adjusted EBITDA by 83.6%, supported by improvements in the value proposition and an increase in tourism.

Meanwhile, Net Income for Q4 declined by 66.7% to CLP $36,123 million (USD 38 million), reflecting the depreciation of the Chilean peso against the U.S. dollar, which impacted non-operating results, along with the economic situation in Argentina.

“During the fourth quarter of 2024, we achieved key milestones. In Chile, product mix optimization, private label development, and innovation drove sales growth and EBITDA margin expansion across all business units,” added Rodrigo Larraín.

Highlights to Date

• United States: Opened six new stores and achieved 23.8% growth in online sales.
• Chile: Product mix optimization, private label development, and innovation drove sales growth and EBITDA margin expansion across all business units.
• Colombia: Doubled Adjusted EBITDA and profitability compared to the same period in 2023, driven by improvements in the commercial offering and operational efficiency.
• Peru: Achieved its highest annual profitability in history, with an EBITDA margin of 11.5% in 2024.
• Argentina: Operating expenses grew below year-over-year inflation, reflecting the focus on operational efficiency. The acquisition of Supermercados Makro and Basualdo strengthened Cencosud’s presence in the market and introduced the Company to the Cash & Carry format in the country.
• Brazil: Revenue showed slight growth amid increased competition and lower consumption. Additionally, the sale of the Bretas operations in the state of Minas Gerais confirms the Company’s efforts to focus on high-growth, high-profitability markets in Brazil.

About Cencosud

Cencosud is one of the largest and most prestigious retailers in the Americas, with operations in Argentina, Brazil, Chile, Peru, Colombia, and the United States - in addition to a commercial office in China and a technological and digital Hub in Uruguay - where it develops a successful multi-format strategy that today employs more than 110 thousand people. Its operation encompasses several business lines, such as Supermarkets, Home Improvement, Department Stores, Shopping Centers and Financial Services.

Additionally, Cencosud operates complementary businesses such as Cencosud Media, Cencosud Ventures and CencoPay, all of which are known for their quality, excellent level of service, and focus on customer satisfaction. For more information, please visit www.cencosud.com