Inretail Peru Corp. · BVL:INRETC1

Inretail Peru — Q4 2024 Earnings Presentation

36 slides from Inretail Peru's earnings presentation, 2025

  1. Slide 1: 2024 Corporate Presentation Q4'24

    2024 CORPORATE PRESENTATION Q4’24

  2. Slide 2: Agenda

    AGENDA 2024 Q4’24 01 INRETAIL OVERVIEW 02 INVESTMENT THESIS 03 APPENDIX

  3. Slide 3: InRetail Overview

    2024 01 INRETAIL OVERVIEW 2 InRetail

  4. Slide 4: InRetail Overview

    INRETAIL OVERVIEW  Multi-format retailer with focus in the underpenetrated Peruvian market  Undisputed leadership in all its segments1/ — #1 in food retail — #1 in pharmacies — #1 in shopping malls  Operating in consumer non-discretionary segments  Strong and resilient cash generation with stabl

  5. Slide 5: InRetail is part of one of Peru's leading business groups

    INRETAIL IS PART OF ONE OF PERU’S LEADING AND MOST DIVERSIFIED BUSINESS GROUPS Simplified organizational structure Education Float 28%1/ BB+2//Baa3/BBB- BB+/Ba1/BBB- BVL: INRETC1 2024 Intercorp metrics: a  More than ~USD 9.4 billion in sales  Market capitalization of 2 public subsidiaries of ~USD

  6. Slide 6: FY'24 – Consolidated Financial Results

    FY’24 – CONSOLIDATED FINANCIAL RESULTS Food Shopping Pharma Retail Malls 1/ 2024 (S/ mm; %) + + = Revenues 12,137 8,810 812 21,683 % Revenues Contribution 56% 40% 4% Adj. EBITDA2/ 1,155 1,473 501 3,003 % Adj. EBITDA Contribution 37% 47% 16% Adj. EBITDA Margin3/ 9.5% 16.7% 82.6% 13.9% _ Market Positi

  7. Slide 7: InRetail has achieved strong growth

    INRETAIL HAS ACHIEVED STRONG GROWTH Stores Revenues (US$ million)2/ Adj. EBITDA (US$ million)2/3/ 3,810 5,752 1.4x 1.7x 22 4% 1.7x 797 2,633 16% 40% 21 2,400 3,467 4% 471 47% 18% 2,077 52% 56% 53% 1,388 37% 44% 535 29% 2019 1/ 2024 2019 1/ 2024 2019 1/ 2024 Note: 1/ 2019 figures do not include Makro

  8. Slide 8: Investment Thesis

    02 INVESTMENT THESIS # InRetail

  9. Slide 9: Investment Thesis

    INVESTMENT THESIS The leading multi-format retailer in a growing and underpenetrated Peruvian market 1  Stable macroeconomic environment in Peru, with proven resilient growth and solid Sustainable growth in fundamentals underpenetrated sectors  Peru’s modern retail is still in an early stage of de

  10. Slide 10: The Peruvian economy has strong macro fundamentals

    THE PERUVIAN ECONOMY HAS STRONG MACRO FUNDAMENTALS Proven resilient growth Stable fiscal and monetary policy Historical GDP growth (%) Global financial COVID-19 Public debt as % of GDP, 2024 crisis pandemic 88% 56% 58% 34% 41% 1992 1996 2000 2004 2008 2012 2016 2020 2024 Controlled inflation with st

  11. Slide 11: Significant upside potential for modern retail

    SIGNIFICANT UPSIDE POTENTIAL FOR MODERN RETAIL Food Retail Pharmacies Shopping Malls Penetration as a % of total food retail sales - 2023 Pharmaceutical sales as % of GDP - 20231/ Malls GLA (sqm) per 100 people - 2023 Sales area per capita: Peru 0.24 sqm vs Chile 0.74 sqm 72.7% 1.4% 19.6 Mean ex-Per

  12. Slide 12: Investment Thesis

    INVESTMENT THESIS The leading multi-format retailer in a growing and underpenetrated Peruvian market 1  Stable macroeconomic environment in Peru, with proven resilient growth and solid Sustainable growth in fundamentals underpenetrated sectors  Peru’s modern retail is still in an early stage of de

  13. Slide 13: Food Retail segment: multi-format strategy to attract diversified customer base

    FOOD RETAIL SEGMENT: MULTI-FORMAT STRATEGY TO ATTRACT A DIVERSIFIED CUSTOMER BASE Food Retail formats Revenue breakdown by format Hypermarket & High-end Hard 5353/ 1,388 N° Cash-and-carry Stores Supermarket Supermarket Discount 7% 28% Brand 5 17% 27 Cash-and-carry One-stop shop Variety of fresh and

  14. Slide 14: Food Retail: growth through emerging formats and omnichannel strategy

    FOOD RETAIL SEGMENT: SIGNIFICANT GROWTH POTENTIAL THROUGH OUR EMERGING FORMATS AND OMNICHANNEL STRATEGY Multi-format strategy for distinct shopper missions1/ Digital platform – complementary channels with clear value propositions 120 Considers only 100 Makro B2C customers2/ 2023 Volume S 102 Web/App

  15. Slide 15: Pharma segment: multi-format strategy to develop new categories

    PHARMA SEGMENT: MULTI-FORMAT STRATEGY TO DEVELOP NEW CATEGORIES AND ENHANCE CUSTOMER EXPERIENCE Expansion of our health and well-being portfolio through our multi-format strategy1/ Leading player in Peru with 2.4k stores Store breakdown by format N° Inkafarma Stores Traditional Self-service 2,077 2,

  16. Slide 16: Pharma segment: developing an omnichannel platform

    PHARMA SEGMENT: DEVELOPING AN OMNICHANNEL PLATFORM TO INCREASE CUSTOMER VALUE Diverse channels to serve customer needs Development of “Mi Química” in our Distribution unit e-commerce platforms InRetail  Dedicated “Mi Química” is a B2B platform that serves digital assets distribution the independent

  17. Slide 17: Shopping Malls segment: leading platform and post-pandemic recovery

    SHOPPING MALLS SEGMENT: LEADING SHOPPING MALLS PLATFORM WITH A PROVEN TRACK RECORD AND POST PANDEMIC RECOVERY Resilient business model with stable occupancy rates Fully recovered tenant SSS growth vs 2019 Occupancy Rates (%) % of foot ~8% potential traffic vs 90% 90% 92% 93% 92% ramp-up 2019 94% 93%

  18. Slide 18: Continued consolidating our omnichannel strategy

    CONTINUED CONSOLIDATING OUR OMNICHANNEL STRATEGY E-COMMERCE/ LOGISTICS & LAST MARKETPLACE MILE DELIVERY growth growth in third- +13% +1.5x vs 2023 in total vs 2021 party marketplace GMV sales B2B of participation of participation SERVICES DIGITAL WALLET +6% e-commerce +9% e-commerce SHARED DIGITAL F

  19. Slide 19: Investment Thesis

    INVESTMENT THESIS The leading multi-format retailer in a growing and underpenetrated Peruvian market 1  Stable macroeconomic environment in Peru, with proven resilient growth and solid Sustainable growth in fundamentals underpenetrated sectors  Peru’s modern retail is still in an early stage of de

  20. Slide 20: Consistent and profitable organic and inorganic growth

    CONSISTENT AND PROFITABLE ORGANIC AND INORGANIC GROWTH Revenues (S/ mm) 21,683 SPSA TURNAROUND PERIOD 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Acquisition Vivanda / Plaza Vea Agreement Acquisition InRetail’s Strategic RP Mass Plaza Vea Quico

  21. Slide 21: Resilient business model with strong growth and profitability

    RESILIENT BUSINESS MODEL WITH STRONG GROWTH AND PROFITABILITY  InRetail operates a resilient business model with a well-diversified, multi-format platform, anchored in a diligent execution of its EDLP strategy and an important representation of essential categories  Our Food Retail segment continu

  22. Slide 22: Financial debt by segment

    FINANCIAL DEBT BY SEGMENT1/ Million Soles (S/ mm) Net Debt/Adj. EBITDA Debt/Adj. EBITDA Total Consolidated Debt: S/7,341 mm Debt / Adj. EBITDA: 2.4x Net Debt / Adj. EBITDA: 1.9x Debt / Adj. EBITDA: 2.1x Net Debt / Adj. EBITDA: 1.7x 4.3x 4.2x 4.1x 4.0x 3.9x 2.8x 2.9x 2.9x 2.9x 1.8x 1.8x 1.7x 1.7x 2.6

  23. Slide 23: Appendix

    03 APPENDIX = InRetail

  24. Slide 24: 2024 Highlights

    2024 HIGHLIGHTS Diversified and resilient Continued executing our expansion and Strengthened our business models multi-format strategies omnichannel platform • Moderate growth in Revenues and solid growth in • Opened 367 Mass stores, reaching 1,250 • Strong growth in our Food and Pharmacies Adjusted

  25. Slide 25: 2024 Highlights - ESG

    2024 HIGHLIGHTS - ESG 4th consecutive year as +18 mm Our Pharma and Food Retail members of S&P DJSI MILA Rations of food donated businesses received the 3rd and Yearbook Member star of the “Formación Dual” Ministry of Ranked 5th among the best companies +S/70 mm +90k participants Environment in the

  26. Slide 26: Q4'24 & FY'24 Results – Consolidated

    Q4’24 & FY’24 RESULTS – CONSOLIDATED Million Soles (S/ mm) Highlights Revenues +3.9%  Solid growth in Revenues, with a double-digit growth in our Food Retail segment, a high single-digit growth in our Shopping Malls 21,683 segment and a moderate growth in our Pharma segment 20,863  Strong double-d

  27. Slide 27: Q4'24 Results – Food Retail

    Q4’24 RESULTS – FOOD RETAIL1/ Million Soles (S/ mm) S/ mm Q4'24 Q4'23 Var % 2024 Var % Revenues 3,451 3,120 10.6% 12,137 6.7% Gross Profit 810 754 7.4% 2,851 5.7% 2/ 348 328 6.2% 1,155 3.9% Adj. EBITDA Gross Mg 23.5% 24.2% -70 bps 23.5% -22 bps 2/ 10.1% 10.5% -42 bps 9.5% -25 bps Adj. EBITDA Mg Reve

  28. Slide 28: Q4'24 Results – Pharma

    Q4’24 RESULTS – PHARMA Million Soles (S/ mm) S/ mm Q4'24 Q4'23 Var % 2024 Var % Revenues 2,206 2,151 2.5% 8,810 0.2% Gross Profit 734 677 8.5% 2,874 3.7% 1/ 385 321 20.1% 1,473 8.0% Adj. EBITDA Gross Mg 33.3% 31.5% 182 bps 32.6% 110 bps 1/ 17.5% 14.9% 255 bps 16.7% 121 bps Adj. EBITDA Mg Revenues in

  29. Slide 29: Q4'24 Results – Shopping Malls

    Q4’24 RESULTS – SHOPPING MALLS Million Soles (S/ mm) S/ mm Q4'24 Q4'23 Var % 2024 Var % Revenues 223 207 7.8% 812 6.5% Gross Profit 148 135 10.3% 541 8.5% 1/ 137 121 12.6% 501 9.2% Adj. EBITDA Gross Mg 66.6% 65.1% 150 bps 66.6% 120 bps 2/ 82.4% 80.3% 211 bps 82.6% 66 bps Net Rental Mg Revenues reach

  30. Slide 30: Quarterly openings and SSS by segment

    QUARTERLY OPENINGS AND SSS BY SEGMENT Openings Same Store Sales (SSS) Food Retail1/ Food Retail1/ 2023: 3.4% Sales Area (‘000 sqm) 2024: 2.5% 636 675 591 601 622 2/ 236 5.3% 157 167 188 202 3.2% 2.8% 115 115 115 115 120 1.4% 2/ 319 319 319 319 319 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 -1.8% Hard Discount 90

  31. Slide 31: Capex and cash-flow breakdown

    CAPEX AND CASH-FLOW BREAKDOWN Million Soles (S/ mm) Consolidated CAPEX 2023: S/775 mm 2024: S/1,041 mm 1,041 847 679 369 384 294 231 228 216 197 137 129 2019 2020 2021 20221/ Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Cash-Flow Breakdown -1,041 -237 +2,799 -530 1,461 1,142 3/ -410 1982/ -330 33

  32. Slide 32: Consolidated financial debt

    CONSOLIDATED FINANCIAL DEBT Million Soles (S/ mm) Consolidated Financial Debt1/ USD Exposure on Financial Debt Net Debt/Adj.EBITDA Debt/Adj.EBITDA Hedge USD PEN 2.7x 2.7x 2.7x 2.6x 2.4x 2.3x 2.3x 2.3x 50% 49% 49% 49% 51% 2.2x 1.9x 1% 1% 2% 1% 2% 49% 50% 50% 50% 48% 2023 LTM Q1’24 LTM Q2’24 LTM Q3’24

  33. Slide 33: Composition of stores by age

    COMPOSITION OF STORES BY AGE Food Retail 9% 10% 10% 11% 8% 8% 10% 11% 13% 7% 6% 6% 6% 8% 9% 3% 9% 10% 7% 3% 4% 4% 6% 6% 5% 5% 7% 81% 80% 79% 79% 78% 77% 75% 74% 73% Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 > 3 years 2-3 years 1-2 years 0-1 years Pharmacies 4% 3% 2% 2% 2% 3% 4% 5% 4% 4%

  34. Slide 34: Cash cycle

    CASH CYCLE Food Retail 92 91 89 90 92 91 93 94 87 51 56 56 56 53 54 49 48 49 4 2 3 3 4 5 3 1 3 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 -30 -29 -37 -33 -37 -39 -35 -38 -42 Days Acc Payables Inventory Turnover Days Acc Receivables Cycle Pharma 110 112 113 115 115 103 105 109 108 79 76 77

  35. Slide 35: Largest footprint of premier retail locations

    LARGEST FOOTPRINT OF PREMIER RETAIL LOCATIONS Food Retail Pharmacies Shopping Malls 111 Supermarkets 27 Cash & Carry 2,400 Pharmacies 22 Malls 1,250 Hard Discount (1) (19) (61) (6) (3) (13) Piura (2) (119) (90) (2) (2) Chiclayo (44) (1) (98) Cajamarca (1) (72) (5) (56) (2) Trujillo (111) (3) (145) (

  36. Slide 36: Contact Information

    CONTACT INFORMATION Andrea Fabbri Investor Relations Officer IR email: ir@inretail.pe This material was prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities. This presentation may include forward-looking statements or state

InRetail Peru — Q4 2024 Earnings Presentation on 6ix