Cencosud Shopping Sa · BCS:CENCOMALLS
Cencosud Shopping Sa — Q4 2025 Earnings Presentation
23 slides from Cencosud Shopping Sa's earnings presentation, February 2026
Slide 1: Earnings Presentation Fourth Quarter 2025
Earnings Presentation Fourth Quarter 2025
Slide 2: 4Q25 Highlights
01 4Q25 Highlights |2
Slide 3: 1.1 Investment Plan Progress Highlights
1.1 Investment Plan Progress Highlights Cenco Temuco Expansion works progress ➢ Execution continues, still in the structural works stage, with construction progress exceeding 50% completion. ➢ The project will add 16,700 sqm of GLA allocated to retail. Cenco Costanera Openings at the “QINTO” food ha
Slide 4: 1.2 Investment Plan Progress Highlights
1.2 Investment Plan Progress Highlights Cenco Alto Las Condes Space reconfiguration progress ➢ Official opening of Alto Diseño, the new specialty-store cluster: includes 56 stores and 15 kiosks, with 1,100+ sqm of GLA. ➢ In addition, the enabling of additional areas continues, including new office s
Slide 5: 1.3 Investment Plan Progress Highlights
1.3 Investment Plan Progress Highlights Cenco Florida Multifamily permitting progress ➢ The first residential project of Cenco Malls advance in the permitting stage. ➢ The development includes 297 units (~12,500 sqm). Delivery of new gastronomic area ➢ Public openings began for the gastronomic area,
Slide 6: 1.4 Investment Plan Progress Highlights
1.4 Investment Plan Progress Highlights Cenco Malls Outlet (Maipú, Chile) Permitting progress — first outlet in Chile ➢ The Company’s first outlet-format asset in Chile is progressing through the permitting stage. Cenco Miraflores (Lima, Peru) Permitting progress ahead of construction start ➢ Steps
Slide 7: 1.5 4Q25 Highlights
1.5 4Q25 Highlights Eikon Chile Awards: 4 recognitions The Company received 2 Gold and 2 Blue awards, highlighting sustainability initiatives and corporate communications. Gold awards were granted to “Aula a Cielo Abierto” and “Early detection of forest fires with AI.” Citizen Brands 2025 (2nd measu
Slide 8: 4Q25 Results
02 4Q25 Results
Slide 9: 2.1 4Q25 Executive Summary
2.1 4Q25 Executive Summary Consolidated Revenues Consolidated Adjusted EBITDA (CLP million) (CLP million) +7.0% +6.2% +3.9% 353,184 377,941 +5.8% 320,677 340,557 100,420 104,353 89,598 94,758 4Q24 4Q25 12M24 12M25 4Q24 4Q25 12M24 12M25 Revenues increased by 3.9%, explained by: Adjusted EBITDA increa
Slide 10: 2.2 4Q25 Executive Summary
2.2 4Q25 Executive Summary CLP million 4Q25 4Q24 Var. (%) 12M25 12M24 Var. (%) Revenues 104,353 100,420 3.9% 377,941 353,184 7.0% Adjusted EBITDA / NOI 94,758 89,598 5.8% 340,557 320,677 6.2% % Adjusted EBITDA / NOI 90.8% 89.2% 158 bps 90.1% 90.8% -69 bps FFO 64,587 63,125 2.3% 254,433 251,818 1.0%
Slide 11: 2.3 4Q25 Revenue Structure
2.3 4Q25 Revenue Structure Revenue Breakdown (1) 11.4% Fixed Rent Contract Maturity (in years) Variable Rent 69.8% Others 15.9% 14.0% 7.6% 3.9% 74.6% 2.9% Less than 2 Between Between Between Over 5 2 and 3 3 and 4 4 and 5 ~70% 9.5 years (2) of contracts with Contract Average Duration maturities of 5
Slide 12: 2.4 Chile – New Leased Areas Drive Revenue Growth
2.4 Chile – New Leased Areas Drive Revenue Growth +7.1% Chile 340,179 364,258 Revenue +3.7% > Higher fixed rent from new tenants, with an Revenues increase of ~27,000 sqm of occupied GLA 97,107 100,668 YoY (10,000 sqm in malls and 17,000 sqm in offices). Revenue +3.7% YoY CLP > Lower variable rent d
Slide 13: 2.5 Peru – Revenue Growth Supported by the Opening of Cenco La Molina
2.5 Peru – Revenue Growth Supported by the Opening of Cenco La Molina +6.5% Peru 8,295 7,790 Revenue > The opening of Cenco La Molina +10.2% supported both fixed and variable rent, Revenues 2,091 2,305 despite few tenant incentives remaining in place during the ramp-up of its new Revenues +10.2% YoY
Slide 14: 2.6 Colombia – New Leased Areas and Sales up over 30%
2.6 Colombia – New Leased Areas and Sales up over 30% with the Opening of Cenco Limonar +3.3% Colombia 5,214 5,388 Revenues > Higher fixed rent driven by new tenants at +13.0% Revenues Cenco Limonar. 1,380 1,221 > Sales increased across all locations, Revenues +13.0% YoY in CLP supported by stronger
Slide 15: 2.7 Operating Data: Healthy Performance Despite a Stronger Comparison Base in Chile
2.7 Operating Data: Healthy Performance Despite a Stronger Comparison Base in Chile Occupancy Cost SSS -0.7% (1) +10.0% +13.0% 4Q24 4Q25 8.7% 9.0% 8.8% 8.6% 9.0% SSR +3.1% (1) +4.3% -9.6% 8.2% 7.6% 6.8% Chile Peru Colombia Consolidated Earnings Presentation – Fourth Quarter 2025 | 15 (1) Figures in
Slide 16: 2.8 Key Operational Figures
2.8 Key Operational Figures Occupancy rate Closed at 97.3%, 100 bps below 4Q24, mainly due to the incorporation of new areas from the recent expansions and openings, particularly at Cenco La Molina and Cenco Limonar, which are still in their ramp-up stage. 97.3% +2.7% YoY Foot Traffic Visits Increas
Slide 17: 2.9 Tax and Non-Operating Income
2.9 Tax and Non-Operating Income Non-Operating Result was negative CLP 7,841 million, implying a 55.6% larger loss than in 4Q24.. This result was mainly driven by Foreign Exchange differences and higher Net Financial Cost, despite a favorable YoY change related to Inflation-indexed Units. Income tax
Slide 18: 2.10 Strong Cash Generation to Support Growth
2.10 Strong Cash Generation to Support Growth As of December 2025, the Company’s cash position(1) totaled CLP 44,355 million, down from the December 2024 balance, mainly reflecting dividend payments of CLP 155,231 million and Capex of CLP 172,514 million. Both outflows were largely financed through
Slide 19: 2.11 Capital Structure
2.11 Capital Structure Financial Indicators Unit DEC 25 DEC 24 Gross Financial Debt CLP MM 762,154 737,357 • As of December 31, 2025, 100% of the Company’s Duration years 9.3 10.1 interest rate-exposed debt was at a fixed rate Cash Position CLP MM 44,355 115,052 and denominated in UF. Net Financial
Slide 20: Sustainability Progress
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Slide 21: 3.1 Sustainability Progress
3.1 Sustainability Progress Improvement in Dow Jones Best-in-Class Index – S&P Global CSA Cenco Malls achieved 69 points in the Dow Jones Best-in-Class Index, increasing by +6 versus 2024 and positioning the Company within the top 4% of the Real Estate sector globally. Performance improved in corpor
Slide 22: Disclaimer
Disclaimer The information contained in this presentation has Cenco Malls, its affiliates, directors, partners, and been prepared by Cencosud Shopping S.A. (“Cenco employees disclaim any and all liability for any loss or Malls”) for informational purposes only. It should not damage arising from the
Slide 23: CeENCO'NALLS
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Cencosud Shopping S.A. (Cenco Malls) — Q4 2025 Earnings Presentation on 6ix