Cencosud Shopping Sa · BCS:CENCOMALLS
Cencosud Shopping Sa — Q4 2025 Earnings Presentation
28 slides from Cencosud Shopping Sa's earnings presentation, February 2026
Slide 1: Corporate Presentation
Corporate Presentation Corporate Presentation February 2025
Slide 2: About Cenco Malls
Corporate Presentation 01 About Cenco Malls
Slide 3: Cenco Malls at a Glance
Corporate Presentation 1.1 Cenco Malls at a Glance Who We Are? Cenco Malls is a leading shopping center operator and developer with a presence in Chile, Peru, and Colombia. Listed on the stock exchange since 2019, the Company manages 41 shopping centers (1), an office complex, and land bank, promoti
Slide 4: Geographic diversification with a value focus in Chile
Geographic diversification with a value Corporate Presentation 1.2 focus in Chile Best-in-class portfolio with presence in: CHILE: PERU: COLOMBIA: • 11 Shopping Centers, 23 Power • 2 Shopping Centers and 1 • 2 Shopping Centers Centers (1) and the “Great tower Power Center • 2 Power Centers Costanera
Slide 5: Double-Digit LTM Net Income Growth
Double-Digit LTM Net Income Growth Corporate Presentation 1.3 Key Figures (1) LTM 4Q25 LTM 4Q24 Var. % +2,100Stores Revenues (USD MM) 397 371 7.0% EBITDA (USD MM) Net Income 358 318 337 281 6.2% 13.5% 41 FFO (USD MM) 267 265 1.0% Shopping Centers + power centers GLA (sqm) (2) 1,450,560 1,382,370 4.9
Slide 6: Diversified GLA by Category, with a focus on Chile
Corporate Presentation 1.4 Diversified GLA by Category, with a focus on Chile ✓ The participation of essential GLA by Category (1) (December 2025) services predominates in shopping centers (-270 bps YoY) 9.1% 8.4% ✓ The entertainment category has 2.7% Entertainment increased 112 bps year over year.
Slide 7: Organizational Structure & Board of Directors
Corporate Presentation 1.5 Organizational Structure & Board of Directors (1) Organizational Structure Board of Directors Manfred Internal Audit Paulmann Manager CEO Claudio Rojas Sebastián Bellocchio* CFO Commercial Manager Peter Jaime Agustín Letelier* Felipe Castro* Paulmann Soler Operations Manag
Slide 8: Corporate Strategy
Corporate Presentation 02 Corporate Strategy
Slide 9: Efficient model built on a premium portfolio and stable cash flow generation
Efficient model built on a premium Corporate Presentation 2.1 portfolio and stable cash flow generation Strategy Based on 4 Pillars 1 • Customer Knowledge • Innovation • Entrepreneurship and Sustainability • Growth and Profitability Value Proposition 2 Standing out for its premium quality, strategic
Slide 10: Efficiency, anchors, and scale → leading profitability
Efficiency, anchors, and scale → leading Corporate Presentation 2.2 profitability 1 • Lean structure and shared services within Cencosud. • Common technology platform enabling standardization and innovation. Centralized and efficient • Operating synergies through framework agreements, single supplie
Slide 11: ESG execution with operational impact
ESG execution with operational impact Corporate Presentation 2.3 Corporate governance People • Effective board governance and risk management • Employees: safety, development, and a people- with strong oversight and controls. centered culture. • Ethics and compliance: code of conduct, training • Ten
Slide 12: Business Structure
Corporate Presentation 03 Business Structure
Slide 13: Efficient structure that translates into profitability
Efficient structure that translates into Corporate Presentation 3.1 profitability Income Statement (1) Gross Net Margin Margin 97.1% 80.2% • In the last 12 months, the Company recorded a 97.1% Gross Margin and a 115.5% Operating Margin (including asset revaluation), reinforcing Cenco Malls’ cost eff
Slide 14: Resilient Revenues Structure
Corporate Presentation 3.2 Resilient Revenues Structure Revenues Breakdown (1) Contract Duration 69.8% Fixed Rent 13.9% Variable Rent Other 10.6% 15.9% 7.6% 3.9% 2.9% 75.5% Under 2 Between Between Between Over 5 2 and 3 3 and 4 4 and 5 Occupancy ~70% ~10 years rate v 97.3% Signed for 5+ years Averag
Slide 15: Key Metrics of the Asset Portfolio
Corporate Presentation 3.3 Key Metrics of the Asset Portfolio (1) Occupancy Rate (2) Visits (3) ('000) Chile 99.0% 128,557 Peru 84.3% 6,806 Colombia 83.6% 1,396 Consolidated 97.3% 136,760 Tenant Sales (3) NOI (%) (3) (CLP MM) Chile 5,184,506 91.2% Peru 121,700 80.8% Colombia 94,062 32.5% Consolidate
Slide 16: Solid Financial Position
Corporate Presentation 3.4 Solid Financial Position December 2025 CLP MM USD MM (1) Total Assets 4,501,457 4,962 • The Company holds the healthiest Net Financial Debt/Adjusted EBITDA ratio in the industry (2). Equity 2,994,676 3,301 • 100% of the debt is contracted at a fixed interest Gross Financia
Slide 17: Solid operating cash flow funding dividends and expansion
Corporate Presentation 3.5 Solid operating cash flow funding dividends and expansion Cash Position Evolution (CLP MM) (1) 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 an
Slide 18: Expansion Plan
Corporate Presentation 04 Expansion Plan
Slide 19: Space Reconfiguration and Optimization: Cenco Costanera
Space Reconfiguration and Optimization Corporate Presentation 4.1 Cenco Costanera “QINTO” Gastronomy Vitacura Access Gallery Auto City Costanera The largest and most integrated Transformation of Paris’ former Cenco Malls’ new branded dining hub in Chile, bringing ground floor into a modern retail au
Slide 20: Space Reconfiguration and Optimization: Cenco Alto Las Condes
Space Reconfiguration and Optimization Corporate Presentation 4.2 Cenco Alto Las Condes Alto Diseño Space Optimization Food Court Optimization Cluster of small-format specialty Optimization of a former New layout in a more strategic stores, designed to bring department store space, with a location,
Slide 21: Space Reconfiguration and Optimization: Cenco Florida
Space Reconfiguration and Optimization Corporate Presentation 4.3 Cenco Florida Mirador Florida Auto City Florida Cenco Florida Park Space reconfiguration into a new Cenco Malls’ new branded A new park directly connected to premium gastronomy destination, automotive hub and services, the mall, featu
Slide 22: Brownfield Projects
Brownfield Projects Corporate Presentation 4.4 Brownfield Brownfield Cenco Temuco Cenco Rancagua Expansion project to consolidate Cenco With this large-scale expansion, Cenco Temuco as the main retail and lifestyle Rancagua aims to consolidate its role as the hub in the region. main shopping and lif
Slide 23: Brownfield Projects
Brownfield Projects Corporate Presentation 4.5 Brownfield Brownfield Cenco La Molina Cenco Limonar Our top-tier mall in Lima has completed its Renovated and expanded into a first-class second phase, consolidating its position as shopping destination, adding new GLA while a leading shopping and servi
Slide 24: Greenfield Projects
Greenfield Projects Corporate Presentation 4.6 Greenfield Greenfield Cenco Malls Outlet La Florida Multifamily Launch of Cenco Malls’ first outlet in Cenco Malls first residential asset, Maipú, strengthening our presence in complementing the Cenco Florida’s masterplan Santiago through a new value-or
Slide 25: Greenfield Projects
Greenfield Projects Corporate Presentation 4.7 Greenfield Greenfield Cenco Miraflores Cenco Lima Boutique shopping center in a prime Large-scale 80,000 sqm project in San Juan de location, combining retail, services and Lurigancho, expanding our exposure to one of gastronomy, positioned as a new mee
Slide 26: Greenfield Projects
Greenfield Projects Corporate Presentation 4.8 Greenfield Cenco Medellin Large 80,000 sqm mall in a prime area of Medellín, expanding Cenco Malls’ presence in Colombia with a highly attractive retail and leisure offering. ~ 80,000 sqm | 26
Slide 27: Disclaimer
Disclaimer The information contained in this presentation has Cenco Malls and its subsidiaries, directors, and been prepared by Cencosud Shopping S.A. employees accept no responsibility for any loss or (“Cenco Malls”) for informational purposes only. It damage that may arise from the use of this sho
Slide 28: Corporate Presentation
Corporate Presentation
Cencosud Shopping S.A. (Cenco Malls) — Q4 2025 Earnings Presentation on 6ix