Inretail Peru Corp. · BVL:INRETC1
Inretail Peru — Q4 2025 Earnings Presentation
37 slides from Inretail Peru's earnings presentation, 2026
Slide 1: Corporate Presentation Q4'25
CORPORATE PRESENTATION Q4’25
Slide 2: Agenda
AGENDA Q4’25 01 INRETAIL OVERVIEW 02 INVESTMENT THESIS 03 APPENDIX
Slide 3: InRetail Overview
01 INRETAIL OVERVIEW InRetail
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
Slide 5: InRetail is part of one of Peru's leading and most diversified 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 2025 Intercorp metrics: More than ~USD 10.6 billion in sales Market capitalization of 2 public subsidiaries of ~USD 7
Slide 6: FY'25 – Consolidated Financial Results
FY'25 – CONSOLIDATED FINANCIAL RESULTS Food Shopping Pharma Retail Malls 1/ 2025 (S/ mm; %) + + = Revenues 12,998 9,049 785 22,820 % Revenues Contribution 57% 40% 3% Adj. EBITDA2/ 1,161 1,530 424 2,995 % Adj. EBITDA Contribution 37% 49% 14% Adj. EBITDA Margin3/ 8.9% 16.9% 72.8% 13.1% _ Market Positi
Slide 7: InRetail has achieved strong growth
INRETAIL HAS ACHIEVED STRONG GROWTH Stores Revenues (US$ million)2/ Adj. EBITDA (US$ million)2/3/ 4,221 6,775 1.6x 1.7x 23 3% 1.7x 889 14% 40% 2,633 2,509 3,760 21 4% 511 49% 18% 52% 2,077 57% 53% 1,689 37% 44% 535 29% 2019 1/ 2025 2019 1/ 2025 2019 1/ 2025 Note: 1/ 2019 figures do not include Makro
Slide 8: Investment Thesis
02 INVESTMENT THESIS InRetail
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
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 (%) Public debt as % of GDP, 2025 Global financial COVID-19 crisis pandemic 92% 61% 60% 43% 34% 1990 1995 2000 2005 2010 2015 2020 2025 1992 1995 1998 2001 2004 2007 201
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 - 2024 Pharmaceutical sales as % of GDP - 20251/ Malls GLA (sqm) per 100 people - 2024 Sales area per capita: Peru 0.24 sqm vs Chile 0.55 sqm 77.8% 1.3% 24.0 1.3% Mean e
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
Slide 13: Food retail segment: multi-format strategy to attract a 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/ 1,689 N° Cash-and-carry Stores Supermarket Supermarket Discount 7% 27% Brand 5 27 Cash-and-carry 21% One-stop shop Variety of fresh and
Slide 14: Food retail segment: 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 Makro B2C customers2/ 100 2025 Volume Makro S/105 2
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 2.5k stores Store breakdown by format N° Stores Traditional Self-service 2,077 2,509 14% 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 digital assets distribution center Inkafarma Mifarma “Mi Química” is a B2B platform th
Slide 17: Shopping malls segment: leading platform with a resilient business model
SHOPPING MALLS SEGMENT: LEADING SHOPPING MALLS PLATFORM WITH A RESILIENT BUSINESS MODEL Resilient business model with stable occupancy rates1/ Supported by high quality and long-term tenants1/ Diversified tenant base and GLA Occupancy Rates (%) % of GLA as of Q4’252/ 93% 93% 95% 97% 97% 96% 9% Ancho
Slide 18: Proven track record of growth through development of flagship shopping malls
PROVEN TRACK RECORD OF GROWTH THROUGH DEVELOPMENT OF FLAGSHIP SHOPPING MALLS Consistent growth in Net Rental Income Development of flagship Shopping Malls Net Rental Income (S/ mm)1/ Puruchuco Shopping Mall CAGR21-25: 10% The largest Shopping Mall to be constructed in Peru in a single phase 2019 126
Slide 19: Continued consolidating our omnichannel strategy
CONTINUED CONSOLIDATING OUR OMNICHANNEL STRATEGY E-COMMERCE/ LOGISTICS & LAST MARKETPLACE MILE DELIVERY growth in third- +11% growth +1.4x party marketplace vs 2024 in total vs 2021 GMV sales B2B of participation of participation SERVICES DIGITAL WALLET +6% e-commerce +6% e-commerce SHARED DIGITAL F
Slide 20: 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
Slide 21: Consistent and profitable organic and inorganic growth
CONSISTENT AND PROFITABLE ORGANIC AND INORGANIC GROWTH Revenues (S/ mm) 22,820 SPSA TURNAROUND PERIOD 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Intern. Intern. Acquisition Vivanda / Plaza Vea Agreement Acquisition InRetail’s Strategic RP
Slide 22: 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
Slide 23: Financial debt by segment
FINANCIAL DEBT BY SEGMENT1/ Million Soles (S/ mm) Net Debt/Adj. EBITDA Debt/Adj. EBITDA Total Consolidated Debt: S/7,013 mm Debt / Adj. EBITDA: 2.4x Net Debt / Adj. EBITDA: 1.7x Debt / Adj. EBITDA: 1.9x Net Debt / Adj. EBITDA: 1.3x 5.2x 4.6x 3.1x 1.6x 4.1x 4.3x 2.8x 1.6x 1.5x 1.5x 3.9x 2.6x 2.8x 1.5
Slide 24: Appendix
03 APPENDIX InRetail
Slide 25: 2025 InRetail Highlights
2025 INRETAIL HIGHLIGHTS Executed our expansion plan Openings and expansions: • 314 Mass stores and 2 Plaza Vea stores1/ • 124 pharmacies1/ • 1 new power center (+14 k sqm) Strengthened our logistics Implemented our capital structure and 2 expansions in existing platform to support future growth str
Slide 26: 2025 InRetail Highlights – ESG
2025 INRETAIL HIGHLIGHTS – ESG AWARDS AND RECOGNITIONS AWARDS AND RECOGNITIONS 5th consecutive year as members of S&P Global Sustainability Yearbook “Bueno por Dentro” “Perú Pasión” Supplier Management Environment +18 mm +290 795 S/3.9 mm in energy savings with Rations of food Participating Supplier
Slide 27: Q4'25 & FY'25 Results – Consolidated
Q4'25 & FY’25 RESULTS – CONSOLIDATED Million Soles (S/ mm) Highlights Revenues +5.2% Revenues increased +6.3%, with a positive growth in all of our segments, including a solid growth in our Food Retail segment, a 22,820 moderate growth in our Pharma segment and a slight growth in our 21,683 Shoppi
Slide 28: Q4'25 Results – Food Retail
Q4'25 RESULTS – FOOD RETAIL1/ Million Soles (S/ mm) S/ mm Q4'25 Q4'24 Var % 2025 Var % Revenues 3,708 3,451 7.4% 12,998 7.1% Gross Profit 889 810 9.8% 3,041 6.7% 2/ Adj. EBITDA 376 348 7.9% 1,161 0.5% Gross Mg 24.0% 23.5% 52 bps 23.4% - 9 bps 2/ Adj. EBITDA Mg 10.1% 10.1% 4 bps 8.9% - 59 bps Revenue
Slide 29: Q4'25 Results – Pharma
Q4'25 RESULTS – PHARMA Million Soles (S/ mm) S/ mm Q4'25 Q4'24 Var % 2025 Var % Revenues 2,301 2,206 4.3% 9,049 2.7% Gross Profit 763 734 3.9% 2,943 2.4% 1/ Adj. EBITDA 391 385 1.5% 1,530 3.9% Gross Mg 33.2% 33.3% - 12 bps 32.5% - 10 bps 1/ Adj. EBITDA Mg 17.0% 17.5% - 47 bps 16.9% 19 bps Revenues i
Slide 30: Q4'25 Results – Shopping Malls
Q4'25 RESULTS – SHOPPING MALLS Million Soles (S/ mm) S/ mm Q4'25 Q4'24 Var % 2025 Var % Revenues 224 223 0.4% 785 - 3.4% Gross Profit 150 148 0.7% 518 - 4.3% 1/ Adj. EBITDA 135 137 - 1.5% 424 - 15.4% Gross Mg 66.8% 66.6% 19 bps 66.0% - 65 bps 2/ Net Rental Mg 80.7% 82.4% - 175 bps 72.8% - 981 bps Po
Slide 31: Quarterly openings and SSS by segment
QUARTERLY OPENINGS AND SSS BY SEGMENT Openings Same Store Sales (SSS) Food Retail1/ Food Retail1/ 2024: 2.5% Sales Area (‘000 sqm) 20253/: 3.4% 676 689 699 722 659 5.3% 221 239 251 262 278 4.4% 4.2% 120 120 120 120 120 3.3%3/ 1.5% 319 318 318 318 325 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q4’24 Q1’25 Q2’25 Q
Slide 32: Capex and cash-flow breakdown
CAPEX AND CASH-FLOW BREAKDOWN Million Soles (S/ mm) Consolidated CAPEX 2024: S/1,041 mm 2025: S/1,146 mm 1,041 847 775 679 369 384 401 231 228 283 232 230 197 2019 2020 2021 20221/ 2023 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Cash-Flow Breakdown -1,146 -40 +3,058 -591 1,903 1,461 -451 -234 4
Slide 33: 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 2.6x 2.5x 2.4x 2.5x 2.4x 2.1x 2.1x 51% 48% 50% 49% 49% 1.9x 2.0x 1.7x 2% 1% 0% 0% 0% 48% 51% 50% 51% 51% 2024 LTM Q1’25 LTM Q2’25 LTM Q3’25
Slide 34: Composition of stores by age
COMPOSITION OF STORES BY AGE Food Retail1/ 8% 8% 10% 11% 11% 10% 10% 9% 13% 8% 9% 9% 9% 9% 9% 10% 7% 7% 6% 6% 5% 5% 7% 8% 8% 9% 6% 78% 77% 75% 74% 73% 73% 72% 72% 75% Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 > 3 years 2-3 years 1-2 years 0-1 years Pharmacies 2% 3% 3% 4% 4% 5% 4% 4% 5% 4
Slide 35: Cash cycle
CASH CYCLE Food Retail1/ 90 92 91 93 94 93 92 93 85 49 53 54 53 56 54 48 49 42 4 5 3 1 3 1 1 1 2 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 -31 -36 -36 -37 -39 -35 -38 -42 -49 Days Acc Payables Inventory Turnover Days Acc Receivables Cycle Pharma 112 113 115 115 117 113 114 118 110 81 78
Slide 36: Largest footprint of premier retail locations
LARGEST FOOTPRINT OF PREMIER RETAIL LOCATIONS Food Retail Pharmacies Shopping Malls 112 Supermarkets 27 Cash & Carry 2,509 Pharmacies 23 Malls 1,550 Hard Discount (3) (1) (19) (60) (5) (3) (13) Piura (2) (124) (124) (2) (1) (2) Chiclayo (71) (105) Cajamarca (2) (78) (5) (64) San Martín (2) Trujillo
Slide 37: 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