Cencosud S A : reported its results for the 3Q23

Cencosud maintains financial strenght and increases profits by 3,4% during the nine month period

• During the same period, revenues increased by 8.3% to US$ 13,160 million, while adjusted EBITDA rose 0.5% to US$ 1,352 million
• The Company continues to show resilience in the face of an adverse macro environment, reporting positive financial and operating indicators in its supermarket and shopping center businesses, as well as in the penetration of online and private brand sales.

Santiago, November 16, 2023 - Cencosud's results for the nine-month period ended September30, 2023 underscore the Company´s financial strength in a challenging macro environment, with a 3.4% increase in net income to US$ 547 million. During the same period, revenues rose 8.3% to US$ 13,160 million, while Adjusted EBITDA increased 0.5% to US$ 1,352 million.

For the third quarter of the year, the Company reported consolidated revenues of US$ 4,296 million Adjusted EBITDA of US$ 422 million and net income of US$ 176 million.

Cencosud's Interim CEO, Renato Gutiérrez, commented: "During the third quarter, Cencosud continued to deliver solid results, progressing on the key strategic initiatives, while navigating a challenging environment. This good performance reflects the resilience of the Company's core supermarket businesses and our differentiated customer focus".

Revenues for the quarter declined 3.3% year-on-year, mainly explained by lower sales in the Home Improvement and Department Stores businesses. This was partially offset by the strength of Supermarkets in Chile, all businesses in Argentina, together with solid growth of the Cash&Carry format in Brazil and Peru. During the quarter, sales tickets increased 4.4% from the year-ago quarter to 165 million, reflecting the Company's attractive value proposition to customers.

Adjusted EBITDA for the quarter decreased 9.4% year-on-year, while EBITDA margin reached 9.8%. By contrast, and isolating the effects of foreign exchange fluctuation that affected the period, Adjusted EBITDA would have increased 9.4%.

Online sales penetration increased 8 basis points versus the previous year, driven by growth in Supermarkets and Home Improvement. This brings online penetration to 9.3% of total revenues for the quarter.

During the quarter, sales of Private Brand products accounted for 14.6% of total revenues, with the regional brand Cuisine&Co once again standing out, representing over 50% of total sales of Private Label products.

The Shopping Center business, in turn, delivered growth in local currency in both revenues and Adjusted EBITDA margin throughout the region, with an increase in occupancy rates and customer traffic flow.

In terms of store openings, 22 new stores and more than 8,000 m2 of sales floor space were added during the quarter, including 2 Prezunic stores in Brazil, 18 SPID in Chile, a Jumbo in Colombia and a The Fresh Market store in the U.S. Through September 2023, the Company invested a total of US$ 299 million in Capex, including organic growth, store and mall remodeling, investments in the digital ecosystem and logistics developments.