Thank you, Daniela, and good morning, everyone. The presenters on this call today are Rodrigo Larraín, our Chief Executive Officer; Andres Neely, our Chief Financial Officer; and Irina Axenova, Investor Relations Director.

Before we begin today, let me remind you that statements made today by the company may include forward-looking statements. These statements are subject to risks and uncertainties and may be influenced by future events, including changes in macroeconomic conditions, political developments, legislation, and operational factors that may affect Cencosud's business performance.

The company undertakes no obligation to publicly update or revise these statements, except as required by law. Please note that no part of this call may be recorded in whole or in part without the company's prior consent.

The earnings presentation accompanying this call, which includes additional information, is available on the company's website in the Investor Relations section. Please note this call is being recorded.

I will now leave you with our CEO, Rodrigo Larraín. Rodrigo, please go ahead.

Thank you very much. Good morning, everybody.

Thank you for joining the conference call. Before we walk through the details of the quarter, I want to start by acknowledging that the second quarter 2026 was a weak quarter that fell short of our expectations.

While part of the pressure came from foreign exchange effects, the inflationary impact of US-denominated debt, the transformation-related and efficiency costs, and temporary sales disruption at stores and malls under remodeling, as a management team, we take full accountability and have taken action for improving them as we move to the second half of the year. At the same time, headline earnings only tell part of the story.

Beneath the reported results, several of the indicators we monitor more closely as leading signals of future growth, customer relevance, and profitability moved in the right direction during the quarter. While these improvements are not yet fully reflected in our financial performance, they give us confidence that the actions we have been taking are beginning to gain traction across the business.

We saw that traction in multiple areas. In Chile supermarkets, we recovered approximately 100 basis points of market share versus the previous quarter.

In Argentina, we gained roughly 50 basis points of market share over the year before in our main formats. Online sales grew 14.6% year-over-year across the region.

Active loyalty customers reached nearly 31 million, and Prime membership increased 31.3%. During the Cyber event in Chile, we attracted more than 500,000 customers, generated 26% sales growth, and reached record traffic levels.

In Brazil, remodeled and converted stores continued to show encouraging sales trends after reopening. Taken together, these are not signs of a business standing still.

They are signs of a company strengthening its competitive position while executing a transformation designed to create sustainable growth and profitability over the long term. Thus, the financial results of the quarter were disappointing, but the underlying direction of the business is more encouraging than the reported numbers suggest.

Our strategy is simple to state, even if it takes real work to execute. We aim at being the most relevant omnichannel retailer ecosystem in our customers' lives.

We believe we're well-positioned to do that because of clear competitive advantage. We are a multi-format retailer operating at scale across six countries with strong, well-recognized brands, more than 700 million annual transactions that gives us real customer principality and granular data, and a large, growing base of active loyalty customers across the region.

To capture that advantage, we launched a transformation plan back in 2025 with the goal of becoming a truly integrated, customer-facing company, one that can deliver consistent, personalized value proposition, operate with greater efficiency and agility, transfer know-how across countries and businesses, and offer customers a genuinely integrated value proposition. Over the past several quarters, we've made real progress on the foundations of this new model.

We've been integrating our customer data to build a complete view of the customer journey across our ecosystem, supported by world-class AI and advanced analytic tools, and deploying a new generation of platforms to scale our digital commerce and retail media business. This take time and sustained investments.

Once built, it becomes a durable competitive advantage. That online momentum was broad-based, with double-digit growth in five of our six markets, led by Argentina and Colombia.

At the same time, we've been revisiting and deepening our value propositions across our businesses: supermarkets, department stores, home improvement, and shopping centers, through operational and assortment adjustments, sharper commercial strategies, and a meaningful remodeling and organic growth plan. We have also deepened our strategy of synergistic formats that let us compete in shopping missions that we were previously not present: cash-and-carry in Argentina and Colombia through Makro, the continued evolution of Giga in Brazil, and hard discount in Chile through Don Salva.

One particularly interesting move has been converting former cash-and-carry stores in Brazil back into neighborhood supermarkets, as they were before, under a differentiated value proposition that played directly to the recovery we're already seeing there. That's complemented by our agreement to acquire St.

Marche, a premium supermarket format closer to Jumbo and The Fresh Market, with a highly recognized brands in São Paulo, a market where we see attractive opportunities ahead. All of this is being tied together by a new operating model and integrated organizational structure that we are in process of implementing.

It's letting us strengthen our cross-functional capabilities, align the organization around the customer across our ecosystem, eliminate duplication, build more robust processes, and become a simpler, more agile, more adaptable company. We're in the final stretch of putting in place the foundations to scale e-commerce, retail media, loyalty, and data and personalization, along with AI tools that are making us meaningfully more effective and more profitable in how we manage pricing, promotions, and assortment, all within an organization that is more aligned, more agile, and more efficient.

This is how we intend to navigate the current cycle, but more importantly, it's how we build a stronger Cencosud, one with the strength and agility to lead the omnichannel transformation of retail in the region, to earn our customers' preference for years to come, and to grow with discipline, adding points of profitability every step of the way. With that, let me hand over to Andres Neely, CFO, to walk through the quarter's financial results in more detail.

Thank you, Rodrigo, and good morning, everyone. Starting with the presentation, during the quarter, we continued strengthening our omnichannel multiformat ecosystem, percent, which Prime program subscribers increased 31.3% year-over-year.

We also expanded and enhanced our regional footprint through the acquisition of St. Marche in Brazil, the announced acquisition of Makro in Colombia, the remodeling or conversion of 28 stores, and the opening of seven new stores in Chile.

Quarter's performance reflected a competitive consumer environment, mostly in Chile, while underlying profitability remained resilient. Our operational execution continued to strengthen profitability across the region.

Adjusted EBITDA grew 80% in Colombia, 8.1% in Brazil, excluding the gain from the Bretas sale in 2025, and 105.7% in Argentina's supermarket division. Moving to the next slide, we saw important improvements in our e-commerce and loyalty strategy.

We delivered double-digit online sales growth in five of the six markets. We also saw important growth in our loyalty programs, with a 31.3% growth on Prime subscribers, led by double-digit growth in Chile and Peru.

Our ecosystem strategy is generating concrete proof of our value proposition and supporting deeper, long-term customer relationships. Private label remains a key pillar of our strategy and continues to deliver strong results.

Customers continue looking for quality, innovation, and value, and we continue expanding our assortment to better meet those needs across both food and non-food categories. During the quarter, private label penetration reached almost 19% of consolidated sales, supported by continued growth across the region.

Argentina and Brazil delivered meaningful increases in private label penetration during the quarter. This quarter, we also made progress in building the capabilities required to achieve our strategic goals.

Through the One Cencosud program, we are building a more agile and integrated organization around shared regional platforms, allowing us to deploy technology faster, strengthen our processes, and leverage the scale of our business more effectively. This includes the continued integration of customer data, the expansion of our digital and technology capabilities, and the development of common platforms that support e-commerce, retail media, advanced analytics, and artificial intelligence.

While much of this work takes place behind the scenes, it strengthens our ability to scale innovation, improve execution, and continuously enhance customer experience. Alongside these initiatives, we continued allocating capital with discipline to strengthen our regional portfolio.

In Brazil, we have redefined our strategy in 2025, which led us to the sale of Bretas in Minas Gerais. Since then, we have been deploying several initiatives to strengthen our presence in Brazil and improve profitability.

The acquisition of St. Marche strengthens our position in São Paulo, Brazil's largest consumer market and one of the country's most attractive economic regions.

With a value proposition centered on quality, freshness, service, St. Marche is highly complementary to our existing formats, such as Jumbo and The Fresh Market, expanding our presence in the premium supermarket segment and giving us greater exposure to higher-income customer segments.

We also saw important growth opportunities with this format. The acquisition is subject to closing conditions, including the approval of Ortiz Group judicial reorganization plan, which also limits our ability to provide more information of the transaction at this time.

By now, the Brazilian antitrust authority has already approved the transaction. In Colombia, we also announced the acquisition of Makro, incorporating a proved cash-and-carry platform with 22 stores across 16 cities.

This transaction significantly broadens our customer reach by strengthening our position with B2B customers and the HoReCa segment, while adding an attractive real estate portfolio. Makro also brings a well-established private label platform and meaningful opportunities for operational synergies and scale for our ecosystem in Colombia.

Together with the DC acquisition of Plaza Central completed early this year, these investments reinforce our commitment to Colombia and our confidence in the long-term opportunities we continue to see in that market. Now moving into financial results of the quarter.

Financial performance during the quarter reflected a competitive consumer environment, foreign exchange headwinds, and certain temporary factors. Despite these challenges, we continue advancing our omnichannel ecosystem, maintaining resilient underlying operating trends, and delivering profitability improvements across several markets and formats.

In terms of revenue, excluding Argentina hyperinflation accounting effect, revenues reached 4.1 trillion Chilean pesos during the quarter, declining 1.2% year-over-year. Excluding FX conversion and portfolio divestments and closures, our revenue grew 4.5% year-over-year.

Peru continued to deliver solid, above-inflation growth. Chile remained resilient despite a challenging consumer environment, and the United States posted positive local currency performance.

Digital sales also continued to outperform. Shopping centers continued to perform strongly, with revenue growth of 8.5% in Chile, despite ground-up and remodeling projects underway in assets that represent approximately 1/3 of Cenco Malls portfolio.

Overall, the quarter reflects a business that continues to grow in strategic priorities while navigating a softer consumption environment. From a profitability standpoint, adjusted EBITDA reached 329 billion Chilean pesos, decreasing 12.3% year-over-year.

Profitability in Chile reflected elevated promotional activity in supermarkets, investments aimed at strengthening value proposition and competitiveness in home improvement, and challenging comparison base in department stores. On the other hand, Peru maintained double-digit EBITDA growth, while Colombia almost doubled its adjusted EBITDA year-over-year.

Argentina supermarkets more than doubled adjusted EBITDA in local currency, and Brazil continued to improve profitability thanks to multiple initiatives and the portfolio improvements made. All these improvements demonstrate that the initiatives implemented over the past several quarters continue to gain traction.

Chile, the main driver of second quarter financial results, saw important progress in executing our strategy. While the consumer environment remained highly competitive and promotional activity continued at elevated levels, we made meaningful progress in strengthening our omnichannel ecosystem across all formats.

In supermarkets, online sales increased 13.6% year-over-year. Online penetration reached 16.4%, and we recovered approximately 100 basis points of market share compared with the previous quarter.

We also expanded our physical footprint through the entry of Santa Isabel into Chiloé and Calbuco, the launch of Don Salva, and more recently, the opening of a new Jumbo store in Santiago, reaching 60 Jumbo stores in Chile. In home improvement, online sales grew 22.8%, while B2B sales increased 8.6%.

Easy Pro, which was launched in June, has already reached approximately 22,000 members, strengthening our value proposition for professional and business customers. In department stores, digital channels continued to gain breadth, with online penetration reaching 34.2%, marketplace sales increasing 33.2%, and 16.5% sales increase in the last Cyber event held in Chile.

We also continued transforming our physical store proposition, including the inauguration of the next-generation Paris format at Cenco Alto Las Condes. These indicators demonstrate that despite the near-term pressure on profitability, we continue to strengthen mid-to-long-term value creation in Chile, improving customer engagement, market position, and omnichannel capabilities.

The progress achieved during the quarter and the initiatives already underway give us confidence in a stronger operating performance during the second half of the year. Now moving to net income.

Net income was primarily affected by non-operational financial factors. During the quarter, we saw higher inflation in Chile, which increased the accounting cost of our UF-indexed debt.

This represented a non-cash accounting effect during the quarter. In addition, reported earnings reflected foreign exchange effects, Argentina's hyperinflation accounting adjustments, and approximately 17 billion Chilean pesos of our productivity plan, which we exclude from adjusted EBITDA for better clarity.

As a result, reported net income for the quarter was a loss of 18 billion Chilean pesos. During the quarter, we strengthened our financial profile through a series of refinancing transactions in both the Chilean and international debt markets.

These transactions allowed us to successfully refinance our 2027 maturities, extending the average duration of our debt from 5.5 years to 7.3 years and improving our amortization profile. Net leverage increased modestly during the quarter, mainly reflecting higher UF indexation and Argentina's hyperinflation accounting adjustments.

Our long-term objective remains net leverage of 3 times. Moreover, we ended the quarter with a solid liquidity position of approximately $820 million.

Overall, we continue to manage our balance sheet conservatively while maintaining the financial flexibility to support our long-term growth strategy. With that, I'll hand it over to Irina to discuss our performance by country and the progress of our sustainability agenda.

Thanks, Andres, and good morning, everyone. I'll go briefly through the country's performance, as I believe Rodrigo and Andres both already touched on the key developments across our portfolio.

Let's start with Chile. As both Rodrigo and Andres mentioned, despite a competitive promotional market, we continued strengthening our value proposition, advancing omnichannel growth across all formats, supported by online sales growth, portfolio expansion, and improved customer engagement.

Supermarkets remained resilient, with strong online sales increasing almost 14%, and we've also improved market share quarter-over-quarter. Home improvement continued to gain momentum through e-commerce and B2B channels, while department stores further strengthened their digital proposition, the marketplace, which grew over 30% year-over-year, and we also continued flagship store renovations.

Shopping centers delivered another strong quarter, with almost 9% growth in sales, supported by higher occupancy, traffic growth, and additional GLA, despite ongoing renovations and development projects in our key assets, as Andres mentioned. Although profitability continued to reflect elevated promotional intensity and some inflationary pressures on costs, supermarkets remained a double-digit EBITDA margin, underscoring the resilience of the business.

Cenco Malls obviously partially offset retail pressures, expanding its EBITDA margin by 40 bps to almost 81%. Now, in addition, looking beyond the financial results, the quarter reflects continuing progress and strengthening our omnichannel ecosystem through increased customer engagement.

We already mentioned a couple of campaigns, but this was our first cross-format loyalty campaign, Juntos de la Premiere, which we've run across six weeks in Chile across all of our formats and all our platforms. It has successfully connected almost 1 million people who were engaged with this campaign.

At the same time, we had a very successful Cyber event this quarter, which demonstrated very strong traffic growth, transaction growth, with double-digit sales growth in all of our formats, while our physical expansion continued through seven new stores opening during the quarter. Yesterday, we also inaugurated our next-generation Paris department store here in Alto Las Condes, and a couple of days ago, a new Jumbo [unclear] in Santiago.

Together, these initiatives contribute to the growth of our omnichannel ecosystem and reinforce our competitive position in Chile. Moving now to Argentina.

Despite continuing challenging environment in the country, we're seeing significant improvement in our supermarket business in Argentina, which contributed to revenues growth, with Jumbo and Disco formats sales growing in line with inflation, while online channel grew over 90% in local currency. Shopping centers also contributed positively to the results, supported by new international brands and improvement in lease conditions across our assets.

Argentina supermarkets adjusted EBITDA more than doubled in local currency, reflecting continued operating efficiencies, commercial execution, and the successful integration of Makro. Although financial services affected consolidated profitability during the quarter, we expect this impact to normalize during the third quarter of 2026.

We have implemented several initiatives to improve growth and profitability in Argentinian business. Digital remained one of the fastest-growing channels, while private label, together with imported goods participation, delivered the strongest expansion across the region.

We've also initiated a renovation project at Unicenter, which will contribute almost 17,000 additional square meters of new GLA. Moving on to the United States.

During the quarter, The Fresh Market continued to execute consistently against its premium value proposition. Online sales maintained strong double-digit growth at almost 19% year-over-year.

Revenues grew almost 2% in local currency, supported by recently opened stores, which continue to mature and contribute to revenues, and together with productivity initiatives, which helped offset some temporary inflationary pressures. Then we also continued strengthening customer loyalty, private label, and operational efficiency, supporting another quarter of resilient profitability.

Moving now on to Peru. Peru once again delivered one of the strongest performances within the portfolio.

Both revenue and adjusted EBITDA increased, with EBITDA growing double digit and margins expanding 56 basis points, supported by healthy consumption trends, commercial execution, and continued momentum across both supermarkets and shopping centers. In Peru, we're also advancing on digital adoption, loyalty, and private label, which all continued their expansions, while Cenco La Molina kept maturing successfully, contributing to both revenue growth and operating leverage.

Now moving on to Brazil. In Brazil, we continued executing the transformation of the business.

Although reported revenues reflected the divestment of Bretas Minas Gerais sales and ongoing store renovations, the underlying business continued to improve. Excluding the positive gain from Bretas Minas Gerais divestment in the second quarter '25, EBITDA increased more than 8% in local currency, while remodeled and converted stores are already delivering encouraging sales improvements.

During the quarter, we advanced the conversion of Bretas Goiás stores into Preçonic format, expanded the [Piri?] -Míni concept, and continued evolving the Giga value proposition, further strengthening our confidence in the transformation underway in Brazil.

Moving to Colombia. Colombia delivered another quarter of meaningful operational improvement.

Better commercial execution, disciplined cost management, and continued portfolio optimization translated into strong EBITDA growth and margin expansion. During the quarter, we continued converting Metro stores to the Metro Almacén format.

We converted five stores during the quarter while advancing the divestment of service stations, and we also introduced new private label categories, while e-commerce sales grew more than 20%, increasing their penetration. Before concluding, I'd like to briefly highlight a few sustainability milestones.

Sustainability continues to be an integral part of how we operate at Cencosud and create long-term value across the region. During the quarter, we were once again recognized as the number one business holding in Cadem's Citizen Brands study and continued advancing our ESG agenda through concrete initiatives across governance, environmental stewardship, and community engagement.

On the environmental front, we were recognized as the Zero Waste awards and also expanded one of the largest renewable energy agreements for the retail sector in Chile. At the same time, we continue supporting the communities where we operate.

A good example is the comprehensive reconstruction initiative led by both Easy and Paris to support families and schools affected by the Chilean wildfires last summer, reflecting our commitment to creating a positive impact beyond our operations. With this, we conclude our prepared remarks, and we will begin the Q&A session.

Daniela, we are ready to begin.

Hi, everyone. Thanks so much for the opportunity to ask some questions.

I have two topics. First, I wanted to ask about the productivity plan, if you can provide some more specifics on the areas impacted and potential savings.

There's a reference to transformation costs as well in the press release, I wanted to understand what this involves and whether this might be more recurring in nature or persist over a longer period of time, and the expenses related to it. Then the second question I had was on your operating experience with Makro and in Colombia competing with PriceSmart.

How is this informing your strategy in Chile, and are there any plans to bring the Makro concept to Chile? Thank you.

Hi, Melissa. Good morning.

Regarding your first question regarding the productivity plan, so, well, the focus of the productivity plan has been both a combination on the administration of the business and also in our operations. What we've provided some insight on how we are trying to integrate our company and generate cross-format and cross-geography platforms and capabilities, our productivity plan has been oriented toward that goal.

We see a payback of one year of the investment in productivity. Far, we have done productivity investments of around $70 $17 million, which have been provided information in our financial statements in one of the notes.

We expect most of the productivity to be completed by the end of this year. That's the focus and the timing we have for that.

Hi, Melissa. How are you?

Rodrigo here. I can take the second question about Makro and the format.

It's been very interesting for us to start re-analyzing our portfolio strategy and from the learnings from Giga, we have been learning a lot with the Makro position in Argentina. We've seen a lot of opportunities in terms of synergies, operationally and commercially.

With that learnings, we launched a new plan on Makro Argentina, which is starting to show very encouraging results. That's how we were interested in the opportunity to expanding in Colombia.

Again, we have a similar situation in terms of opportunities and complementing the current footprint and formats that we have in Colombia. We have nothing to announce in Chile or specific plan in the short term, but today, Cencosud is much more well-prepared to consider expanding to other formats.

Our focus is in Argentina now and Colombia. We're building those capabilities.

Also, Don Salva is another possibility of continuing expanding that format starting in Chile. We have a very strong start.

It's a format that's different to the traditional business that we've been developing in terms of supermarkets, but today, the company is very open-minded and building on our capabilities. It's very interesting what we're seeing in this format, and particularly in Argentina and next in Colombia.

Great. Thank you so much.

If I could also just clarify on the productivity plan, is this the start of a new plan, or is this a continuation of the plan you began, I think it was in third quarter last year? Are there deeper, more transformational opportunities that you are pursuing?

I'm just trying to understand the reference to the transformation costs as well and what that might involve. Yeah.

It's a continuation. We started this program and these improvements in 2025, and as I said, we are expecting to complete most of that transformation by the end of this year.

For now, we have nothing to announce regarding how material the productivity plan could be by the second half of the year. What we can say is that we aim to complete most of the changes we are seeing by then.

Thank you.

Hi, thanks very much for the question and all the detail. Curious if you could talk a bit about the outlook for your EBITDA margins in Chile.

It looks like contraction across the main segments. You mentioned a bunch of the initiatives on the call, but some of the headwinds, whether it's competition, price investments, logistics, it feels like those could potentially be stickier.

Just how to think about the balance and some color on the margin outlook by your retail banners in Chile. I think that would be very helpful.

Thank you.

Yeah. Hi, Andrew.

Good morning. In supermarkets, we posted a 10.5% EBITDA margin this quarter.

This has been the 27th consecutive quarter we have a double-digit EBITDA margin for our supermarket division in Chile. As we have mentioned several times, we saw this quarter and probably over this year a lot of promotional activity and a soft consumer market.

With the initiatives we have been deploying, our expectations are to continue maintaining this situation as we move forward of double-digit EBITDA margins in supermarkets. The situation is different on home improvement, with a weak demand during the second quarter for that segment.

What we are seeing probably for the second half, the weather that we had in Chile impacts that business positively, we are seeing much better traction on that business as we move forward. For department stores, we expect that all the changes we are doing, both to our online capabilities and our physical value proposition, allow us to have higher margins and reach the high-single-digit margins we saw on the second quarter of 2025.

Very helpful. Thank you.

Hi. Thank you very much for taking my questions.

In Chile, just a little bit more details to understand with the promo intensity still elevated, when do you see on timing the bottom of Chile's supermarket margins? Do you think that maybe that could come in the second half of this year, or still last or get to that during 2027?

Or do you think we already reached it? On capital allocation, after your recent acquisitions, what's the M&A appetite going forward, considering your current leverage level?

Is there still space for more, or would you maybe focus now on lowering your net debt levels? Thank you very much.

Hi, Hector. How are you?

I can take the question on margins in Chile, and particularly about supermarkets. We're starting to see a rebound, but that not necessarily because of a change in the market competitiveness or conditions, but because of different tools that we have been implementing.

Now that we can work on a consolidated customer transactional data platform that we have been putting in place linked to AI tools. We've been reshaping our promotions, our pricing strategy, have better I would say capabilities and information for negotiating with suppliers.

With much more accuracy, we're seeing rebounds in our margins that are very encouraging. It's difficult to anticipate how the market competitiveness will continue to evolve in the short term, but regardless, we're seeing improving margins due to these other factors.

Hi Hector. Regarding your second question about capital allocation, for sure the short-term focus will be on the two transactions we just announced: the integration of St.

Marche and the integration of Makro in Colombia. We still are doing several initiatives with Makro in Argentina as part of the integration plan for that.

I would say that's the focus in the near term. Of course, capital allocation is dynamic, and we will keep reviewing that.

As I mentioned in the presentation, we keep our target of a net leverage of 3 times. Considering all those factors, the priority would be integrating the two announced transactions, at least for now.

Thank you very much. The last one, how confident are you still on reaching the guidance that you shared in January?

Regarding the guidance that we did at the beginning of the year, we had assumptions for macro, for exchange rates, and for consumer demand in each of the markets that have been different during the first half. We remain optimistic.

Also as Rodrigo was mentioning, we're seeing a better performance already in the third quarter of the year. I would say we are optimistic, and we will do our best to be as close as possible to the guidance that we provided at the beginning of the year.

Perfect, very clear. Thank you very much.

Hi, good morning. Thank you very much, Irina, Rodrigo, Andres.

Thank you for the call, and thank you for taking my question. I have two, actually.

The first one is for Rodrigo. On the initial remarks, you mentioned, of course, that it was a difficult quarter, but you mentioned some underlying trends and indicators that you were watching that showed a better picture.

I wanted to see if you could give more color on what numbers or what metrics specifically you are tracking that are showing this better picture. I think this is very important.

Then on food retail in Chile again, I just wanted to clarify if when you look at the initiatives you've deployed into the third quarter, I just wanted to clarify if you've seen profitability improving, this would be versus the number of the second quarter, or already we could think about a stabilization versus the third quarter of last year? Thank you.

Hi, Nicolás. We included in the press release and the presentation part of the figures, but we are recovering market share talking as a trend throughout the quarter and the initiatives that we've been executing.

The indicators are recovering market share. We have seen some recovering in margins that are not fully expressed in the second quarter, but we are seeing those leading indicators.

We're seeing recovering traffic and therefore sales. We've seen much more steeper growth in e-commerce, in loyalty and memberships.

As a summary, we're seeing much more traction and recovery of customers and transactions in our brands. E-commerce, we've been, I would say, kind of behind in the last few quarters in e-commerce for several reasons, and preparing and changing a lot of our IT that are now more deployed, and we're seeing steep increased sales in e-commerce, and that trend should continue with new capabilities and tools.

Our e-commerce also is profitable. As we know, and it's market-known, an omnichannel customer brings much more sales than a one-channel customer.

It's a combination of factors where we see that we're recovering market share, we're bringing back customers, and we're seeing some recovery also in tickets and sales and loyalty. Not all that is fully expressed or being able to see it in the financial numbers of the second quarter, but those are the leading indicators that we follow and we're confident on the actions that we're taking in that sense.

Hi, Nicolas. Trying to complement the answer, the productivity plan we just executed was concentrated in Argentina and Brazil.

We already expect improving profitability in those markets as we move forward. We also see very positive trends in Peru and Colombia as we are showing for this second quarter.

In Chile, we continue to see improvements, probably not yet at the levels of the 2025 third quarter. As Rodrigo said, we see early signs of recovery, and we continue to deploy several initiatives to recover that profitability to those levels.

Also we have to consider that during the the first part of the year and the second quarter, we had several stores in in remodelation. It's from from department stores to supermarkets, and and that had an important impact on sales during that period.

Most of those stores have been completing their their their projects. We we are entering the second part of the year with most of these stores already relaunched, having very good performance in the in the first part of the week in the first part period of of of reopenings.

In home improvement, the same, we have a better outlook for home improvement, particularly in Chile, with with the new reforms. We are we would expect some some pick-up in terms of of construction and and projects gradually.

All that together allow us to to to see better prospects in in in the second half.

All right. Understood.

Super clear. I understand now that the metrics of the ecosystem is gaining traction.

If I could, you mentioned those store remodelations, is it possible to maybe try to quantify this impact, or it's something you do not disclose? Thank you.

I think we do not disclose it in particular, but in many cases, in terms of enhancing value proposition in stores and like in Brazil, we have been very positively surprised with the impact because we bring more experience to the store, more or better service, and the customer reacts very rapidly to that. I don't know if we disclose any detail, but

Hi, Nicolás. We haven't disclosed particular impact on sales, but what we have disclosed is that, for example, when it comes to department stores renovations, we're running renovations in four flagship stores, which account for approximately 10% of department stores revenues in Chile.

While you may say there's definitely some impact on sales because the stores have limited maybe assortment, they have some areas closed for renovations, it's a different customer experience. We completed one in Alto Las Condes, and we just opened that completely new, renovated, absolutely next-generation store, and we'll continue with the other three.

That will reduce obviously impact on sales, and we actually expect completely different positive impact on sales. When it comes to shopping centers specifically, again in Chile, we are running different projects across four flagship malls that we have in the country, and they account for approximately 1/3 of Cenco Malls revenues in Chile.

Again, they're not closed. They're open to customers, obviously, but when you have certain interruptions, certain constructions going, remodeling going, that certainly has certain impact on customer experience.

Yet Cenco Malls delivered significantly sales growth in a high single digit during the quarter. As Rodrigo mentioned in Brazil, we were doing during the quarter with this transformation, renovations, and conversions in 28 stores.

Then none of the stores actually closed to customers, some were closed partially, they're not removed from the same-store, for example, calculations. They continued being open to customers, but again, with a limited customer experience, limited assortment.

Once they were fully open to customers, they're delivering almost high-single-digit sales growth right after the reopening. Again, very positive.

It did have certain impact on sales during the quarter, but the results post-renovations, and again, what the management was just saying, going into the third quarter in the second half of the year, these stores and these malls and shopping centers we expect them to contribute significantly to the results.

Last but not least, maybe a good example is what we did in Colombia. Remember in Colombia, an important part of the profitability improvement we have seen has been for reformulating our Metro value proposition.

We changed them from traditional hypermarkets or supermarkets to our Metro Almacén format, a more cash-and-carry-like operation. Those remodelations have been an important pillar of the recovery in margins we have seen in Colombia.

That's a good benchmark of the impact in profitability that remodelations can have on the P&L.

Amazing. Thank you very much, everyone, for the color.

Thank you. I'll take it.

Hi, Joel. Starting from home improvement in Argentina, I would say that's one of the most challenging segments.

Remember that home improvement was a safe harbor for hyperinflation, there was a lot of consumption that went to that channel for durable goods during the peak of the hyperinflation period, we still see a very soft demand in that category. Despite that, we expect that our new program, the Easy Pro program we have been launching in Easy, not only in Chile, but also in Argentina and Colombia, start generating traction in the professional and business segments of that.

I would say in Argentina, we are seeing a very positive trend. Supermarkets continues what we saw during the second quarter, with relevant improvements in market share on our end and increasing profitability, led by imports and private labels that have been an important part of the scenario that we are seeing now in Argentina.

Peru, we continue to see a very strong trend, very solid performance for our operations. Also in Peru, we expect Cenco La Molina, the new shopping center we opened, is gaining more traction.

We see occupancy increasing, and that also would be an important pillar for the next months. Colombia, we still see a very positive trend, both in our omnichannel ecosystem performance, very positive trends in the digital space, and also we continue to see positive trends on our margins.

The US has been a little bit more challenging, but we see a very resilient business so far. Chile, we have I would say provided a lot of color in the previous questions.

Yes, hi. Thanks for taking my question.

I was just curious, I know it's super early days on the discount format in Chile, the Don Salva stores. Perhaps you can share a little bit about sort of early learnings, some sort of thoughts on how that relates also to Santa Isabel and distinguishing the formats, and perhaps also about private label penetration, build-out of new private label products within that format.

Thank you.

Hi Irma. It's been very interesting so far for us.

We put a special team on that, dedicated to that format, to learn about the format, to be very engaged with the customers, to select a specific assortment again to that format, more on small packages, unitary sales. The reaction has been very positive because we've been able to source our stores very effectively and efficiently in one way.

Also the customers appreciate the back of Cencosud. I would say it's a seal of quality that the customers know that we are competitive prices, but our products are good quality.

We have been incorporating also some fruit and fresh products to the format in small quantities, of course, that has also allowed to make a difference. We've been very, very disciplined in cost reductions, being very efficient, and very specific on assortment, on a small assortment, very curated to the type of customers.

Far, it's been a very great experience. We expect to open 40 40 stores of Don Salva until year-end.

Far, it's been a very interesting experience, very positive, better than what we expected in our pilot. From there, we will analyze how to continue growing.

Interesting. Thank you.

Okay. Thank you, everybody, for the call.

I think it's been very interesting to cover all these topics. I hope you have a better understanding and context of where we are at the company, where we're heading, the challenges that we face.

We are totally available for any other questions, comments in the following days or weeks through the IR team.

I would also remind you that we do have an event on August 20th here in Santiago, which will also be available on webcast live. We look forward to having all of you on this event.

Thank you.