Thank you, Rafael, and good morning, everyone. The presenters on this call today are Andrés Neely, 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 risk 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 future performance.

The company undertakes no obligations 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.

With that, I will now leave you with our CFO, Andrés Neely. Andrés, please go ahead.

Thank you, Oscar. Good morning, everyone, and thanks for joining us today.

The first quarter of 2026 reflected a global context marked by uncertainty, mostly coming from the conflict in the Middle East, that translated in a challenging operating environment across our markets. Despite the context, we saw a solid performance in key businesses and a consistent overall performance.

Supermarkets and shopping centers continue to show resilience, supported by revenue growth in local currency in Chile, United States, Peru, Colombia, and Argentina, while department stores and home improvement were impacted by a more challenging demand environment, particularly in Chile, as well as a high comparison base from last year. From a profitability standpoint, EBITDA was supported by a strong performance in Peru and improvements in Colombia and Brazil, in line with the progress of our transformation initiatives.

However, this was partially offset by the performance of certain formats, higher provisions in financial services in Argentina, and foreign exchange effects. At the net income level, results were additionally impacted by higher deferred taxes expenses, mainly related to hyperinflation adjustments in Argentina and revaluation of investment properties.

Overall, the quarter represents a transition period as we continue to execute our transformation strategy. We are making steady progress in optimizing our portfolio, strengthening our operating model, and improving efficiency across the organization.

While some of these initiatives are creating short-term pressures, we are already seeing signs of operational improvement, and we remain confident in our ability to deliver results as the year progresses. Regarding the headline figures for the quarter, revenues reached 3,957 billion Chilean pesos, with adjusted EBITDA of 344 billion Chilean pesos and a margin of 8.7%, while distributable net income came at 44 billion Chilean pesos.

This quarter, we highlight six key takeaways. First, we continue to see a supermarket-led revenue growth across the region, with strong performance in Peru and Colombia, resilient results in Chile and United States, and growth above inflation in Argentina.

Shopping centers also delivered solid results across all of our regions. Second, profitability progress was led by Peru, where adjusted EBITDA grew 12.7% and EBITDA margin expanded to 12.6%, alongside positive trends in Brazil and Colombia, both of which delivered meaningful margin expansion in line with our transformation strategy.

Third, the online channel continued to gain momentum. Consolidated online sales grew 10.7% year-on-year, with double-digit growth in Peru and Colombia, and online penetration in supermarkets in Chile reached 15.6%, supported by the expansion of our Prime program.

We also continue to advance our growth agenda. During the quarter, we opened four new stores, including three new The Fresh Market locations in the United States, and announced the acquisition of Plaza Central in Colombia, an emblematic shopping center of more than 76,000 square meters in Bogota.

We also made progress on the divestment of our service stations network in Colombia, in line with our portfolio optimization plans. We continued to advance our operational transformation, including new leadership appointments and the move to an integrated platform structure, reinforcing the one Cencosud approach across our business units.

Finally, we advance our liability management strategy to refinance the 2027 bond maturing in July 2027, through two successful transactions after the quarter close. In Chile, we issued bonds totaling 12.5 million UF across two series, with 7- and 29-years maturities.

In the international markets, we issued a $500 million 144A bond with a 10-year tenor. Together, these transactions extend our debt maturity profile, reducing short-term refinancing risk and enhance our financial flexibility going forward.

The financial results for the quarter have revenues reaching 3,957 billion Chilean pesos. Excluding Argentina's hyperinflation accounting adjustments, revenues were broadly stable, with growth in local currency in supermarkets across Chile, United States, Peru, and Colombia.

Argentina outperformed inflation, and shopping centers delivering strong results across all regions. Same-store sales in Brazil improved significantly, from -12.1% in the first quarter of 2025 to -1.7% this quarter, reflecting the progress of portfolio optimization and store value proposition enhancements.

This growth was offset mainly by Forex impact in Argentina and the US, as well as lower sales in the department store business in Chile, which declined by 12.6% against a high comparison base last year that benefited from stronger tourism activity. Home improvement in Chile decreased by 4.6%, while in Argentina, it increased by 8.5% in local currency, but declined by 25.9% in Chilean pesos, reflecting a continued weakness in the construction sector.

Additionally, revenues in Brazil lowered 14.3% in local currency, following the divestment of Bretas stores in Minas Gerais executed during 2025. Adjusted EBITDA reached 344 billion Chilean pesos, with strong performance in Peru, Colombia, and Brazil.

Peru grew 12.7% in Chilean pesos, Colombia 57%, and Brazil 41.9%, with the latter two maintaining a positive trend in line with the ongoing strategic transformation. Shopping centers also delivered EBITDA growth of 4.3%, supported by revenue growth, expense efficiencies, and additional GLA at Cenco Limonar in Colombia.

These gains were partially offset by weaker performance in department stores in Chile, down 39.5% on a softer top line, and contraction in home improvement in Chile and Argentina, where lower sales were combined with expense growth in line with inflation, as well as higher risk provisions in financial services in Argentina, and operational foreign exchange effects. Moving to the next slide, quarterly distributable net income was 44 billion Chilean pesos.

The year-on-year variation was primarily driven by higher deferred tax expense, mainly associated with the revaluation of investment properties in Chile and the hyperinflation adjustments of assets in Argentina, both of which are non-operational effects. Net income reached 102 billion Chilean pesos in the quarter.

Net leverage ended the quarter broadly stable, supported by a solid liquidity position of $920 million in cash and financial assets. The sequential variation in leverage reflects a 2.4% increase in net financial debt, driven by unfavorable FX movements, and a 2.1% decrease in last 12 months adjusted EBITDA.

Excluding the hyperinflation adjustments, net leverage stands at 3.2% this quarter. Next, during April, we strengthened our debt profile.

We executed a liability management program to refinance the $975 million maturity in July 2027, with two key transactions. In Chile, we issued 12.5 million UF across two long-dated tranches, and in the international markets, we placed a $500 million 10-year bond.

These transactions allow us to smooth our amortization schedule, reducing near-term refinancing needs, particularly around the 2027 maturity, and extending the duration meaningfully towards the long end of the curve. We also executed a tender offer for the 2027 bond, with almost 66% of outstanding amount tendered.

The following make-whole transaction is expected to close on May 15. From a funding perspective, we achieved attractive terms across both markets, reflecting strong demand and our solid credit profile.

Turning to our foreign exchange exposure, while a significant portion of our debt is US-denominated, we actively manage this exposure through financial hedging and through natural hedges from our US operations. As a result, our effective US exposure is limited to just 7% of total debt post-hedging, with the vast majority effectively aligned to Chilean pesos.

This reflects our disciplined approach to risk management and reduces volatility at the P&L level. From a funding perspective, our debt structure maintains well balance with a high proportion of fixed-rate debt and limited exposure to other currencies.

With that, I'll hand it to Irina to discuss country performance and the progress of our strategic initiatives.

Thank you, Andrés. Good morning, everyone.

Let's look at our quarterly results by country, starting with Chile, where we delivered a resilient performance against a high comparison base in the previous period. Revenues were led by growth in supermarkets, up 0.2%, primarily driven by online sales, which grew 8%, and in shopping centers, revenues were up 4.7%.

This was partially offset by department stores, which were down 12.6% on lower tourist traffic compared to last year, and by home improvement, down 4.6%, amid continued weakness in the construction sector. On the profitability side, adjusted EBITDA decreased 14.9%, primarily driven by margin contraction in home improvement and department stores as a result of lower sales, while in supermarkets, the contraction reflected a 38-basis-point gross margin compression from higher promotional activity.

In shopping centers, adjusted EBITDA increased 4.3%, in line with revenue growth. Turning now to Argentina, we continued to deliver revenue growth above inflation in supermarkets and shopping centers, supported by these segments' strong performance, and also strong performance in the online channel.

Revenues increased 28.5% in Argentine pesos and decreased 11.8% in Chilean pesos year-on-year, reflecting the impact of unfavorable FX translation. Supermarkets delivered solid performance driven by Jumbo and Disco, the integration of Makro, the online channel, which grew almost 57% year-over-year, and the further increase in penetration of private labels.

This was partially offset by lower sales in home improvement, amid continued weakness in the construction sector. Shopping centers also showed strong performance, supported by new leases.

Speaking about private labels, our private label penetration reached almost 21% during the quarter, an expansion of nearly 350 basis points year-on-year, making Argentina the country with the strongest contribution to our consolidated private label growth. On the profitability side, adjusted EBITDA decreased 3.9% in Argentine pesos and 33.7% in Chilean pesos year-on-year.

This reflects continued weakness in home improvement and increased risk provisions in financial services, partially offset by margin expansions in supermarkets, performance improvement in Makro, and operating costs control. Shopping centers, in contrast, delivered EBITDA growth driven by an improved commercial mix and space optimization that reduced maintenance costs.

Now moving on to the US, we continue to expand The Fresh Market presence, with four new stores opened during the quarter, including two locations in Florida, and the reopening of the store in Hendersonville. Revenues increased 2.4% in US dollars and decreased 6.2% in Chilean pesos year-on-year, reflecting the impact of foreign exchange.

Growth was supported by the expansion of the online channel, which was up 13% this year, and the contribution from the stores opened over the last 12 months. On the profitability side, adjusted EBITDA decreased 1.4% in US dollars and 9.7% in Chilean pesos, mainly explained by a slight gross margin contraction and extraordinary expenses associated with store openings.

Now moving on to Peru, the business in Peru continued to deliver strong growth momentum during this quarter, with solid execution across both supermarkets and shopping centers. Revenues grew 5.9% in local currency and 6.5% in Chilean pesos.

This performance was driven by strong supermarket sales, with same-store sales of 5.1%, double-digit growth in online sales supported by the recent launch of Wong Prime loyalty program, and the opening of new stores at Cenco La Molina during the quarter. Online sales in supermarkets grew 17.9% year-on-year, and private label penetration reached 18.1%.

Adjusted EBITDA increased 11.8% in soles and 12.7% in Chilean pesos, reaching an adjusted EBITDA margin of 12.6%. The improvement was driven by top-line growth in both supermarkets and shopping centers, and a 64-basis-point gross margin expansion in supermarkets, as well as a reduction in expenses at Cenco La Molina.

Turning now to Brazil, the quarter reflected meaningful progress in our turnaround strategy, with significant improvement in profitability and a clearly improving sales trajectory. The year-on-year decline in revenues, down 14.3% in local currency and 12.4% in Chilean pesos, is largely explained by the exit of 54 Bretas stores in Minas Gerais, the sales which was executed during 2025.

Despite this top-line effect, same-store sales improved significantly to -1.7% from -12.1%, reflecting the progress of portfolio optimization, format adjustments, and the strengthening of our in-store value proposition. On the profitability side, adjusted EBITDA improved significantly, with EBITDA margin expanding 143 basis points year-on-year, supported by portfolio rationalization, commercial initiatives that drove a nearly 370-basis-point gross margin expansion, and a reduction in operating expenses.

Finally, turning to Colombia, the country delivered a very strong quarter, with growth and meaningful margin expansion across all business units. Revenues increased 3.4% in Colombian pesos and 8% in Chilean pesos, driven by growth in supermarkets across both physical stores and online sales.

Home improvement was supported by new payment methods and government measures that strengthened sector activity, with online sales growing 34% year-on-year and same-store sales reaching almost 11%. Shopping centers revenues also reflected the incorporation of new tenants at Cenco Limonar.

Adjusted EBITDA increased 46.2% in Colombian pesos and 57% in Chilean pesos, with margin expansion of 120 basis points. Supermarket margins were partially impacted by higher labor costs following maximum wage increases, as well as expenses related to ongoing format adjustments.

This result reflected tangible progress of our transformation strategy in Colombia, with disciplined commercial execution, effective pricing and cost actions, format optimization, and improving operating leverage across the business. Now continuing with the advances in our strategic pillars, starting with private label strategy.

During the quarter, private label reached a consolidated penetration of 18.5%, up 72 basis points year-on-year, with consolidated sales of almost $760 million, an increase of 5.7%. Growth was broad-based, with Argentina leading the expansion at a significant 350 basis points, followed by Chile, and also supported by multiple SKU launches across the region, including a new smoked and processed meats facility in Colombia.

Private label maintains an important lever for both customer loyalty and margin resilience, and we continue to see strong runway ahead across both food and non-food categories. Moving to our e-commerce progress, consolidated online sales grew 3.6% year-on-year, with double-digit growth in Peru, the US, and Colombia, with online penetration in Chile reaching record 15.6%.

As part of our one Cencosud strategy, and building on Jumbo Prime in Chile, during the quarter, we expanded our loyalty ecosystem with the launch of Wong Prime in Peru and the TFM Rewards in the US, alongside the new mobile app for TFM. This unified Prime strategy is a key enabler of e-commerce growth across our markets, supporting both customer engagement and higher frequency.

Let me also briefly highlight our continued organic expansion across the region. During the quarter, we opened four new stores, adding 6,500 square meters of selling space, and completed nine renovations across formats.

New openings included three TFM stores in the US, in Aventura, South Beach in Miami region, and St. Petersburg, as well as the reopening of Hendersonville store, and also a new Santa Isabel Lamison in Chile.

In real estate, we incorporated more than 84,000 square meters of additional GLA year-on-year, reinforcing our long-term growth of our shopping center portfolio. We also announced acquisition of Plaza Central in Peru, which Andrés already mentioned, and looking forward to incorporating this asset once the transaction is completed.

We remain focused on disciplined expansion in strategic locations, supported by our profitability focus and ongoing regional portfolio optimization. Now moving to our sustainability commitments and recognition, we continue to strengthen our leadership position through a consistent focus on sustainability and long-term value creation.

Across governance, we are reinforcing transparency and communication as we published our 2025 integrated annual report, a new content platforms focus on innovation and leadership. On the environmental front, we continued advancing our initiatives in waste reduction and community support across our operations, and from a people perspective, remain committed to social impact, supporting communities, promoting healthier lifestyles through initiatives like Cenco Runners, and also strengthening our connection with customers and communities through partnerships such as our sponsorship of the Chilean National Rugby Team.

All of this is being recognized externally, with relevant achievements across ESG rankings, customer experience, and our retail media platform, reinforcing that our strategy is delivering both operational progress and reputational strength. With this, we conclude our prepared remarks, and we'll begin the Q&A session.

Rafael, over to you.

Thank you very much. Hi, Andrés, Irina, Oscar.

First, can you comment on the tactical actions you mentioned in the press release that you're taking in Chile to improve competitiveness and reactivate sales? What specifically are you doing, and what is the impact you're seeing on sales and margins?

Then, related to this, how did sales trend along the quarter in Chile, I think particularly in March where we saw the sharp increase in fuel costs? Then, what are you seeing in April and early May?

Thank you.

Thank you, Melissa. I'll start, and then Andrés will complement.

On the actions, what we mentioned in the press release, we've done several tactical actions across different platforms, but I think the good example is we launched a across-all-the-platform campaign in Chile, which is called the circle which rewards you, that includes all our formats. That's a combined kind of action across one unified loyalty program that includes our supermarkets Jumbo, Santa Isabel, Paris, and all our shopping centers from Cenco Malls.

It's one platform for all the customers to shop across all our formats. Speaking of results that we're seeing, that's one example, but there are other actions.

There's a lot of movement in the online platform. We're focusing on the loyalty program, focusing on strengthening our value proposition at the stores, formats, working on the pricing, on the commercial side of the business as well.

If we look at how the April moved, I would say sort of the trends were kind of similar what we saw in the quarter with slight improvement, but we're seeing a much better results in March already, especially across the supermarkets, all our formats here in Chile.

Complementing Irina, I would say there are a lot of actions being done on the pricing, on assortment, and in the way we are managing product purchases. In Santa Isabel, for example, we are freezing prices on a set of products that are key for our customers.

That has also driven much better performance, especially during May in this early days that we are seeing now. These key initiatives in the core business, in pricing, assortment, and in the value proposition, are also being complemented with some remodelations in Chile.

In particular, at this time, we have five stores that are undergoing changes, and we are also doing changes in other countries, in Brazil mostly.

Great. Just to follow up on the remodeling, how much of an impact did it have in terms of disruption on sales in the quarter, and what do you expect the uplift to sales to be once the process is complete?

Yeah.

We are remodeling some retail stores, and also doing a lot of changes in our shopping centers, mostly in Chile. We have several brownfield projects underway and changes in the layout in the relevant shopping centers in Chile.

I would say the changes have more an impact on the shopping center side rather on the retail side, considering the footprint that we have in Chile. The intervention only of five stores is quite limited.

Of course, we take all the measures not to impact customer experience and to do this in the less harmful way for our operation. Despite that, there's some disruption in the process.

Great. Thank you very much.

Thank you, Melissa.

Hey, guys. Thank you.

Good morning. Thanks for the call.

Thanks for taking my question. I have two: one in Chile, one in Argentina.

First in Chile, just wanted to confirm, Andrés and Irina, that you mentioned that in supermarkets, April and May were performing, I understood, a bit better than what we saw on the first quarter. Just wanted to check that once again.

Also to ask about your diagnosis on what's happening in Chile, particularly in food retail. I want to understand if it's just increased competition or you see any other headwinds or any other topics that are worth mentioning.

That's my second question. Then in Argentina, if you could share some color on how you've seen trends in the second quarter.

We saw some stabilization in supermarkets, but it appears that top line is still elusive for the industry as a whole. I wanted to see what you're seeing on the ground for your operations this past month.

Thank you.

Let's do Argentina, Chile trends. I think, as I mentioned earlier, we are seeing positive movements in supermarkets specifically in Chile in May as well as in Argentina, with a good performance, which is definitely much more positive and better what we saw in the previous months or previous quarter.

We're also seeing improvements along home improvement stores in Chile, which partially probably might be related to all the actions that we've been doing, strengthening value proposition, more customized approach to different group of customers, launches of Easy Pro club. The actions are definitely bringing results, and we're feeling quite more positive about the second quarter or at least the coming months.

Hi, Nicolás. Regarding your question about the diagnosis, what we are seeing in Chile is a very intense promotional activity, especially on supermarkets.

We are also seeing a soft demand, especially in department stores and in home improvement. Remember that specifically in department stores, during the previous year, we had a lot of tourism from Argentina that drove a lot of growth on that sector.

We are seeing changes in that trend, and that has impacted mostly department stores. We are seeing a very weak construction sector, both on the B2B and the B2C part of that business.

In Argentina, what we are seeing is that construction is also very slow. We see a very resilient and improving performance in supermarkets.

What we see in Argentina, which is a countrywide situation, is in financial services. We have seen a lot of increases in non-performing loans provisions across the board in that market.

We have made important provisions during this first quarter, and we are managing our lending strategy accordingly to what we are seeing in that country. I would say those are the main factors behind the performance in Chile and in Argentina.

Perfect. If I could just ask one follow-up, when we think about supermarkets in Chile, could you give us some color on how is Jumbo performing versus Santa Isabel?

Thank you. That's my last question.

I don't have that color yet, but I would say that we talk about a competitive environment in Chile and the promotional activity was just been pretty intense in the last, I would say, many months. I would say that Jumbo is faring a little bit better than Santa Isabel in terms of value proposition and where Jumbo stands with the premium offering compared to Santa Isabel, which is a more mid-sector and competes against everybody.

We do have much more offering with a private label in both formats. Again, Jumbo probably has a better position in terms of size, volumes, customer that are tighter, that also took a part, and also location where the stores are.

Also what we are seeing, and maybe it's complementing the diagnosis, we are seeing some migration of consumption from the physical stores to online, and that explains also why we are seeing improvements in the online penetration in Chile and across the board, and a softer demand on the stores, on the market.

Perfect. Thank you very much, once again.

Rafael, we had two questions on the box. Sorry to interrupt.

We have still from Felipe Alonso, and the questions are about same-store sales and movements in April and May, and I do believe we've already answered all the questions. Guys, if you want any follow-up, Alonso, Felipe, just let us know, but I do believe we've answered your questions as well.

Great. Thank you, everyone, for joining us today, and we look forward to having you on our next call.

Yeah. Thank you, everyone.

We will remain available for any additional questions.

Thank you. Have a good day.