Cencosud (CENCOSUD.SN): Cencosud Announces Acquisition in Brazil: Shift to Premium Formats in Challenging Environment

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Cencosud (CENCOSUD.SN): Cencosud Announces Acquisition in Brazil: Shift to Premium Formats in Challenging Environment

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24 Jun 2026 13:00:57 ET │ 11 pages

Cencosud (CENCOSUD.SN)

Cencosud Announces Acquisition in Brazil: Shift to Premium Formats in

Challenging Environment

CITI’S TAKE Buy

Cencosud, through its subsidiary Cencosud Brazil Comercial Ltda., Price (23 Jun 26 16:00) ChP2,159.00

announced the agreement with Hortus Comércio de Alimentos S.A. to Target price ChP2,800.00

acquire 100% of the premium supermarket chain St. Marche in the state of

Expected share price Sao Paulo, Brazil. Although the transaction value has not been disclosed, 29.7%

return the company expects to finance the acquisition with a debt-cash-free

basis, using proceeds from the 2025 Bretas divestment (~US$123 mn, Expected dividend yield 1.2%

~2% of Cencosud’s market cap). Hortus Group is currently undergoing a Expected total return 30.8%

judicial reorganization process, and the closing of the transaction remains Market Cap ChP5,945,907M

subject to the approval of its restructuring plan and the Brazilian antitrust US$6,503M

authorities. We believe the operation has limited material impact, while,

although this strategic shift toward premium formats aligns with

Cencosud’s know-how, operations should continue to face pressures with

Sao Paulo’s competitive environment. Sofia FaluAC

+56-2-2873-6443

sofia.falu@citi.com

St. Marche – Premium supermarket chain, founded in 2002, recognized for its

differentiated offering, focused on fresh products, high-quality private label portfolio, Nicolas Sherling

and enhanced shopping experience. The company currently operates 32 stores in Sao +56-2-2873-6764

Paulo and surrounding areas, including its flagship Emporio Santa Maria store.