InRetail 2Q26 – 电话会议要点

研报英文原文证据摘录

J P M O R G A N

Latin America Equity Research

17 August 2026

InRetail

2Q26 – Conference Call Highlights

Overweight

INRETC1.LM, INRETC1 PE

Price (14 Aug 26):$36.50

LatAm Retail & Healthcare

InRetail just hosted its 2Q26 call. Please find below our main takeaways.

Nicolas Larrain AC

(55-11) 4950-3472

Banco J.P. Morgan S.A.

2026 Guidance update and ST trends. The company now aims to deliver

10% growth in sales and low-double-digit growth in adj. EBITDA. In July,

food retail had SSS of 12%, with Plaza Vea in HSD and Mass/Makro with

double digits. Pharma had SSS of 7%. August started very much the same.

Potential minimum wage increase. The new government has announced a

proposal to increase the minimum wage by 15%, phased in two stages (final

details are not out yet). According to InRetail estimates, if the increase comes

as a one-time increase, the full-year impact would be PEN$60mn on a

consolidated basis (~2% of EBITDA or ~20bps of EBITDA margin headwind

assuming no mitigation), with the majority in food retail (PEN$40mn,

representing ~30bps of margin impact assuming no mitigation). Importantly,

the company has faced salary increases in the past and has always managed to

navigate them properly.

Food Retail. SSS for C&C and the hard discounter rose above 15%, with C&C

helped by the low comparison base. Plaza Vea (supermarket) saw some gross

margin compression due to mix, with a higher share of electronics. In Mass

(hard discounter), gross margin expanded off a low comparison base. The

company is working on improving its logistics to ensure scalability, and these

initiatives should pressure expenses in 2H26E as new stores and new DCs are

optimized.

Pharma. Pharma categories faced a high comparison base, which contrasts

with the weak winter this year. Still, this was offset by strong non-pharma

categories. Profitability remained roughly stable in drugstores, while most of

the BU margin improvement was due to the higher share of drugstores in the

mix. MDM profitability improved y/y given their focus on profitable channels.

In terms of openings, they have 100 net stores balanced between the two

formats. Profitability in pharma and non-pharma is broadly similar.

Malls.…