Chilean supermarket operator SMU reported its financial results for the second quarter of 2025, posting an EBITDA of CLP 50,637 million, representing an 8.0% increase compared to the same period last year. The EBITDA margin reached 7.5%, a 70-basis-point expansion versus Q2 2024.

Meanwhile, revenues totaled CLP 678,275 million, down 1.9% year over year. However, gross profit rose 5.5%, reaching CLP 219,543 million.

SMU’s CEO, Marcelo Gálvez, stated: “The 8% increase in EBITDA this quarter reflects our focus on profitability and cost discipline, as evidenced by the 5.5% growth in gross profit despite lower sales.”

The main reason for the decline in revenue was the company’s strategic decision to prioritize profitability, optimizing its promotional activity in the retail segment and discontinuing certain low-margin bulk sales in the wholesale segment. Therefore, the 2024 base reflects a sales strategy that is not directly comparable to this year’s.

Operating expenses rose 4.8% compared to Q2 2024—slightly above inflation but lower than in the first quarter—despite increases in the minimum wage and electricity rates, demonstrating the effectiveness of SMU’s operational efficiency and productivity initiatives.

Net income reached CLP 14,952 million, up 126% from the same period in 2024. In Q2 2025, SMU recognized a non-operating gain from the sale of purchase options for seven stores under leasing contracts, which the company will continue to operate under long-term lease agreements. This move optimizes SMU’s financial position, allows for more efficient use of assets, and reinforces its focus on its core, higher-return business.

“As part of our strategy, we continue to advance our organic growth plan, with five new store openings so far in the third quarter—three Unimarc and two Maxiahorro—reaching a total of 40 openings since 2023. On average, these stores have exceeded our sales plan and are showing strong operational performance in metrics such as sales per square meter, sales per equivalent workday, and EBITDA margin,” added Gálvez.

Another initiative within the company’s organic growth plan involves the conversion of Mayorista 10 stores, originally planned for 2026–2028. SMU has decided to accelerate these conversions during 2025, transitioning selected locations to the Super10, Alvi, and Unimarc formats.

“Our multi-format strategy gives us the flexibility to select the format that best fits the characteristics and needs of each location. Through these conversions, we will continue strengthening that strategy,” concluded Gálvez.

These initiatives are part of SMU’s five-year investment plan announced in April, which involves a total investment of approximately USD 600 million. The plan includes the opening of 115 new stores—80 in Chile and 35 in Peru—along with more than 200 remodels and format conversions.