This morning, the Annual Shareholders’ Meeting of SMU was held, during which all matters submitted to shareholders were approved. These included the appointment of external auditors and risk rating agencies, the payment of the final dividend, and the approval of the 2025 financial statements and integrated annual report, as well as the election of the Company’s new Board of Directors.

On the occasion, SMU’s Chairwoman, Pilar Dañobeitía, and Chief Executive Officer, Marcelo Gálvez, addressed the most significant milestones of the past fiscal year, placing particular emphasis on the Company’s strategic initiatives.

“During 2025, we successfully completed the three-year strategic plan that was underway, reaching record levels of store openings and transforming SMU’s multi-format strategy. At the same time, we designed and launched the Company’s new roadmap for the 2026–2028 period, aimed at deepening growth while strengthening efficiency and competitiveness. This strategy is based on opening more stores, driving greater innovation, expanding geographic coverage, and developing a robust private label portfolio, with the goal of continuing to deliver quality and value to our customers across all formats,” said Chairwoman Pilar Dañobeitía.

In turn, SMU’s CEO, Marcelo Gálvez, highlighted the consolidation of the Company’s multi-format strategy. “As a result of the successful execution of our ambitious organic growth plan, as well as the changes implemented in 2025, we now have three well-defined and strengthened value propositions in Chile, each with the scale and coverage required to compete more effectively. We closed the year with more than 300 Unimarc stores, and more than 50 stores each in Alvi and Super10, reaching a total of 412 stores. The initiatives included in our 2026–2028 strategic plan will enable us to continue growing profitably and sustainably, through new store openings, store upgrades, expanded omnichannel coverage, the development of our private labels, and the strengthening of our technological capabilities, while maintaining a strong focus on efficiency and productivity.”

The meeting also included the election of the Board of Directors for the 2026–2028 period, composed of six members nominated by the controlling shareholder—Pilar Dañobeitía, Francisca Saieh, Alejandro Álvarez, Abel Bouchon, Andrés Olivos and María Teresa Vial—and three independent members nominated by pension funds: Alejandro Danús, Enrique Gundermann and José Luis Irarrázaval.

Chairwoman Pilar Dañobeitía welcomed the new Board composition, stating: “Historically, SMU’s directors have contributed diverse experience, skills, and perspectives, consistently achieving high levels of consensus regarding the Company’s strategic direction. With today’s election, I am confident that together we will continue to build value for all of SMU’s stakeholders.” She also welcomed the newly appointed directors and thanked Fernando Del Solar for his contributions over more than 10 years as a Board member.

Extraordinary Shareholders’ Meeting

Following the Annual Shareholders’ Meeting, an Extraordinary Shareholders’ Meeting was held, during which a new share buyback program was approved.

SMU’s Chief Financial Officer, Arturo Silva, presented the proposal to shareholders, explaining: “The proposal is based on the Board’s and Management’s view that SMU’s current share price does not reflect the Company’s intrinsic value, given expectations of improved future performance. In December 2025, SMU launched its strategic plan for the 2026–2028 period, with a strong focus on growth, competitiveness, and efficiency, including initiatives such as the opening of 60 new stores and the upgrade of 80 stores over the next three years. The Company is well positioned to continue growing profitably and sustainably, generating cash flows to support the execution of its strategic plan and the fulfillment of all its financial obligations. At the same time, the Company continuously seeks to enhance shareholder value by evaluating different alternatives for optimizing the return on its resources, and considers an investment in its own shares to be an attractive option within its investment plan.”

The new program will have a five-year term and will be financed through operating cash flows, without the need to increase the Company’s debt levels. The maximum amount to be acquired will be up to the Company’s retained earnings, and treasury shares may not exceed 5% of total subscribed and paid shares. With the approval of the new program, the share buyback program approved at the Extraordinary Shareholders’ Meeting held on April 21, 2022, is hereby terminated.

Strengthening SMU’s Competitive Position

Chairwoman Pilar Dañobeitía highlighted that “thanks to the competitive strategy defined and executed in 2025, SMU is particularly well prepared to face the inflationary environment affecting global markets.” In this regard, she noted that “in 2025, SMU carried out a significant transformation of its multi-format strategy, accelerating the conversion of Mayorista 10 stores into the Alvi format—focused on merchants and the HORECA channel (hotels, restaurants, and catering)—and Super10, a soft discount format with a strong low-price positioning for end consumers through its ‘Super Barato’ strategy.”

She added: “This has allowed us to expand our coverage and offer attractive value propositions to both end customers and merchants across different socioeconomic segments and levels of sophistication. As a result, the Company is better positioned to face an inflationary scenario where customers seek lower prices. At the same time, the consolidation of these formats strengthens our ability to compete with new market entrants, for example, in the hard discount segment.”

Finally, Pilar Dañobeitía emphasized that “the Company has achieved strong and attractive penetration of its private labels across all three formats, reinforcing its value proposition in terms of price, quality, and assortment.”