SMU, the parent company of Unimarc, Alvi and Super10, reported its financial results for the fourth quarter of 2025 this Monday.

The Company’s revenues in 4Q25 reached CLP 744,394 million, a decrease of 0.7% compared to the fourth quarter of 2024. However, a significant improvement was recorded in the Unimarc format, whose revenues grew by 1.9% in the quarter, with a 0.9% increase in same-store sales. For full-year 2025, SMU’s revenues totaled CLP 2,819,055 million, down 2.4% compared to 2024.

“During 2025, we made strategic decisions aimed at SMU’s profitable and sustainable growth in the future, which had a negative impact on sales during the period. A key milestone was the consolidation of our multi-format strategy in Chile, through the acceleration of store conversions from Mayorista 10 to the Super10 and Alvi formats. Initially, sales at converted stores declined, as the process involved store interventions and assortment changes, temporarily affecting the customer experience. This transitional effect has been necessary to offer innovative value propositions under the new banners, which will allow us to compete more effectively and, consequently, improve our revenues,” said SMU’s CEO, Marcelo Gálvez.

In addition, the decision to prioritize profitability led to the optimization of the promotional strategy in the retail segment and the elimination of certain low-margin volume sales in the wholesale segment. As a result, the Company recorded a significant increase in its gross margin, leading to higher gross profit despite lower revenues.

Gross profit for 4Q25 reached CLP 241,325 million, an increase of 2.2% compared to 4Q24, while for full-year 2025 it totaled CLP 908,110 million, up 2.5% year-over-year. Gross margin also showed sustained improvement, increasing by 150 basis points during the year to reach 32.2%.

In 2025, EBITDA reached CLP 217,721 million, down 6.1% compared to 2024. Fourth-quarter EBITDA totaled CLP 62,243 million, a decrease of 6.4% versus 4Q24.

Marcelo Gálvez commented: “EBITDA for the year was impacted by extraordinary increases in operating expenses, such as the minimum wage and electricity tariffs, as well as the reduction in working hours—which we implemented ahead of schedule by moving directly to a 40-hour workweek. However, our efficiency and productivity initiatives allowed us to mitigate a significant portion of this effect, and we expect our expenses to grow at a much more moderate pace going forward, as we do not anticipate these extraordinary increases to recur. In addition, our new plan includes a dedicated efficiency and productivity pillar aimed at continuously managing operating expenses.”

The Company also reported net income of approximately CLP 63 billion in 2025, representing a 29% increase compared to 2024. This figure includes gains from sale-and-leaseback transactions carried out by SMU during the first nine months of the year, allowing the Company to optimize its financial position through a more efficient use of leased assets.

Regarding SMU’s financial position, during the first half of 2025 the Company repaid bond maturities for series T and AK totaling approximately CLP 145 billion. This is reflected in lower cash and cash equivalents, as well as reduced financial debt. Overall, net financial debt decreased. It is worth noting that the Company has no significant bond maturities in 2026, and therefore its main use of cash will be the capex associated with its new strategic plan, launched last December.

“Our 2026–2028 strategic plan has a strong focus on growth, profitability and efficiency, and is based on three pillars: growth with value for the customer, technological capability, and efficiency and productivity. In the first months of 2026, we have already implemented several initiatives, including improvements in assortment and promotions designed to make life easier for our different customer segments. We have also made progress in line with our organic growth plan, with four openings so far this year: two Unimarc stores in Chile and two Maxiahorro stores in Peru. The plan includes a total of 60 openings, including 16 in 2026. Total capex for the plan amounts to CLP 370 billion, including approximately CLP 120 billion for this year,” concluded Marcelo Gálvez.