Cencosud Renews Its Board of Directors and Julio Moura is Elected President

• Josefina Montenegro Araneda, Mónica Jiménez González, María Leonie Roca, and Peter Paulmann Koepfer joined the board, which also includes Julio Moura Neto (Chairman of the Board), Manfred Paulmann Koepfer, Felipe Larraín Bascuñán, Ignacio Pérez Alarcón and Carlos Fernández Calatayud.

SANTIAGO, Chile--(BUSINESS WIRE)--With a 93.55% shareholder participation, Cencosud S.A. held its Annual Ordinary Shareholders' Meeting on the 61st floor of the Gran Torre Costanera, in Providencia, Santiago. During the meeting, led by Julio Moura, Chairman of the Board of Directors, and Rodrigo Larraín, CEO, the election of the Board of Directors took place, which as of today will have four new members.

Josefina Montenegro Araneda, Mónica Jiménez González, María Leonie Roca and Peter Paulmann Koepfer, all with extensive experience in corporate governance, ESG and real estate, joined the board as new members. With this change, the Board of Directors for the 2024-2027 period is composed of nine members: Julio Moura Neto, who was elected Chairman of the Board during the subsequent board meeting; Manfred Paulmann Koepfer, Peter Paulmann Koepfer, Felipe Larraín Bascuñán, Josefina Montenegro Araneda, Mónica Jiménez González, María Leonie Roca, Ignacio Pérez Alarcón and Carlos Fernández Calatayud. The last two as representatives of the AFPs (pension funds administrator).

Other matters discussed at the Ordinary Shareholders' Meeting were the positive results for 2023, the strength of the strategy focused on growth, and the US$641 million investment plan for 2024.

Among the highlights of the year were the progress in financial strengthening and in organic and inorganic growth, especially, during this first year of operations in the United States with The Fresh Market and in Brazil with Giga. In both, Cencosud showed its capacity to integrate new operations, achieving a positive performance in these markets.

“We finished 2023 with good results in several areas such as growth, financial, innovation, sustainability, talent development and governance. In addition, we demonstrated resilience in the face of the different economic contexts of each country in which we operate and achieved a double-digit EBITDA margin for the third consecutive year, excluding the impact of the hyperinflationary economy in Argentina,” said Julio Moura, Chairman of the Board of Cencosud.

And he emphasized that “in sustainability we launched our Integrated Environmental Management and Energy Efficiency Policy. I would like to highlight that in 2023 we reduced greenhouse gas emissions by 11% compared to the previous year in our premises and facilities.”

Rodrigo Larraín, CEO of Cencosud, concluded that “during 2024 the focus will be on accelerating organic growth, innovation, strengthening the physical-digital ecosystem, and achieving greater operational efficiencies and profitability.” He also added that “our investment plan includes the opening of 43 new stores and the addition of more than 50 thousand m2 of sales floor, that is, an increase of 80% compared to what was inaugurated in 2023.”

About Cencosud

Cencosud is one of the largest and most prestigious retailers in the Americas, with operations in Argentina, Brazil, Chile, Peru, Colombia, and the United States -in addition to a commercial office in China and a technological and digital Hub in Uruguay- where it develops a successful multi-format strategy that today employs more than 110 thousand people. Its operation encompasses several business lines, such as Supermarkets, Home Improvement, Department Stores, Shopping Centers and Financial Services.

Additionally, Cencosud operates complementary businesses such as Cencosud Media, Cencosud Ventures and CencoPay, all of which are known for their quality, excellent level of service, and focus on customer satisfaction. For more information, please visit www.cencosud.com