After two quarters of declines, Cencosud's sales are growing again. Between July and September 2026 the company controlled by the Paulmann family, one of Chile's largest fortunes according to Forbes, reported consolidated revenue of CLP 4,327,752 million, 9.2% more than a year earlier, according to its earnings release of November 5. That is about US$4.644 billion, according to the company, as cited by Diario Estrategia.
Part of that jump is an accounting effect: hyperinflation in Argentina inflates the figures in Chilean pesos. Excluding those adjustments (IAS 29 and IAS 21), revenue was CLP 4,134,384 million, up 2.3%, after falling 4.4% in the first quarter and 1.2% in the second. Profit for the period reached CLP 50,247 million, against CLP 8,694 million a year earlier; the portion attributable to Cencosud's shareholders was CLP 22,538 million, compared with a loss of CLP 15,075 million in the third quarter of 2025.
View the data as a table
| Revenue | +9.2% |
| Profit | $50,247 |
| Adjusted EBITDA | -5.2% |
| Online sales | +17.4% |
Cencosud's third-quarter 2026 results
| CLP million | 3Q 2026 | 3Q 2025 | Change |
|---|---|---|---|
| Revenue (reported) | 4,327,752 | 3,961,748 | +9.2% |
| Revenue excl. Argentina adjustments | 4,134,384 | 4,040,335 | +2.3% |
| Operating profit | 244,943 | 154,602 | +58.4% |
| Adjusted EBITDA | 295,692 | 311,939 | -5.2% |
| Adjusted EBITDA margin | 6.8% | 7.9% | -104 bps |
| Profit for the period | 50,247 | 8,694 | +477.9% |
| Profit attributable to owners | 22,538 | -15,075 | — |
Source: Cencosud, third-quarter 2026 earnings release, November 5, 2026.
Profit improved thanks to higher operating income, helped by the revaluation of investment properties (its shopping centers), and lower net financial costs. Adjusted EBITDA, however, fell 5.2% because of higher personnel, logistics and marketing costs in Chile and because the third quarter of 2025 included a one-off effect of CLP 18,294 million in Brazil from the sale of Bretas in Minas Gerais. Excluding that effect, the decline was 3.7%, according to the company. For January to September, revenue totals CLP 12.46 trillion (+2.5%) and profit attributable to owners falls 65.4%, to CLP 62,299 million, according to Diario Financiero.
Supermarkets in Chile: selling more at the same stores again
The figure the company highlighted most was for its supermarkets in Chile (Jumbo and Santa Isabel): same-store sales (SSS, which compare stores open more than a year) rose 0.6%, after three quarters at zero or negative, and the business's revenue grew 2.0%. Online sales at supermarkets in Chile rose 17.6% and now make up a record 16.6% of the total.
View the data as a table
| Supermarkets Chile | |
|---|---|
| Q1 25 | 0.9% |
| Q2 25 | 3.7% |
| Q3 25 | 1.3% |
| Q4 25 | 1.0% |
| Q1 26 | -0.1% |
| Q2 26 | -0.1% |
| Q3 26 | 0.6% |
Cencosud also entered hard discount with Don Salva, which now has 11 stores, and opened Jumbo Apoquindo, an urban format of about 1,700 m². "The third quarter marks a change in trend and confirms we are moving in the right direction," said CEO Rodrigo Larraín, according to Diario Estrategia. Department stores (Paris) were still hit by weak consumption in Chile and by remodeling, according to the release.
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See advertising optionsOnline sales and margins by country
Consolidated online sales totaled CLP 445,893 million, up 17.4%, with double-digit growth in all six countries where it operates. Argentina, Peru and Colombia now contribute 38% of adjusted EBITDA and grew 29.5% combined, with margins of 6.4%, 12.3% and 5.5%, respectively.
| Business or country | Third-quarter 2026 figure |
|---|---|
| Shopping centers | Revenue +16.5%, adjusted EBITDA +19.8%, 2.5 million m² of leasable area |
| Peru | Supermarket same-store sales +6.4%; EBITDA margin 12.3% |
| Argentina | Adjusted EBITDA margin 6.4% (+120 bps) |
| Colombia | Adjusted EBITDA margin 5.5% (+280 bps) |
| Private labels | 18.4% of sales |
| Retail media | Revenue +39.0% |
Source: Cencosud, third-quarter 2026 earnings release. The company operates 1,362 stores and 69 shopping centers in six countries.
What changes for Jumbo, Paris and Easy customers
Behind the figures are changes customers already see. Cencosud relaunched Puntos Cencosud as a single loyalty platform for all its formats in Chile, and its Prime subscription programs, present in five countries, grew subscribers by 39.6% (45.4% in Chile). Jumbo launched an AI shopping assistant and personalized carts in its app, and Easy opened a marketplace in August that multiplied its product range fivefold in a month, according to the release.
The company acknowledges that the priority now is to turn that commercial rebound into margin: adjusted EBITDA excluding accounting adjustments was CLP 303,173 million, with a 7.3% margin, 91 basis points lower than a year earlier, due to higher personnel, logistics and marketing costs in Chile. Its CEO said it will continue its productivity plan and spending discipline.
How Cencosud's shares reacted
The market welcomed the change in trend. Cencosud's shares, which had fallen 4.3% on Thursday the 5th during Wall Street's sell-off, according to DF, rose 3.1% on Friday the 6th and were the IPSA's best performer, according to DF. That day the index closed its best week since June, as we reported in the weekly close of the IPSA, the dollar and copper.
- Thu Nov 5Shares fall 4.3%Negative day on Wall Street
- Thu Nov 5, afternoonReleases Q3 2026 resultsRevenue +9.2%
- Fri Nov 6Shares rise 3.1%Biggest gain in the IPSA
Cencosud is also a financial player: it issues the Tarjeta Cencosud credit card, whose fees and rates we compare in retail credit cards. This article is informative and does not constitute a recommendation to buy or sell shares.
Frequently asked questions about Cencosud's results
How much did Cencosud earn in the third quarter of 2026?
Profit for the period was CLP 50,247 million (about US$54 million). The portion attributable to its shareholders was CLP 22,538 million.
How much did Cencosud sell?
CLP 4,327,752 million between July and September, 9.2% more than a year earlier; excluding Argentina's hyperinflation adjustments, growth was 2.3%.
Which brands does Cencosud have in Chile?
Jumbo, Santa Isabel and Don Salva supermarkets, Paris and Easy stores, and shopping centers such as Costanera Center and the Portal malls.
Why did EBITDA fall if sales rose?
Because of higher personnel, logistics and marketing costs in Chile and a demanding comparison base in Brazil, where the third quarter of 2025 included a one-off effect.
