SMU — parent company of Unimarc, Alvi and Super10 in Chile, as well as Mayorsa and Maxiahorro in Peru — reported its financial results for the first quarter of 2026 this Monday, reaching an EBITDA of CLP 59.393 billion, representing a 9.6% increase compared to the same period last year.

Revenue reached CLP 721.592 billion, up 2.1% year-over-year. SMU maintained the gross margin levels achieved in 2025, following a significant recovery from 2024. Combined with revenue growth, this enabled gross profit to increase by 2.7%, reaching CLP 230.813 billion.

SMU CEO Marcelo Gálvez stated that “we started the year with positive results across all our formats. Unimarc increased its revenue by 2.6%, driven by same-store sales growth and strong performance from new store openings. In addition, online sales grew 19%, supported by higher transactions through our own platforms, Unimarc.cl and Alvi.cl, along with a significant expansion in omnichannel coverage. Likewise, SMU Peru recorded revenue growth of 6.6%.”

Regarding the Super10 and Alvi formats, Gálvez added that they “showed sequential improvement, driven by the performance of stores converted from the Mayorista 10 format last year, in line with our expectations. Following these conversions, we are offering a stronger value proposition at each location, and we expect these stores to continue improving throughout the year.”

Meanwhile, operating expenses increased by only 0.5% in nominal terms during the quarter, declining in real terms despite the significant increase in the number of stores over the past year. Excluding the impact of net store openings, operating expenses would have decreased by 1.2% in nominal terms. This reflects the positive impact of the efficiency and productivity initiatives implemented as part of the company’s strategic plan.

Marcelo Gálvez highlighted that “this combination of top-line growth, gross margin stability and very limited growth in operating expenses resulted in a 9.6% increase in our EBITDA, while EBITDA margin reached 8.2%, representing a 50-basis-point expansion compared to the first quarter of 2025.”

SMU’s net income for the first quarter of 2026 reached CLP 420 million, down CLP 3.790 billion compared to CLP 4.210 billion in the first quarter of 2025, despite improved operating results. This decline was mainly explained by taxes, which showed a negative variation of approximately CLP 5 billion due to lower inflation during 2026 and its impact on the company’s deferred taxes.

“It is important to note that the first-quarter 2026 results include extraordinary negative effects of CLP 9 billion, explained by a restructuring plan with a cost of CLP 12.5 billion, partially offset by CLP 3.5 billion in gains from asset sales. This restructuring will generate annual savings equivalent to its cost during 2026 and in the following years,” the company’s CEO explained.

Growth and competitiveness for the 2026–2028 period

At the end of 2025, SMU launched its strategic plan for 2026–2028, focused on growth, competitiveness and efficiency. This roadmap aims to continue building on the company’s successful multiformat transformation achieved during the previous period.

Between 2023 and 2025, the supermarket operator opened a total of 54 stores and completed the conversion of 100% of its Mayorista 10 locations into the Alvi format — focused on merchants and the HORECA channel (hotels, restaurants and catering) — and Super10, a soft-discount format strongly positioned around low prices through its “Super Barato” strategy.

By strengthening the scale and reach of these two chains to offer attractive value propositions for both end consumers and merchants across different socioeconomic segments and levels of sophistication, the company believes it is in a stronger competitive position to navigate an inflationary environment in which customers are increasingly seeking lower prices.

For the 2026–2028 period, the company plans to open 60 new stores, including 16 during the current year. To date, progress includes four openings: two Unimarc stores in Chile and two Maxiahorro stores in Peru.

Additionally, SMU has significantly expanded its omnichannel coverage, not only through new stores but also via its online channel. During the first quarter of 2026, the company added 200 new localities, reaching a total of 358, which was reflected in the strong online sales growth during the period.