InRetail Peru (INREF) Q4 2025 Earnings Report

The call conveyed a cautiously optimistic tone. The company delivered revenue growth across segments (consolidated revenues +6.3% in Q4; +5.2% FY), strong Food Retail and pharmacy unit performance, major logistics investments (new pharma DC) and improved liquidity (PEN 1.9bn cash, successful refinancings). However, material challenges remain: Shopping Malls experienced a significant EBITDA decline in 2025 (-15.4%) tied to the Turkiye incident, the Pharma distribution unit is intentionally shrinking (expected PEN 200m FY impact), margins face pressure from new openings and wage/logistics costs, and there were one-time refinancing costs that increased financial expenses. Management provided clear guidance and a constructive plan for 2026 (high single-digit revenue and EBITDA growth excluding the distribution decline), supported by continued store openings and CapEx. Overall, positives (growth, cash position, strategic investments, ESG progress) outweigh the negatives, but notable segment-specific headwinds persist.

Guidance for 2026: InRetail expects consolidated revenues to grow in the high single‑digits (excluding an anticipated ~PEN 200 million decline in the Peru distribution unit, which did not contribute to EBITDA or cash flow) and consolidated adjusted EBITDA to grow in the high single‑digits; by segment, Food Retail is guided to high single‑digit growth in revenues and adjusted EBITDA, Pharma to low single‑digit growth in revenues and adjusted EBITDA (with the pharmacies unit targeted to mid‑single‑digit revenue growth and ~100 new pharmacy openings while distribution revenues decline ~PEN 200m), and Shopping Malls’ adjusted EBITDA is expected to recover close to 2024 levels; the company plans to open over 300 new stores in 2026 (about 200 Mass stores, 1 supermarket, ~100 pharmacies) plus one new power center, and to invest roughly PEN 2.7 billion over the next three years in CapEx (about 50% allocated to Food Retail).