Duyuru • Mar 27
abc S.A., Annual General Meeting, Apr 30, 2026 abc S.A., Annual General Meeting, Apr 30, 2026. Location: auditorium of the santiago stock exchange, la bolsa street no 64, 4th floor, santiago Chile New Risk • Dec 01
New major risk - Revenue and earnings growth Earnings have declined by 11% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 11% per year over the past 5 years. Minor Risk Market cap is less than US$100m (CL$55.0b market cap, or US$59.2m). Reported Earnings • Dec 01
Third quarter 2025 earnings released: CL$1.55 loss per share (vs CL$3.32 profit in 3Q 2024) Third quarter 2025 results: CL$1.55 loss per share (down from CL$3.32 profit in 3Q 2024). Revenue: CL$109.0b (down 4.2% from 3Q 2024). Net loss: CL$8.66b (down 147% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 02
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: CL$121.0b (down 6.2% from 2Q 2024). Net loss: CL$4.92b (loss narrowed 30% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Aug 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Chilean stocks, typically moving 5.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (5.8% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (CL$50.8b market cap, or US$52.6m). New Risk • Jun 10
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (4.1% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (CL$62.7b market cap, or US$67.0m). Reported Earnings • Jun 04
First quarter 2025 earnings released First quarter 2025 results: Revenue: CL$114.7b (flat on 1Q 2024). Net loss: CL$4.14b (loss narrowed 67% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 4% per year. New Risk • May 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 40% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (CL$64.8b market cap, or US$68.9m). Reported Earnings • Apr 01
Full year 2024 earnings released Full year 2024 results: Revenue: CL$506.0b (up 77% from FY 2023). Net income: CL$6.48b (up CL$52.9b from FY 2023). Profit margin: 1.3% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Duyuru • Mar 31
abc S.A., Annual General Meeting, Apr 25, 2025 abc S.A., Annual General Meeting, Apr 25, 2025. Location: calle la bolsa n 64 piso 4, santiago Chile New Risk • Jan 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 34% per year over the past 5 years. Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (3.1% average weekly change). Market cap is less than US$100m (CL$56.0b market cap, or US$55.3m). New Risk • Dec 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chilean stocks, typically moving 3.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 36% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (3.2% average weekly change). Shareholders have been diluted in the past year (36% increase in shares outstanding). Market cap is less than US$100m (CL$49.4b market cap, or US$50.5m). Reported Earnings • Aug 26
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: CL$129.0b (up 83% from 2Q 2023). Net loss: CL$7.02b (loss narrowed 47% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 05
First quarter 2024 earnings released First quarter 2024 results: Revenue: CL$113.8b (up 65% from 1Q 2023). Net loss: CL$12.4b (flat on 1Q 2023). Reported Earnings • Mar 31
Full year 2023 earnings released Full year 2023 results: Revenue: CL$285.6b (down 24% from FY 2022). Net loss: CL$46.5b (loss widened 16% from FY 2022). Reported Earnings • Nov 01
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: CL$61.5b (down 28% from 3Q 2022). Net loss: CL$10.7b (loss narrowed 9.7% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 05
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: CL$70.5b (down 27% from 2Q 2022). Net loss: CL$13.2b (loss widened 118% from 2Q 2022). Buying Opportunity • Aug 24
Now 20% undervalued Over the last 90 days, the stock is up 31%. The fair value is estimated to be CL$8.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 31
First quarter 2023 earnings released First quarter 2023 results: Revenue: CL$68.9b (down 22% from 1Q 2022). Net loss: CL$12.2b (loss widened 493% from 1Q 2022). Reported Earnings • Nov 27
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: CL$85.2b (down 31% from 3Q 2021). Net loss: CL$11.8b (down 206% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 6 non-independent directors. Director Anselmo Pfotzer was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 02
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: CL$88.4b (up 9.1% from 1Q 2021). Net loss: CL$2.06b (loss widened 8.5% from 1Q 2021). Revenue missed analyst estimates by 8.2%. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 6 non-independent directors. Director Anselmo Pfotzer was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 02
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: CL$440.9b (up 38% from FY 2020). Net income: CL$27.5b (up CL$35.6b from FY 2020). Profit margin: 6.2% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 8.2%. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 29
Third quarter 2021 earnings: Revenues miss analyst expectations Third quarter 2021 results: Revenue: CL$123.2b (up 73% from 3Q 2020). Net income: CL$11.1b (up CL$10.0b from 3Q 2020). Profit margin: 9.0% (up from 1.6% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.2%. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 01
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CL$90.9b (up 80% from 2Q 2020). Net income: CL$3.31b (up CL$15.9b from 2Q 2020). Profit margin: 3.6% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 22
Full year 2020 earnings released: CL$2.20 loss per share (vs CL$2.95 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: CL$318.5b (down 9.0% from FY 2019). Net loss: CL$8.05b (loss narrowed 24% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 25
New 90-day high: CL$13.51 The company is up 50% from its price of CL$9.00 on 26 November 2020. The Chilean market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Multiline Retail industry, which is flat over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: CL$9.08 The company is up 13% from its price of CL$8.00 on 30 September 2020. The Chilean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Multiline Retail industry, which is up 9.0% over the same period. Is New 90 Day High Low • Nov 12
New 90-day high: CL$8.77 The company is up 5.0% from its price of CL$8.38 on 14 August 2020. The Chilean market is down 4.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Multiline Retail industry, which is also up 5.0% over the same period. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total losses of CL$13.0b, with losses narrowing by 36% from the prior year. Total revenue was CL$297.4b over the last 12 months, down 18% from the prior year. Is New 90 Day High Low • Oct 14
New 90-day low: CL$7.24 The company is down 4.0% from its price of CL$7.54 on 15 July 2020. The Chilean market is down 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Multiline Retail industry, which is up 1.0% over the same period.