Cencosud Strengthens U.S. Presence with Agreement to Acquire 100% of The Fresh Market

Santiago, Chile. August 29, 2025 – Cencosud S.A. (Santiago Stock Exchange: CENCOSUD), a leading retail company with operations in Argentina, Brazil, Chile, the United States, Colombia, and Peru, is pleased to announce that it has reached an agreement with AP VIII Pomegranate Holdings, L.P. (“Apollo”) to acquire the remaining 33% stake in The Fresh Market Holdings, Inc. (“TFM”) that it did not already own. With this acquisition, Cencosud will gain full ownership of TFM, further strengthening its position in the U.S. market.

The agreed purchase price for the transaction is US$295 million, negotiated directly between the parties. The valuation reflects the strong relationship between the partners and the proven management capabilities of Cencosud’s leadership team. As of June 2025, Cencosud had recorded approximately US$239 million in its financial statements related to Apollo’s minority stake in TFM.

“We are very pleased to have reached this agreement, which marks a significant milestone in our strategy to strengthen Cencosud’s presence in the U.S. market,” said Rodrigo Larraín, CEO of Cencosud. “With 100% ownership of The Fresh Market, we can accelerate the full integration of the chain into our operations, unlock synergies, and continue generating long-term sustainable value. The U.S. supermarket business has shown strong performance and is entering an exciting new phase of growth that we are eager to lead.”

The closing of the transaction is subject to customary terms and conditions, including the execution of purchase agreements by all TFM shareholders. Cencosud will provide timely updates to the market regarding the fulfillment of these conditions and the completion of the transaction.

Headquartered in North Carolina, The Fresh Market currently operates 172 stores across the United States and has been recognized as “America’s Best Supermarket” by USA Today for four consecutive years.

About Cencosud

Cencosud, whose purpose is to deliver extraordinary service at every moment, is one of the largest and most prestigious retailers in Latin America. The company operates in six countries, with over 120,000 employees, 1,510 stores, and more than 3.6 million square meters of sales area. Its multi-format strategy includes Supermarkets, Home Improvement Stores, Department Stores, Shopping Centers, and Financial Services. Cencosud also drives innovation through new business lines such as Cencosud Media and private label brands, integrating technology to enhance customer experience.