Parque Arauco reports a 25.3% increase in EBITDA and a record in occupancy.

Parque Arauco has announced extraordinary financial results for the second quarter of 2024, achieving a 25.3% increase in its EBITDA, which reached US$54.626 million compared to the same period last year. This performance is reflected in a significant increase in revenues, which rose by 24.8%, reaching $75.856 million. The figures not only highlight the growth in EBITDA but also reveal a 19.2% increase in sales, totaling $722.830 million. This remarkable financial performance is primarily attributed to the continued success of its shopping centers, which have seen a steady increase in customer traffic and occupancy rates. Specifically, the occupancy rate reached a record level of 96.1% on a consolidated basis, surpassing the 95.8% recorded in the same period last year. Parque Arauco's management has focused on the expansion and conversion of its assets, as well as diversifying its portfolio, which has allowed for a greater influx of visitors and improved customer experience. Francisco Moyano, Corporate Manager of Administration and Finance at Parque Arauco, highlighted that the growth in sales at iconic assets such as Parque Arauco Kennedy and Larcomar in Peru was crucial. Both shopping centers have reported double-digit sales growth, demonstrating the effectiveness of the implemented strategies. The success of the Outlet format in Chile has also been notable, with significant growth in both sales and revenues. In particular, the Parque Arauco Kennedy branch has experienced a remarkable 16.5% increase in sales, thanks to a series of improvements in connectivity and a rebound in tourism in the country. This increase in customers has been supported by the announcement of a new expansion phase in the shopping center, which includes the construction of a multifamily building valued at US$60 million. This project represents not only a significant investment but also an innovation in the commercial development model in Chile. The Outlet format has proven to be a growth engine, with a 23.4% increase in sales. The Arauco Premium Outlet Buenaventura and Curauma centers have stood out with growth rates of 31.5% and 43.6%, respectively, reflecting strong consumer demand and a successful adjustment in the offering of products and services. Additionally, Larcomar in Peru has shown positive results, with a 19.9% increase in sales, thanks to investments made in 2023 that have enhanced the customer experience. The incorporation of brands like H&M, the opening of a cinema, and a renovated "food hall" Salazar have been key factors in this growth, attracting a broader and more diverse audience. Parque Arauco has demonstrated its ability to adapt to market conditions and consumer needs, which has translated into solid financial results. The combination of expansion, conversion, and diversification strategies has allowed the company not only to maintain its relevance in the sector but also to position itself for a promising future. With this optimistic outlook, Parque Arauco continues on its path toward innovation and continuous improvement, strengthening its presence in both Chile and Peru. The company is well positioned to face future challenges and seize opportunities that arise in the dynamic world of retail and entertainment. The results for the second quarter of 2024 are a clear indication that, despite economic uncertainties, Parque Arauco has managed to maintain an upward trajectory, cementing its place as a leader in the shopping center industry in the region. Thus, the company is expected to continue reaping successes as it implements its vision for growth and transformation.