Context: How Bolsa de Valores de Lima works, and what it makes issuers disclose · Peru on the LatAm Power Map
Inverfal Perú sits behind some of Peru’s most recognisable shop floors — Saga Falabella, Tottus, Sodimac, Maestro — and a consumer bank, all bundled into one Lima-listed holding company owned almost entirely by the Chilean retail giant Falabella. Its public shareholders own a sliver, but the financial turnaround underway is substantial.
| Full name | Inverfal Perú S.A.A. |
|---|---|
| Ticker / Exchange | INVFALC1 — Bolsa de Valores de Lima (BVL) |
| Headquarters | Av. Paseo de la República 3220, San Isidro, Lima, Peru |
| Sector | Retail holding company (department stores, home improvement, supermarkets, consumer banking) |
| Employees | 26,269 (2024, consolidated group) |
| Market value (market cap) | ~S/ 1,555 MM (≈ US$456 MM) — note: ~99.8% of shares are held by two Falabella group entities; the public float is negligible |
| Consolidated group revenue (FY2024) | S/ 13,984 MM (≈ US$4,103 MM) — Moody’s Local, May 2025 |
| Holding-company net profit (FY2025) | S/ 711.2 MM (≈ US$208.7 MM), up 83% year-on-year |
| Net margin (holding, FY2025) | ~94% — but this is a pass-through holding; almost all income is dividends from subsidiaries (our calculation) |
| Return on equity (FY2025) | ~12.4% — net profit S/711 (US$209)MM on average equity of ~S/5,795 (US$2 k)MM (our calculation) |
| Price-to-earnings | not disclosed in available sources (thin trading; negligible free float) |
| Dividend yield | ~23–29% on the quoted share price — extraordinary distributions in 2024–2025 reflect multi-year profit catch-up |
| Website | falabella.com.pe (investor relations) |
What it is
Inverfal’s sole job is to own things: it holds the Falabella group’s Peruvian retail, banking, insurance-broking, and services businesses, acting as the holding company created when the Chilean group reorganised its Peruvian operations. Through its subsidiaries it operates department stores, supermarkets, hypermarkets, and home-improvement stores, runs a consumer bank, and acts as an insurance broker and IT-services provider.
The company was set up in October 2019 when the predecessor entity, Falabella Perú S.A.A., spun off its retail and consumer-banking businesses into Inverfal, retaining only the real-estate activities in a separate vehicle. As of end-2024 Inverfal’s retail subsidiaries run 180 stores across Peru in three formats — department stores, home-improvement, and supermarkets.
Who owns it
The Chilean Falabella group keeps an iron grip: two group entities together hold 99.8% of the shares, leaving the public with just 0.20%. The controlling shareholders are Inversora Falken S.A. (Uruguay) and Inversiones Inverfal Perú S.A. (Chile), both part of Falabella Chile, which together injected S/ 580 million (US$170 mn) in fresh equity in 2024 to pay down bank debt.
Per the 2024 annual report filed with the SMV, Inversora Falken S.A. holds 80.65% and Inversiones Inverfal Perú S.A. holds 19.11%, confirmed identically in the 2025 report (80.68% and 19.12% respectively after a share capital increase). The parent Falabella S.A. carries a Fitch international credit rating of BBB- (stable), and Peru is its second-largest market after Chile in terms of revenue and operating profit.
Who runs it
The three-member board is chaired by Enrique Ostalé Cambiaso, who has held the position since July 2023; he trained at Universidad Adolfo Ibáñez and the London School of Economics. The other two directors are Alejandro Patricio González Dale (MBA UCLA, Stanford executive programme, Group finance lead) and Alex Zimmermann Franco.
Alex Zimmermann Franco has served as Gerente General (CEO) since 1 October 2023; an industrial engineer from the Universidad de Lima, he joined the Falabella group via Saga Falabella S.A. in 1997. The legal and governance manager is Luis Antonio Chu Gonzáles, a lawyer and MBA holder who joined the group in 2016.
The SMV filing notes there are no independent directors on the board.
The money, in plain words
Inverfal is a pure holding company, so its own income statement is simple: almost all receipts are dividends and equity earnings flowing up from its subsidiaries, not product sales. In 2024 those subsidiary earnings came to S/ 386.2 MM (≈ US$113 MM), up 142% from S/ 159.6 (US$47)MM in 2023, and the holding-level net profit was S/ 388.7 (US$114)MM — a 142.6% rise.
The momentum accelerated sharply: the 2025 net profit reached S/ 711.2 (US$209)MM, a further 83% jump.
At the consolidated group level — meaning all the shops and the bank combined — the group booked S/ 13,984 (US$4 k)MM in revenue for 2024 (≈ US$4.1 billion), up 2.5% on the year. In 2025 consolidated revenue grew a further 5.8% and operating profit jumped 26%.
The balance sheet also cleaned up fast: total debt at the holding fell 47% in 2024 to S/ 593.6 (US$174)MM, while equity rose 15% to S/ 5,673.6 (US$2 k)MM. Return on equity was approximately 12.4% in 2025 — reasonable for a capital-heavy retailer-and-bank combination — and the adjusted debt-to-operating-profit ratio fell from 4.4× at end-2023 to 2.6× at end-2024 (our calculations from primary filings).
What it is doing now
The most recent material event is a large multi-year dividend catch-up. In January 2026 shareholders approved a combined distribution of US$118.9 million, covering retained profits from 2023, 2024, and 2025, with payment completed in February 2026.
This followed two earlier tranches in early 2025 totalling about US$132 million. Also in 2025 Inverfal capitalised S/ 580 (US$170)MM of new funds from its parent shareholders, using the proceeds mainly to cut debt — continuing the deleveraging started in 2024.
The subsidiaries performed well in 2025, with the group posting 5.8% revenue growth and 26% EBITDA growth, driven by stronger household liquidity from Peru’s pension and severance-pay reforms, controlled inflation, logistics efficiencies, and better climate conditions for seasonal sales. Country manager Alex Zimmermann stated publicly that Peru now accounts for roughly 28% of Falabella’s regional revenue — its most strategically critical market outside Chile.
What to watch
- Debt trajectory: The adjusted debt-to-operating-profit ratio was 2.6× at end-2024 and has been falling toward 2.3× by Q1 2025; further declines would improve the credit standing of the group’s corporate bonds, which mature as late as 2035.
- Consumer credit quality at Banco Falabella: The bank’s deposit costs fell sharply in 2024 (interest expense on public deposits down 24.5%), a tailwind; any reversal in Peruvian interest rates or rising loan defaults would squeeze margins.
- Retail store count and format shifts: The home-improvement portfolio is converting Maestro stores to the Sodimac format, which affects short-term costs but aims for higher productivity per store.
- Float and liquidity: With 99.8% of shares in parent hands, the public stock is thinly traded and prone to wild price swings — the 52-week range in 2024–25 ran from S/ 0.05 (US$0.01)to S/ 0.72, (US$0.21)a 14-fold spread — making the quoted market cap an unreliable guide to underlying value.
- Parent rating: Falabella Chile’s Fitch rating moved from BB+ (negative) to BBB- (stable); any reversal would raise Inverfal’s borrowing costs and limit group support.
Sources
- Inverfal Perú S.A.A. — Memoria Anual 2024, filed with SMV 4 March 2025 (governance, ownership, financials, management).
- Inverfal Perú S.A.A. — Memoria Anual 2025, filed with SMV 17 February 2026 (FY2025 financials, board, shareholding structure).
- Moody’s Local Perú — Informe de Clasificación Inverfal Perú, May 2025 (consolidated revenue, asset and liability figures for FY2024).
- Apoyo y Asociados (Fitch affiliate) — Informe Inverfal Dic-25, SMV filing 2026 (FY2025 consolidated performance, debt ratios).
- Apoyo y Asociados — Informe Inverfal Dic-24, May 2025 (store count, leverage, operational metrics).
- Market data: EODHD; supplementary price/yield data from Investing.com and TradingView (BVL: INVFALC1).
This is news, not investment advice.
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