Almacenes Éxito S A : 1Q24 Earnings Release

Almacenes Éxito S.A.

Consolidated Financial Results 1Q24

Envigado, Colombia, May 8, 2024 - Almacenes Éxito S.A. (´Grupo Éxito´ or ´the Company´) (BVC: ÉXITO / ADR: EXTO / BDR: EXCO32) announced its results for the first quarter ended March 31, 2024 (1Q24). All figures expressed in millions (M) or billion (B) of Colombian Pesos (COP) unless otherwise stated and expressed in long scale (COP B represent 1,000,000,000,000). Consolidated data include results from Colombia, Uruguay and Argentina, and eliminations.

Positive sales performance in local currencies in all countries, despite

consumption slowdown and macro headwinds

Key Business Highlights

Financial Highlights

• Consolidated Net Revenue reached COP $5.3 B during 1Q24 and reflected the positive sales performance in local currency in all our operations in Latam (Col +2.0%; Uru +7.6%; Arg +228.1%) and the solid evolution of other revenue driven by complementary businesses (+14.5% Col, +9.2% consol). Net Revenue decreased -3.3% in COP due to negative FX effects on results (+7.9% when excluded).
• Gross Profit reached COP $1.32 B during 1Q24 (-7.7% in COP, +6.7% excluding the FX effect) to a margin of 25.1% (-120 bps), and reflected lower consumption trends, price investment and a higher real estate base.
• Recurring EBITDA1 reached COP $302,113 M in 1Q24 and a 5.7% margin (-137 bps) driven by gross margin gains from Uruguay offset by the mix effect and higher expenses from international operations.
• Net Loss of COP $37,863 M from an income of COP $45,118 M during 1Q23, related to operating performance affected

by lagged consumption and inflationary pressures on SG&A, higher financial expenses mainly from the negative FX Grosseffect and higher non-recurring expenses in Colombia.

• EPS2 of COP -$29.2 per common share in the quarter compared to COP $34.8 y/y.
• Dividend of COP $50,49 per share, 52% pay-out-ratio.
• All proposal approved at the GSM held on March 21, including the appointment of the new Board of Directors.

Operating Highlights

• Consolidated CAPEX during 1Q24 reached COP $109,485 M, 81% focussed on expansion (retail and real estate), innovation, omni-channel, and digital transformation activities.
• LTM store expansion3: 41 stores (Col 33, Uru 5, Arg 3) to a total of 642 stores, 1.04 M sqm. Expansion strategy in Colombia focused on store conversions to Éxito and Carulla banners.
• Omni-channelsales grew 8.7% at consolidated level and reached a 11.2% share on total sales (Col 14.6%, Uru 2.5%, Arg 2.6%) during the quarter.
• 1. Recurring EBITDA refers to Earnings before Interest, Taxes, Depreciation and Amortization adjusted by other non-recurring operational income (expense). (2) EPS considers the weighted average number of outstanding shares (IFRS 33), corresponding to 1,297,864,359 shares. (3) Expansion from openings, reforms, conversions, and refurbishments.

1

Corporate Governance

• On January 22, 2024, Grupo Éxito announced the tender offers´ results in Colombia and the US, in which the Calleja Group acquired a total of an 86.84% stake; 65.1% of the shares were represented by American Depositary Securities and 21.41% by common shares. The price offered was USD$1,175 million for 100% of the outstanding shares, equivalent to 0.9053 USD per share.
• On January 30, 2024, in accordance with the provisions of the External Circular 028 of 2014 issued by the Financial Superintendency of Colombia, the Company submitted the Implementation of
  Best Corporate Practices Report 2023 ("Código País") before the regulator.
• On March 21, the ordinary session of the General Shareholders Meeting held at the Company´s headquarters approved the following: (i) The CEO'S and Board of Directors Management Report, the Annual Corporate Governance Report and the separated and consolidated Financial Statements as of December 31, 2023, (ii) the appointment of the a new Board of Directors and remuneration fees, (iii) the proposal to distribute an annual dividend COP $50.49, for the 1,297,864,359 outstanding shares, (iv) amendments to the Rules of Procedure for the Company's
  General Assembly of Shareholders, (v) amendments to the Board of Directors Election and Succession Policy, and (vi) amendments to the Company's Board of Directors Remuneration
  Policy.

Changes in the Management Structure

• On March 10, 2024, Mr. Lucas Lopez Lince, Vice President of Marketing since May 16, 2022, terminated his working relationship by mutual agreement between him and the Company. Mr. Camilo Gallego Ferrer, Vice President of Services since January 19, 2016, stepped down from his role and was appointed as responsible for the Company´s efficiencies.
• On March 21, 2024, the Company´s Board of Directors appointed Mr. Carlos Calleja Hakker as Chief Executive Officer of Grupo Éxito. Mr. Calleja seeks to consolidate a shared vision among the operations and build a group identity to work together towards common goals, respecting the particularities and needs of each country, seeking that all customers find in the group's stores a differentiated and inclusive shopping experience. Mr. Carlos Mario Giraldo Moreno will continue to lead the Colombia operation as General Manager and Mr. José Gabriel Loaiza Herrera was appointed as Executive Vice President, leading the commercial and operating processes of the retail business in Colombia.

2

1. Consolidated Income Statement

I.

in COP M		1Q24	1Q23	% Var
Retail Sales	5,036,104	5,237,232	(3.8%)
Other Revenue	239,035	218,922	9.2%
Net Revenue	5,275,139	5,456,154	(3.3%)
Cost of Sales	(3,927,350)	(3,996,736)	(1.7%)
Cost D&A	(25,836)	(26,499)	(2.5%)
Gross Profit	1,321,953	1,432,919	(7.7%)
Gross Margin	25.1%	26.3%	(120) bps
SG&A Expense	(1,045,676)	(1,072,132)	(2.5%)
Expense D&A	(147,795)	(142,192)	3.9%
Total Expense	(1,193,471)	(1,214,324)	(1.7%)
Expense/Net Rev	22.6%	22.3%	37 bps
Recurring Operating Income (ROI)	128,482	218,595	(41.2%)
ROI Margin	2.4%	4.0%	(157) bps
Non-Recurring Income/(Expense)	(33,254)	(5,210)	538.3%
Operating Income (EBIT)	95,228	213,385	(55.4%)
EBIT Margin	1.8%	3.9%	(211) bps
Net Financial Result	(82,710)	(66,822)	23.8%
Associates & Joint Ventures Results	(22,060)	(26,792)	(17.7%)
EBT	(9,542)	119,771	(108.0%)
Income Tax		1,562	(40,708)	103.8%
Net Result	(7,980)	79,063	(110.1%)
Non-Controlling Interests	(29,883)	(33,945)	(12.0%)
Group profit (loss) for the period	(37,863)	45,118	(183.9%)
Net Margin	(0.7%)	0.8%	(154) bps
Recurring EBITDA	302,113	387,286	(22.0%)
Recurring EBITDA Margin	5.7%	7.1%	(137) bps
Adjusted EBITDA	246,799	355,284	(30.5%)
Adjusted EBITDA Margin	4.7%	6.5%	(183) bps
EBITDA	268,859	382,076	(29.6%)
EBITDA Margin	5.1%	7.0%	(191) bps
Shares	1,297.864	1,297.864	0.0%
EPS	(29.2)	34.8	(183.9%)

Note: Consolidated data include results from Colombia, Uruguay and Argentina, eliminations, and the FX effect of -10.4% at Net Revenue and -9.1% at recurring EBITDA during 1Q24. Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non-recurring operational income (expense). Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization plus Associates & Joint Ventures results. EPS considers the weighted average number of outstanding shares (IFRS 33), corresponding to 1,297,864,359 shares.

3

1. Net Revenue Performance

I.

Consolidated Net Revenue decreased 3.3% (+7.9% when excluding FX effect) to COP $ 5.3 B during 1Q24.

Consolidated Retail Sales decreased by 3.8% (+7.5% excluding FX effect) and totalled COP $5.0 B during 1Q24, SSS grew by +5.7%. Performance reflected positive sales performance in local currency in all the countries where the Company operates with a trend affected by slow-down in consumption and a higher non-recurring base from property sale in Colombia.

Total sales results in local currencies reflected the evolution of food sales trend in Colombia (+5.8%, above the 1.7% food inflation index) and the solid sales growth in Uruguay (+7.6% and above the 3.8% total inflation index) boosted by macro tailwinds. Argentina showed a resilient sales performance (+228.1% vs 287.7% inflation reported) impacted by and inflationary effects on consumption.

Omni-channel continued contributing to sales performance and grew 8.7% during the quarter. Omni- channel share on sales was 11.2% (+20 bps y/y) during 1Q24. The LTM store expansion1 of 41 stores (Col 33, Uru 5, Arg 3) also drove the quarterly Retail Sales growth.

Consolidated Other Revenue increased by 9.2% (+17.1% excluding FX) during the 1Q24, driven by the solid growth in Colombia (+14.5%) driven by complementary businesses performance and in Argentina (+193% in local currency), from solid real estate occupancy levels of 94.4%.

	Colombia			Uruguay			Argentina		Consolidated
in COP M	1Q24	1Q23	% Var	1Q24	1Q23	% Var	% var	1Q24	1Q23	% Var	% var exc.	1Q24	1Q23	% Var	% var
exc. FX	FX	exc. FX
Retail Sales	3,703,345	3,630,343	2.0%	1,037,043	1,161,469	(10.7%)	7.6%	295,716	445,420	(33.6%)	228.1%	5,036,104	5,237,232	(3.8%)	7.5%
Other Revenue	220,713	192,806	14.5%	8,512	9,655	(11.8%)	6.3%	9,810	16,544	(40.7%)	193.0%	239,035	218,922	9.2%	17.1%
Net Revenue	3,924,058	3,823,149	2.6%	1,045,555	1,171,124	(10.7%)	7.6%	305,526	461,964	(33.9%)	226.8%	5,275,139	5,456,154	(3.3%)	7.9%

Note: Consolidated results from Colombia, Uruguay and Argentina, eliminations, and the FX effect of -10.4% at Net Revenue in 1Q24. Data in COP includes a -17% FX effect in Uruguay and -79.8% in Argentina during 1Q24, calculated with the closing exchange rate. (1) Expansion from openings, reforms, conversions, and refurbishments.

4

Colombia: During the first quarter of 2024, Net Revenue grew 2.6%; Net sales totalled COP $3.7 billion (+2.0%) and SSS (+1.2%), boosted omni-channel (+7.9%, 14.6% share), volume growth (+3.1%) and food sales performance (+5.8%) above food inflation (1.7%). The Colombia operation represented near 73% of consolidated Net Sales in 1Q24.

Performance was resilient considering that unemployment rose to 11.9% during 1Q24, as well as consumption in Colombia continued decelerating mainly due to reduced household expenditure in the country; the Consumer Confidence Index decreased to -13% in March and for the third consecutive month. Inflation reduced to 7.36% from 13.34% y/y, food inflation dropped to 1.73% (vs 21.81% y/y), the lowest level since 2018. A higher non-recurring base from real estate property sale also affected top line performance.

		1Q24
Variations				Low-cost &
			Other (1)
SSS	1.2%	0.8%	6.8%	-3.4%
Total	2.0%	1.5%	6.8%	-0.5%
Total MCOP	3,703,345	2,520,385	606,986	575,974

Note: SSS in local currency, include the effect of conversions and exclude the calendar effect of -0.1% in Colombia during 1Q24 (-0.5% in Éxito, +1.4% in Carulla and +1.3% in LC segments). (1) Segment includes sales from Surtimax, Super Inter and Surtimayorista brands, allies, institutional and third-party sellers, and the sale of property development projects (inventory) of COP $2.8K M in 1Q24 and COP $29.2K M in 1Q23.

Other Revenue grew 14.5% during 1Q24 and reflected higher income from complementary business.

The Éxito segment represented approximately 68% of the sales mix in Colombia during 1Q24. The segment´s results reflected the good performance of the FMCG category (+5.9%), the Fresh (+4.7%) and the contribution of commercial events such as Éxito Anniversary. The 32 Éxito WOW stores also contributed to results and represented a 36.2% share on the segment´s sales. From the downside, the low consumption context continued affecting the electro (-4.8%) and apparel (- 1.1%) categories.

The Carulla segment represented approximately 16% of the sales mix in Colombia during 1Q24. The segment benefited from the solid performance of omni-channel sales (+27.5%, 27.3% share), the food category growth (+7.2%) boosted by FMCG (+8.1%), and the double-digit growth in the Atlantic coast and the Coffee region and the performance of the 31 Fresh Market stores (63.2% share on the segment´s sales).

The low-cost& other segment which includes Super Inter, Surtimax and Surtimayorista banners, allies, institutional, third-party sellers, the sale of property development projects

5

(inventory) and other, represented approximately 16% of the sales mix in Colombia during 1Q24. The segment´s performance was favoured by the 4.9% growth of the food category but offset by the effect of a higher base from the sale of real estate property (+4.2% growth when excluded).

Omni-channel sales in Colombia (including websites, marketplace, home delivery, Shop&Go, Click&Collect, digital catalogues and B2B virtual, plus new channels ISOC and Midescuento), grew 7.9% versus 1Q23 and reached COP $549,775 M; share on Retail Sales rose to 14.6% (vs 13.9% in 1Q23), the highest level ever reached in Colombia.

The double-digit growth of the food category (+21%,13.3% on food sales) boosted omni-channel sales. Macro headwinds such as higher interest rates and lower disposable income, led to a decrease of the non-food category of 9.6% (17.8% share on non-food sales).

Main KPI´s outcome during 1Q24 when compared to the same period of last year, were as follows:

1. Orders: reached 5.5 M (+33%).

1. E-commercesales: reached COP $225,000 M.

• 1. MiSurtii sales: reached COP $23,600 M (+101%) and 48,500 orders. o Apps: sales of COP $44,300 M (+43.9%) and 198,000 orders.
     o Rappi: deliveries grew by 38%.
     o Marketplace sales: decreased by -19.7% (21.2% share on non-food sales).
     o Turbo: orders grew 44.3% and reached a 58% share on sales through Rappi.
• Uruguay: Uruguay contributed with near to 21% of consolidated Retail Sales during 1Q24. Last- 12-month inflation as of March was of 3.8% (vs 7.3% in March 2023) and the food component favoured the downward trend and only grew 1.94%, during the last-12-months. The Uruguay operation grew Retail Sales by 7.6% (+5.6% SSS) in local currency and including the effect of

6

conversions; performance was above reported inflation benefited by a sound political and economic environment, a solid tourism season and the contribution from the 32 Fresh Market stores (+6.1% growth vs 1Q23; 61.1% share on total sales).

The operation reported market share gains of 0.5 p.p. to 48.9%, according to Scentia as of March, driven by: (i) the solid sales performance of all banners and (ii) the contribution of the 32 Fresh Market stores.

Uruguay

		1Q24
Net sales	%Var	%Var
MCOP	Total	SSS
1,037,043	7.6%	5.6%

Note: SSS in local currency, include the effect of conversions and the calendar effect of 2.9% during 1Q24.

Argentina:

The operation in Argentina contributed near to 6% on Consolidated Retail Sales and results in Colombian Pesos included a -79.8% FX effect during 1Q24.

Net Revenue in Argentina was COP $305,526 M (+226.8% in local currency) and Retail Sales were COP $295,716 M (+228.1% in local currency and +199% in SSS) during 1Q24. Last-12-month inflation as of March was of 287.7% according to Ecolatina (an Argentinian consultancy company) which compares to the 107.5% level reported during the same period last year. Retail sales grew below inflation due to lagged consumption affected by high devaluation specially since the end of 2023.

To highlight during 1Q24: (i) the performance of the Cash and Carry format (12 MiniMayorista stores, 18.5% share on sales), (ii) omni-channel performance (+142.8%, 2.6% share), and (iii) higher income of real estate (+193% in local currency) from improved commercial trends and strong occupancy levels (94.5%).

Argentina

	1Q24
Net sales	%Var	%Var
MCOP	Total	SSS
295,716	228.1%	199.0%

Note: SSS in local currency, include the effect of conversions and the calendar effect of 9.8% during 1Q24.

7

1. Operating Performance

I.

	Colombia			Uruguay			Argentina			Consolidated
in COP M	1Q24	1Q23	% Var	1Q24	1Q23	% Var	% var	1Q24	1Q23	% Var	% var	1Q24	1Q23	% Var	% var
exc. FX	exc. FX	exc. FX
Net Revenue	3,924,058	3,823,149	2.6%	1,045,555	1,171,124	(10.7%)	7.6%	305,526	461,964	(33.9%)	226.8%	5,275,139	5,456,154	(3.3%)	7.9%
Gross profit	843,260	862,503	(2.2%)	378,392	415,959	(9.0%)	9.6%	100,301	154,457	(35.1%)	220.9%	1,321,953	1,432,919	(7.7%)	6.7%
Gross Margin	21.5%	22.6%	(107) bps	36.2%	35.5%	67 bps		32.8%	33.4%	(61) bps		25.1%	26.3%	(120) bps
Total Expense	(809,215)	(764,317)	5.9%	(279,175)	(298,668)	(6.5%)	12.7%	(105,081) (151,339)	(30.6%)	243.1%	(1,193,471) (1,214,324)	(1.7%)	14.5%
Expense/Net Rev	(20.6%)	(20.0%)	(63) bps	(26.7%)	(25.5%)	(120) bps		(34.4%)	(32.8%)	(163) bps	.	(22.6%)	(22.3%)	(37) bps
Recurring Operating Income	34,045	98,186	(65.3%)	99,217	117,291	(15.4%)	2.0%	(4,780)	3,118	NA	NA	128,482	218,595	(41.2%)	(34.5%)
ROI Margin	0.9%	2.6%	(170) bps	9.5%	10.0%	(53) bps		(1.6%)	0.7%	(224) bps		2.4%	4.0%	(157) bps
Recurring EBITDA	177,111	233,510	(24.2%)	122,404	139,583	(12.3%)	5.7%	2,598	14,192	(81.7%)	(9.5%)	302,113	387,285	(22.0%)	(14.2%)
Recurring EBITDA Margin	4.5%	6.1%	(159) bps	11.7%	11.9%	(21) bps		0.9%	3.1%	(222) bps		5.7%	7.1%	(137) bps

Note: Consolidated data include results from Colombia, Uruguay and Argentina, eliminations, and the FX effect of -10.4% Net Revenue in 1Q24 and -9.1% at recurring EBITDA. Data in COP includes a -17% FX effect in Uruguay at Net Revenue and at Recurring EBITDA in 1Q24 and -79.8% in Argentina, calculated with the closing exchange rate. (1) Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non- recurring operational income (expense). (2) The sale of property development projects (inventory) of COP $2.8K during 1Q24 vs COP $29.2K in 1Q23.

Consolidated Gross Profit decreased 7.7% (+6.7% excluding FX) during 1Q24 and margin reached 25.1% (-120 bps) as percentage of Net Revenue, compared to the same period last year, mainly affected by lower consumption trends, price investment, a higher real estate base2 and FX effects.

• Gross Profit in Colombia decreased 2.2% to a margin of 21.5% during 1Q24 (-107 bps). The outcome reflected reflected resilient outcome of recurring real state income (+5.6%), offset by price investment and a higher non-recurring base from property sale2 (67 bps effect).
• Gross Profit in Uruguay reduced 9% during 1Q24 (+9.6% in local currency) and margin rose to 36.2% as percentage of Net Revenue (+67 bps). Strong results reflected the solid sales evolution during the quarter from the strong performance of the Fresh Market concept (61.1% share on sales) that offset costs of sales.
• Gross Profit in Argentina reduced 35.1% during 1Q24 (+220.9% in local currency) to a 32.8% margin as percentage of Net Revenue (-61 bps). Gross profit reflected reflected the lower consumption trends, price investment to face inflation and a higher share of the C&C format (18.5% vs 13% share y/y).

Consolidated Recurring EBITDA1 reached COP $302,113 M during 1Q24 (-22.0%;-14.2% when excluding FX) compared to the same period last year and margin was 5.7% (-137 bps) as percentage of Net Revenue. Performance during the quarter reflected the consumption deceleration in the region, higher expenses from international operations impacted by inflationary pressures, a higher non- recurring base real estate base in Colombia (COP $32,842 M) and negative FX impacts (-17% in Uruguay and -79.8% in Argentina) that offset gross margin gains from Uruguay.

8

Note: Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non-recurring operational income (expense).

Colombia: Recurring EBITDA reduced 24.2% during 1Q24 compared to the same period last year and margin was 4.5% (-159 bps) as percentage of Net Revenue. SG&A grew below inflation and the double- digit minimum wage increase, from internal efficiency plans and despite a higher base of real estate (COP $32,842 M, 81 bps).

Note: Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non-recurring operational income (expense).

9

Uruguay: Recurring EBITDA decreased 12.3% (+5.7% in local currency) during 1Q24 compared to the same period last year, to a 11.7% margin (-21 bps) as percentage of Net Revenue, mainly impacted by a one-time payment of lease contract fees (+11%, margin 12.1% when fees excluded); the Uruguay operation continued as the most profitable business unit of the group.

Argentina: Recurring EBITDA decreased by 81.7% during 1Q24 (-9.5% in local currency). Recurring EBITDA margin was 0.9% (-222 bps) during 1Q24 as percentage of Net Revenue. Performance reflected Net Revenues affected by lower consumption that led to price investment, inflationary pressures on cost and expenses mainly labour cost and the FX effect.

10