Almacenes Éxito S A : 4Q2021 Earnings Release

Almacenes Éxito S.A.

Consolidated Financial Results

4Q/FY21

Envigado, Colombia, February 21, 2022 - Almacenes Éxito S.A. ("Grupo Éxito" or "the Company") (BVC: ÉXITO / ADR: ALAXL) announced its results for the fourth quarter and full year period ended December 31, 2021 (4Q/FY21). All figures are expressed in millions (M) or billion (B) of Colombian Pesos (COP) unless otherwise stated and expressed in long scale ( COP billion represent 1,000,000,000,000). Consolidated data include results from Colombia, Uruguay and Argentina, and eliminations.

Solid Net Income growth (2.1x) and recurring EBITDA margin evolution (+99 bps to 9.1%)

driven by a consistent customer-centered strategy

KEY BUSINESS HIGHLIGHTS

Financial Highlights

• Consolidated Net Revenue grew by 20.7% in 4Q21 and by 7.5% in 2021 and reached COP $5.2 billion and COP $16.9 billion, respectively. Top line boosted by innovation, omni-channel and the recovery of complementary businesses.
• Recurring EBITDA reached COP $568,638 million in 4Q21 and COP $1.5 billion in 2021; margin rose to 10.8% (+25 bps) and 9.1% (+99 bps), respectively, benefited by the higher contribution of the real estate and TUYA businesses and an efficient cost/expense structure.
• Net Group Share Result grew 2.1 x to an income of COP $474,681 million in 2021, driven by solid operating performance and a leaner structure.
• EPS of COP $1,060.5 per common share in 2021 versus the COP $515.8 reported in 2020.
• Consolidated CAPEX was of COP $550,209 million, 66.7% focussed on expansion (retail and real estate), innovation, omni-channel and digital transformation activities.

Operating Highlights

• Omni-channelremained solid, share on consolidated sales reached 9.9% (Col 11.9%, Uru 3.6%, Arg 2.6%).
• Economic recovery favoured real estate occupancy levels and strengthened the financial business.
• Innovative formats reached a 33.3% share on Colombia sales.
• An efficient cost/expense structure despite inflationary pressures, allowed all business units to grow expenditure below CPI levels.
• Deal with La 14 to operate 5 commercial establishments (+18.5k sqm)under HM Éxito Wow during 1H22.

Outlook 2022

• Top line growth benefited by innovation, omni-channel and complementary businesses
• To maintain Recurring EBITDA levels at consolidated level considering inflationary pressures on expenditure
• Omni-channelto represent a high-single digit share on consolidates sales
• Expansion(1) in Colombia of 60 to 70 stores (near to 35,000 sqm of additional sales area)
• Sustainable cash flow generation to shareholders´
• ESG efforts to focus on child nutrition and on improving the sustainability of the procurement chain

(1) Expansion from openings, reforms, conversions and remodelling; including the acquisition agreement of furniture and rights over 5 commercial spaces of La 14 in 2021 and 1 in 2022.

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"2021 was marked by hope amidst several challenges. In Colombia, the beginning of the year was complex, affected by store closures and social protests across the country; Uruguay experienced the worst tourism season and Argentina faced macroeconomic difficulties. Nevertheless, Grupo Éxito quickly adapted and managed to seize important opportunities that led us to obtain improvements in revenue and profitability, thanks to the strengthening of the omnichannel strategy, the consolidation of innovative formats and the recovery of businesses as important as the real estate and the financial.

Colombia achieved a significant growth of 136 bps and reached a 9.4% EBITDA margin, from a more efficient operation and stronger commercial dynamics; Uruguay continued to be the most profitable operation in the region with a 10.2% margin; and Argentina, grew almost twice its margin to 3.4%, leveraged by the recovery of the real estate business amidst a challenging economic environment.

During 2021, we worked on the higher purpose of nurturing with opportunities, the countries in where the Company operates, through consistent activities towards supporting child nutrition, trading directly with local producers, and fully supporting our suppliers, especially small and medium-sized companies. We believe that acting with integrity builds trust and help us to do our best to achieve balanced economic and social growth and to protect our planet", stated Carlos Mario Giraldo Moreno, CEO of Grupo Éxito.

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I. ESG strategy follow up 2021

1Q21

• The ordinary General Shareholders´ Meeting was virtually held on March 25, 2021, to ensure healthy and safe conditions for shareholders and the management team, while promoting an open dialogue. All proposals were approved, including the reform of the Board of Directors' Election and Succession Policy, to favour the diversity of its members regarding professional, academic and personal aspects, such as: gender, nationality, age, race, among others.
• Carulla and Fundación Éxito launched the #HagámosloMásFresco campaign designed by the Internal Agency, the first advertising agency that began its operation from inside a prison and is part of the Internal Action Foundation, with the aim of delivering 600 food packages to children of women deprived of liberty, who were separated since the beginning of the pandemic.
• "Mi Descuento-Nutre Vidas" initiative was launched between February and March, to eradicate child malnutrition in Colombia, and raised COP$ 2,000 million to deliver food packages to 26,000 families throughout the country.
• VIVA launched the social movement "Re-Collection" with the social platform "Clean your Closet", to conduit
  Colombians towards the donation of clothing in good condition, later delivered to 10 foundations located in the cities where VIVA shopping centers have presence.

2Q21

• VIVA Barranquilla shopping centre was selected by the Mayor of the city, the Caribbean Ophthalmology Clinic and EPS Sura, as a vaccination centre. VIVA Envigado also operated the largest vaccination centre in the region of Antioquia, through the alliance between the Government of Antioquia, the Mayor of the city of Envigado, Seguros SURA Colombia and Grupo Éxito.
• Sustainable trade was promoted through direct purchasing from farmers and peasants in Colombia. In an alliance with the Ministry of Agriculture and Sustainable Development and the Rural Development Agency, the Company implemented actions to facilitate commercial relationships with small producers, avoiding intermediaries and favouring final consumers. Within the framework of this alliance, the "Consuma lo Nuestro, Sabor de Colombia" program was carried out on April 7 in Medellín, to highlight the commitment of the industry to the country and to exalt the work of local famers.
• Over 6,000 kilograms of yam were purchased from farmers of the "Constructores de Paz" Foundation, victims of the armed conflict in "Los Montes de María" region. The product was distributed at Éxito and Carulla stores located on the Atlantic Coast.
• The business "Autos Éxito" was launched in alliance with Renting Colombia, a subsidiary of Grupo Bancolombia, to democratize the rental and purchasing of certified cars at affordable prices. Autos Éxito joined the environmental pact solution of both companies with the use of 20 electric cars for long-term rental and 40 more

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units for daily rental. the rental car business created in a 50% alliance with Renting Colombia, a subsidiary of Grupo Bancolombia, to offer sustainable mobility alternatives. The service was available at 11 Grupo Éxito stores in the country and through éxito.com, the app and the autoséxito.co site. This business has potential synergies with TUYA, Puntos Colombia, gas stations, the travel, and the insurance businesses.

• Grupo Éxito joined the Chamber of LGBT Merchants of Colombia, a non-profit institution that accompanies, guides and endorses the responsibility of companies to become safe spaces free of discrimination. The company has worked since 2019 as co-leaders in the Gender Parity Initiative in Colombia and in 2020 it was certified with the Silver Seal 'Implementation of actions for Equality' - Equipares.

3Q21

• Jean Christophe Tijeras was appointed as CEO of Grupo Disco Uruguay and Guillermo Destefanis as Carulla Brand Manager in Colombia.
• Grupo Éxito signed an agreement to adhere to the ANDI-UNGRD "Companies for vaccination" program for the purchase of vaccines by private parties, to strengthen the national vaccination plan and contribute to the public health of the country, its employees and their families, and the economic reactivation.
• The AlmaRosa Foundation and Fundación Éxito joint to declare in favour of life, love and health in the fight against breast cancer. The agreement seeks to increase knowledge about natural, effective and preventive actions such as breastfeeding, balanced nutrition and timely self-examination, to lower mortality rates from the disease.
• A new corporate image with updated of graphic elements and codes was presented. Looking for a very fresh, novel, striking brand identity and in line with current trends, this renewal arose from the Company's desire to be close to its stakeholders and to express team´s sentiments of happiness, diversity, modernity, multi-coloured and avant-garde, united by a single heart.

4Q21

• Grupo Éxito was ratified as one of the 10 most sustainable food retailers in the world and recognized for its standards by the Dow Jones Sustainability Index. The company ranked in the 89th percentile of the industry, increasing its performance compared to previous years and ranked 9th. The company improved in topics such as health and nutrition, privacy protection and sustainable practices in agriculture. This recognition kept Grupo Éxito as a benchmark at a regional and global level among large food retailers and reaffirmed its commitment to operate under high ESG standards.
• Through Fundación Éxito, 70,376 children benefited from nutrition and complementary programs and 217,341 food packages delivered to children and their families. The Company also joined the formulation of the 10-year National Breastfeeding Plan.
• The company was the largest company recycling cardboard in Colombia, 20,975 tons of material were collected at the operation and 788 tons of recyclable material was recovered from post-consumption (+13 M packages).

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• 90% of the fruits and vegetables sold by Grupo Éxito were locally purchased directly from communities and producers during 2021, ratifying the Company´s commitment towards the development of the countryside through collaborative work. Besides, 176 farms were monitored to ensure zero levels of deforestation.
• 90% of apparel was purchased from 80 local workshops with over 9,600 employees (70% women).
• A complete portfolio of 7,297 healthy products was offered to our clients and the ´Healthy Living´ fair was launched with 790 products on-line and also available at 100 stores.
• The company delivered over 797,000 benefits to employees and worked on plan to assess better living conditions for collaborators. 16,000 COVID-19 doses were acquired for employees of the operation in Colombia.
• 10 VIVA Shopping Centers in Colombia joined the National Vaccination Plan, in where near to 476,000 COVID-19 doses were administered during 2021.

Awards & Recognitions

1Q21

• Grupo Éxito was included for the 2nd consecutive year, in the Sustainability Yearbook created by Standard & Poor's (S&P Global) in collaboration with the investment firm RobeccoSam, for good practices in projects related to environmental, social and economic sustainability. The company was recognized as the best performing company in the index within the food industry in Latin America.
• Grupo Éxito stood out in the ranking of the Corporate Reputation Business Monitor (Merco), as one of the three more responsible organizations during the pandemic. The Company was also considered as one of the ten companies in Colombia with best practices in social responsibility and corporate governance and climbed two positions compared to the previous year.
• Éxito was recognized as "Brand of the Year" in the Effie LATAM 2020-2021 awards, which highlights the most effective advertising, marketing and communication campaigns in Latin America.

2Q21

• The British Institute of Grocery Distribution (IGD) recognized Carulla FreshMarket 140 in Bogotá, as the 'Store of the month' for being the 1st carbon neutral supermarket in South America. The store was recognized for its sustainable commitment to replace refrigerant gases, use of 362 solar panels and of compostable materials in the Carulla FoodMarket, and the implementation of bulks for food and detergents, among others. Infrastructure adjustments made in the store to create a more accessible and empathetic shopping experience, such as the widening of aisles, the integration of Braille and a guided shopping service, were also highlighted.

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