Almacenes Éxito S A : 1Q24 Presentation

Note on forward looking statements

This document contains certain forward-looking statements based on data, assumptions, and estimates, that the Company believes are reasonable; however, it is not historical data and should not be interpreted as guarantees of its future occurrence. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations, expectations in connection with the company's ESG plans, initiatives, projections, goals, commitments, expectations or prospects, including ESG-related targets and goals, are examples of forward-looking statements. Although the Company's management believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements.

Grupo Éxito operates in a competitive and rapidly changing environment; therefore, it is not able to predict all the risks, uncertainties or other factors that may affect its business, their potential impact on its business, or the extent to which the occurrence of a risk or a combination of risks could have results that are significantly different from those included in any forward-looking statement. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements, or that could contribute to such differences, include, without limitation, the risks and uncertainties set forth under the section "Item 3. Key Information - D. Risk Factors" in the Company's registration statement on Form 20-F filed with the Securities and Exchange Commission on July 20, 2023.

The forward-looking statements contained in this document are made only as of the date hereof. Except as required by any applicable law, rules or regulations, Grupo Éxito expressly disclaims any obligation or undertaking to publicly release any updates of any forward‐looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions, or circumstances on which any forward-looking statement contained in this document is based.

Reconciliations of the non-IFRS financial measures in this webcast are included at the appendices to this webcast presentation.

Grupo Calleja

Words from

our CEO

Mr. Carlos

Calleja

Financial Highlights

• Net Revenue: Retail Sales growth2: Col +2.0%; Uru +7.6%; Arg +228.1%. Positive performance of other revenue (+14.5% Col, +9.2% consol) driven by complementary businesses
• Gross Profit: -7.7% to 25.1% margin, impacted by a higher base from sale of property4 and a price investment strategy mainly in Colombia
• Recurring EBITDA3: reflected consumption deceleration, inflationary pressures on costs/expenses, and negative FX impacts
• Net result affected by higher financial and non-recurring expenses
• Free cash flow generation of 254% y/y amounted to COP $291,000 M

Investment & expansion

• Capex of COP $109,485 M during 1Q24 81% allocated to expansion5
• LTM store expansion5: 41 stores

(Col 33, Uru 5, Arg 3)

• Colombia: 3 stores (2 Éxito, 1 Carulla)
• Expansion strategy focused on conversions to Éxito and Carulla banners
• Argentina: 1 Mayorista

642 stores

1.04 M sqm (-1.9%)

Operating and Corporate

Governance highlights

• Omni-channelperformance: ✓ 8.7% growth
  ✓ 11.2% share (+20 bps y/y)

(Col 14.6%, Uru 2.5% and Arg 2.6%)

• Viva Malls grew revenues by 8.4% and Recurring EBITDA by 16.6% y/y (+264 bps)
• Ongoing restructuring process, closing of non- profitable stores to increase profitability and a leaner corporate structure in Colombia
• GSA approvals:

• Dividend of COP $50.49 per share, 52% pay-out- ratio
• New BoD appointed and by-law amendments and other proposals approved

Solid food sales growth in Colombia, boosted trend in Uruguay from macro tailwinds and inflationary effects on consumption in Argentina

Top line performance

Colombia

• CPI 7.36% LT-March(vs 13.3% y/y), 1.7% food inflation; retail sales exc. gas and vehicles - 1.1% y/y (Feb)
• Volume grew 3.1%, despite inflation slowdown and lower household consumption
• Boosted omni-channel performance (+7.9%)
• Food grew 5.8% and above food inflation, driven by FMCG (+6.3%) and fresh (+4.6%) categories
• Non-food(-6.6%) impacted by lower credit and consumer confidence.
• Other revenue growth (+14.5%) driven by complementary businesses performance
• Net Revenue +3.5%, excluding development fees of real estate and property sales

Uruguay

• CPI 3.8% LT-March (vs 7.3% y/y), 1.94% food inflation
• Retail Sales and SSS in LC: +7.6%, +5.6% and above inflation, boosted by:
• • Sound political and economic environment
  • A tourism season that performed better than expected
  • 32 Fresh Market stores (+6.1% growth vs 1Q23; 61.1% share on total sales)

Argentina

• CPI 287.7% LT-March (vs 107.5% y/y)
• Quarterly results in COP impacted by -79.8% FX
• Retail Sales and SSS in LC: +228.1%, +199%
• Top line reflected lagged consumption
• Real estate +193% in LC (occupancy levels of 94.5%)
• Higher share of the C&C format on total sales (18.5% vs 13.1% y/y)

Food sales in Éxito grew 3.3X and 4X in Carulla vs food inflation (LT-March 1.7%)

1Q24 Performance by

segment

Variations

SSS

Total

Total MCOP

Éxito

• FMCG +5.9% and fresh +4.7%
• 2 store conversions during the quarter
• 32 Éxito WOW stores (36.2% share on the segment´s sales)
• Non-foodsales affected by electro (-4.8%) and apparel (- 1.1%)

Carulla

The best performing segment, driven by:

• Food +7.2% and omni- channel +27.5%

• 1 store opening during the quarter

• 31 Fresh Market stores (63.2% share on the segment´s sales)

Low-cost & Other1:

• Food +4.9%, mainly driven by FMCG (+5.4%)
• • A higher base from the sale of property (low-cost retail sales grew 4.2% when excluded)