Exhibit 99.1

Almacenes Éxito S.A.

Interim consolidated financial statements

As of September 30, 2024, and December 31, 2023, and for the periods of nine and
three months ended September 30, 2024, and 2023

Almacenes Éxito S.A.

Interim consolidated statement of financial position

At September 30, 2024 and at December 31, 2023

(Amounts expressed in millions of Colombian pesos)

	Notes	At September 30, 2024		At December 31, 2023
Current assets
Cash and cash equivalents	7		881,278		1,508,205
Trade receivables and other receivables	8		548,741		704,931
Prepayments	9		35,498		41,515
Receivables from related parties	10		31,969		52,145
Inventories, net	11		2,931,111		2,437,403
Financial assets	12		5,825		2,452
Tax assets	24		752,217		524,027
Assets held for sale	40		20,583		12,413
Total current assets			5,207,222		5,283,091
Non-current assets
Trade receivables and other receivables	8		10,569		12,338
Prepayments	9		11,610		4,816
Other non-financial assets from related parties	10		542		52,500
Financial assets	12		24,225		25,014
Deferred tax assets	24		312,484		197,692
Property, plant and equipment, net	13		4,217,520		4,069,765
Investment property, net	14		1,806,944		1,653,345
Rights of use asset, net	15		1,689,338		1,361,253
Other intangible assets, net	16		400,103		366,369
Goodwill	17		3,260,092		3,080,622
Investments accounted for using the equity method	18		295,186		232,558
Other assets			398		398
Total non-current assets			12,029,011		11,056,670
Total assets			17,236,233		16,339,761
Current liabilities
Loans, borrowings, and other financial liability	20		2,143,670		1,029,394
Employee benefits	21		5,450		4,703
Provisions	22		47,108		22,045
Payables to related parties	10		40,122		55,617
Trade payables and other payable	23		4,248,368		5,248,777
Lease liabilities	15		272,011		282,180
Tax liabilities	24		96,005		107,331
Derivative instruments and collections on behalf of third parties	25		69,748		139,810
Other liabilities	26		183,156		254,766
Total current liabilities			7,105,638		7,144,623
Non-current liabilities
Loans, borrowings, and other financial liability	20		311,553		236,811
Employee benefits	21		35,571		35,218
Provisions	22		12,475		11,630
Trade payables and other payable	23		21,033		37,349
Lease liabilities	15		1,647,398		1,285,779
Deferred tax liabilities	24		296,868		156,098
Tax liabilities	24		7,350		8,091
Other liabilities	26		2,876		2,353
Total non-current liabilities			2,335,124		1,773,329
Total liabilities			9,440,762		8,917,952
Equity
Issued share capital	27		4,482		4,482
Reserves	27		1,491,489		1,431,125
Other equity components	27		4,968,850		4,665,070
Equity attributable to non-controlling interest			1,330,650		1,321,132
Total equity			7,795,471		7,421,809
Total liabilities and equity			17,236,233		16,339,761

The accompanying notes are an integral part of the interim consolidated financial statements.

2

Almacenes Éxito S.A.

Interim consolidated statement of profit or loss

For the periods of nine and three months ended September 30, 2024 and 2023

(Amounts expressed in millions of Colombian pesos)

		January 1 to September 30						July 1 to September 30
	Notes	2024			2023			2024			2023
Continuing operations
Revenue from contracts with customers	28		15,592,485			15,706,751			5,242,429			5,131,477
Cost of sales	11		(11,684,447	)		(11,654,534	)		(3,956,048	)		(3,851,607	)
Gross profit			3,908,038			4,052,217			1,286,381			1,279,870
Distribution, administrative and selling expenses	29		(3,500,688	)		(3,469,534	)		(1,136,103	)		(1,125,124	)
Other operating revenue	31		56,131			27,784			17,019			7,777
Other operating expenses	31		(84,447	)		(59,009	)		(32,601	)		(25,209	)
Other (loss) gain net	31		(609	)		(2,235	)		338			(797	)
Operating profit			378,425			549,223			135,034			136,517
Financial income	32		177,183			269,052			34,256			27,331
Financial cost	32		(489,684	)		(577,077	)		(149,019	)		(137,234	)
Share of income in joint ventures	18		(66,622	)		(74,529	)		(18,200	)		(24,424	)
(Loss) profit before income tax from continuing operations			(698	)		166,669			2,071			2,190
Income tax gain (expense)	24		35,275			(32,871	)		5,282			4,997
Profit for the period			34,577			133,798			7,353			7,187
Net (loss) profit attributable to:
Equity holders of the Parent			(91,331	)		7,249			(34,733	)		(31,685	)
Non-controlling interests			125,908			126,549			42,086			38,872
Profit for the period			34,577			133,798			7,353			7,187
Earnings per share (*)
Basic earnings per share (*):
Basic (losses) earnings per share from continuing operations attributable to the shareholders of the Parent	33		(70.37	)		5.59			(26.76	)		(24.41	)

(*) Amounts expressed in Colombian pesos.

The accompanying notes are an integral part of the interim consolidated financial statements.

3

Almacenes Éxito S.A.

Interim consolidated statement of other comprehensive income

For the periods of nine and three months ended September 30, 2024 and 2023

(Amounts expressed in millions of Colombian pesos)

		January 1 to September 30						July 1 to September 30
	Notes	2024			2023			2024			2023
Profit for the period			34,577			133,798			7,353			7,187
Other comprehensive income
Components of other comprehensive income that will not be reclassified to profit and loss, net of taxes
(Loss) gain from financial instruments designated at fair value	27		(338	)		(1,544	)		239			(1,271	)
Total other comprehensive income that will not be reclassified to period results, net of taxes			(338	)		(1,544	)		239			(1,271	)
Components of other comprehensive income that may be reclassified to profit and loss, net of taxes
Gain loss from translation exchange differences (1)	27		(8,139	)		(977,492	)		(153,415	)		(336,642	)
(Loss) gain from translation exchange differences to the put option (2)			(10,492	)		73,813			23,458			26,257
Gain (loss) from cash flow hedge	27		1,038			1,169			(1,645	)		2,486
Total other comprehensive income that may be reclassified to profit or loss, net of taxes			(17,593	)		(902,510	)		(131,602	)		(307,899	)
Total other comprehensive income			(17,931	)		(904,054	)		(131,363	)		(309,170	)
Total comprehensive income			16,646			(770,256	)		(124,010	)		(301,983	)
Comprehensive income attributable to:
Equity holders of the Parent			(110,544	)		(903,761	)		(157,848	)		(349,836	)
Non-controlling interests			127,190			133,505			33,838			47,853

(1) Represents exchange differences arising from the translation of assets, liabilities, equity and results of foreign operations into the reporting currency.

(2) Represent exchange differences arising from the translation of put option on the subsidiary Grupo Disco Uruguay S.A. into the reporting currency.

The accompanying notes are an integral part of the interim consolidated financial statements.

4

Almacenes Éxito S.A.

Interim consolidated statement of changes in equity

At September 30, 2024 and 2023

(Amounts expressed in millions of Colombian pesos)

	Attributable to the equity holders of the parent
	Issued share capital		Premium on the issue of shares		Treasury shares			Legal reserve		Occasional reserve			Reserves for acquisition of treasury shares		Reserve for future dividends distribution		Other reserves			Total reserves			Other comprehensive income			Retained earnings			Hyperinflation and other equity components			Total			Non-controlling interests			Total shareholders’ equity
	Note 27		Note 27		Note 27			Note 27		Note 27			Note 27		Note 27		Note 27			Note 27			Note 27			Note 27
Balance at December 31, 2022		4,482		4,843,466		(319,490	)		7,857		630,346			418,442		155,412		329,529			1,541,586			(966,902	)		515,564			1,520,282			7,138,988			1,295,458			8,434,446
Declared dividend (Note 37)		-		-		-			-		(217,392	)		-		-		-			(217,392	)		-			-			-			(217,392	)		(93,729	)		(311,121	)
Profit for the period		-		-		-			-		-			-		-		-			-			-			7,249			-			7,249			126,549			133,798
Other comprehensive income (loss), excluding translation adjustments to the put option		-		-		-			-		-			-		-		-			-			(984,823	)		-			-			(984,823	)		6,956			(977,867	)
Appropriation to reserves		-		-		-			-		99,072			-		-		-			99,072			-			(99,072	)		-			-			-			-
Changes in interest in the ownership of subsidiaries that do not result in change of control		-		-		-			-		-			-		-		-			-			-			-			(65,389	)		(65,389	)		(56,428	)		(121,817	)
Equity impact on the inflationary effect of subsidiary Libertad S.A.		-		-		-			-		-			-		-		-			-			-			-			488,728			488,728			-			488,728
Changes in the financial liability of the put option on non-controlling interests, and related translation adjustments (Note 20)		-		-		-			-		-			-		-		-			-			73,813			-			72,412			146,225			59,035			205,260
Other movements		-		-		-			-		(2,108	)		-		-		-			(2,108	)		-			(1,478	)		(7,547	)		(11,133	)		2,545			(8,588	)
Balance at September 30, 2023		4,482		4,843,466		(319,490	)		7,857		509,918			418,442		155,412		329,529			1,421,158			(1,877,912	)		422,263			2,008,486			6,502,453			1,340,386			7,842,839
Balance at December 31, 2023		4,482		4,843,466		(319,490	)		7,857		509,918			418,442		155,412		339,496			1,431,125			(2,304,046	)		534,333			1,910,807			6,100,677			1,321,132			7,421,809
Declared dividend (Note 37)		-		-		-			-		(65,529	)		-		-		-			(65,529	)		-			-			-			(65,529	)		(118,451	)		(183,980	)
Profit for the period		-		-		-			-		-			-		-		-			-			-			(91,331	)		-			(91,331	)		125,908			34,577
Other comprehensive income (loss), excluding translation adjustments to the put option		-		-		-			-		-			-		-		-			-			(8,721	)		-			-			(8,721	)		1,282			(7,439	)
Appropriation to reserves		-		-		-			-		141,707			-		-		(15,709	)		125,998			-			(125,998	)		-			-			-			-
Changes in interest in the ownership of subsidiaries that do not result in change of control		-		-		-			-		-			-		-		-			-			-			-			(82,108	)		(82,108	)		(70,457	)		(152,565	)
Equity impact on the inflationary effect of subsidiary Libertad S.A.		-		-		-			-		-			-		-		-			-			-			-			564,827			564,827			-			564,827
Changes in the financial liability of the put option on non-controlling interests, and related translation adjustments (Note 20)		-		-		-			-		-			-		-		-			-			(10,492	)		-			57,614			47,122			71,236			118,358
Other movements		-		-		-			-		-			-		-		(105	)		(105	)		-			(11	)		-			(116	)		-			(116	)
Balance at September 30, 2024		4,482		4,843,466		(319,490	)		7,857		586,096			418,442		155,412		323,682			1,491,489			(2,323,259	)		316,993			2,451,140			6,464,821			1,330,650			7,795,471

The accompanying notes are an integral part of the interim consolidated financial statements.

5

Almacenes Éxito S.A.

Interim consolidated statement of cash flows

For the periods ended September 30, 2024 and 2023

(Amounts expressed in millions of Colombian pesos)

		Periods ended September 30,
	Notes	2024			2023
Operating activities
Profit for the period			34,577			133,798
Adjustments to reconcile profit for the period
Current income tax	24		70,265			75,291
Deferred income tax	24		(105,540	)		(42,420	)
Interest, loans and lease expenses	32		290,063			275,586
(Gain) loss from changes in fair value of derivative financial instruments	32		(15,621	)		27,094
Expected credit loss (gain), net	8.1		11,515			3,514
Impairment of inventories, net	11.1		11,093			7,634
(Reversal) impairment of property, plant and equipment			(590	)		(110	)
Employee benefit provisions	21		1,682			1,696
Provisions and reversals	22		67,463			26,236
Depreciation of property, plant and equipment, right of use asset and investment property	13; 14; 15		478,516			458,290
Amortization of other intangible assets	16		24,094			23,177
Share of profit in associates and joint ventures accounted for using the equity method			66,622			74,529
Gain from the disposal of non-current assets			4,437			3,341
Interest income	32		(24,017	)		(33,941	)
Other adjustments from items other than cash			(984	)		(1,908	)
Operating income before changes in working capital			913,575			1,031,807
Decrease in trade receivables and other receivables			144,648			78,564
(Increase) decrease in prepayments			(1,013	)		6,005
Decrease (increase) in receivables from related parties			20,202			(2,567	)
(Increase) in inventories			(463,559	)		(89,916	)
Decrease (increase) in tax assets			2,900			(4,946	)
(Decrease) in employee benefits			(976	)		(604	)
Payments and decease in other provisions	22		(41,598	)		(36,084	)
(Decrease) in trade payables and other accounts payable			(1,010,957	)		(1,252,719	)
(Decrease) in accounts payable to related parties			(11,908	)		(6,361	)
(Decrease) in tax liabilities			(24,456	)		(12,455	)
(Decrease) in other liabilities			(71,885	)		(51,836	)
Income tax, net			(279,072	)		7,399
Net cash flows (used in) operating activities			(824,099	)		(333,713	)
Investing activities
Businesses combinations			-			(37,158	)
Advances to joint ventures			(77,292	)		(10,698	)
Acquisition of property, plant and equipment	13.1		(211,466	)		(357,751	)
Acquisition of investment property	14		(23,680	)		(35,553	)
Acquisition of other intangible assets	16		(12,511	)		(25,243	)
Proceeds of the sale of property, plant and equipment			5,075			7,806
Net cash flows (used in) investing activities			(319,874	)		(458,597	)
Financing activities
Proceeds financial assets			769			3,731
Payments from collections on behalf of third parties			(53,882	)		(26,532	)
Proceeds from loans and borrowings	20		1,483,290			1,241,972
Repayment of loans and borrowings	20		(197,461	)		(136,716	)
Payments of interest of loans and borrowings	20		(141,423	)		(146,800	)
Lease liabilities paid	15.2		(207,366	)		(205,135	)
Interest on lease liabilities paid	15.2		(111,312	)		(91,642	)
Dividends paid	37		(128,956	)		(313,666	)
Interest received	32		24,017			33,941
Payment to non-controlling interest			(152,565	)		(121,817	)
Net cash flows provided by financing activities			515,111			237,336
Net (decrease) in cash and cash equivalents			(628,862	)		(554,974	)
Effects of the variation in exchange rates			1,935			(80,017	)
Cash and cash equivalents at the beginning of period	7		1,508,205			1,733,673
Cash and cash equivalents at the end of period	7		881,278			1,098,682

The accompanying notes are an integral part of the interim consolidated financial statements.

6

Note 1. General information

Almacenes Éxito S.A. was incorporated pursuant to Colombian laws on March 24, 1950; its headquarter is located Carrera 48 No. 32B Sur - 139, Envigado, Colombia. The life span of the Company goes to December 31, 2150. Here and after Almacenes Éxito S.A. and its subsidiaries are referred to as the “Exito Group”.

Almacenes Éxito S.A. is listed on the Colombia Stock Exchange (BVC) since 1994 and is under the supervision of the Financial Superintendence of Colombia; is a foreign issuer with the Brazilian Securities and Exchange Commission (CVM) and a foreign issuer with the U.S. Securities and Exchange Commission (SEC).

Interim consolidated financial statements as of September 30, 2024, were authorized for issue in accordance with resolution of directors of Almacenes Éxito S.A. on November 12, 2024.

Exito Group´s corporate purpose is to:

- Acquire, store, transform and, in general, distribute and sell under any trading figure, including funding thereof, all kinds of goods and products, produced either locally or abroad, on a wholesale or retail basis, physically or online.

- Provide ancillary services, namely grant credit facilities for the acquisition of goods, grant insurance coverage, carry out money transfers and remittances, provide mobile phone services, trade tourist package trips and tickets, repair and maintain furnishings, complete paperwork and energy trade.

- Give or receive in lease trade premises, receive or give, in lease or under occupancy, spaces or points of sale or commerce within its trade establishments intended for the exploitation of businesses of distribution of goods or products, and the provision of ancillary services.

- Incorporate, fund or promote with other individuals or legal entities, enterprises or businesses intended for the manufacturing of objects, goods, articles or the provision of services related with the exploitation of trade establishments.

- Acquire property, build commercial premises intended for establishing stores, malls or other locations suitable for the distribution of goods, without prejudice to the possibility of disposing of entire floors or commercial premises, give them in lease or use them in any convenient manner with a rational exploitation of land approach, as well as invest in property, promote and develop all kinds of real estate projects.

- Invest resources to acquire shares, bonds, trade papers and other securities of free movement in the market to take advantage of tax incentives established by law, as well as make temporary investments in highly liquid securities with a purpose of short-term productive exploitation; enter into firm factoring agreements using its own resources; encumber its chattels or property and enter into financial transactions that enable it to acquire funds or other assets.

- In the capacity as wholesaler and retailer, distribute oil-based liquid fuels through service stations, alcohols, biofuels, natural gas for vehicles and any other fuels used in the automotive, industrial, fluvial, maritime and air transport sectors, of all kinds.

At December 31, 2023, the immediate holding company, or controlling entity of Almacenes Éxito S.A. was Casino Guichard-Perrachon S.A., which owned 47.29% (directly and indirectly) of its ordinary shares and control of its board of directors. Casino, Guichard-Perrachon S.A., is ultimately controlled by Mr. Jean-Charles Henri Naouri.

Starting from January 22, 2024 and at September 30, 2024 and as a consequence of mentioned in Note 6, the immediate holding company, or controlling entity of the Almacenes Éxito S.A. is Cama Commercial Group Corp., which owns 86.84% (directly and indirectly) of its ordinary shares. Cama Commercial Group Corp. is controlled by Clarendon Worldwide S.A., controlled by Fundación El Salvador del mundo, which is ultimately controlled by Mr. Francisco Javier Calleja Malaina.

A business group situation is registered in the Camara de Comercio de Aburrá Sur, by Almacenes Éxito S.A.

7

Note 1.1. Stock ownership in subsidiaries included in the consolidated financial statements

Below is a detail of the stock ownership in subsidiaries included in the consolidated financial statements at September 30, 2024, which are the same at December 31, 2023:

Name	Direct controlling entity	Segment	Country	Stock ownership of direct controlling entity 2024			Stock ownership in the direct parent			Total direct and indirect ownership			Total Non-controlling interest
Directly owned entities
Almacenes Éxito Inversiones S.A.S.	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		n/a			100.00	%		0.00	%
Logística, Transporte y Servicios Asociados S.A.S.	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		n/a			100.00	%		0.00	%
Marketplace Internacional Éxito y Servicios S.A.S.	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		n/a			100.00	%		0.00	%
Depósitos y Soluciones Logísticas S.A.S.	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		n/a			100.00	%		0.00	%
Fideicomiso Lote Girardot	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		n/a			100.00	%		0.00	%
Transacciones Energéticas S.A.S. E.S.P.	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		n/a			100.00	%		0.00	%
Éxito Industrias S.A.S.	Almacenes Éxito S.A.	Colombia	Colombia		97.95	%		n/a			97.95	%		2.05	%
Éxito Viajes y Turismo S.A.S.	Almacenes Éxito S.A.	Colombia	Colombia		51.00	%		n/a			51.00	%		49.00	%
Gestión Logística S.A.	Almacenes Éxito S.A.	Colombia	Panama		100.00	%		n/a			100.00	%		0.00	%
Patrimonio Autónomo Viva Malls	Almacenes Éxito S.A.	Colombia	Colombia		51.00	%		n/a			51.00	%		49.00	%
Spice Investment Mercosur S.A.	Almacenes Éxito S.A.	Uruguay	Uruguay		100.00	%		n/a			100.00	%		0.00	%
Onper Investment 2015 S.L.	Almacenes Éxito S.A.	Argentina	Spain		100.00	%		n/a			100.00	%		0.00	%
Patrimonio Autónomo Iwana	Almacenes Éxito S.A.	Colombia	Colombia		51.00	%		n/a			51.00	%		49.00	%
Indirectly owned entities
Patrimonio Autónomo Centro Comercial Viva Barranquilla	Patrimonio Autónomo Viva Malls	Colombia	Colombia		90.00	%		51.00	%		45.90	%		54.10	%
Patrimonio Autónomo Viva Laureles	Patrimonio Autónomo Viva Malls	Colombia	Colombia		80.00	%		51.00	%		40.80	%		59.20	%
Patrimonio Autónomo Viva Sincelejo	Patrimonio Autónomo Viva Malls	Colombia	Colombia		51.00	%		51.00	%		26.01	%		73.99	%
Patrimonio Autónomo Viva Villavicencio	Patrimonio Autónomo Viva Malls	Colombia	Colombia		51.00	%		51.00	%		26.01	%		73.99	%
Patrimonio Autónomo San Pedro Etapa I	Patrimonio Autónomo Viva Malls	Colombia	Colombia		51.00	%		51.00	%		26.01	%		73.99	%
Patrimonio Autónomo Centro Comercial	Patrimonio Autónomo Viva Malls	Colombia	Colombia		51.00	%		51.00	%		26.01	%		73.99	%
Patrimonio Autónomo Viva Palmas	Patrimonio Autónomo Viva Malls	Colombia	Colombia		51.00	%		51.00	%		26.01	%		73.99	%
Geant Inversiones S.A.	Spice Investment Mercosur S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Larenco S.A.	Spice Investment Mercosur S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Lanin S.A.	Spice Investment Mercosur S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Grupo Disco Uruguay S.A.(a)	Spice Investment Mercosur S.A.	Uruguay	Uruguay		76.65	%		100.00	%		76.65	%		23.35	%
Devoto Hermanos S.A.	Lanin S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Mercados Devoto S.A.	Lanin S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Costa y Costa S.A.	Lanin S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Modasian S.R.L.	Lanin S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
5 Hermanos Ltda.	Mercados Devoto S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Sumelar S.A.	Mercados Devoto S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Tipsel S.A.	Mercados Devoto S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Tedocan S.A.	Mercados Devoto S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Ardal S.A.	Mercados Devoto S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Hipervital S.A.S.	Devoto Hermanos S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Lublo	Devoto Hermanos S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Supermercados Disco del Uruguay S.A.	Grupo Disco Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Ameluz S.A.	Grupo Disco Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Fandale S.A.	Grupo Disco Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Odaler S.A.	Grupo Disco Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
La Cabaña S.R.L.	Grupo Disco Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Ludi S.A.	Grupo Disco Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Hiper Ahorro S.R.L.	Grupo Disco Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Maostar S.A.	Grupo Disco Uruguay S.A.	Uruguay	Uruguay		50.01	%		76.65	%		38.33	%		61.67	%
Semin S.A.	Supermercados Disco del Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Randicor S.A.	Supermercados Disco del Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Ciudad del Ferrol S.C.	Supermercados Disco del Uruguay S.A.	Uruguay	Uruguay		98.00	%		76.65	%		75.12	%		24.88	%
Setara S.A.	Odaler S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Mablicor S.A.	Fandale S.A.	Uruguay	Uruguay		51.00	%		76.65	%		39.09	%		60.91	%
Vía Artika S. A.	Onper Investment 2015 S.L.	Argentina	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Gelase S. A.	Onper Investment 2015 S.L.	Argentina	Belgium		100.00	%		100.00	%		100.00	%		0.00	%
Libertad S.A.	Onper Investment 2015 S.L.	Argentina	Argentina		100.00	%		100.00	%		100.00	%		0.00	%
Spice España de Valores Americanos S.L.	Vía Artika S.A.	Argentina	Spain		100.00	%		100.00	%		100.00	%		0.00	%

(a) In August and September 2023, an additional 7.5% equity stake was acquired in this subsidiary.

8

Note 1.2. Subsidiaries with material non-controlling interests

At September 30, 2024 and at December 31, 2023 the following subsidiaries have material non-controlling interests:

		Percentage of equity interest held by non-controlling interests
	Country	September 30, 2024			December 31, 2023
Patrimonio Autónomo Viva Palmas	Colombia		73.99	%		73.99	%
Patrimonio Autónomo Viva Sincelejo	Colombia		73.99	%		73.99	%
Patrimonio Autónomo Viva Villavicencio	Colombia		73.99	%		73.99	%
Patrimonio Autónomo San Pedro Etapa I	Colombia		73.99	%		73.99	%
Patrimonio Autónomo Centro Comercial	Colombia		73.99	%		73.99	%
Patrimonio Autónomo Viva Laureles	Colombia		59.20	%		59.20	%
Patrimonio Autónomo Centro Comercial Viva Barranquilla	Colombia		54.10	%		54.10	%
Patrimonio Autónomo Iwana	Colombia		49.00	%		49.00	%
Éxito Viajes y Turismo S.A.S.	Colombia		49.00	%		49.00	%
Patrimonio Autónomo Viva Malls	Colombia		49.00	%		49.00	%
Grupo Disco Uruguay S.A.	Uruguay		23.35	%		30.85	%

Note 2. Basis of preparation and disclosure and other significant accounting policies

The consolidated financial statements as of December 31, 2023, and the interim consolidated financial statements as of September 30, 2024, and for the periods ended September 30, 2024, and 2023 have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).

The interim consolidated financial statements for the periods ended September 30, 2024, and 2023 are disclosure in accordance with IAS 34 and should be read in conjunction with the consolidated financial statements as of December 31, 2023, that were disclosed in accordance with IAS 1 and do not include all the information required for a consolidated financial statement disclosure in accordance with that IAS. The notes of this interim consolidated financial statements no do no provide insignificant updates to the information that was reported in the notes to the consolidated financial statements as of December 31, 2023. Some notes have been included to explain events and transactions that are relevant to understanding the changes in Exito Group’s financial situation, as well as the operating performance since December 31, 2023, and for update the information reported in the consolidated financial statements as of December 31, 2023.

The financial statements have been prepared on a historical cost basis, except for derivative financial instruments, financial instruments and customer loyalty programs measured at fair value.

Exito Group has prepared the financial statements on the basis that it will continue to operate as a going concern.

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Note 3. Basis for consolidation

All significant transactions and material balances among subsidiaries have been eliminated upon consolidation; non-controlling interests represented by third parties’ ownership interests in subsidiaries have been recognized and separately included in the consolidated shareholders’ equity.

These consolidated financial statements include the financial statements of Almacenes Éxito S.A. and all its subsidiaries. Subsidiaries (including special-purpose vehicles) are entities over which Almacenes Éxito S.A. has direct or indirect control. Special-purpose vehicles are stand-alone trust funds (Patrimonios Autónomos, in Spanish) established with a defined purpose or limited term. A listing of subsidiaries is included in Note 1.

“Control” is the power to govern relevant activities, such as the financial and operating policies of a controlled company (subsidiary). Control is when Almacenes Éxito S.A. has power over an investee, is exposed to variable returns from its involvement and has the ability to use its power over the investee to affect its returns. Generally, there is a presumption that most voting rights results in control. To support this presumption and when the Almacenes Éxito S.A. has less than a majority of the voting or similar rights of an investee, Almacenes Éxito S.A. considers all relevant facts and circumstances in assessing whether it has power over an investee.

At the time of assessing whether Almacenes Éxito has control over a subsidiary, analysis is made of the existence and effect of currently exercisable potential voting rights. Subsidiaries are consolidated as of the date on which control is gained until Éxito ceases to control the subsidiary.

Transactions involving a change in ownership percentage without loss of control are recognized in shareholders’ equity. Cash flows provided or paid to non-controlling interests which represent a change in ownership interests not resulting in a loss of control are classified as financing activities in the statement of cash flows.

In transactions involving a loss of control, the entire ownership interest in the subsidiary is derecognized, including the relevant items of the other comprehensive income, and the retained interest is recognized at fair value. Any gain or loss arising from the transaction is recognized in profit or loss. Cash flows from the acquisition or loss of control over a subsidiary are classified as investing activities in the statement of cash flows.

Whenever a subsidiary is made available for sale or its operation is discontinued, but control over it is still maintained, its assets and liabilities are classified as assets held for sale and presented in a single line item in the statement of financial position. Results from discontinued operations are presented separately in the consolidated statement of profit or loss.

Income for the period and each component in other comprehensive income are attributed to the owners of the parent and to non-controlling interests.

In consolidating the financial statements, all subsidiaries apply the same policies and accounting principles implemented by Almacenes Éxito S.A.

Subsidiaries’ assets and liabilities, revenue and expenses, as well as Almacenes Éxito S.A ’s. revenue and expenses in foreign currency have been translated into Colombian pesos at observable market exchange rates on each reporting date and at period average, as follows:

	Closing rates (*)				Average rates (*)
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
US Dollar		4.164,21		3.822,05		3.978,76		4.325,05
Uruguayan peso		99,91		97,90		101,02		111,36
Argentine peso		4,29		4,73		4,49		16,82
Euro		4.647,50		4.222,05		4.326,11		4.675,64

(*) Expressed in Colombian pesos.

Note 4. Accounting policies

The accompanying interim consolidate financial statements at September 30, 2024 have been prepared using the same accounting policies, measurements and bases used to present the consolidate financial statements for the year ended December 31, 2023, which are duly disclosed in the consolidated financial statements presented at the closing of this year, except for new and modified standards and interpretations applied starting January 1, 2024 and for mentioned in Note 4.1.

The adoption of the new standards in force as of January 1, 2024, mentioned in Note 5.1., did not result in significant changes in these accounting policies as compared to those applied in preparing the consolidated financial statements at December 31, 2023 and no significant effect resulted from adoption thereof.

Nota 4.1. Voluntary changes in accounting policies

Starting on January 1, 2024, Exito Group made a voluntary change in its inventory valuation policy by changing from the first-in, first-out (FIFO) method to the Average Cost method.

The Average Cost valuation method is practical, concise, and aligns with assertions of integrity and accuracy in inventory valuation balances. The voluntary change is supported by the belief that the Average Cost method provides a more consistent and stable valuation, offering a clearer economic understanding of profitability in current circumstances, this facilitates more informed decisions regarding pricing, purchase volumes, and inventory management. The method promises a more accurate description of the actual cost of goods sold during the period by considering (a) inflation effects on inventory costs, (b) the impact of inventory turnover on the cost of sales, (d) uniform distribution of inventory cost fluctuations over the period, and (d) avoidance of volatile outcomes inherent in the FIFO method during periods of price fluctuations (year-end or anniversary promotional events).

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The minor impact of this change on earnings (loss) per share and net income (loss) for the periods ended September 30, 2024, and 2023 and on the inventory and cost of sales accounts at December 31, 2023, is as follows:

	Periods ended September 30,
	2024						2023						December 31, 2023
	Earnings per share (expressed in Colombian pesos)			Net income			(Loss) per share (expressed in Colombian pesos)			Net (loss)			Inventories			Cost of sales
Adjustment		3,56			4,616			(3,79	)		(4,921	)		13,568			(2,668	)
Percentage		13.35	%		13.35	%		3.68	%		3.68	%		0.57	%		0.66	%

Note 5. Adoption of new standards, amendments to and interpretations of existing standards issued by the IASB.

Note 5.1. New and amended standards and interpretations.

Éxito Group applied amendments and new interpretations to IFRS as issued by IASB, which were effective for accounting periods beginning on or after January 1, 2024. The new standards adopted are as follows:

Statement	Description	Applicable periods / impact
Amendment to IAS 1 – Non-current Liabilities with Covenants	This amendment, which amends IAS 1– Presentation of Financial Statements, aims to improve the information companies provide on long-term covenanted debt by enabling investors to understand the risk of early repayment of debt. IAS 1 requires a company to classify debt as non-current only if the company can avoid settling the debt within 12 months of the reporting date. However, a company’s ability to do so is often contingent on compliance with covenants. For example, a business might have long-term debt that could be repayable within 12 months if the business defaults in that 12-month period. The amendment requires a company to disclose information about these covenants in the notes to the financial statements.	These changes did not have any impact in the financial statements. Before the issuance of this Amendment, Éxito Group reviewed non-financial covenants to disclosure its compliance.
Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback.	This Amendment, which amends IFRS 16 – Leases, guides at the subsequent measurement that a company must apply when it sells an asset and subsequently leases the same asset to the new owner for a period. IFRS 16 includes requirements on how to account for a sale with leaseback on the date the transaction takes place. However, this standard had not specified how to measure the transaction after that date. These amendments will not change the accounting for leases other than those arising in a sale-leaseback transaction.	These changes did not have any impact in the financial statements.
Amendment to IAS 7 and IFRS 17 - Supplier finance arrangements.	This Amendment, which amends IAS 7 - Statement of Cash Flows and IFRS 7 - Financial Instruments: Disclosures, aims to enhance the disclosure requirements regarding supplier financing agreements. It enables users of financial statements to assess the effects of such agreements on the entity’s liabilities and cash flows, as well as the entity’s exposure to liquidity risk. The Amendment requires the disclosure of the amount of liabilities that are part of the agreements, disaggregating the amounts for which financing providers have already received payments from the suppliers, and indicating where the liabilities are presented in the balance sheet. Additionally, it mandates the disclosure of terms and conditions, payment maturity date ranges, and liquidity risk information. Supplier financing agreements are characterized by one or more financing providers offering to pay amounts owed by an entity to its suppliers, according to the terms and conditions agreed upon between the entity and its supplier.	These changes did not have any impact in the financial statements. Before the issuance of this Amendment, Exito Group disclosed these liabilities.

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Statement	Description	Applicable periods / impact
IFRS S1 - General Requirements for Disclosure of Sustainability-related Financial Information.	The objective of IFRS S1 - General Requirements for the Disclosure of Sustainability–related Financial Information, is to require an entity to disclose information about all risks and opportunities related to sustainability that could reasonably be expected to affect the entity’s cash flows, its access to financing, or the cost of capital in the short, medium, or long term. These risks and opportunities are collectively referred to as “sustainability-related risks and opportunities that could reasonably be expected to affect the entity’s prospects.” The information is expected to be useful for the primary users of general-purpose financial reports when making decisions related to providing resources to the entity.	In the financial statements at December 31, 2024, should be presented the disclosures related of this IFRS S1
IFRS 2 - Climate-related Disclosures	The objective of IFRS S2 - Climate-related Disclosures, is to require an entity to disclose information about all risks and opportunities related to climate that could reasonably be expected to affect the entity’s cash flows, its access to financing, or the cost of capital in the short, medium, or long term (collectively referred to as “climate information”). The information is expected to be useful for the primary users of general-purpose financial reports when making decisions related to providing resources to the entity.	In the financial statements at December 31, 2024, should be presented the disclosures related of this IFRS S2.

Note 5.2. New and revised standards and interpretations issued and not yet effective

Exito Group has not early adopted the following new and revised IFRSs, which have already been issued but not yet in effect up to the date of the issuance of the consolidated financial statements:

Statement	Description	Applicable periods
Amendment to IAS 21 – Lack of Exchangeability	This Amendment, which amends IAS 21 – The Effects of Changes in Foreign Exchange Rates, aims to establish the accounting requirements for when one currency is not exchangeable for another currency, specifying the exchange rate to be used and the information that should be disclosed in the financial statements. The Amendment will allow companies to provide more useful information in their financial statements and will assist investors in addressing an issue not previously covered in the accounting requirements for the effects of exchange rate variations.	January 1, 2025, with early adoption permitted. No material effects are expected from the application of this Amendment.
IFRS 18 - Presentation and Disclosure in Financial Statements	This standard replaces IAS 1 - Presentation of Financial Statements, transferring many of its requirements without any changes. Its objective is to help investors analyze the financial performance of companies by providing more transparent and comparable information to make better investment decisions. This IFRS introduces three sets of new requirements: a. Improvement of the comparability of the income statement: Currently, there is no specific structure for the income statement. The companies choose the subtotals they wish to include, declaring an operating result, but the way it is calculated is different from one company to another, reducing comparability. The standard introduces three defined categories of income and expenses (operating, investing, and financing) to enhance the structure of the income statement and requires all companies to present new defined subtotals. b. Transparency of performance measures defined for the management.: most companies do not provide enough information for investors to understand how the performance measures are calculated and how is the relation with the subtotals in the income statement. The standard requires that the companies disclose explanations about specific measures concerning with the income statement, referred to as performance measures defined for the management. c. A more useful information in the financial statements: investors’ analysis of results is hindered if the information disclosed is either overly summarized or t much detailed. The standard provides detailed guidance about order of information and its disclosure in the main financial statements or in notes.	January 1, 2027, with early adoption permitted. No material effects are expected from the application of this IFRS.

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Statement	Description	Applicable periods
IFRS 19 - Subsidiaries without Public Accountability: Disclosures	It allows for the simplification of reporting systems and processes for companies, reducing the costs of preparing the financial statements of subsidiaries while maintaining the usefulness of those financial statements for their users. Subsidiaries that apply the IFRS for SMEs or national accounting standards for preparing their financial statements often have two sets of accounting records because the requirements of these SMEs Standards differ from IFRS. This standard will solve these challenges in the following ways: - Allowing subsidiaries to have a single set of accounting records to satisfice the needs of both their parent company and the users of their financial statements. - Reducing disclosure requirements and adopting them to the needs of the users of their financial statements. A subsidiary applies IFRS 19 if and only if: a. The subsidiary does not disclose account to the market (generally, it is not traded and is not a financial institution); and b. The intermediate or ultimate parent company discloses consolidated financial statements that are available tie the market and comply with IFRS.	January 1, 2027. No material effects are expected from the application of this IFRS because it is related with subsidiaries that use IFRS for SMEs or national accounting standards.
Amendments to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments	This Amendment clarifies the classification of financial assets with environmental, social, and governance characteristics and similar attributes. According to the characteristics of contractual cash flows, there is confusion about whether these assets should be measured at amortized cost or fair value. With these modifications, IASB has introduced additional disclosure requirements to improve transparency for investors regarding investments in equity instruments designated at fair value through other financial assets and comprehensive income with contingent characteristics, such as aspects related to environmental, social, and governance issues. Additionally, these Amendments clarify the derecognition requirements for the settlement of financial assets or liabilities through electronic payment systems. The modifications clarify the date on which a financial asset or liability is derecognized. IASB also developed an accounting policy that allows derecognize a financial liability before delivering cash on the settlement date if the following criteria are met: (a) the entity does not have the ability to withdraw, stop, or cancel the payment instructions; (b) the entity does not have the ability to access the cash that will be used for the payment instruction; and (c) there is no significant risk associated with the electronic payment system.	January 1, 2026. No material effects are expected from the application of these Amendments.
Annual improvements to IFRS standards	This document issues several minor amendments to the following standards: IFRS 1 First-time Adoption, IFRS 7 Financial Instruments: Disclosures, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows. The issued amendments include clarifications, precisions regarding cross-referencing of standards and obsolete references, changes to normative examples, and revisions to certain wording in some paragraphs. The aim of these changes is to enhance the understandability of these standards and to avoid ambiguities in their interpretation.	January 1, 2026. with early adoption permitted. No material effects are expected from the application of these Amendments

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Note 6. Relevant facts

Change in controlling entity

On January 22, 2024, 86.84% of the common shares of Almacenes Éxito S.A. were awarded to Cama Commercial Group Corp. as a result of the completion of the tender offer that this company had signed with Grupo Casino and Companhia Brasileira de Distribuição S.A. – CBD at October 13, 2023. With this award, Cama Commercial Group Corp. became the immediate holding of Almacenes Éxito S.A.

Note 7. Cash and cash equivalents

The balance of cash and cash equivalents is shown below:

	September 30, 2024		December 31, 2023
Cash at banks and on hand		763,204		1,477,368
Term deposit certificates and TES (1)		65,345		7,244
Fiduciary rights – money market like (2)		51,316		22,266
Funds		1,413		1,318
Other cash equivalents		-		9
Total cash and cash equivalents		881,278		1,508,205

(1) The increase corresponds to simultaneous transactions of securities settled within 1 business day with Corredores Asociados S.A.

(2) The balance is as follows:

	September 30, 2024		December 31, 2023
Corredores Davivienda S.A.		32,704		172
Fiducolombia S.A.		12,480		18,549
Fondo de Inversión Colectiva Abierta Occirenta		3,594		167
BBVA Asset S.A.		2,062		165
Fiduciaria Bogota S.A.		465		2,600
Credicorp Capital		11		613
Total fiduciary rights		51,316		22,266

The increase corresponds to new fiduciary rights to be used in Exito Group’s real estate operation.

At September 30, 2024, Exito Group recognized interest income from cash at banks and cash equivalents in the amount of $24,017 (September 30, 2023 - $33,941), which were recognized as financial income as detailed in Note 32.

At September 30, 2024 and at December 31, 2023, cash and cash equivalents were not restricted or levied in any way as to limit availability thereof.

Note 8. Trade receivables and other account receivables

The balance of trade receivables and other account receivables is shown below:

	September 30, 2024		December 31, 2023
Trade receivables (Note 8.1.)		326,611		466,087
Other account receivables (Note 8.2.)		232,699		251,182
Total trade receivables and other account receivables		559,310		717,269
Current		548,741		704,931
Non-Current		10,569		12,338

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Note 8.1. Trade receivables

The balance of trade receivables is shown below:

	September 30, 2024			December 31, 2023
Trade accounts		262,621			391,552
Sale of real-estate project inventories		40,194			39,277
Rentals and dealers		34,224			41,122
Employee funds and lending		4,022			3,799
Allowance for expected credit loss		(14,450	)		(9,663	)
Trade receivables		326,611			466,087

An analysis is performed at each reporting date to estimate expected credit losses. The allowance rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., product type and customer rating). The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events and current conditions. Generally, trade receivables and other accounts receivable are written-off if past due for more than one year.

The allowance for expected credit loss is recognized as expense in profit or loss. During the period ended September 30, 2024, the net effect of the allowance for expected credit loss on the statement of profit or loss represents expense of $11,515 ($3,514 - expense for the period ended of September 30, 2023).

The movement in the allowance for expected credit losses during the periods was as follows:

Balance at December 31, 2022	22,882
Additions (Note 29)	17,357
Reversal of allowance for expected credit losses (Note 31)	(13,843	)
Write-off of receivables	(8,036	)
Effect of exchange difference from translation into presentation currency	(4,340	)
Balance at September 30, 2023	14,020

Balance at December 31, 2023	9,663
Additions (Note 29)	30,119
Reversal of allowance for expected credit losses (Note 31)	(18,604	)
Write-off of receivables	(6,544	)
Effect of exchange difference from translation into presentation currency	(184	)
Balance at September 30, 2024	14,450

Note 8.2. Other receivables

	September 30, 2024		December 31, 2023
Business agreements (1)		99,531		123,932
Recoverable taxes		68,282		51,340
Other loans or advances to employees		35,641		33,142
Money remittances		4,786		18,892
Maintenance fees		3,058		2,649
Sale of property, plant, and equipment		1,892		141
Long-term receivable		1,716		3,598
Money transfer services		1,489		653
Other		16,304		16,835
Total other account receivables		232,699		251,182

(1) The variation corresponds mainly to the decrease in the account receivable from Caja de Compensación Familiar - Cafam related to family subsidies in amount of $20,666. Additionally, there was a reduction in account receivable from agreements with companies that provide benefits to their associates in amount of $8,500.

15

Note 9. Prepayments

The balance of prepayments is shown below:

	September 30, 2024		December 31, 2023
Insurance		21,144		23,457
Leases (1)		12,407		6,705
Maintenance		6,054		2,739
Advertising		2,882		5,770
Other prepayments		4,621		7,660
Total prepayments		47,108		46,331
Current		35,498		41,515
Non-Current		11,610		4,816

1) Corresponds to the leases paid in advance of the following real estate:

	September 30, 2024		December 31, 2023
Almacén Carulla Castillo Grande		7,104		-
Almacén Éxito San Martín		3,302		3,583
Proyecto Arábica		36		36
Miscellaneous stores		1,965		3,086
Total leases		12,407		6,705

Note 10. Related parties

As mentioned in the control´s change in Note 6, the next companies are considered as related parties, which ones, at the date of this financial statements there were not transactions:

- Fundación Salvador del mundo;

- N1 Investments, Inc.;

- Clarendon Wolrwide S.A.;

- Avelan Enterprise, Ltd.;

- Foresdale Assets, Ltd.;

- Invenergy FSRU Development Spain S.L.;

- Talgarth Trading Inc.;

- Calleja S. A. de C.V.

- Camma Comercial Group. Corp.

Note 10.1. Significant agreements

Transactions with related parties refer mainly to transactions between Exito Group and its joint ventures and other related entities and were substantially made and accounted for in accordance with the prices, terms and conditions agreed upon between the parties, in market conditions and there were not free services. The agreements are detailed as follows:

- Puntos Colombia S.A.S.: Agreement providing for the terms and conditions for the redemption of points collected under their loyalty program, among other services.

- Compañía de Financiamiento Tuya S.A.: Partnership agreements to promote (i) the sale of products and services offered by Exito Group through credit cards, (ii) the use of these credit cards in and out of Exito Group stores and (iii) the use of other financial services agreed between the parties inside Exito Group stores.

- Sara ANV S.A.: Agreement providing for the terms and conditions for the sale of services.

Note 10.2. Transactions with related parties

Transactions with related parties relate to revenue from services, as well as to costs and expenses related to services received.

As mentioned in Note 1, at September 30, 2024, the controlling entity of Almacenes Éxito S.A. is Cama Commercial Group Corp. At December 31, 2023, the controlling entity of Almacenes Éxito S.A. was Casino Guichard-Perrachon S.A.

The amount of revenue arising from transactions with related parties is as follows:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Joint ventures (1)		40,803		49,061		12,978		17,026
Casino Group Companies (2)		-		2,767		-		1,335
Total		40,803		51,828		12,978		18,361

(1) The amount of revenue with each joint venture is as follows:

16

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Compañía de Financiamiento Tuya S.A.
Commercial activation recovery		30,722		37,686		9,727		12,751
Yield on bonus, coupons and energy		5,062		5,737		1,829		2,113
Lease of real estate		3,174		3,019		1,009		966
Services		544		1,097		103		603
Total		39,502		47,539		12,668		16,433
Puntos Colombia S.A.S.
Services		774		1,301		165		372
Sara ANV S.A.
Services		527		221		145		221
Total		40,803		49,061		12,978		17,026

(2) Revenue mainly relates to the provision of services and rebates from suppliers.

Revenue by each company is as follows:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Relevanc Colombia S.A.S.		-		1,935		-		808
Casino International		-		715		-		527
Casino Services		-		77		-		-
Distribution Casino France		-		40		-		-
Total		-		2,767		-		1,335

The amount of costs and expenses arising from transactions with related parties is as follows:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Key management personnel (1)		95,955		68,672		11,644		23,280
Joint ventures (2)		86,565		82,482		29,486		28,155
Members of the Board		467		2,434		24		786
Casino Group Companies (3)		-		8,143		-		1,196
Controlling entity		-		10,849		-		2,909
Total cost and expenses		182,987		172,580		41,154		56,326

(1) Transactions between Exito Group and key management personnel, including legal representatives and/or administrators, mainly relate to labor agreements executed by and between the parties.

Compensation of key management personnel is as follows:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Short-term employee benefits		95,129		65,432		11,400		20,762
Post-employment benefits		826		1,034		244		312
Termination benefits		-		2,206		-		2,206
Total key management personnel compensation		95,955		68,672		11,644		23,280

17

(2) The amount of costs and expenses with each joint venture is as follows:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Compañía de Financiamiento Tuya S.A.
Commissions on means of payment		8,610		10,005		2,603		3,281
Puntos Colombia S.A.S.
Cost of customer loyalty program		77,955		72,477		26,883		24,874
Total		86,565		82,482		29,486		28,155

(3) Costs and expenses accrued mainly arise from intermediation in the import of goods and consultancy services.

Costs and expenses by each company are as follows:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Distribution Casino France		-		3,425		-		484
Euris		-		1,393		-		428
International Retail Trade and Services IG.		-		1,194		-		158
Casino Services		-		1,166		-		73
Companhia Brasileira de Distribuição S.A. – CBD		-		549		-		-
Relevanc Colombia S.A.S.		-		405		-		42
Cdiscount S.A.		-		11		-		11
Total costos y gastos		-		8,143		-		1,196

Note 10.3. Receivable and Other non-financial assets from related parties

The balance of receivables and other non-financial assets with related parties is as follows:

	Receivable				Other non-financial assets
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Joint ventures (1)		31,969		44,634		542		52,500
Casino Group companies (2)		-		5,945		-		-
Controlling entity		-		1,566		-		-
Current		31,969		52,145		-		-
Non-Current		-		-		542		52,500

(1) The balance of receivables by each joint ventures and by each concept:

- Receivables:

	September 30, 2024		December 31, 2023
Compañía de Financiamiento Tuya S.A.
Reimbursement of shared expenses, collection of coupons and other		4,586		4,697
Other services		107		1,784
Total		4,693		6,481
Puntos Colombia S.A.S.
Redemption of points		27,218		37,926
Sara ANV S.A.
Other services		58		227
Total receivables		31,969		44,634

- Other non-financial assets:

The amount of $542 as of September 30, 2024, corresponds to payments made to Sara ANV S.A. for the subscription of shares. The amount of $52,500 as of December 31, 2023, corresponded to payments made to Compañía de Financiamiento Tuya S.A. for the subscription of shares that have not been recognized in its equity because authorization had not been obtained from the Superintendencia Financiera de Colombia; during 2024, authorization was obtained to register the equity increase.

18

(2) Receivable from Casino Group companies represents reimbursement for payments to expats, supplier agreements and energy efficiency solutions.

	September 30, 2024		December 31, 2023
Casino International		-		3,224
Relevanc Colombia S.A.S.		-		1,082
Companhia Brasileira de Distribuição S.A. – CBD		-		822
International Retail and Trade Services		-		810
Casino Services		-		7
Total Casino Group companies		-		5,945

Note 10.4. Payables to related parties

The balance of payables to related parties is shown below:

	September 30, 2024		December 31, 2023
Joint ventures (1)		40,122		44,032
Controlling entity		-		10,581
Casino Group companies (2)		-		1,004
Total		40,122		55,617

(1) The balance of payables by each joint venture is as follows:

	September 30, 2024		December 31, 2023
Puntos Colombia S.A.S (a)		40,076		43,986
Compañía de Financiamiento Tuya S.A.		46		44
Sara ANV S.A.		-		2
Total accounts payable to joint ventures		40,122		44,032

(a) Represents the balance arising from points (accumulations) issued.

(2) Payables to Casino Group companies such as intermediation in the import of goods, and consulting and technical assistance services.

	September 30, 2024		December 31, 2023
Casino Services		-		885
International Retail and Trade Services IG		-		91
Other		-		28
Total Casino Group companies		-		1,004

Note 10.5. Collections on behalf of third parties with related parties

The balance of collections on behalf of third parties with related parties is as follows:

	September 30, 2024		December 31, 2023
Joint ventures (1)		17,968		26,515

(1) Mainly represents collections received from customers related to the use of Tarjeta Éxito card, owned by Compañía de Financiamiento Tuya S.A. (Note 25).

Note 11. Inventories, net and Cost of sales

Note 11.1. Inventories, net

The balance of inventories is as follows:

	September 30, 2024		December 31, 2023
Inventories (1)		2,756,886		2,352,735
Inventories in transit		94,715		22,312
Raw materials		41,199		28,367
Real estate project inventories (2)		22,641		18,003
Materials, spares, accessories and consumable packaging		15,661		15,884
Production in process		9		102
Total inventories, net		2,931,111		2,437,403

19

(1) The movement of the losses on inventory obsolescence and damages, included as lower value in inventories, during the reporting periods is shown below:

Balance at December 31, 2022	13,150
Loss recognized during the period (Note 11.2.)	7,634
Effect of exchange difference from translation into presentation currency	(1,724	)
Balance at September 30, 2023	19,060

Balance at December 31, 2023	19,583
Loss recognized during the period (Note 11.2.)	11,093
Effect of exchange difference from translation into presentation currency	(115	)
Balance at September 30, 2024	30,561

(2) For 2024, represents López de Galarza real estate project for $776 (December 31, 2023 - $776) and Éxito Occidente real estate project for $14,809 (December 31, 2023 - $17,227), Éxito La Colina real estate project for $3,047 and Éxito Montería Centro real estate project for $4,009.

At September 30, 2024, and at December 31, 2023, there are no restrictions or liens on the sale of inventories.

Note 11.2. Cost of sales

The following is the information related with the cost of sales, allowance for losses on inventory obsolescence and damages, and allowance reversal on inventories:

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
Cost of goods sold (1)		13,124,289			13,015,356			4,452,335			4,306,084
Trade discounts and purchase rebates		(2,158,671	)		(2,040,273	)		(746,918	)		(689,206	)
Logistics costs (2)		503,535			476,868			167,572			165,385
Damage and loss		204,201			194,949			78,230			66,204
Loss recognized during the period (Note 11.1)		11,093			7,634			4,829			3,140
Total cost of sales		11,684,447			11,654,534			3,956,048			3,851,607

(1) For the period ended September 30, 2024, includes $21,986 of depreciation and amortization cost (September 30, 2023 - $22,013).

(2) The detail is shown below:

	January 1 to September 30						July 1 to September 30
	2024			2023			2024		2023
Employee benefits		280,965			260,492			94,218		88,584
Services		144,649			141,123			44,802		50,226
Depreciations and amortizations		60,408			57,119			20,732		19,270
Repairs and maintenance		4,472			5,516			1,489		1,624
Upload and download operators		4,431			4,213			1,661		1,467
Packaging and marking materials		4,084			4,922			1,286		2,074
Leases		3,831			3,274			1,293		1,368
Fuels		2,296			1,338			805		440
Insurance		474			579			173		234
Other		(2,075	)		(1,708	)		1,113		98
Total logistics costs		503,535			476,868			167,572		165,385

Note 12. Financial assets

The balance of financial assets is shown below:

	September 30, 2024		December 31, 2023
Financial assets measured at fair value through other comprehensive income (1)		23,807		23,964
Derivative financial instruments (2)		5,752		-
Financial assets measured at fair value through profit or loss		465		546
Derivative financial instruments designated as hedge instruments (3)		26		2,378
Financial assets measured at amortized cost		-		578
Total financial assets		30,050		27,466
Current		5,825		2,452
Non-Current		24,225		25,014

20

(1) Financial assets measured at fair value through other comprehensive income are equity investments not held for sale. The detail of these investments is as follows:

	September 30, 2024		December 31, 2023
Investments in bonds		13,149		13,288
Cnova N.V.		9,222		9,222
Fideicomiso El Tesoro etapa 4A y 4C 448		1,206		1,206
Associated Grocers of Florida, Inc.		113		113
Central de abastos del Caribe S.A.		71		71
La Promotora S.A.		32		50
Sociedad de acueducto, alcantarillado y aseo de Barranquilla S.A. E.S.P.		14		14
Total financial assets measured at fair value through other comprehensive income		23,807		23,964

(2) Derivative relates to forward of exchange rates. The fair value of these instruments is determined based on valuation models used by market participants.

At September 30, 2024, relates to the following transactions:

	Nature of risk hedged	Hedged item	Rate of hedged item	Average rates for hedge instruments	Fair value
Forward	Exchange rate	Foreign currency liabilities	USD / COP EUR / COP	1 USD / $4,441.68 1 EUR / $4,552.33		5,752

The detail of maturities of these instruments at September 30, 2024, is shown below:

	Less than 1 month		From 1 to 3 months		From 3 to 6 months		From 6 to 12 months		More than 12 months		Total
Forward		1,846		3,005		901		-		-		5,752

(3) Derivative instruments designated as hedging instrument relates to forward of exchange rate. The fair value of these instruments is determined based on valuation models used by market participants.

At September 30, 2024, relates to the following transactions:

	Nature of risk hedged	Hedged item	Range of rates for hedged item		Range of rates for hedge instruments		Rate of hedged item	Average rates for hedge instruments	Fair value
Forward	Exchange rate	Loans and borrowings		-		-	USD / COP	1 USD / $4,200.51		26

The detail of maturities of these hedge instruments at September 30, 2024, is shown below:

	Less than 1 month		From 1 to 3 months		From 3 to 6 months		From 6 to 12 months		More than 12 months		Total
Forward		26		-		-		-		-		26

21

At December 31, 2023, relates to the following transactions:

	Nature of risk hedged	Hedged item	Range of rates for hedged item	Range of rates for hedge instruments			Fair value
Swap	Interest rate	Loans and borrowings	IBR 3M		9.0120	%		2,378

The detail of maturities of these hedge instruments at December 31, 2023, is shown below:

	Less than 1 month		From 1 to 3 months		From 3 to 6 months		From 6 to 12 months		More than 12 months		Total
Swap		998		-		871		509		-		2,378

At September 30, 2024, and at December 31, 2023, there are no restrictions or liens on financial assets that restrict their sale, except for judicial deposits relevant to the subsidiaries Libertad S.A. and Grupo Disco del Uruguay S.A. in amount of $47 (December 31, 2023 - $74), included within the line item Financial assets measured at fair value through profit or loss.

None of the assets were impaired at September 30, 2024, and at December 31, 2023.

Note 13. Property, plant and equipment, net

	September 30, 2024			December 31, 2023
Land		1,275,278			1,145,625
Buildings		2,321,555			2,149,905
Machinery and equipment		1,261,348			1,204,968
Furniture and fixtures		803,162			751,496
Assets under construction		77,892			48,456
Installations		192,583			183,485
Improvements to third-party properties		773,805			768,322
Vehicles		27,536			23,148
Computers		425,603			389,756
Other property, plant and equipment		289			289
Total property, plant and equipment, gross		7,159,051			6,665,450
Accumulated depreciation		(2,937,002	)		(2,590,675	)
Impairment		(4,529	)		(5,010	)
Total property, plant and equipment, net		4,217,520			4,069,765

22

The movement of the cost of property, plant and equipment, accumulated depreciation and impairment loss during the reporting periods is shown below:

Cost	Land			Buildings			Machinery and equipment			Furniture and fixtures			Assets under construction			Installations			Improvements to third party properties			Vehicles			Computers			Other property, plant and equipment		Total
Balance at December 31, 2022		1,278,822			2,348,627			1,176,246			789,622			50,305			197,097			776,293			28,712			404,938			16,050		7,066,712
Additions		51,490			20,290			78,523			34,778			68,781			2,315			23,492			584			25,330			-		305,583
Acquisitions through business combinations		-			-			310			71			77			2,367			-			-			4			-		2,829
(Decrease) Increase from movements between property, plant and equipment accounts		-			(62	)		2,455			(13,771	)		(10,126	)		2,530			18,725			-			249			-		-
(Decreases) by transfer (to) other balance sheet accounts – investment property		-			-			-			-			(345	)		-			-			-			-			-		(345	)
Disposals and derecognition		-			(1	)		(24,501	)		(8,623	)		(2,798	)		(1,603	)		(3,209	)		(1,229	)		(6,006	)		-		(47,970	)
Effect of exchange differences on translation into presentation currency		(195,433	)		(258,889	)		(48,124	)		(50,082	)		(10,488	)		(25,811	)		(45,416	)		(7,780	)		(40,264	)		-		(682,287	)
(Decrease) increase from transfers (to) from other balance sheet accounts - tax assets		-			3,420			(8,270	)		(2,818	)		(7,189	)		-			(553	)		714			(2,613	)		-		(17,309	)
(Decrease) from transfers (to) other balance sheet accounts - inventories		(2,464	)		(2,198	)		-			-			-			-			-			-			-			-		(4,662	)
Increases by transfer from other balance sheet accounts - intangibles		-			-			63			-			-			-			-			-			1,283			-		1,346
Hyperinflation adjustments		121,862			161,991			23,618			22,729			(128	)		-			-			8,592			24,674			-		363,338
Balance at September 30, 2023		1,254,277			2,273,178			1,200,320			771,906			88,089			176,895			769,332			29,593			407,595			16,050		6,987,235
Balance at December 31, 2023		1,145,625			2,149,905			1,204,968			751,496			48,456			183,485			768,322			23,148			389,756			289		6,665,450
Additions		1,843			2,027			41,733			29,413			47,700			3,323			9,894			258			9,943			-		146,134
Increase (decrease) from movements between property, plant and equipment accounts		-			-			7,872			6,089			(17,066	)		2,956			-			-			149			-		-
Disposals and derecognition		(152	)		-			(16,512	)		(5,561	)		(653	)		(884	)		(10,293	)		(294	)		(1,928	)		-		(36,277	)
Effect of exchange differences on translation into presentation currency		(8,474	)		(10,939	)		(88	)		444			298			3,703			6,309			(882	)		(1,793	)		-		(11,422	)
(Decrease) by transfer (to) other balance sheet accounts - intangibles		-			-			-			-			(847	)		-			-			-			-			-		(847	)
Decrease) from transfers (to) other balance sheet accounts - inventories		(2,760	)		(6,267	)		(7	)		-			-			-			-			-			-			-		(9,034	)
(Decrease) from transfers (to) other balance sheet accounts - tax assets		-			-			(4,647	)		(3,290	)		(118	)		-			(427	)		-			(823	)		-		(9,305	)
Hyperinflation adjustments		139,196			186,829			28,029			24,571			122			-			-			5,306			30,299			-		414,352
Balance at September 30, 2024		1,275,278			2,321,555			1,261,348			803,162			77,892			192,583			773,805			27,536			425,603			289		7,159,051

23

Accumulated depreciation	Buildings			Machinery and equipment			Furniture and fixtures			Installations			Improvements to third party properties			Vehicles			Computers			Other property, plant and equipment		Total
Balance at December 31, 2022		604,747			667,593			541,405			117,623			362,411			22,794			265,050			6,373		2,587,996
Depreciation		39,490			69,974			47,471			9,029			29,763			1,479			28,353			591		226,150
Depreciation through business combinations		-			46			4			73			-			-			-			-		123
Disposals and derecognition		109			(18,177	)		(7,089	)		(801	)		(822	)		(1,101	)		(5,350	)		-		(33,231	)
Effect of exchange differences on translation into presentation currency		(93,323	)		(36,508	)		(39,570	)		(15,787	)		(17,342	)		(6,644	)		(36,305	)		-		(245,479	)
(Decreases) by transfer (to) other balance sheet accounts – inventories		(660	)																						(660	)
Other		151			(22	)		-			-			-			-			-			-		129
Hyperinflation adjustments		64,773			18,932			15,880			-			-			6,155			23,401			-		129,141
Balance at September 30, 2023		615,287			701,838			558,101			110,137			374,010			22,683			275,149			6,964		2,664,169
Balance at December 31, 2023		575,427			702,416			552,182			105,595			372,997			17,920			264,134			4		2,590,675
Depreciation		39,399			68,457			42,495			9,191			30,348			957			28,524			-		219,371
Disposals and derecognition		-			(12,884	)		(3,892	)		(563	)		(6,743	)		(289	)		(1,918	)		-		(26,289	)
Effect of exchange differences on translation into presentation currency		(4,932	)		(298	)		868			2,071			2,249			(669	)		(1,663	)		-		(2,374	)
(Decreases) by transfer (to) other balance sheet accounts – inventories		(1,977	)		(1	)		-			-			-			-			-			-		(1,978	)
Hyperinflation adjustments		80,533			23,736			19,718			-			-			5,177			28,433			-		157,597
Balance at September 30, 2024		688,450			781,426			611,371			116,294			398,851			23,096			317,510			4		2,937,002

Impairment	Land		Buildings			Machinery and equipment		Furniture and fixtures		Assets under construction		Installations		Improvements to third party properties			Vehicles		Computers		Other property, plant and equipment		Total
Balance at December 31, 2022		-		110			-		-		-		-		4,326			-		-		-		4,436
Reversal of Impairment losses		-		-			-		-		-		-		(110	)		-		-		-		(110	)
Impairment derecognition		-		(110	)		-		-		-		-		-			-		-		-		(110	)
Effect of exchange differences on translation into presentation currency		-		-			-		-		-		-		(548	)		-		-		-		(548	)
Balance at September 30, 2023		-		-			-		-		-		-		3,668			-		-		-		3,668
Balance at December 31, 2023		-		-			-		-		-		-		5,010			-		-		-		5,010
Reversal of Impairment losses		-		-			-		-		-		-		(590	)		-		-		-		(590	)
Effect of exchange differences on translation into presentation Currency		-		-			-		-		-		-		109			-		-		-		109
Balance at September 30, 2024		-		-			-		-		-		-		4,529			-		-		-		4,529

Assets under construction are represented by those assets in process of construction and process of assembly not ready for their intended use as expected by Exito Group management, and on which costs directly attributable to the construction process continue to be capitalized if they are qualifying assets.

The cost of property, plant and equipment does not include the balance of estimated dismantling and similar costs, based on the assessment and analysis made by the Exito Group which concluded that there are no contractual or legal obligations at acquisition.

At September 30, 2024 and at December 31, 2023 no restrictions or liens have been imposed on items of property, plant and equipment that limit their sale, and there are no commitments to acquire, build or develop property, plant and equipment.

At September 30, 2024 and at December 31, 2023, property, plant and equipment have no residual value that affects depreciable amount.

At September 30, 2024 and at December 31, 2023, the Exito Group has insurance for cover the loss ‘risk over this property, plant and equipment.

24

Note 13.1 Additions to property, plant and equipment for cash flow presentation purposes.

	January 1 to September 30
	2024			2023
Additions		146,134			305,583
Additions to trade payables for deferred purchases of property, plant and equipment		(184,986	)		(320,452	)
Payments for deferred purchases of property, plant and equipment		250,318			372,620
Acquisition of property, plant and equipment in cash		211,466			357,751

Note 14. Investment property, net

Exito Group’s investment properties are business premises and land held to generate income from operating leases or future appreciation of their value.

The net balance of investment properties is shown below:

	September 30, 2024			December 31, 2023
Land		283,391			263,172
Buildings		1,896,151			1,671,190
Constructions in progress		32,091			22,613
Total cost of investment properties		2,211,633			1,956,975
Accumulated depreciation		(396,732	)		(295,673	)
Impairment		(7,957	)		(7,957	)
Total investment properties, net		1,806,944			1,653,345

The movement of the cost of investment properties and accumulated depreciation during the reporting periods is shown below:

Cost	Land			Buildings			Constructions in progress			Total
Balance at December 31, 2022		312,399			1,744,190			109,563			2,166,152
Additions		-			3,569			31,984			35,553
Increase from transfers from property, plant and equipment		-			345			-			345
Increase (decrease) from movements between investment properties accounts		-			124,297			(124,297	)		-
Effect of exchange differences on the translation into presentation currency		(32,770	)		(267,889	)		(697	)		(301,356	)
Hyperinflation adjustments		18,536			203,247			523			222,306
Other		-			(30	)		(1,127	)		(1,157	)
Balance at September 30, 2023		298,165			1,807,729			15,949			2,121,843
Balance at December 31, 2023		263,172			1,671,190			22,613			1,956,975
Additions		-			2,308			21,372			23,680
Increase (decrease) from movements between investment properties accounts		-			11,857			(11,857	)		-
(Disposals and derecognition)		-			-			(575	)		(575	)
Effect of exchange differences on the translation into presentation currency		(953	)		(22,265	)		(59	)		(23,277	)
Hyperinflation adjustments		21,172			233,061			597			254,830
Balance at September 30, 2024		283,391			1,896,151			32,091			2,211,633

Accumulated depreciation	Buildings
Balance at December 31, 2022		317,665
Depreciation expenses		23,396
Effect of exchange differences on the translation into presentation currency		(74,253	)
Hyperinflation adjustments		63,774
Other		22
Balance at September 30, 2023		330,604
Balance at December 31, 2023		295,673
Depreciation expenses		25,338
(Disposals and derecognition)		(2	)
Effect of exchange differences on the translation into presentation currency		(6,702	)
Hyperinflation adjustments		82,425
Balance at September 30, 2024		396,732

At September 30, 2024, and at December 31, 2023, there are no limitations or liens imposed on investment property that restrict realization or tradability thereof.

At September 30, 2024, and at December 31, 2023, the Exito Group is not committed to acquire, build or develop new investment property.

In Note 35 discloses the fair value of investment property, based on the appraisal carried out annually by an independent third party.

25

Note 15. Leases

Note 15.1 Right of use asset, net

The net balance of right of use asset is shown below:

	September 30, 2024			December 31, 2023
Right of use asset		3,515,516			2,980,106
Accumulated depreciation		(1,820,215	)		(1,612,996	)
Impairment		(5,963	)		(5,857	)
Total right of use asset, net		1,689,338			1,361,253

The movement of right of use asset and accumulated depreciation thereof, during the reporting periods, is shown below:

Cost
Balance at December 31, 2022	2,826,607
Increase from new contracts	44,988
Remeasurements from existing contracts (1)	126,008
Derecognition and disposal (2)	(5,775	)
Acquisitions through business combinations	7,543
Effect of exchange differences on the translation into presentation currency	(66,040	)
Other changes	12,527
Balance at September 30, 2023	2,945,858
Balance at December 31, 2023	2,980,106
Increase from new contracts	72,694
Remeasurements from existing contracts (1)	487,849
Derecognition and disposal (2)	(33,030	)
Hyperinflation adjustments	4,293
Effect of exchange differences on the translation into presentation currency	3,604
Balance at September 30, 2024	3,515,516

Accumulated depreciation
Balance at December 31, 2022	1,377,029
Depreciation	208,744
Derecognition and disposal (2)	(115	)
Effect of exchange differences on the translation into presentation currency	(33,360	)
Other changes	13,293
Balance at September 30, 2023	1,565,591
Balance at December 31, 2023	1,612,996
Depreciation	233,807
Derecognition and disposal (2)	(33,030	)
Effect of exchange differences on the translation into presentation currency	2,286
Other changes	4,156
Balance at September 30, 2024	1,820,215

Impairment
Balance at December 31, 2022	6,109
Effect of exchange differences on the translation into presentation currency	(787	)
Balance at September 30, 2023	5,322
Balance at December 31, 2023	5,857
Derecognition and disposal (2)	(15	)
Effect of exchange differences on the translation into presentation currency	121
Balance at September 30, 2024	5,963

(1) Mainly results from the extension of contract terms, indexation or lease modifications.

(2) Mainly results from the early termination of building lease contracts.

26

The cost of right of use asset by class of underlying asset is shown below:

	September 30, 2024		December 31, 2023
Buildings		3,483,056		2,948,056
Vehicles		16,037		18,950
Lands		12,543		7,540
Equipment (a)		3,880		5,560
Total		3,515,516		2,980,106

Accumulated of depreciation of right of use assets by class of underlying asset is shown below:

	September 30, 2024		December 31, 2023
Buildings		1,802,879		1,594,867
Vehicles		10,036		8,845
Lands		5,171		4,488
Equipment (a)		2,129		4,796
Total		1,820,215		1,612,996

(a) Decrease by termination of the contracts.

Depreciation expense by class of underlying asset is shown below:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Buildings		229,565		203,237		77,370		69,301
Vehicles		3,032		3,365		918		525
Lands		597		556		209		176
Equipment		613		1,586		71		1,088
Total depreciation		233,807		208,744		78,568		71,090

Exito Group is not exposed to the future cash outflows for extension options and termination options. Additionally, there are no residual value guarantees, restrictions nor covenants imposed by leases.

At September 30, 2024, the average remaining term of lease contracts is 12.5 years (11.7 years as at December 31, 2023), which is also the average remaining period over which the right of use asset is depreciated.

Note 15.2 Lease liabilities

The balance of lease liabilities is shown below:

	September 30, 2024		December 31, 2023
Lease liabilities		1,919,409		1,567,959
Current		272,011		282,180
Non-Current		1,647,398		1,285,779

27

The movement in lease liabilities is as shown:

Balance at December 31, 2022	1,655,955
Additions	44,988
Accrued interest (Note 32	93,209
Remeasurements	126,008
Terminations	(8,672	)
Payments of lease liabilities	(205,135	)
Payments of interests	(91,642	)
Acquisitions through business combinations	7,526
Effect of exchange differences on the translation into presentation currency	(39,841	)
Balance at September 30, 2023	1,582,396
Balance at December 31, 2023	1,567,959
Additions	72,694
Accrued interest (Note 32)	110,582
Remeasurements	487,849
Terminations	(1,416	)
Payments of lease liabilities	(207,366	)
Payments of interests	(111,312	)
Effect of exchange differences on the translation into presentation currency	419
Balance at September 30, 2024	1,919,409

Below are the future lease liability payments at September 30, 2023:

Up to one year	282,088
From 1 to 5 years	961,621
More than 5 years	1,092,412
Minimum lease liability payments	2,336,121
Future financing (expenses)	(416,712	)
Total minimum net lease liability payments	1,919,409

Note 16. Other intangible assets, net

The net balance of other intangible assets, net is shown below:

	September 30, 2024			December 31, 2023
Trademarks		294,589			250,879
Computer software		286,644			278,893
Rights		26,306			23,385
Other		148			90
Total cost of other intangible assets		607,687			553,247
Accumulated amortization		(207,584	)		(186,878	)
Total other intangible assets, net		400,103			366,369

The movement of the cost of other intangible assets and of accumulated depreciation is shown below:

Cost	Trademarks (1)			Computer software			Rights			Other			Total
Balance at December 31, 2022	299,688			274,480			24,703			147			599,018
Additions		5,296			19,947			-			-			25,243
Transfers (to) other balance sheet accounts – property, plant, and equipment		-			(1,346	)		-			-			(1,346	)
Disposals and derecognition		-			(141	)		-			-			(141	)
Effect of exchange differences on the translation into presentation currency		(68,378	)		(4,570	)		(2,416	)		(72	)		(75,436	)
Hyperinflation adjustments		40,162			-			2,396			56			42,614
Transfers		-			71			-			-			71
Other minor movements		-			7			-			-			7
Balance at September 30, 2023		276,768			288,448			24,683			131			590,030
Balance at December 31, 2023		250,879			278,893			23,385			90			553,247
Additions		6			12,384			121			-			12,511
Transfers from other balance sheet accounts – property, plant, and equipment		-			847			-			-			847
Disposals and derecognition		-			(6,061	)		-			-			(6,061	)
Effect of exchange differences on the translation into presentation currency		(2,171	)		581			(265	)		(5	)		(1,860	)
Hyperinflation adjustments		45,875			-			3,065			63			49,003
Balance at September 30, 2024		294,589			286,644			26,306			148			607,687

28

Accumulated amortization	Computer software			Rights			Other			Total
Balance at December 31, 2022		172,630			1,582			126			174,338
Amortization		23,010			167			-			23,177
Effect of exchange differences on the translation into presentation currency		(3,670	)		(907	)		(72	)		(4,649	)
Hyperinflation adjustments		-			1,101			56			1,157
Disposals and derecognition		(116	)		-			-			(116	)
Balance at September 30, 2023		191,854			1,943			110			193,907
Balance at December 31, 2023		185,455			1,354			69			186,878
Amortization		23,957			137			-			24,094
Effect of exchange differences on the translation into presentation currency		480			(124	)		(6	)		350
Hyperinflation adjustments		-			1,878			63			1,941
Disposals and derecognition		(5,679	)		-			-			(5,679	)
Balance at September 30, 2024		204,213			3,245			126			207,584

(1) The balance of trademarks, is shown below:

Operating segment	Brand	Useful life	September 30, 2024		December 31, 2023
Uruguay	Miscellaneous	Indefinite		117,380		115,020
Argentina	Libertad	Indefinite		90,776		49,432
Low cost and other (Colombia)	Súper Ínter	Indefinite		63,704		63,704
Low cost and other (Colombia)	Surtimax	Indefinite		17,427		17,427
Colombia	Taeq	Indefinite		5,296		5,296
Colombia	Finlandek	Indefinite		6		-
				294,589		250,879

The trademarks have an indefinite useful life. Exito Group estimates that there is no foreseeable time limit over which these assets are expected to generate net cash inflows, and consequently they are not amortized.

The rights have an indefinite useful life. Exito Group estimates that there is no foreseeable time limit over which these assets are expected to generate net cash inflows, and consequently these are not amortized.

At September 30, 2024 and at December 31, 2023, other intangible assets are not limited or subject to lien that would restrict their sale. In addition, there are no commitments to acquire or develop other intangible assets.

Note 17. Goodwill

The balance of goodwill is as follows:

	September 30, 2024			December 31, 2023
Spice Investment Mercosur S.A.		1,464,915			1,441,256
Carulla Vivero S.A.		827,420			827,420
Súper Ínter		453,649			453,649
Libertad S.A.		342,100			186,289
Cafam		122,219			122,219
Other		50,806			50,806
Total goodwill		3,261,109			3,081,639
Impairment loss		(1,017	)		(1,017	)
Total goodwill, net		3,260,092			3,080,622

The movement in goodwill are shown below:

	Cost			Impairment			Net
Balance at December 31, 2022		3,485,320			(1,017	)		3,484,303
Acquisitions through business combinations		34,553			-			34,553
Effect of exchange differences on the translation into presentation currency		(378,793	)		-			(378,793	)
Hyperinflation adjustments		151,357			-			151,357
Balance at September 30, 2023		3,292,437			(1,017	)		3,291,420
Balance at December 31, 2023		3,081,639			(1,017	)		3,080,622
Effect of exchange differences on the translation into presentation currency		6,584			-			6,584
Hyperinflation adjustments		172,886			-			172,886
Balance at September 30, 2024		3,261,109			(1,017	)		3,260,092

Goodwill has indefinite useful life on the grounds of the Exito Group’s considerations thereon, and consequently it is not amortized.

29

17.1. Business combinations

Related to business combinations from 2023, at September 30, 2024, Exito Group has completed the process of the allocation of the purchase price. The consideration transferred, the fair values of identifiable assets and liabilities from the business acquired at acquisition date and the adjustments of measurement at closing period are as follows:

	Book values at the date of acquisition						Measurement period adjustments								Final Fair values at the date of acquisition
	Hipervital S.A.S.		Costa y Costa S.A.		Modasian S.R.L.		Hipervital S.A.S.			Costa y Costa S.A.			Modasian S.R.L.		Hipervital S.A.S.		Costa y Costa S.A.		Modasian S.R.L.
Cash		-		-		-		-			411			-		-		411		-
Trade receivables		-		-		-		-			1,309			-		-		1,309		-
Inventories		680		-		-		(17	)		1,230			-		663		1,230		-
Tax assets		-		-		-		-			334			-		-		334		-
Property, plant and equipment, net		2,614		92		1,758		(66	)		314			-		2,548		406		1,758
Rights of use		-		7,543		-		-			(7,543	)		-		-		-		-
Brands		-		-		-		12,904			-			-		12,904		-		-
Total identifiable assets		3,294		7,635		1,758		12,821			(3,945	)		-		16,115		3,690		1,758
Financial liabilities		-		-		235		-			-			-		-		-		235
Trade payables		689		110		846		(18	)		2,099			-		671		2,209		846
Leases liabilities		-		7,525		-		-			(7,525	)		-		-		-		-
Total liabilities take on		689		7,635		1,081		(18	)		(5,426	)		-		671		2,209		1,081
Net assets and liabilities measured at fair value		2,605		-		677		12,839			1,481			-		15,444		1,481		677
Consideration transferred		20,126		17,032		1,558		(865	)		606			-		19,261		17,638		1,558
Goodwill from the acquisition		17,521		17,032		881		(13,704	)		(875	)		-		3,817		16,157		881

The goodwill and variations from the time of acquisition at September 30, 2024, shown the following:

	Hipervital S.A.S.			Costa y Costa S.A.			Modasian S.R.L.			Total
Goodwill from the acquisition		3,817			16,157			881			20,855
Effect of exchange difference		(462	)		(1,953	)		(106	)		(2,521	)
Balance at December 31, 2023		3,355			14,204			775			18,334
Effect of exchange difference		69			291			16			376
Balance at September 30, 2024		3,424			14,495			791			18,710

30

The revenues and profit or loss of this business acquired, corresponding to the period ended at September 30, 2024, included in the consolidated statements of profit or loss at September 30, 2024, shown the following:

	Hipervital S.A.S.		Costa y Costa S.A.			Modasian S.R.L.
Revenues		5,718		18,174			19
Profit for the period		202		(37	)		(5	)

This companies acquired are ongoing business that are consider attractive, located in strategic places coinciding with the expansion plan of the Exito Group.

Goodwill was fully allocated to the Uruguay segment and is attributable to the synergies expected from the integration of the operation of stores acquired in this country.

Note 18. Investments accounted for using the equity method

The balance of investments accounted for using the equity method includes:

Company	Classification	September 30, 2024		December 31, 2023
Compañía de Financiamiento Tuya S.A.	Joint venture		278,447		220,134
Puntos Colombia S.A.S.	Joint venture		15,601		9,986
Sara ANV S.A.	Joint venture		1,138		2,438
Total investments accounted for using the equity method			295,186		232,558

There are no restrictions on the capability of joint ventures to transfer funds in the form of cash dividends, or loan repayments or advance payments.

There are not contingent liabilities incurred related to its participation therein.

Exito Group has no constructive obligations acquired on behalf of investments accounted for using the equity method arising from losses exceeding the interest held in them.

These investments have no restrictions or liens that affect the interest held in them.

The corporate purpose, other corporate information and financial information regarding investments accounted for using the equity method were duly disclosed in the consolidated financial statements presented at the closing of 2023.

The movement in the investments accounted for using the equity method during the period presented is as follows:

Balance at December 31, 2022	300,021
Capital increases (reduction), net	35,100
Share of income (Note 18.1)	(74,529	)
Balance at September 30, 2023	260,592
Balance at December 31, 2023	232,558
Capital increases (reduction), net	129,250
Share of income (Note 18.1)	(66,622	)
Balance at September 30, 2024	295,186

Nota 18.1. Share of income in joint ventures

The result for the participation of the profits from investments accounted for using the equity method is as follows:

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
Compañía de Financiamiento Tuya S.A.		(70,936	)		(75,565	)		(19,409	)		(23,846	)
Sara ANV S.A.		(1,301	)		(222	)		(424	)		(180	)
Puntos Colombia S.A.S.		5,615			1,258			1,633			(398	)
Total		(66,622	)		(74,529	)		(18,200	)		(24,424	)

Note 19. Non-cash transactions

During the periods ended September 30, 2024, and September 30, 2023, Exito Group had non-cash additions to property, plant and equipment, and to right of use assets, that were not included in the statement of cash flow, presented in Note 13 and 15, respectively.

31

Note 20. Loans, borrowing and other financial liabilities

The balance of loans, borrowing and other financial liability is shown below:

	September 30, 2024		December 31, 2023
Bank loans		2,123,167		815,674
Put option on non-controlling interests (1)		323,984		442,342
Letters of credit		8,072		8,189
Total loans, borrowing and other financial liabilities		2,455,223		1,266,205
Current		2,143,670		1,029,394
Non-Current		311,553		236,811

(1) Represents the put option liability on part of the non-controlling interest in Grupo Disco Uruguay S.A. Exito Group has a non-controlling interest in Grupo Disco Uruguay S.A. of 23.35%, (December 31, 2023 - 30.85%) of which 15.66% (December 31, 2023 - 23.16%) is subject to a put option held by non-controlling shareholders. Such put option is exercisable by the holders at any time until expiry on June 30, 2025. The put option exercise price is the greater of following three measures: (i) a fixed price per share in US dollars as stated in the put option contract adjusted at a rate of 5% per year, (ii) a multiple of 6 times the average EBITDA of the last two years minus the net debt of Grupo Disco Uruguay S.A. as of the exercise date, or (iii) a multiple of 12 times the average net income of the past two years of Grupo Disco Uruguay S.A. At September 30, 2024, the greater of these three measures was the a fixed price in US dollars.

During 2023, Grupo Casino negotiated with the non-controlling interest of Grupo Disco Uruguay S.A. the assignment of this put option to Exito Group. Once this assignment was completed, making Exito Group the direct holder of the put option liability, the put-call contract between Exito Group and Grupo Casino was finished.

To guarantee compliance with the obligation assumed by Exito Group in this assignment, a non-possessory pledge was constituted over the series B shares in Grupo Disco Uruguay S.A., which are property of Spice Investment Mercosur S.A., which are related in the title number 1 shareholding and representing 25% of the voting capital of Grupo Disco Uruguay S.A. This guarantee does not transfer the right to vote or receive dividends that the pledged shares have, which are held by Spice Investment Mercosur S.A. This guarantee replaces the last given in previous years on the same shareholding title.

The movement in loans and borrowing during the reporting periods is shown below:

Balance at December 31, 2022	1,455,584
Proceeds from loans and borrowings	1,241,972
Changes in the fair value of the put option recognized in equity	(205,260	)
Interest accrued	182,377
Translation difference	(2,150	)
Repayments of loans and borrowings	(136,716	)
Payments of interest on loans and borrowings	(146,800	)
Balance at September 30, 2023	2,389,007
Balance at December 31, 2023 (1)	1,266,205
Proceeds from loans and borrowings (2)	1,483,290
Changes in the fair value of the put option recognized in equity	(118,358	)
Interest accrued	164,446
Translation difference	(1,476	)
Repayments of loans and borrowings (3)	(197,461	)
Payments of interest on loans and borrowings	(141,423	)
Balance at September 30, 2024	2,455,223

(1) At December 31, 2023, the balance included:

$108,969 corresponding of a bilateral credit taken on March 27, 2020, $136,727 of a bilateral credit taken on June 3, 2020 and the extension of a bilateral credit with three new bilateral credits in amounts of $202,663; $126,478 y $114,053 taken on March 26, 2021 as well as $101,280 and $25,348 of anew bilateral credits taken on August 28, 2023, for the Parent Company.

The put option contract of Spice Investments Mercosur S.A. for $442,342 with the non-controlling interest owners of the subsidiary Grupo Disco Uruguay S.A.

Credit from the subsidiary Libertad S.A. for $156.

Letters of credit from the subsidiary Spice Investments Mercosur S.A. and its subsidiaries for $8,189.

32

(2) The Parent Company requested disbursement of $30,000; $70,000 y $230,000 against one of its outstanding bilateral revolving credits entered February 18, 2022; disbursement of $300,000 against the bilateral revolving credit entered on October 10, 2022, and disbursement of $200,000 against other bilateral revolving credit entered on April 4, 2022.

In February 2024, the Parent Company requested disbursements for $70,000 against the bilateral revolving credit entered on February 18, 2022 and for $100,000 against the bilateral revolving credit entered on February 12, 2024.

In August and September 2024, the Parent Company requested disbursements for $132,515 against the bilateral credit entered on August 09, 2024 and $65,000 against bilateral credit entered September 02, 2024.

During the period ended September 30, 2024, the subsidiary Libertad S.A. requested disbursements for $51,183.

During the period ended September 30, 2024, the subsidiary Spice Investments Mercosur S.A. and its subsidiaries requested disbursements for $149,428 and letters of credit totaling $85,164.

(3) During the period ended September 30, 2024, the Parent Company paid $50,000 corresponding on the renewal on the bilateral credit contract signed on March 26, 2021, $25,596 corresponds to two bilateral credits signed on March 26, 2021; $36,250 from the bilateral credit signed on March 27, 2020.

During the period ended September 30, 2024, subsidiary Spice Investments Mercosur S.A. and its subsidiaries repaid credits for $163 and letters of credit in amount of $85,452.

These loans are measured at amortized cost using the effective interest rate method; transaction costs are not included in the measurement, since they were not incurred.

Below is a detail of maturities for non-current loans and borrowings outstanding at September 30, 2024, discounted at present value (amortized cost):

Year	Total
2025		227,631
2026		47,343
2027		14,873
>2028		21,706
		311,553

As of September 30, 2024, Exito Group has not available unused credit lines.

Covenants

Under loans and borrowing contracts, Exito Group is subject to comply with the following financial covenants: as long as Almacenes Exito S.A. has payment obligations arising from the contracts executed on March 27, 2020, maintain a leverage financial ratio, defined as adjusted recurring Ebitda to gross financial liabilities of less than 2.8x. Such ratio will be measured annually on April 30 or the following business day, based on the audited separate financial statements of Almacenes Éxito S.A. for each annual period.

As of December 31, 2023, Exito Group complied with its covenants.

Additionally, from the same loans and borrowing contracts Exito Group is subject to comply with some non-financial covenant, which at December 31, 2023 were complied.

Note 21. Employee benefits

The balance of employee benefits is shown below:

	September 30, 2024		December 31, 2023
Defined benefit plans		39,026		38,106
Long-term benefit plan		1,995		1,815
Total employee benefits		41,021		39,921
Current		5,450		4,703
Non-Current		35,571		35,218

33

Note 22. Provisions

The balance of provisions is shown below:

	September 30, 2024		December 31, 2023
Restructuring		28,692		5,180
Legal proceedings (1)		17,263		19,736
Taxes other than income tax		54		297
Other provisions (2)		13,574		8,462
Total provisions		59,583		33,675
Current		47,108		22,045
Non-Current		12,475		11,630

At September 30, 2024 and at December 31, 2023, there are no provisions for onerous contracts.

(1) Provisions for legal proceedings are recognized to cover estimated probable losses arising from lawsuits brought against Exito Group, related to labor, civil, administrative and regulatory matters, which are assessed based on the best estimation of cash outflows required to settle a liability on the date of preparation of the financial statements. There is no individual material process included in these provisions. The balance is comprised of:

	September 30, 2024		December 31, 2023
Labor legal proceedings		11,785		10,211
Civil legal proceedings		4,277		7,250
Administrative and regulatory proceedings		1,201		2,275
Total legal proceedings		17,263		19,736

(2) The balance of other provisions corresponds to:

	September 30, 2024		December 31, 2023
Store close		9,862		61
Urbanistic improvements		2,215		2,215
Reduction for merchandises VMI		407		296
Montevideo real estate project		-		3,500
Others minor in the parent company		745		-
Others minor in Colombian subsidiaries		199		2,227
Others minor in Libertad S.A.		146		163
Total others provisions		13,574		8,462

34

Balances and movement of provisions during the reporting periods are as follows:

	Legal proceedings			Taxes other than income tax			Restructuring			Other			Total
Balance at December 31, 2022		19,101			4,473			10,517			8,286			42,377
Increase		7,021			-			22,436			4,107			33,564
Uses		-			(243	)		(216	)		-			(459	)
Payments		(2,184	)		-			(28,601	)		(4,840	)		(35,625	)
Reversals (not used)		(2,313	)		(3,336	)		(1,265	)		(414	)		(7,328	)
Other reclassifications		16			-			(469	)		(65	)		(518	)
Effect of exchange differences on the translation into presentation currency		(1,875	)		(515	)		(1	)		(404	)		(2,795	)
Balance at September 30, 2023		19,766			379			2,401			6,670			29,216
Balance at December 31, 2023		19,736			297			5,180			8,462			33,675
Increase		5,197			-			56,790			17,103			79,090
Payments		(1,041	)		-			(31,592	)		(8,965	)		(41,598	)
Reversals (not used)		(5,943	)		(242	)		(1,686	)		(3,756	)		(11,627	)
Other reclassifications		(745	)		-			-			745			-
Effect of exchange differences on the translation into presentation currency		59			(1	)		-			(15	)		43
Balance at September 30, 2024		17,263			54			28,692			13,574			59,583

Note 23. Trade payables and other payable

	September 30, 2024		December 31, 2023
Payables to suppliers of goods		2,830,951		2,725,532
Payables and other payable - agreements (1)		352,155		1,562,246
Employee benefits		347,378		335,989
Payables to other suppliers		287,628		325,447
Withholding tax payable (2)		250,897		72,146
Dividends payable (3)		87,755		32,691
Purchase of assets (4)		59,560		121,554
Tax Payable		32,427		72,346
Other		20,650		38,175
Total trade payables and other payable		4,269,401		5,286,126
Current		4,248,368		5,248,777
Non-Current		21,033		37,349

(1) The detail of payables and other payable - agreements is shown below:

	September 30, 2024		December 31, 2023
Payables to suppliers of goods		295,216		1,429,006
Payables to other suppliers		56,939		133,240
Total payables and other payable - agreements		352,155		1,562,246

(2) It corresponds to declarations of withholding taxes and other taxes that are pending payment, and which will be offset with the balance in favor of the income tax return for the year 2023.

(3) The increase corresponds to the dividends declared on 2024.

(4) The reduction is basically because a payment for $20,530 from Clearpath contract and $41,464 from others contracts.

In Colombia, receivable anticipation transactions are initiated by suppliers who, at their sole discretion, choose the banks that will advance financial resources before invoice due dates, according to terms and conditions negotiated with Exito Group.

Exito Group cannot direct a preferred or financially related bank to the supplier or refuse to carry out transactions, as local legislation ensures the supplier’s right to freely transfer the title/receivable to any bank through endorsement.

Additionally, Exito Group has entered into agreements with some financial institutions in Colombia, that provide an additional payment period for these discounted supplier invoices. The terms under such agreements are not unique to Exito Group but are based on market practices in Colombia applicable to other players in the market that legally do not change the nature of the business transaction.

35

Note 24. Income tax

Note 24.1. Tax regulations applicable to Almacenes Éxito S.A. and to its Colombian subsidiaries

Income tax rate applicable to Almacenes Éxito S.A. and its Colombian subsidiaries

a. For taxable 2024 and 2023 the income tax rate for corporates is 35%. For taxable 2023 and onwards, the minimum tax rate calculated on financial profit may not be less than 15%, if so, it will increase by the percentage points required to reach the indicated effective tax rate.

b. The base to assess the income tax under the presumptive income model is 0% of the net equity held on the last day of the immediately preceding taxable period.

c. The tax on occasional payable by legal entities on total occasional gains obtained during the taxable year. For 2024 and 2023 the rate is 15%.

d. A tax on dividends paid to individual residents in Colombia was established at a rate of 10%, triggered when the amount distributed is higher than 300 UVT (equivalent to $14 in 2024) when such dividends have been taxed upon the distributing companies. For domestic companies, the tax rate is 7.5% when such dividends have been taxed upon the distributing companies. For individuals not residents of Colombia and for foreign companies, the tax rate is 10% when such dividends have been taxed upon the distributing companies. When the earnings that give rise to dividends have not been taxed upon the distributing company, the tax rate applicable to shareholders is 35% for 2024 and 2023.

e. Taxes, levies and contributions actually paid during the taxable year or period are 100% deductible as long as they are related with proceeds of company’s economic activity accrued during the same taxable year or period, including affiliation fees paid to business associations. VAT on the acquisition, formation, construction or import of productive real fixed assets may be discounted from the income tax. The tax on financial transactions is a permanent tax. 50% of such tax is deductible, provided that the tax paid is duly supported.

f. The income withholding tax on payments abroad is 20% on consultancy services, technical services, technical assistance, professional fees, royalties, leases and compensations and 35% for management or administration services. The income tax withholding rate on payments abroad is 0% for services such as consultancy, technical services or technical assistance provided by third parties with physical residence in countries that have entered double-taxation agreements.

g. The annual adjustment applicable at December 31, 2023 to the cost of furniture and real estate deemed fixed assets is 12.40%.

h. The tax base adopted is the accounting according to the International Financial Reporting Standards (IFRS) authorized by the International Accounting Standards Board (IASB) with certain exceptions regarding the realization of revenue, recognition of costs and expenses and the merely accounting effects of the opening balance upon adoption of these standards.

Tax credits of Almacenes Éxito S.A. and its Colombian subsidiaries

Pursuant to tax regulations in force, the time limit to offset tax losses is 12 years following the year in which the loss was incurred.

Excess presumptive income over ordinary income may be offset against ordinary net income assessed within the following five years.

36

Company losses are not transferrable to shareholders. In no event of tax losses arising from revenue other than income and occasional gains, and from costs and deductions not related with the generation of taxable income, it will be offset against the taxpayer’s net income.

(a) Tax credits of Almacenes Éxito S.A.

At September 30, 2024 Almacenes Éxito S.A. has accrued $61,415 (at December 31, 2023 - $61,415) excess presumptive income over net income.

The movement of Almacenes Éxito S.A’s. excess presumptive income over net income during the reporting period is shown below:

Balance at December 31, 2022	211,190
Offsetting of presumptive income against net income for the period	(149,775	)
Balance at December 31, 2023	61,415
Movements of excess presumptive income	-
Balance at September 30, 2024	61,415

At September 30, 2024, Almacenes Éxito S.A. has accrued tax losses amounting to $1,006,444 (at December 31, 2023 - $740,337).

The movement of tax losses at Almacenes Éxito S.A. during the reporting period is shown below:

Balance at December 31, 2022	740,337
Tax losses during the period	-
Balance at December 31, 2023	740,337
Tax losses during the period	266,107
Balance at September 30, 2024	1,006,444

(b) Movement of tax losses for Colombian subsidiaries for the reporting period is shown below

Balance at December 31, 2022	33,562
Marketplace Internacional Éxito y Servicios S.A.S	105
Transacciones Energéticas S.A.S. E.S.P. (i)	126
Depósitos y Soluciones Logísticas S.A.S.	(24	)
Balance at December 31, 2023	33,769
Marketplace Internacional Éxito y Servicios S.A.S	464
Transacciones Energéticas S.A.S. E.S.P. (i)	(1,380	)
Balance at September 30, 2024	32,853

(i) No deferred tax has been calculated for these tax losses because of the uncertainty on the recoverability with future taxable income.

Note 24.2. Tax rates applicable to foreign subsidiaries

Income tax rates applicable to foreign subsidiaries are:

- Uruguay applies a 25% income tax rate in 2024 (25% in 2023);

- Argentina applies a 30% income tax rate in 2024 (35% in 2023).

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Note 24.3. Current tax assets and liabilities

The balances of current tax assets and liabilities recognized in the statement of financial position are:

Current tax assets:

	September 30, 2024		December 31, 2023
Income tax credit receivable by Almacenes Éxito S.A. and its Colombian subsidiaries		468,262		267,236
Tax discounts applied by Almacenes Éxito S.A. and its Colombian subsidiaries		146,575		137,000
Industry and trade tax advances and withholdings of Almacenes Éxito S.A. and its Colombian subsidiaries		57,614		71,450
Other current tax assets of subsidiary Spice Investment Mercosur S.A.		31,566		20,339
Current income tax assets of subsidiary Onper Investment 2015 S.L.		28,151		10,715
Tax discounts of Éxito from taxes paid abroad		17,404		17,258
Income tax advances from Colombian subsidiaries		2,611		-
Other current tax assets of subsidiary Onper Investment 2015 S.L.		34		29
Total current tax assets		752,217		524,027

Current tax liabilities

	September 30, 2024		December 31, 2023
Industry and trade tax payable of Almacenes Éxito S.A. and its Colombian subsidiaries		71,367		98,391
Tax on real estate of Almacenes Éxito S.A. and its Colombian subsidiaries		7,832		3,621
Current income tax liabilities of subsidiary Spice Investments Mercosur S.A.		7,330		47
Income tax payable from some Colombian subsidiaries		6,301		-
Taxes of subsidiary Onper Investment 2015 S.L. other than income tax		2,914		4,979
Taxes of subsidiary Spice Investments Mercosur S.A. other than income tax		261		293
Total current tax liabilities		96,005		107,331

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Note 24.4. Income tax

The reconciliation between accounting (loss) income and liquid (loss) and the calculation of the tax expense are as follows:

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
(Loss) gain before income tax		(698	)		166,669			2,071			2,190
Add
IFRS adjustments with no tax effects (1)		28,508			(82,005	)		131,641			23,061
Non-deductible expenses		14,819			19,600			6,871			5,385
Tax on financial transactions		7,348			7,016			1,638			1,688
Donation to food banks and others		5,363			3,599			3,191			3,599
Reversal of expected credit losses		4,175			-			1,514			-
ICA deduction paid after the presentation of the income		1,228			(162	)		-			-
Fines, penalties and litigation		608			1,775			141			1,320
Taxes taken on and revaluation		560			663			238			286
Net income - recovery of depreciation of sold fixed assets		250			1,492			200			261
Reimbursement of deduction for income-generating assets arising from the sale of assets		-			101			-			-
Less
Effect of accounting results of foreign subsidiaries		(143,011	)		(176,693	)		(36,254	)		(46,650	)
Tax-exempt dividends received from subsidiaries		(68,456	)		(12,620	)		(64,214	)		(10,000	)
Recovery of costs and expenses		(3,425	)		(16,893	)		(71	)		268
Deduction from hiring of handicapped employees		(1,912	)		(1,858	)		(637	)		(619	)
Derecognition of gain from the sale of assets reported as occasional gain		(1,761	)		(21,789	)		(589	)		(565	)
Non-deductible taxes		(529	)		(355	)		25			(3	)
Write-off of receivables		-			(1,016	)		-			1,048
30% additional deduction on salaries paid to apprentices		-			(193	)		-			(64	)
Liquid (loss)		(156,933	)		(112,669	)		45,765			(18,795	)
exempt income		57,599			38,239			25,264			-
Liquid (loss) before offsetting		(214,532	)		(150,908	)		20,501			(18,795	)
Offsetting		(1,349	)		-			(297	)		-
Liquid (loss) after offsetting		(215,881	)		(150,908	)		20,204			(18,795	)
Liquid (loss) of the Parent and its Colombian subsidiaries		(266,571	)		(189,194	)		537			(32,177	)
Liquid income of certain Colombian subsidiaries		50,688			38,286			19,659			13,382
Total liquid net income		50,688			38,286			19,659			13,382
Income tax rate		35	%		35	%		35	%		35	%
Subtotal tax (expense)		(17,741	)		(13,400	)		(6,881	)		(4,684	)
(Expense) tax on casual profits		(9	)		(389	)		(9	)		-
Adjustment in respect of current income tax of prior periods		(1,776	)		311			-			311
(Expense) tax paid abroad		-			(2,677	)		-			(7	)
Total tax (expense) of the Colombian subsidiaries		(19,526	)		(16,155	)		(6,890	)		(4,380	)
Total current tax (expense) of foreign subsidiaries		(50,739	)		(59,136	)		(12,813	)		(15,720	)
Total current tax (expense)		(70,265	)		(75,291	)		(19,703	)		(20,100	)

(1) IFRS adjustments with no tax effects are:

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
Other accounting expenses with no tax effects		346,397			316,161			115,436			107,452
Accounting provisions		103,469			60,260			46,285			28,724
Untaxed dividends of subsidiaries		68,456			50,859			64,214			10,000
Exchange difference, net		63,005			(60,351	)		29,360			(2,958	)
Other accounting not for tax purposes (revenue), net		9,351			24,295			12,124			30,474
Taxed actuarial estimation		1,299			1,645			543			547
Taxed leases		(215,834	)		(184,556	)		(70,448	)		(54,348	)
Net results using the equity method		(146,570	)		(128,795	)		(45,338	)		(18,969	)
Non-accounting costs for tax purposes		(80,240	)		(59,656	)		(8,387	)		(38,196	)
Recovery of provisions		(58,496	)		(26,430	)		(17,839	)		(19,281	)
Excess personnel expenses for tax purposes over accounting personnel expenses		(41,445	)		(39,571	)		11,950			(8,250	)
Excess tax depreciation over accounting depreciation		(20,884	)		(35,803	)		(6,259	)		(12,108	)
Non-deductible taxes		-			(63	)		-			(26	)
Total		28,508			(82,005	)		131,641			23,061

39

The components of the income tax income and occasional earnings (expense) recognized in the statement of profit or loss were:

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
Deferred income tax gain income (expense) (Note 24.6)		105,540			42,420			24,985			25,097
Current income tax (expense)		(68,480	)		(75,213	)		(19,694	)		(20,411	)
Adjustment in respect of current income tax of prior periods		(1,776	)		311			-			311
(Expense) tax on casual profits		(9	)		(389	)		(9	)		-
Total income tax income (expense)		35,275			(32,871	)		5,282			4,997

Note 24.5. Deferred tax

	September 30, 2024					December 31, 2023
	Deferred tax assets		Deferred tax liabilities			Deferred tax assets		Deferred tax liabilities
Leases		613,769		(518,359	)		634,180		(545,661	)
Tax losses		352,255		-			259,118		-
Property, plant, and equipment		100,164		(274,214	)		93,660		(221,364	)
Tax credits		61,449		-			61,449		-
Excess presumptive income		21,495		-			21,495		-
Other provisions		19,436		-			9,926		-
Investment property		-		(168,404	)		-		(120,144	)
Goodwill		-		(217,708	)		-		(217,687	)
Other		88,509		(62,776	)		100,045		(33,423	)
Total		1,257,077		(1,241,461	)		1,179,873		(1,138,279	)

The breakdown of deferred tax assets and liabilities for the three jurisdictions in which Exito Group operates are grouped as follows:

	September 30, 2024					December 31, 2023
	Deferred tax assets		Deferred tax liabilities			Deferred tax assets		Deferred tax liabilities
Colombia		218,587		-			113,373		-
Uruguay		93,897		-			84,319		-
Argentina		-		(296,868	)		-		(156,098	)
Total		312,484		(296,868	)		197,692		(156,098	)

The reconciliation of the movement of net deferred tax to the statement of profit or loss and the statement of comprehensive income is shown below:

	January 1 to September 30					July 1 to September 30
	2024			2023		2024			2023
Profit (expense) benefit from deferred tax recognized in income		105,540			42,420		24,985			25,097
Adjustment related current income tax previous periods		(1,776	)		311		-			311
(Expense) profit from deferred tax recognized in other comprehensive income		(559	)		4,339		884			(304	)
Effect of the translation of the deferred tax recognized in other comprehensive income (1)		(129,183	)		24,460		(16,619	)		8,638
Total movement of net deferred tax		(25,978	)		71,530		9,250			33,742

(1) Such effect resulting from the translation at the closing rate of deferred tax assets and liabilities of foreign subsidiaries is included in the line item “Exchange difference from translation” in Other comprehensive income (Note 27).

Temporary differences related to investments in associates and joint ventures, for which no deferred tax liabilities have been recognized at September 30, 2024 amounted to $148,395 (at December 31, 2022 - $81,773).

40

Note 24.6. Effects of the distribution of dividends on the income tax

There are no income tax consequences attached to the payment of dividends in either 2024 or 2023 by Exito Group to its shareholders.

Note 24.7. Non-Current tax liabilities

The $7,350 balance at September 30, 2024 (at December 31, 2023 - $8,091) relates to taxes payable of subsidiary Libertad S.A. for federal taxes and incentive program by instalments.

Note 25. Derivative instruments and collections on behalf of third parties

The balance of derivative instruments and collections on behalf of third parties is shown below:

	September 30, 2024		December 31, 2023
Collections on behalf of third parties (1)		69,186		123,023
Derivative financial instruments (2)		432		11,299
Derivative financial instruments designated as hedge instruments (3)		130		5,488
Total derivative instruments and collections on behalf of third parties		69,748		139,810

(1) Collections on behalf of third parties includes amounts received for services where Exito Group acts as an agent, such as travel agency sales, card collections and payments and banking services provided to customers. Include $17,968 (December 31, 2023 - $26,515) with third parties (Note 10.5).

(2) The detail of maturities of these instruments at September 30, 2024 is shown below:

Derivative	Less than 3 months		From 3 to 6 months		From 6 to 12 months		More than 12 months		Total
Forward		311		121		-		-		432

The detail of maturities of these instruments at December 31, 2023 is shown below:

Derivative	Less than 3 months		From 3 to 6 months		From 6 to 12 months		More than 12 months		Total
Forward		6,938		4,361		-		-		11,299

(3) Derivative instruments designated as hedging instrument are related to forward. The fair value of these instruments is determined based on valuation models.

At September 30, 2024, relates to the following transactions:

	Nature of risk hedged	Hedged item	Rate of hedged item	Average rates for hedge instruments	Fair value
Forward	Exchange rate	Loans and borrowings	USD/COP	1 USD / $4,200.51		130

The detail of maturities of these hedge instruments at September 30, 2024 is shown below:

	Less than 1 month		From 1 to 3 months		From 3 to 6 months		From 6 to 12 months		More than 12 months		Total
Forward		-		130		-		-		-		130

At December 31, 2023, relates to the following transactions:

	Nature of risk hedged	Hedged item	Rate of hedged item	Average rates for hedge instruments	Fair value
Forward	Exchange rate	Trade payables	USD/COP	1 USD / $4,204.54		5,488

The detail of maturities of these hedge instruments at December 31, 2023 is shown below:

	Less than 1 month		From 1 to 3 months		From 3 to 6 months		From 6 to 12 months		More than 12 months		Total
Forward		2,621		2,867		-		-		-		5,488

41

Note 26. Other liabilities

The balance of other liabilities is shown below:

	September 30, 2024		December 31, 2023
Deferred revenues (1)		131,260		208,126
Customer loyalty programs		46,743		43,990
Advance payments under lease agreements and other projects		4,263		4,604
Advances for the sale of inventory of real estate projects (2)		3,320		-
Repurchase coupon		287		239
Instalments received under “plan resérvalo”		159		160
Total other liabilities		186,032		257,119
Current		183,156		254,766
Non-Current		2,876		2,353

(1) Mainly relates to payments received for the future sale of products through means of payment, property leases and strategic alliances.

Exito Group considers Customer Loyalty Programs and deferred revenues as contractual liabilities. The movement of deferred revenue and customer loyalty programs, and the related revenue recognized during the reporting periods, is shown below:

	Deferred revenue			Customer loyalty programs
Balance at December 31, 2022		154,265			56,165
Additions		1,344,539			12,903
Revenue recognized		(1,382,200	)		(11,856	)
Effect of exchange difference from translation into presentation currency		(3,904	)		(7,977	)
Balance at September 30, 2023		112,700			49,235
Balance at December 31, 2023		208,126			43,990
Additions		4,394,290			11,370
Revenue recognized		(4,471,130	)		(9,450	)
Effect of exchange difference from translation into presentation currency		(26	)		833
Balance at September 30, 2024		131,260			46,743

(2) Correspond to advances for the sale of inventories of the Montería Centro real estate project for $2,070 and Éxito La Colina for $1,250.

Note 27. Shareholders’ equity

Capital and premium on placement of shares

At September 30, 2024, and at December 31, 2023, Almacenes Exito’s authorized capital is represented by 1.590,000,000 common shares with a nominal value of $3.3333 Colombian pesos.

At September 30, 2024, and at December 31, 2023 the number of subscribed shares is 1.344.720.453 and the number of treasury shares is 46.856.094.

The rights granted on the shares correspond to voice and vote for each share. No privileges have been granted on the shares, nor are the shares restricted in any way. Further, there are no option contracts on Almacenes Exito’s shares.

The premium on the issue of shares represents the surplus paid over the par value of the shares. Pursuant to Colombian legal regulations, this balance may be distributed upon liquidation of the company or capitalized. Capitalization means the transfer of a portion of such premium to a capital account as the result of a distribution of dividends paid in shares of Almacenes Exito.

42

Reserves

Reserves are appropriations made by Almacenes Éxito’s S.A. General Meeting of Shareholders on the results of prior periods. In addition to the legal reserve, there is an occasional reserve, a reserve for acquisition of treasury shares and a reserve for payment future dividend.

Other comprehensive income

The tax effect on the components of other comprehensive income is shown below:

	September 30, 2024								September 30, 2023									December 31, 2023
	Gross value			Tax effect		Net value			Gross value			Tax effect			Net value			Gross value			Tax effect		Net value
Measurement from financial instruments designated at fair value through other comprehensive income		(16,771	)		-		(16,771	)		(17,746	)		-			(17,746	)		(16,433	)		-		(16,433	)
Remeasurement on defined benefit plans		(5,052	)		1,844		(3,208	)		(536	)		334			(202	)		(5,052	)		1,844		(3,208	)
Translation exchange differences		(2,342,014	)		-		(2,342,014	)		(1,901,124	)		-			(1,901,124	)		(2,323,383	)		-		(2,323,383	)
Gain from cash-flow hedge		10,353			2,052		12,405			9,768			(189	)		9,579			8,756			2,611		11,367
(Loss) on hedge of net investment in foreign operations		(18,977	)		-		(18,977	)		(18,977	)		-			(18,977	)		(18,977	)		-		(18,977	)
Total other comprehensive income		(2,372,461	)		3,896		(2,368,565	)		(1,928,615	)		145			(1,928,470	)		(2,355,089	)		4,455		(2,350,634	)
Other comprehensive income of non - controlling interests							(45,306	)								(50,558	)							(46,588	)
Other comprehensive income of the parent							(2,323,259	)								(1,877,912	)							(2,304,046	)

Note 28. Revenue from contracts with customers

The amount of revenue from contracts with customers is as shown:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Retail sales (1) (Note 39)		14,886,333		15,050,693		4,997,762		4,912,100
Service revenue (2) (Note 39)		654,800		599,648		233,006		203,561
Other revenue (3) (Note 39)		51,352		56,410		11,661		15,816
Total revenue from contracts with customers		15,592,485		15,706,751		5,242,429		5,131,477

(1) Retail sales represent the sale of goods and real estate projects net of returns and sales rebates.

This amount includes the following items:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Retail sales, net of sales returns and rebates		14,883,483		15,003,485		4,997,762		4,912,100
Sale of real estate project inventories (a)		2,850		47,208		-		-
Total retail sales		14,886,333		15,050,693		4,997,762		4,912,100

(a) As of September 30, 2024, it corresponds to the sale of 14.04% of Exito Occidente real estate project. As of September 30, 2023, it corresponds to the sale of the Galería La 33 real estate project.

43

(2) Revenues from services and rental income comprise:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Leases and real estate related income		242,093		225,165		85,319		76,193
Lease of physical space		85,926		76,685		35,726		26,495
Distributors		69,530		71,318		23,169		22,087
Advertising		59,832		63,677		22,291		23,113
Commissions		52,128		25,477		17,121		8,743
Administration of real estate		44,596		39,210		14,884		13,244
Telephone		35,484		29,731		12,414		10,513
Transport		30,904		25,889		11,157		9,060
Banking services		15,370		16,474		4,649		5,947
Money transfers		5,673		6,963		1,057		2,183
Other		13,264		19,059		5,219		5,983
Total service revenue		654,800		599,648		233,006		203,561

(3) Other revenue relates to:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024			2023
Marketing events		11,913		14,360		4,193			4,501
Collaboration agreements (a)		7,895		6,251		2,419			564
Leverages of assets		4,510		4,170		1,431			2,292
Royalty revenue		3,018		2,789		566			1,657
Financial services		2,548		2,502		775			741
Recovery of other liabilities		1,930		4,055		229			52
Fee real state project		1,601		1,371		386			271
Use of parking spaces		897		1,422		266			477
Technical assistance		58		47		15			18
Recovery of provisions		-		-		(3,500	)		-
Other		16,982		19,443		4,881			5,243
Total other revenue		51,352		56,410		11,661			15,816

(a) Represents revenue from the following collaboration agreements:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024			2023
Redeban S.A.		3,843		2,795		1,261			893
Éxito Media		1,969		1,779		871			657
Autos Éxito		1,234		-		(166	)		-
Alianza Sura		830		1,587		452			(1,015	)
Moviired S.A.S.		19		90		1			29
Total collaboration agreement		7,895		6,251		2,419			564

44

Note 29. Distribution, administrative and selling expenses.

The amount of distribution, administrative and selling expenses by nature is:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024			2023
Employee benefits (Note 30)		1,287,279		1,313,536		430,553			446,588
Depreciation and amortization		443,983		423,063		146,585			139,636
Taxes other than income tax		310,438		311,267		81,591			75,749
Fuels and power		206,398		205,082		65,350			65,227
Repairs and maintenance		194,862		189,913		57,696			63,827
Commissions on debit and credit cards		114,649		118,771		37,839			36,880
Advertising		113,332		118,112		39,335			39,899
Security services		88,322		85,949		29,941			26,472
Services		84,355		86,546		23,211			28,832
Cleaning services		67,422		65,230		21,911			21,148
Professional fees		66,271		66,241		23,629			20,399
Leases		44,520		44,712		13,067			13,048
Transport		41,828		32,997		14,395			10,540
Administration of trade premises		40,962		37,315		13,548			12,497
Packaging and marking materials		37,417		42,287		12,521			13,341
Outsourced employees		35,881		38,625		12,580			12,025
Insurance		35,690		36,591		10,678			12,269
Credit loss expense (a)		30,524		19,597		14,715			6,401
Commissions		10,320		12,019		3,160			3,962
Other commissions		7,526		7,248		2,490			2,167
Cleaning and cafeteria		7,456		7,775		2,376			2,530
Travel expenses		6,015		14,695		1,934			3,975
Stationery, supplies and forms		5,648		4,761		2,114			1,752
Legal expenses		5,269		6,664		1,466			1,956
Expenses provisions to legal processes		5,197		6,853		2,228			1,923
Other provision expenses		4,642		4,107		1,390			1,211
Seguros Éxito collaboration agreement		3,324		481		-			-
Ground transportation		3,058		3,281		949			1,090
Autos Exito collaboration agreement		-		918		(166	)		307
Other		198,100		164,898		69,017			59,473
Total distribution, administrative and selling expenses		3,500,688		3,469,534		1,136,103			1,125,124
Distribution expenses		1,936,526		1,861,275		628,678			598,041
Administrative and selling expenses		276,883		294,723		76,872			80,495
Employee benefit expenses		1,287,279		1,313,536		430,553			446,588

(a) This amount includes the following items:

	January 1 to September 30					July 1 to September 30
	2024			2023		2024			2023
Allowance for expected credit losses (Note 8.1)		30,119			17,357		14,614			6,122
Hyperinflationary adjustments		455			1,772		217			310
Write-off of receivables		(50	)		468		(116	)		(31	)
Total		30,524			19,597		14,715			6,401

45

Note 30. Employee benefit expenses

The amount of employee benefit expenses incurred by each significant category is as follows:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Wages and salaries		1,061,416		1,083,882		355,418		375,153
Contributions to the social security system		37,113		38,225		11,336		12,368
Other short-term employee benefits		43,124		44,203		14,132		15,482
Total short-term employee benefit expenses		1,141,653		1,166,310		380,886		403,003
Post-employment benefit expenses, defined contribution plans		107,616		107,066		35,369		34,999
Post-employment benefit expenses, defined benefit plans		2,006		1,876		599		556
Total post-employment benefit expenses		109,622		108,942		35,968		35,555
Termination benefit expenses		13,442		13,511		5,537		(828	)
Other personnel expenses		22,370		24,656		8,083		8,798
Other long-term employee benefits		192		117		79		60
Total employee benefit expenses		1,287,279		1,313,536		430,553		446,588

The cost of employee benefit include in cost of sales is shown in Note 11.2.

Note 31. Other operating revenues (expenses) and other (losses) gains, net

Other operating revenues

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Reversal of allowance for expected credit losses (Note 8.1)		18,604		13,843		9,462		4,350
Recovery of liabilities		17,702		-		324		-
Recovery of other provisions for legal proceedings		5,943		2,145		1,148		820
Recovery of other provisions		3,756		414		3,574		49
Other indemnification		3,581		2,021		1,008		644
Insurance indemnification		2,565		2,584		1,477		1,901
Recovery of costs and expenses from taxes other than…income tax		2,052		2,176		24		309
Recovery of restructuring expenses		1,686		1,265		1		(295	)
Recovery of provisions from taxes other than…income tax		242		3,336		1		(1	)
Total other operating revenue		56,131		27,784		17,019		7,777

Other operating expenses

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
Restructuring expenses		(56,790	)		(22,436	)		(24,999	)		(5,660	)
Other provisions (1)		(12,461	)		-			(7,266	)		-
Other (2)		(15,196	)		(36,573	)		(336	)		(19,549	)
Total other operating expenses		(84,447	)		(59,009	)		(32,601	)		(25,209	)

(1) Corresponds to the store and shops close plan.

46

(2) Corresponds:

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
Fees for the registration process in the New York and Sao Paulo stock exchanges		(11,948	)		(32,923	)		(408	)		(16,773	)
Tax on wealth expense		(1,312	)		1,440			2			(191	)
Fees for the projects for the implementation of norms and laws		(1,134	)		(3,735	)		71			(1,720	)
Others		(802	)		(1,355	)		(1	)		(865	)
Total others		(15,196	)		(36,573	)		(336	)		(19,549	)

Other net (losses) gains

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
Write-off of property, plant and equipment		(7,974	)		(6,791	)		(1,345	)		(1,197	)
Gain from the sale of assets		3,017			1			100			1
Gain from sale of property, plant and equipment		2,327			937			752			227
Gain from the early termination of lease contracts		1,431			3,508			241			141
Reversal of impairment of property, plant and equipment		590			110			590			31
Total other net (loss) gains		(609	)		(2,235	)		338			(797	)

Note 32. Financial income and cost

The amount of financial income and cost is as follows:

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
Net monetary position results, effect of the statement of profit or loss (1)		63,334			41,091			15,543			(6,884	)
Gain (loss) from foreign exchange differences		46,993			143,587			5,676			17,551
Interest income on cash and cash equivalents (Note 7)		24,017			33,941			5,692			9,499
Gains from valuation of derivative financial instruments		16,052			1,131			(5,272	)		832
Gain from liquidated derivative financial instruments		13,598			35,730			9,622			3,568
Other financial income		13,189			13,572			2,995			2,765
Total financial income		177,183			269,052			34,256			27,331
Interest expense on loan and borrowings		(179,481	)		(182,377	)		(62,782	)		(75,480	)
Interest expense on lease liabilities (Note 15.2)		(110,582	)		(93,209	)		(36,483	)		(32,061	)
Loss from foreign exchange differences		(68,724	)		(74,492	)		(24,218	)		9,913
Factoring expenses		(68,116	)		(100,056	)		(13,254	)		(18,686	)
Loss from liquidated derivative financial instruments		(22,426	)		(65,806	)		(1,417	)		(27,789	)
Net monetary position expense, effect of the statement of financial position		(21,730	)		(19,736	)		(7,074	)		(93	)
Commission expenses		(4,620	)		(5,145	)		(803	)		(1,004	)
(Loss) gain from fair value changes in derivative financial instruments		(431	)		(28,225	)		571			10,131
Other financial expenses		(13,574	)		(8,031	)		(3,559	)		(2,165	)
Total financial cost		(489,684	)		(577,077	)		(149,019	)		(137,234	)
Net financial result		(312,501	)		(308,025	)		(114,763	)		(109,903	)

47

(1) The indicator used to adjust for inflation in the financial statements of Libertad S.A. is the Internal Wholesales Price Index (IPIM) published by the Instituto Nacional de Estadística y Censos de la República Argentina (INDEC). The price index and corresponding changes are presented below:

	Price index		Change during the year
December 31, 2015		100.00		-
January 1, 2020		446.28		-
December 31, 2020		595.19		33.4	%
December 31, 2021		900.78		51.3	%
December 31, 2022		1,754.58		94.8	%
September 30, 2023		3,587.49		104.5	%
December 31, 2023		6,603.36		276.4	%
September 30, 2024		10,665.28		61.5	%

Note 33. Earnings per share

Basic earnings per share are calculated based on the weighted average number of outstanding shares of each category during the period.

There were no dilutive potential ordinary shares outstanding at the periods ended September 30, 2024 and 2023.

The calculation of basic and diluted earnings per share for all periods presented is as follows:

In profit for the period:

	January 1 to September 30					July 1 to September 30
	2024			2023		2024			2023
Net (loss) profit attributable to equity holders of the parent (basic)		(91,331	)		7,249		(34,733	)		(31,685	)
Weighted average of the number of ordinary shares attributable to earnings per share (basic)		1.297.864.359			1.297.864.359		1.297.864.359			1.297.864.359
Basic (losses) earnings per share to equity holders of the parent (in Colombian pesos)		(70.37	)		5.59		(26.76	)		(24.41	)

48

In continuing operations:

	January 1 to September 30					July 1 to September 30
	2024			2023		2024			2023
Net profit from continuing operations (basic)		34,577			133,798		7,353			7,187
Less: net income from continuing operations attributable to non-controlling interests		125,908			126,549		42,086			38,872
Net (loss) profit from continuing operations attributable to the equity holders of the parent (basic)		(91,331	)		7,249		(34,733	)		(31,685	)
Weighted average of the number of ordinary shares attributable to earnings per share (basic)		1.297.864.359			1.297.864.359		1.297.864.359			1.297.864.359
Basic (losses) earnings per share from continuing operations attributable to the equity holders of the parent (in Colombian pesos)		(70.37	)		5.59		(26.76	)		(24.41	)

Note 34. Impairment of assets

No impairment on financial assets were identified at September 30, 2024 and at December 31, 2023, except on trade receivables and other account receivables (Note 8).

At December 31, 2023, Exito Group completed the annual impairment testing for non-financial assets, which is duly disclosed in the consolidated financial statements presented at the closing of this year

Note 35. Fair value measurement

Below is a comparison, by class, of the carrying amounts and fair values of investment property, property, plant and equipment and financial instruments, other than those with carrying amounts that are a reasonable approximation of fair values.

	September 30, 2024				December 31, 2023
	Carrying amount		Fair value		Carrying amount		Fair value
Financial assets
Investments in private equity funds		418		418		472		472
Derivative financial instruments forwards (Note 12)		5,752		5,752		-		-
Derivative swap contracts denominated as hedge instruments (Note 12)		26		26		2,378		2,378
Investment in bonds through other comprehensive income (Note 12)		13,149		13,149		13,288		13,288
Equity investments (Note 12)		10,658		10,658		10,676		10,676
Non-financial assets
Investment property (Note 14)		1,806,944		4,302,437		1,653,345		4,174,798
Property, plant and equipment, and investment property held for sale (Note 40)		20,583		24,077		12,413		22,469
Financial liabilities
Loans and borrowings (Note 20)		2,131,239		2,133,813		823,863		824,054
Put option (Note 20)		323,984		323,984		442,342		442,342
Forward contracts denominated as hedge instruments (Note 25)		130		130		5,488		5,488
Derivative financial instruments forwards (Note 25)		432		432		11,299		11,299
Non-financial liabilities
Customer loyalty liability (Note 26)		46,743		46,743		43,990		43,990

49

The following methods and assumptions were used to estimate the fair values:

	Hierarchy level	Valuation technique	Description of the valuation technique	Significant input data
Assets
Loans at amortized cost	Level 2	Discounted cash flows method	Future cash flows are discounted at present value using the market rate for loans under similar conditions on the date of measurement in accordance with maturity days.	Commercial rate of banking institutions for consumption receivables without credit card for similar term horizons. Commercial rate for housing loans for similar term horizons.
Investments in private equity funds	Level 2	Unit value	The value of the fund unit is given by the preclosing value for the day, divided by the total number of fund units at the closing of operations for the day. The fund administrator appraises the assets daily.	N/A
Forward contracts measured at fair value through income	Level 2	Colombian Peso-US Dollar forward	The difference is measured between the forward agreed- upon rate and the forward rate on the date of valuation relevant to the remaining term of the derivative financial instrument and discounted at present value using a zero-coupon interest rate.  The forward rate is based on the average price quoted for the two-way closing price (“bid” and “ask”).	Peso/US Dollar exchange rate set out in the forward contract. Market representative exchange rate on the date of valuation. Forward points of the Peso-US Dollar forward market on the date of valuation. Number of days between valuation date and maturity date. Zero-coupon interest rate.
Swap contracts measured at fair value through income	Level 2	Operating cash flows forecast model	The method uses swap cash flows, forecasted using treasury security curves of the State that issues the currency in which each flow has been expressed, for further discount at present value, using swap market rates disclosed by the relevant authorities of each country.   The difference between cash inflows and cash outflows represents the swap net value at the closing under analysis.	Reference Banking Index Curve (RBI) 3 months. Zero-coupon curve. Swap LIBOR curve. Treasury Bond curve. 12-month CPI
Derivative swap contracts denominated as hedge instruments	Level 2	Operating cash flows forecast model	The method uses swap cash flows, forecasted using treasury security curves of the State that issues the currency in which each flow has been expressed, for further discount at present value, using swap market rates disclosed by the relevant authorities of each country. The difference between cash inflows and cash outflows represents the swap net value at the closing under analysis.	Reference Banking Index Curve (RBI) 3 months. Zero-coupon curve. Swap LIBOR curve. Treasury Bond curve. 12-month CPI

50

	Hierarchy level	Valuation technique	Description of the valuation technique	Significant input data
Assets
Investment in bonds	Level 2	Discounted cash flows method	Future cash flows are discounted at present value using the market rate for investments under similar conditions on the date of measurement in accordance with maturity days.	CPI 12 months + Basis points negotiated
Investment property	Level 2	Comparison or market method	This technique involves establishing the fair value of goods from a survey of recent offers or transactions for goods that are similar and comparable to those being appraised.	N/A
Investment property	Level 2	Discounted cash flows method	This technique provides the opportunity to identify the increase in revenue over a previously defined period of the investment. Property value is equivalent to the discounted value of future benefits. Such benefits represent annual cash flows (both, positive and negative) over a period, plus the net gain arising from the hypothetical sale of the property at the end of the investment period.	Discount rate (12-17%) Vacancy rate (0% - 58,94%) Terminal capitalization rate (8,25% - 9,50%)
Investment property	Level 2	Realizable-value method	This technique is used whenever the property is suitable for urban movement, applied from an estimation of total sales of a project under construction, pursuant to urban legal regulations in force and in accordance with the final saleable asset market.	Realizable value
Investment property	Level 2	Replacement cost method	The valuation method consists in calculating the value of a brand-new property, built at the date of the report, having the same quality and comforts as that under evaluation. Such value is called replacement value; then an analysis is made of property impairment arising from the passing of time and the careful or careless maintenance the property has received, which is called depreciation.	Physical value of building and land.
Non-current assets classified as held for trading	Level 2	Realizable-value method	This technique is used whenever the property is suitable for urban development, applied from an estimation of total sales of a project under construction, pursuant to urban legal regulations in force and in accordance with the final saleable asset market.	Realizable Value

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	Hierarchy level	Valuation technique	Description of the valuation technique	Significant input data
Liabilities
Financial liabilities measured at amortized cost	Level 2	Discounted cash flows method	Future cash flows are discounted at present value using the market rate for loans under similar conditions on the date of measurement in accordance with maturity days.	Reference Banking Index (RBI) + Negotiated basis points. LIBOR rate + Negotiated basis points.
Swap contracts measured at fair value through income	Level 2	Operating cash flows forecast model	The method uses swap cash flows, forecasted using treasury security curves of the State that issues the currency in which each flow has been expressed, for further discount at present value, using swap market rates disclosed by the relevant authorities of each country.   The difference between cash inflows and cash outflows represents the swap net value at the closing under analysis.	Reference Banking Index Curve (RBI) 3 months. Zero-coupon curve. Swap LIBOR curve. Treasury Bond curve. 12-month CPI
Derivative instruments measured at fair value through income	Level 2	Colombian Peso-US Dollar forward	The difference is measured between the forward agreed upon rate and the forward rate on the date of valuation relevant to the remaining term of the derivative financial instrument and discounted at present value using a zero-coupon interest rate.  The forward rate is based on the average price quoted for the two-way closing price (“bid” and “ask”).	Peso/US Dollar exchange rate set out in the forward contract. Market representative exchange rate on the date of valuation. Forward points of the Peso-US Dollar forward market on the date of valuation. Number of days between valuation date and maturity date. Zero-coupon interest rate.
Derivative swap contracts denominated as hedge instruments	Level 2	Discounted cash flows method	The fair value is calculated based on forecasted future cash flows provided by the operation upon market curves and discounting them at present value, using swap market rates.	Swap curves calculated by Forex Finance Market Representative Exchange Rate (TRM)
Customer loyalty liability (refer to footnote 26)	Level 3	Market value	The customer loyalty liability is updated in accordance with the point average market value for the last 12 months and the effect of the expected redemption rate, determined on each customer transaction.	Number of points redeemed, expired and issued. Point value. Expected redemption rate.
Bonds issued	Level 2	Discounted cash flows method	Future cash flows are discounted at present value using the market rate for bonds in similar conditions on the date of measurement in accordance with maturity days.	12-month CPI
Lease liabilities	Level 2	Discounted cash flows method	Future cash flows of lease contracts are discounted using the market rate for loans in similar conditions on contract start date in accordance with the non-cancellable minimum term.	Reference Banking Index (RBI) + basis points in accordance with risk profile.
Put option (refer to footnote 20)	Level 3	Given formula	Measured at fair value using a given formula under an agreement executed with non-controlling interests of Grupo Disco, using level 3 input data.	Net income of Supermercados Disco del Uruguay S.A. since October 2022 to September 2023 and since October 2023 to September 2024. US Dollar-Uruguayan peso exchange rate on the date of valuation US Dollar-Colombian peso exchange rate on the date of valuation Total shares Supermercados Disco del Uruguay S.A.

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Material non-observable input data and a valuation sensitivity analysis on the valuation of the “put option contract” refer to:

	Material non-observable input data	Range (weighted average)			Sensitivity of the input data on the estimation of the fair value
Put option	Net income of Supermercados Disco del Uruguay S.A. since October 2023 to September, 2024.	$	188,008		The Put option value is defined as the greater of (i) the fixed price of the contract in US dollars updated at 5% per year, (ii) a multiple of EBITDA minus the net debt of Grupo Disco Uruguay S.A., or (iii) a multiple of the net income of Grupo Disco Uruguay S.A.
	Ebitda of Supermercados Disco del Uruguay S.A., consolidated over 12 months	$	261,342		On September 30, 2024, the value of the put option is recognized based on fixed contract price. Grupo Disco Uruguay S.A.’s Ebitda should increase by approx. 22.71% to arrive at a value greater than the recognized value. The multiple of the net income should increase by approx 1.76% to reach a value greater than the recognized value. An exchange rate appreciation of 15% would increase the value of the put option by $48,598.
	Net financial debt of Supermercados Disco del Uruguay S.A., consolidated over 6 months	$	(172,068	)
	Fixed contract price	$	323,984
	US Dollar-Uruguayan peso exchange rate on the date of valuation	$	41.68
	US Dollar-Colombian peso exchange rate on the date of valuation	$	4,164.21
	Total shares Supermercados Disco del Uruguay S.A.		232,710,093

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Changes in hierarchies may occur if new information is available, certain information used for valuation is no longer available, there are changes resulting in the improvement of valuation techniques or changes in market conditions.

There were no transfers between level 1, level 2 and level 3 hierarchies during the period ended September 30, 2024.

Note 36. Contingencies

Contingent assets

There are no contingent assets for disclose at September 30, 2024.

Contingent liabilities

Contingent liabilities at September 30, 2024 and at December 31, 2023 are:

(a) The following proceedings are underway, seeking that Exito Group be exempted from paying the amounts claimed by the complainant entity:

- Administrative discussion with DIAN (Colombia National Directorate of Customs) amounting to $42,210 (December 31, 2023 - $40,780) regarding notice of special requirement 112382018000126 of September 17, 2018, informing of a proposal to amend the 2015 income tax return. In September 2021, Almacenes Éxito S.A. received a new notice from DIAN, confirming their proposal. However, external advisors regard the proceeding as a contingent liability.

- Resolutions issued by the District Tax Direction of Bogotá, relating to industry and trade tax for the bimesters 4, 5 and 6 of 2011 for alleged inaccuracy in payments, in the amount of $11,830 (December 31, 2023 - $11,830).

- Nullity of the Official Review Settlement GGI-FI-LR-50716-22 of November 22, 2022 whereby the Special Industrial and Port District of Barranquilla modifies the 2019 industry and commerce tax return establishing a higher value of the tax and an inaccuracy penalty, and the nullity of resolution GGI-DT-RS-282-2023 of October 27, 2023 whereby the reconsideration appeal is resolved, for $3,766 (December 31, 2023 - $-).

- Nullity of the Official Review Settlement GGI-FI-LR-50712-22 of November 2, 2022 whereby it modifies the 2018 industry and commerce tax return establishing a higher value of the tax and an inaccuracy penalty, and the nullity of resolution GGI.DT-RS-282-2023 of October 27, 2023 whereby the reconsideration appeal is resolved, for $3,285 (December 31, 2023 - $-).

- Nullity of resolution-fine dated September 2020 ordering reimbursement of the balance receivable assessed in the income tax for taxable 2015 in amount of $2,734 (December 31, 2023 - $2,211).

- Nullity of the Official Review Settlement GGI-FI-LR-50720-22 of December 6, 2022 whereby it modifies the 2020 industry and commerce tax return establishing a higher tax value and an inaccuracy penalty, and the nullity of resolution GGI-DT-RS-329-2023 of December 4, 2023 whereby the reconsideration appeal is resolved, for $2,652 (December 31, 2023 - $-).

- Administrative discussion with the Cali Municipality regarding the notice of special requirement 4279 of April 8, 2021 whereby the Almacenes Éxito S.A. is invited to correct the codes and rates reported in the Industry and Trade Tax for 2018 in amount of $2,130 (December 31, 2023 - $2,130).

- Nullity of the Official Assessment Settlement 00019-TS-0019-2021 of February 24, 2021, whereby the Department of Atlántico settles the Security and Citizen Coexistence Tax for the taxable period of February 2015 to November 2019, and the nullity of Resolution 5-3041-TS0019-2021 of November 10, 2021, whereby an appeal for reconsideration is resolved for $1,226 (December 31, 2023 - $1,226).

(b) Guarantees:

- Almacenes Éxito S.A. granted a bank guarantee effective from June 20, 2024 to June 20, 2025 to the third party PriceSmart Colombia S.A.S. in order to guarantee the payment of merchandise purchases (goods and supplies) for $4,000.

- Almacenes Éxito S.A. granted a collateral on behalf its subsidiary Almacenes Éxito Inversiones S.A.S. to cover a potential default of its obligations. At September 30, 2024, the balance is $3,967 (December 31, 2023 $3,967).

- Almacenes Éxito S.A. granted its subsidiary Transacciones Energéticas S.A.S. E.S.P. a financial guarantee for $- (December 31, 2023 - $3,000) to cover possible defaults of its obligations for the charges for the use of local distribution and regional transmission systems before the market and before the agents where the service is rendered.

- Éxito Viajes y Turismo S.A.S. granted a guarantee in favor of JetSmart Airlines S.A.S. for $400 to guarantee compliance with the payments associated with the air ticket sales contract (December 31, 2023 $-).

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- As required by some insurance companies and as a requirement for the issuance of compliance bonds, during 2024 some subsidiaries and Almacenes Éxito S.A., as joint and several debtors of some of its subsidiaries, have granted certain guarantees to these third parties. Below a detail of guarantees granted:

Type of guarantee	Description and detail of the guarantee	Insurance company
Unlimited promissory note	Compliance bond Éxito acts as joint and several debtors of Patrimonio Autónomo Viva Barranquilla	Seguros Generales Suramericana S.A.
Unlimited promissory note	Compliance bond granted by Éxito Industrias S.A.S.	Seguros Generales Suramericana S.A.
Unlimited promissory note	Compliance bond granted by Éxito Viajes y Turismo S.A.	Berkley International Seguros Colombia S.A.
Unlimited promissory note	Compliance bond granted by Éxito Viajes y Turismo S.A.	Seguros Generales Suramericana S.A.
Unlimited promissory note	Compliance bond granted by Transacciones Energéticas S.A.S. E.S.P.	Seguros Generales Suramericana S.A.
Unlimited promissory note	Compliance bond granted by Logística, Transporte y Servicios Asociados S.A.S.	Seguros Generales Suramericana S.A.

These contingent liabilities, whose nature is that of potential liabilities, are not recognized in the statement of financial position; instead, they are disclosed in the notes to the financial statements.

Note 37. Dividends declared and paid.

Almacenes Éxito S.A.’s General Meeting of Shareholders held on March 21, 2024, declared a dividend of $65,529, equivalent to an annual dividend of $50.49 Colombian pesos per share. During the period ended at September 30, 2024 the amount paid was $15,145.

Dividends declared and paid to the owners of non-controlling interests in subsidiaries during the period ended September 30, 2024 are as follows:

	Dividends declared		Dividends Paid
Patrimonio Autónomo Viva Malls		82,903		76,051
Grupo Disco Uruguay S.A.		12,287		12,439
Patrimonio Autónomo Viva Villavicencio		7,795		8,834
Éxito Viajes y Turismo S.A.S.		4,075		4,075
Patrimonio Autónomo Centro Comercial		3,930		4,835
Patrimonio Autónomo Viva Laureles		2,129		2,193
Patrimonio Autónomo Centro Comercial Viva Barranquilla		1,915		2,124
Distribuidora de Textiles y Confecciones S.A.S.		1,136		1,136
Patrimonio Autónomo Viva Sincelejo		931		1,100
Patrimonio Autónomo San Pedro Etapa I		818		413
Patrimonio Autónomo Viva Palmas		532		611
Total		118,451		113,811

Almacenes Éxito S.A.’s General Meeting of Shareholders held on March 23, 2023, declared a dividend of $217,392, equivalent to an annual dividend of $167.50 Colombian pesos per share. During the year ended at December 31, 2023 the amount paid was $217,293.

Dividends declared and paid to the owners of non-controlling interests in subsidiaries during the year ended December 31, 2023 are as follows:

	Dividends declared		Dividends Paid
Patrimonio Autónomo Viva Malls		104,623		81,621
Grupo Disco Uruguay S.A.		27,544		31,108
Patrimonio Autónomo Viva Villavicencio		10,131		9,334
Patrimonio Autónomo Centro Comercial		4,906		4,827
Patrimonio Autónomo Centro Comercial Viva Barranquilla		2,830		2,684
Patrimonio Autónomo Viva Laureles		2,687		2,611
Éxito Viajes y Turismo S.A.S.		2,517		2,517
Patrimonio Autónomo San Pedro Etapa I		1,796		1,837
Patrimonio Autónomo Viva Sincelejo		1,476		2,081
Patrimonio Autónomo Viva Palmas		768		1,115
Total		159,278		139,735

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Note 38. Seasonality of transactions

Exito Group’s operation and cash flow cycles indicate certain seasonality in operating and financial results, as well as financial indicators associated with liquidity and working capital, once there is a concentration during the first and the last quarter of the year, mainly because of Christmas and “Special Price Days”, which is the second most important promotional event of the year. The administration manages these indicators in order to control that risks do not materialize and for those that could materialize it implements action plans in timely; additionally, it monitors the same indicators in order to keep them within industry standards.

Note 39. Operating segments

Exito Group’s three reportable segments all meet the definition of operating segments, are as follows:

Colombia:

- Éxito: Revenues from retailing activities, with stores under the banner Éxito.

- Carulla: Revenues from retailing activities, with stores under the banner Carulla.

- Low cost and other: Revenues from retailing and other activities, with stores under the banners Surtimax, Súper Inter, Surti Mayorista and B2B format.

Argentina:

- Revenues and services from retailing activities in Argentina, with stores under the banners Libertad and Mini Libertad.

Uruguay:

- Revenues and services from retailing activities in Uruguay, with stores under the banners Disco, Devoto and Géant.

Exito Group discloses information by segment pursuant to IFRS 8 - Operating segments, which are defined as a component of an entity whose operating results are regularly reviewed by the chief operating decision maker (Board of Directors) for decision making purposes about resources to be allocated.

Retail sales by each of the segments are as follows:

		January 1 to September 30						July 1 to September 30
Operating segment	Banner	2024			2023 (a)			2024			2023(a)
Colombia	Éxito		7,391,036			7,261,840			2,548,052			2,432,931
	Carulla		1,891,094			1,756,688			658,905			604,410
	Low cost and other		1,631,013			1,735,790			502,410			581,177
Argentina			1,042,048			1,161,952			353,603			356,605
Uruguay			2,931,578			3,135,046			935,228			936,993
Total consolidated			14,886,769			15,051,316			4,998,198			4,912,116
Eliminations			(436	)		(623	)		(436	)		(16	)
Total consolidated			14,886,333			15,050,693			4,997,762			4,912,100

(a) As a consequence of the store conversions carried out during 2024, the sales of the brands of the Colombian operating segment for the periods ended September 30, 2023, have been reclassified for comparative purposes using the same store allocation presented during the periods ended September 30, 2024.

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Below is additional information by operating segment:

	For the period ended September 30, 2024
	Colombia			Argentina (1)			Uruguay (1)			Total			Eliminations (2)			Total
Retail sales		10,913,143			1,042,048			2,931,578			14,886,769			(436	)		14,886,333
Service revenue		587,181			45,454			22,166			654,801			(1	)		654,800
Other revenue		45,370			2			5,980			51,352			-			51,352
Gross profit		2,487,219			344,764			1,076,055			3,908,038			-			3,908,038
Operating profit		144,584			(23,976	)		257,817			378,425			-			378,425
Depreciation and amortization		428,876			25,586			71,915			526,377			-			526,377
Net finance expenses		(272,163	)		(13,387	)		(26,951	)		(312,501	)		-			(312,501	)
Profit before income tax		(194,201	)		(37,363	)		230,866			(698	)		-			(698	)
Income tax		86,247			(772	)		(50,200	)		35,275			-			35,275

	For the period ended September 30, 2023
	Colombia			Argentina (1)			Uruguay (1)			Total			Eliminations (2)			Total
Retail sales		10,754,318			1,161,952			3,135,046			15,051,316			(623	)		15,050,693
Service revenue		533,043			45,450			21,155			599,648			-			599,648
Other revenue		50,429			16			6,057			56,502			(92	)		56,410
Gross profit		2,523,252			403,344			1,125,621			4,052,217			-			4,052,217
Operating profit		254,071			19,728			275,424			549,223			-			549,223
Depreciation and amortization		414,552			23,444			64,199			502,195			-			502,195
Net finance expenses		(278,923	)		(22,427	)		(6,675	)		(308,025	)		-			(308,025	)
Profit before income taxc		(99,381	)		(2,699	)		268,749			166,669			-			166,669
Income tax		41,713			(19,963	)		(54,621	)		(32,871	)		-			(32,871	)

	For the quarter ended September 30, 2024
	Colombia			Argentina (1)			Uruguay (1)			Total			Eliminations (2)			Total
Retail sales		3,709,367			353,603			935,228			4,998,198			(436	)		4,997,762
Service revenue		204,013			20,978			8,016			233,007			(1	)		233,006
Other revenue		9,443			(2	)		2,220			11,661			-			11,661
Gross profit		829,413			113,409			343,559			1,286,381			-			1,286,381
Operating profit		75,240			(14,040	)		73,834			135,034			-			135,034
Depreciation and amortization		142,780			7,691			24,417			174,888			-			174,888
Net finance expenses		(82,637	)		(16,925	)		(15,201	)		(114,763	)		-			(114,763	)
Profit before income tax		(25,597	)		(30,965	)		58,633			2,071			-			2,071
Income tax		12,270			12,699			(19,687	)		5,282			-			5,282

	For the quarter ended September 30, 2023
	Colombia			Argentina (1)			Uruguay (1)			Total			Eliminations (2)			Total
Retail sales		3,618,518			356,605			936,993			4,912,116			(16	)		4,912,100
Service revenue		181,794			14,757			7,010			203,561			-			203,561
Other revenue		13,960			6			1,855			15,821			(5	)		15,816
Gross profit		822,127			119,940			337,803			1,279,870			-			1,279,870
Operating profit		61,827			14,872			59,818			136,517			-			136,517
Depreciation and amortization		138,953			6,570			20,380			165,903			-			165,903
Net finance expenses		(98,150	)		(9,273	)		(2,480	)		(109,903	)		-			(109,903	)
Profit before income taxc		(60,747	)		5,599			57,338			2,190			-			2,190
Income tax		20,545			(2,326	)		(13,222	)		4,997			-			4,997

(1) Non-operating companies (holding companies that hold interests in the operating companies) are allocated by segments to the geographic area to which the operating companies belong. Should the holding company hold interests in various operating companies, it is allocated to the most significant operating company.

(2) Relates to the balances of transactions carried out between segments, which are eliminated in the process of consolidation of financial statements.

Total assets and liabilities by segment are not reported internally for management purposes and consequently they are not disclosed.

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Note 40. Assets held for sale

Assets held for sale

Exito Group management started a plan to sell certain property seeking to structure projects that allow using such real estate property, increase the potential future selling price and generate resources to Exito Group. Consequently, certain property, plant and equipment and certain investment property were classified as assets held for sale.

The balance of assets held for sale, included in the statement of financial position, is shown below:

	September 30, 2024		December 31, 2023
Property, plant, and equipment (1)		17,938		9,768
Investment property (2)		2,645		2,645
Total		20,583		12,413

(1) Corresponds to the Local Paraná of the Argentinian subsidiary. As of September 30, 2024, the increase corresponds to the effect of exchange difference.

(2) It corresponds to the La Secreta land negotiated with the buyer during 2019. As of September 30, 2024, 57.93% of the payment for the property has been delivered and received. The rest of the asset will be delivered coincidentally with the asset payments that will be received with the following scheme: 1.19% in 2024 and 40.88% in 2025. The deed of contribution to the trust was signed on December 1, 2020 and was registered on December 30, 2020.

No accrued income or expenses have been recognized in profit or loss or other comprehensive income in relation to the use of these assets.

Note 41. Financial risk management policy

At December 31, 2023, Exito Group duly disclosed the capital risk management and financial risk management policies in the consolidated financial statements presented at the closing of this year. There are no changes in these policies during the period ended at September 30, 2024.

Note 42. Subsequent Events

No events have occurred subsequent to the date of the reporting period that represent significant changes in the financial position and the operations of Exito Group due to their relevance are required to be disclosed in the financial statements.

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Almacenes Éxito S.A.

Certification by the Parent Companie’s Legal Representative and Head Accountant

Envigado, November 12, 2024

We, the undersigned Legal Representative and Head Accountant of Almacenes Éxito S.A. Parent Company, each of us duly empowered and under whose responsibility the accompanying financial statements have been prepared, do hereby certify that regarding the interim consolidated financial statements, the following assertions therein contained have been verified prior to making them available to you and to third parties:

1. All assets and liabilities included in the interim consolidated financial statements, exist, and all transactions included in said interim consolidated financial statements have been carried out during the period ended September 30, 2024 and September 30, 2023.

2. All economic events achieved by Exito Group during the period ended September 30, 2024 and September 30, 2023, have been recognized in the interim consolidated financial statements.

3. Assets represent likely future economic benefits (rights), and liabilities represent likely future economic sacrifice (obligations) obtained by or in charge of Exito Group at September 30, 2024 and at December 31, 2023.

4. All items have been recognized at proper values.

5. All economic events affecting Exito Group have been properly classified, described, and disclosed in the interim consolidated financial statements.

We do certify the above assertions pursuant to section 37 of Law 222 of 1995.

Further, the undersigned legal representative of Almacenes Éxito S.A., Parent Company, does hereby certify that the interim consolidated financial statements and the operations of Exito Group at September 30, 2024 and at December 31, 2023, are free of fault, inaccuracy or misstatement that prevent users from having a true view of its financial position.

This certification is issued pursuant to section 46 of Law 964 of 2005.

Finally, we inform that these accompanying consolidated financial statements for the periods ended September 30, 2024 and September 30, 2023 were subjected to a limited review under the International Standard for Review Engagements NITR 2410 (ISRE 2410) - Review of interim financial information, carried out by the Parent Company’s statutory auditor. The report of the statutory auditor for the period ended September 30, 2024 is an integral part of these financial statements.

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