EX-99.5 6 ea021119101ex99-5_alma.htm EARNINGS PRESENTATION (ENGLISH TRANSLATION)

Exhibit 99.5

 

2Q24 Grupo Éxito Financial Results August 13, 2024 “ The Issuers Recognition - IR granted by the Colombian Stock Exchange is not a certification about the quality of the securities listed at the BVC nor the solvency of t he issuer ” .

 

2 Note on forward looking statements • This document contains certain forward - looking statements based on data, assumptions, and estimates, that the Company believes are reasonable ; however, it is not historical data and should not be interpreted as guarantees of its future occurrence . The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the Company, are intended to identify forward - looking statements . Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations, expectations in connection with the company’s ESG plans, initiatives, projections, goals, commitments, expectations or prospects, including ESG - related targets and goals, are examples of forward - looking statements . Although the Company’s management believes that the expectations and assumptions on which such forward - looking statements are based are reasonable, undue reliance should not be placed on the forward - looking statements . • Grupo Éxito operates in a competitive and rapidly changing environment ; therefore, it is not able to predict all the risks, uncertainties or other factors that may affect its business, their potential impact on its business, or the extent to which the occurrence of a risk or a combination of risks could have results that are significantly different from those included in any forward - looking statement . Important factors that could cause actual results to differ materially from those indicated by such forward - looking statements, or that could contribute to such differences, include, without limitation, the risks and uncertainties set forth under the section “Item 3 . Key Information – D . Risk Factors” in the Company’s registration statement on Form 20 - F filed with the Securities and Exchange Commission on July 20 , 2023 . • The forward - looking statements contained in this document are made only as of the date hereof . Except as required by any applicable law, rules or regulations, Grupo Éxito expressly disclaims any obligation or undertaking to publicly release any updates of any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions, or circumstances on which any forward - looking statement contained in this document is based . • Reconciliations of the non - IFRS financial measures in this webcast are included at the appendices to this webcast presentation .

 

Agenda ▪ Words from our CEO, Mr . Carlos Calleja ▪ 2 Q/ 1 H 24 Financial and Operating Highlights ▪ 2 Q/ 1 H 24 Financial Performance ▪ Conclusions and Q&A session 3

 

4 Words from our CEO Mr. Carlos Calleja

 

5 Operating and Financial Highlights

 

• 2 Q Retail Sales growth in LC : Col - 0 . 1 % , Uru + 4 . 4 % , Arg + 192 . 2 % . Positive performance of other revenue (+ 7 . 0 % excluding FX) driven by complementary businesses • Top Line 1 H : - 2 . 1 % , + 7 . 2 % excluding FX • Gross Profit : - 3 . 0 % to 25 . 6 % margin during 2 Q, - 5 . 4 % to 25 . 3 % 1 H, reflected price investment and inflationary pressures on costs • Recurring EBITDA 3 : ( - 13 . 5 % 2 Q, - 17 . 7 % 1 H) reflected price investment, inflationary pressures on the cost/expense structures and negative FX impacts • Net result driven by income tax was offset by variations of operational results in Colombia and Argentina • Free cash flow amounted to COP $ 130 , 000 M (+ 41 . 3 % y/y) Recurring EBITDA 3 COP $341,931 M ( - 13.5%, 6.7% margin; - 9.5% excluding FX ) Net Revenue COP $5.1 B ( - 0.9% y/y, +6.5 % excluding FX) Notes : ( 1 ) Consolidated results from Colombia, Uruguay and Argentina, eliminations and the FX effect of - 6 . 9 % at Net Revenue and - 4 . 5 % at Recurring EBITDA during 2 Q 24 and of - 8 . 7 % and - 6 . 6 % , respectively, during 1 H 24 . ( 2 ) Excluding FX . ( 3 ) Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non - recurring operational income (expense) . ( 4 ) LTM e xpansion from o penings , reforms, conversions and remodellings . SSS 2 +4.8% Financial Highlights Investment & expansion Operating and Corporate Governance highlights Net loss COP $ 18,735 M 6 630 stores 1.03 M sqm ( - 0.8%) 2Q24 Consolidated highlights 1 + 100 bps in Recurring EBITDA margin q/q despite tough consumer trends in Colombia and Argentina and inflationary effects on the cost/expense structure • Omni - channel performance : » Share 2 Q 24 : 11 . 3 % (Col 14 . 5 % , Uru 3 . 1 % and Arg 3 . 7 % ) » Sales + 3 . 3 % in 2 Q | + 6 . 0 % in 1 H • Viva Malls grew revenues by 8 . 0 % and Recurring EBITDA by 8 . 2 % y/y (+ 16 bps) during 2 Q 24 and 8 . 2 % and 10 . 8 % y/y (+ 135 bps), respectively, during 1 H 24 • Efforts on efficiencies, including the closure of unprofitable stores to boost profitability • Capex of COP $163,567 M during 1H24 72% allocated to expansion 4 • LTM store expansion 4 : 44 stores (Col 37, Uru 6, Arg 1) • Colombia : 2 Éxito stores • Expansion strategy focused on conversions to Éxito and Carulla banners • Uruguay : 1 store ( Six or Less banner)

 

7 Financial Performance

 

• CPI 4.96% LT - June (vs 5.98% y/y), 4.54% food inflation • Retail Sales and SSS in LC : + 4 . 4 % , + 2 . 3 % , boosted by : x Sound political and economic environment x N on - food category (+ 9 . 7 % ) driven by commercial activities around “ Copa América” x 32 Fresh Market stores (+ 2 . 2 % growth vs 2 Q 23 ; 59 . 2 % share on total sales) x Fresh Market stores reached share of 60 . 2 % on sales and grew 4 . 3 % vs 1 H 23 Top line performance International operations drove sales performance (+ 6 . 5 % in 2 Q, + 7 % in 1 H excluding FX) • CPI 7 . 18 % LT - June (vs 12 . 13 % y/y) ; retail sales exc . gas and vehicles - 4 . 4 % y/y - to - may • Internal food inflation was 1 . 4 p . p . below the national level of 5 . 27 % • Food category grew by 2 . 4 % during the quarter driven by fresh (+ 4 . 5 % ) • Non - food category ( - 6 . 5 % in 2 Q) continued impacted by pressures in consumption from high interest rates • Net Revenue + 2 . 0 % vs 1 H 23 , excluding development fees of real estate and property sales, driven by complementary businesses • CPI 271 . 5 % LT - June (vs 115 . 6 % y/y) • Unfavorable macroeconomic context for sales growth • Retail Sales and SSS in LC : + 192 . 2 % , + 202 . 4 % • Real estate + 177 . 5 % in LC (occupancy levels of 94 . 5 % ) • Share of the C&C format on total sales 16 . 1 % during 1 H 24 Notes : Data in COP at consolidated level includes a - 11 . 4 % FX effect in Uruguay at Net Revenue and at Recurring EBITDA and - 62 . 7 % in Argentina, respectively during 2 Q 24 and - 14 . 4 % FX effect in Uruguay at Net Revenue and at Recurring EBITDA and - 72 . 1 % in Argentina, respectively during 1 H 24 , calculated with the closing exchange rate . SSS in local currency, include the effect of conversions and exclude the calendar effect - 0 . 01 % during 2 Q 24 and - 0 . 05 % during 1 H 24 in Colombia ( - 0 . 01 % and - 0 . 29 % in Éxito, 0 . 0 % and 0 . 72 % in Carulla and 0 . 0 % and 0 . 65 % in LC segments, respectively in 2 Q 24 and 1 H 24 ), - 2 . 1 % in Uruguay and - 6 . 4 % in Argentina during 2 Q 24 , and 0 . 48 % in Uruguay and 0 . 97 % in Argentina during 1 H 24 . 8 Colombia Argentina Uruguay in COP M 2Q24 2Q23 % Var 2Q24 2Q23 % Var % var exc. FX 2Q24 2Q23 % Var % var exc. FX 2Q24 2Q23 % Var % var exc. FX Retail Sales 3,500,431 3,505,457 (0.1%) 959,307 1,036,584 (7.5%) 4.4% 392,729 359,927 9.1% 192.2% 4,852,467 4,901,361 (1.0%) 6.5% Other Revenue 198,382 194,912 1.8% 9,398 8,692 8.1% 22.0% 14,670 14,159 3.6% 177.5% 222,450 217,759 2.2% 7.0% Net Revenue 3,698,813 3,700,369 (0.0%) 968,705 1,045,276 (7.3%) 4.6% 407,399 374,086 8.9% 191.7% 5,074,917 5,119,120 (0.9%) 6.5% in COP M 1H24 1H23 % Var 1H24 1H23 % Var % var exc. FX 1H24 1H23 % Var % var exc. FX 1H24 1H23 % Var % var exc. FX Retail Sales 7,203,776 7,135,800 1.0% 1,996,350 2,198,053 (9.2%) 6.1% 688,445 805,347 (14.5%) 206.8% 9,888,571 10,138,593 (2.5%) 7.0% Other Revenue 419,095 387,718 8.1% 17,910 18,347 (2.4%) 14.0% 24,480 30,703 (20.3%) 186.2% 461,485 436,681 5.7% 12.1% Net Revenue 7,622,871 7,523,518 1.3% 2,014,260 2,216,400 (9.1%) 6.1% 712,925 836,050 (14.7%) 206.1% 10,350,056 10,575,274 (2.1%) 7.2% Colombia Uruguay Argentina Consolidated Colombia Uruguay Argentina Consolidated

 

“Efficient operation under the most beloved brands” Strategic focus in Colombia Focus on brand unification, assortment expansion, and savings through high - low promotions and competitive pricing strategies Banners unification under Éxito and Carulla banners plan to convert stores to the main banners in Colombia stores to be converted during 2024 (50% by banner) stores converted YTD ( potential of 150 stores ) 3 - years 40 12 Improvement of assortment to have a complete offer to customers “Strongest portfolio to capture share of wallet” s tores with new assortment in three regions Increase in SKUs available on - the - shelf new brands included (meat, dairy, bread, etc ) Electro: high - end Apparel: new brands and basics 100 +25% +80 implemented innovative levers ( at 9 Éxito and 9 Carulla stores) Health and wellness, “Cocina del Mercado”, Pets, e lectro “specialist” and apparel “boutique” New assortment in meat, artisan bakery and liquor cellar 18 stores Wow Fresh “The best levers from Wow and Fresh to other stores” Smart investing in innovative levers from Wow and Fresh Market models 9

 

Strategic focus in Colombia Strong commercial strategy focused on offering savings to clients High and low strategy in alliance with suppliers “Better price perception in key buying moments” Unbeatable prices on private label and national brands “High competitivity to increase traffic in stores” Successful Éxito promo events to all banners “Provide savings opportunities for all customers” Weekly thematic days for key categories “Increase traffic in - store aiming sales uplift” +1,000 products offered at the lowest price in the market 200 Participating brands share on sales ~10% Pay - day Promotional activities to capture high ticket purchasing Re - stocking Selected deals to increase frequently - bought goods Feb - Mar Jun - Jul Sep - Oct Anniversary Mega Prima Special Price Days Tuesday Wednesday Friday Fruits & Vegetables Meat & P oultry Snacks & Liquors 10

 

“A leaner operation to improve agility and profitability” Strategic focus in Colombia Focus on streamlining the cost/expense structures Saving plan and processes optimization 2.6% 31 M USD SG&A growth, below inflation and with an improved trend q/q in savings already captured Main activities x Expense control at all levels x Focus on improving shrinkage levels x Systemic negotiations with key suppliers x A leaner operating structure x Restructuring plan x Efficiencies in logistics x Reduction of energy consumption x IT contract renegotiation Other optimization levers 11

 

A solid sales growth , driven by : • F ood (+ 7 . 3 % ) and omni - channel (+ 26 . 9 % ) during 1 H 24 • Omnichannel share of 28 . 5 % on retail sales in 1 H 24 • 31 Fresh Market stores represented a 63 . 7 % share on the segment ´ s sales (+ 81 bp vs 2 Q 23 ) • 2 store conversions during 2 Q 24 • Fresh + 4 . 7 % during 1 H 24 • Non - food s ales - 3 . 9 % during 1 H 24 mainly affected by electro ( - 3 . 4 % in 2 Q 24 vs - 4 . 8 % in 1 Q 24 ) • Sales of 32 Éxito WOW stores represented 36 . 3 % on the segment’s sales during 2 Q 24 (+ 37 bp vs 2 Q 23 ) • 2 openings and 3 conversions during 2 Q 24 • 5 conversions during 1 H 24 2Q/1H24 Performance by segment Growth driven by Carulla and the food category 12 Notes : SSS in local currency, include the effect of conversions and exclude the calendar effect of - 0 . 01 % in 2 Q 24 and - 0 . 05 % in 1 H 24 in Colombia ( - 0 . 01 % and - 0 . 29 % in Éxito, 0 . 0 % and 0 . 72 % in Carulla and 0 . 0 % and 0 . 65 % in LC segments, respectively in 2 Q 24 and 1 H 24 ) . ( 1 ) The segment includes Retail Sales from Surtimax, Super Inter and Surtimayorista brands, allies, institutional and third - party sellers, and the sale of property development projects (inventory) of none during 2 Q 24 vs COP $ 18 K in 2 Q 23 and COP $ 2 . 8 K during 1 H 24 vs $ 47 . 2 K in 1 H 23 . Éxito Carulla Low - cost & Other 1 : • Surtimayorista’s sales growth driven by FMCG (+ 3 . 1 % ) during 1 H 24 • Misurtii’s sales grew 1 . 7 X vs 1 H 23 • Performance reflected a higher basis from the sale of property (+ 1 . 7 % when excluded in 1 H) and the store portfolio optimization strategy focus on Éxito and Carulla banners Variations Low-cost & Other (1) Low-cost & Other (1) SSS -0.4% -1.2% 7.3% -5.7% 0.4% -0.2% 7.1% -4.5% Total -0.1% -1.0% 7.1% -4.0% 1.0% 0.3% 6.9% -2.3% Total MCOP 3,500,431 2,322,599 625,203 552,629 7,203,776 4,842,984 1,232,189 1,128,603 1H242Q24

 

Highlights ( 1 ) Include . com, marketplace, home delivery, Shop&Go, Click&Collect, digital catalogues and B 2 B virtual ; the base was adjusted with new channels included : SOC and Midescuento . 5.8 M Orders (+24%) 2 Q24 14.5 % Share on Retail Sales Omni - channel 1 performance Omni - channel share (+ 44 bps to 14 . 6 % ) boosted by solid food sales trend (+ 14 % , 13 . 3 % share on sales) during 1 H 24 13 COP $516,482 M In Retail Sales (+0.9%) • Apps: COP $40,000 M (+33.1%) and COP $84,000 M (+38.5%) in sales during 2Q24 and 1H24 ; 369,000 orders (+55%) during 1H24 • Misurtii app grew sales by 72% to COP $48,000 M during 1H24; 81 ,200 orders (+31%) • Share on non - food sales 17.7% during 1H24 13.3 % Share on Food Sales 14.6 % Share on Retail Sales 1H 24 COP $1.1 B In Retail Sales (+4.4%) 11.4 M Orders (+28%) 573,801 700,224 821,528 1,021,156 1,066,257 10.1% 12.8% 12.1% 14.1% 14.6% 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000 1H 20 1H 21 1H 22 1H 23 1H 24 Omni - channel sales and share on sales

 

Real Estate performance 1H24 Viva Malls, the leading shopping center operator in Colombia 1 Real Estate Business Real Estate revenue decreased 11.4% in Colombia due a higher base of fees and property sales 2 of COP $51.7K M 787,600 sqm of GLA (33 assets ) Occupancy rate 97.4% (vs. 96.6% y/y ) Note : ( 1 ) Source : Mall & Retail, article regarding the 2024 National Map of Shopping Centers Malls . ( 2 ) S ale of real estate property development projects (inventory) was of COP $ 2 . 8 K during 1 H 24 vs $ 47 . 2 K in 1 H 23 . ( 3 ) Viva Malls is a JV with Fondo Inmobiliario Colombia (FIC) in which Grupo Éxito has 51 % stake and consolidates the business ; Viva Malls has a lower Recurring EBITDA margin when compared to calculation of pure real estate players as net revenue does not includes the adjustment of cost and expenses according to IFRS 15 and the property tax payment accrued in January . 14 Recurring revenues from rental and fees (4.6% consol, +8.5% Col during 1H24 ) Viva Malls 3 Guaranteed income from leases and stable cash flow VM grew revenue by 8.2% during 1H24 and Recurring EBITDA by 10.8% (+135 bps) at consolidated level y/y 561,214 sqm of GLA (17 assets ) Occupancy rate 98.3% Real estate business unit in Colombia including Viva Malls Jardín Nómada - Viva Envigado A sustainable and innovative concept in the region 5,000 m 2 of landscape +130 coworking spaces 16 New brands Opening 2H24

 

Operating Performance Recurring EBITDA reflected a better trend q/q despite the challenging macro context across the region and higher base in Colombia Note : The Colombia perimeter includes Almacenes Éxito S . A . and its subsidiaries . Data in COP at consolidated level includes a - 11 . 4 % FX effect in Uruguay at Net Revenue and at Recurring EBITDA and - 62 . 7 % in Argentina, respectively, during 2 Q 24 , and of - 8 . 7 % and - 6 . 6 % , respectively during 1 H 24 . ( 1 ) Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non - recurring operational income (expense) . ( 2 ) The sale of property development projects (inventory) of COP $ 2 , 800 M during 1 H 24 vs $ 47 , 200 in 1 H 23 . 15 • GP : consistent recurring real state revenue growth (+ 11 . 4 % 2 Q 24 ), offset by price investment and a higher non - recurring base from property sale 2 ( 28 bps effect) • Recurring EBITDA 1 : SG&A grew below inflation and the double - digit minimum wage increase, from internal efficiency plans and despite a higher real estate basis ( 58 bps effect during 1 H 24 ) • GP : improved logistic costs and better negotiation with suppliers towards promotional events • Recurring EBITDA 1 : affected by higher salaries and occupancy costs • Remained as the most profitable operation of the Group • GP : reflected higher price competition amidst the inflationary and lower consumption trends, the mix effect and a higher share of the C&C format ( 14 . 2 % ) • Recurring EBITDA 1 : impacted mainly from challenging sales evolution and pressures on gross margin • GP : reflected a lower consumption trend, price investment and a higher real estate base • Recurring EBITDA 1 : Gross margin gains from Uruguay in LC offset by the mix effect and higher expenses of international operations Consolidated Colombia Argentina Uruguay in COP M 2Q24 2Q23 % Var 2Q24 2Q23 % Var % var exc. FX 2Q24 2Q23 % Var % var exc. FX 2Q24 2Q23 % Var % var exc. FX Net Revenue 3,698,813 3,700,369 (0.0%) 968,705 1,045,276 (7.3%) 4.6% 407,399 374,086 8.9% 191.7% 5,074,917 5,119,120 (0.9%) 6.5% Gross profit 814,546 838,622 (2.9%) 354,104 371,859 (4.8%) 7.4% 131,054 128,947 1.6% 172.2% 1,299,704 1,339,428 (3.0%) 6.9% Gross Margin 22.0% 22.7% (64) bps 36.6% 35.6% 98 bps 32.2% 34.5% (230) bps 25.6% 26.2% (55) bps Total Expense (726,923) (708,682) 2.6% (269,594) (274,833) (1.9%) 10.7% (139,114) (128,124) 8.6% 190.8% (1,135,631) (1,111,639) 2.2% 13.5% Expense/Net Rev (19.7%) (19.2%) (50) bps (27.8%) (26.3%) (154) bps (34.1%) (34.2%) 10 bps . (22.4%) (21.7%) (66) bps Recurring EBITDA 230,653 270,215 (14.6%) 108,821 118,553 (8.2%) 3.6% 2,457 6,622 (62.9%) (0.6%) 341,931 395,390 (13.5%) (9.5%) Recurring EBITDA Margin 6.2% 7.3% (107) bps 11.2% 11.3% (11) bps 0.6% 1.8% (117) bps 6.7% 7.7% (99) bps in COP M 1H24 1H23 % Var 1H24 1H23 % Var % var exc. FX 1H24 1H23 % Var % var exc. FX 1H24 1H23 % Var % var exc. FX Net Revenue 7,622,871 7,523,518 1.3% 2,014,260 2,216,400 (9.1%) 6.1% 712,925 836,050 (14.7%) 206.1% 10,350,056 10,575,274 (2.1%) 7.2% Gross profit 1,657,806 1,701,125 (2.5%) 732,496 787,818 (7.0%) 8.6% 231,355 283,404 (18.4%) 193.0% 2,621,657 2,772,347 (5.4%) 6.8% Gross Margin 21.7% 22.6% (86) bps 36.4% 35.5% 82 bps 32.5% 33.9% (145) bps 25.3% 26.2% (89) bps Total Expense (1,536,138) (1,472,999) 4.3% (548,769) (573,501) (4.3%) 11.7% (244,195) (279,463) (12.6%) 213.6% (2,329,102) (2,325,963) 0.1% 14.1% Expense/Net Rev (20.2%) (19.6%) (57) bps (27.2%) (25.9%) (137) bps (34.3%) (33.4%) (83) bps (22.5%) (22.0%) (51) bps Recurring EBITDA 407,764 503,725 (19.1%) 231,225 258,136 (10.4%) 4.6% 5,055 20,815 (75.7%) (12.8%) 644,044 782,676 (17.7%) (11.9%) Recurring EBITDA Margin 5.3% 6.7% (135) bps 11.5% 11.6% (17) bps 0.7% 2.5% (178) bps 6.2% 7.4% (118) bps Colombia Uruguay Argentina Consolidated

 

Net loss during 2 Q 24 reflected : o The positive variations of non - operating lines and net income contribution of Uruguay offset by : • Operating performance in Colombia and Argentina affected by macro and consumer head winds, and • TUYA share of profit affected by higher value adjustment for expected credit losses versus 2 Q 23 . Net loss during 1 H 24 reflected : o Lower operating contribution from consumption deceleration, inflationary pressures on cost/expenses and FX impacts , and o Higher non - recurring expenses explained by the restructuring process in Colombia . Highlights Note : Consolidated data include results from Colombia, Uruguay and Argentina, eliminations, and the FX effect of - 6 . 9 % at Net Revenue and - 4 . 5 % at recurring EBITDA, during 2 Q 24 , and of - 8 . 7 % and - 6 . 6 % , respectively, during 1 H 24 . 16 Net Group Share Result Net result showed signs of gradual recovery versus the previous quarter, mainly from cost and expense control in Colombia

 

Free cash flow reached COP$406,000 M driven by improved management of working capital 2Q24 Leverage and Cash at holding level 1 Improved cash flow generation despite a slightly higher NFD (COP $ 59 , 000 M) from higher assortment Free cash flow 2 : • Reached COP $ 130 , 000 M despite economic slowdown • Focus on optimizing investment to prioritize cash availability • Operating performance affected by macro headwinds Working capital : • Higher inventory levels ( 64 . 4 days ; - 1 . 13 days y/y), amounted near to COP $ 72 , 000 M • Inventories increased due to seasonal purchasing and strategy focus on increasing assortment • Balanced working capital due to better performance in payables from agreements with suppliers to boost sales Leverage and cash highlights Note : Numbers expressed in long scale, COP billion represent 1 , 000 , 000 , 000 , 000 . ( 1 ) Holding : Almacenes Éxito S . A results without Colombia or international subsidiaries . ( 2 ) Free cash flow (FCF) = Net cash flows used in operating activities + Net cash flows used in investing activities + Variation of collections on behalf of third parties + Lease liabilities paid + Interest on lease liabilities paid (using variations for the last 12 M for each line) ; the cash flow has been re - expressed to be aligned with the financial statements . ( 3 ) Central Bank repo rate reduced 150 bps to 11 . 75 % during 2 Q 24 in Colombia (vs . 13 . 25 % in 2 Q 23 and 13 % in 4 Q 23 ) . 17 0.9 0.8 - 1.8 - 1.7 - 0.9 - 0.9 2023-2 2024-2 Cash (& other assets) Gross debt (financial liabilities & warranties) Net financial debt in thousand million COP 2Q24-LTM 2Q23-LTM Variation EBITDA 775 939 -17.4% Lease liabilities amortizations & interests (429) (384) 11.9% Operational results before WK 203 426 -52.5% Change in Tax (10) (81) -87.4% Change in working capital 143 (84) NA CapEx (325) (441) -26.2% Free cash flow before investments 10 (180) -105.5% Dividends received 120 271 -55.9% Free cash flow 130 92 41.3%

 

18 Conclusions

 

Note : Consolidated data include results from Colombia, Uruguay and Argentina, eliminations and the FX effect of - 6 . 9 % at Net Revenue and - 4 . 5 % at Recurring EBITDA during 2 Q 24 and of - 8 . 7 % and - 6 . 6 % , respectively, during 1 H 24 . 19 Advances on the unification project under the Éxito and Carulla banners. A strong commercial strategy to boost sales in Colombia by: i. focusing on brand unification, ii. strengthening assortment expansion, and iii. offering savings through aggressive high - low promotions and competitive pricing strategies. The company's initiatives have shown LFL market share gains along the second quarter and first half of the year, according to Nielsen. Improved price competitiveness in Colombia as internal food inflation was 1.4 p.p. below the national level of 5.27% YT - Jun. Solid omni - channel performance (14.5% share on sales) boosted by food sales (+8.0%, 13.3% share on sales) during 2Q24. Resilient real estate performance business in Colombia and Argentina with occupancy levels of 97.4% and 94.5%, respectively. Recurring EBITDA and Net Result showed signs of recovery versus 1Q24, from strict cost control and actions plans implemented mainly in Colombia, where expenses grew below inflation at 2.6%. Stable and solid results in Uruguay, the most profitable operation of the Group, contributed to consolidated performance. Resilient Net Financial Debt and Cash position, driven by Free Cash Flow evolution of 41.3% y/y, despite macroeconomic pressu res across the region. 2Q24 Financial & Operating Conclusions A resilient top line performance in LC and gradual improvement of the Recurring EBITDA trend q/q from long - term efficiencies

 

Appendices 20

 

Notes and Glossary Notes: • Numbers are expressed in long scale, COP billion represent 1 , 000 , 000 , 000 , 000 . • Growth and variations are expressed in comparison to the same period last year, except when stated otherwise . • Sums and percentages may reflect discrepancies due to rounding of figures . • All margins are calculated as percentage of Net Revenue . • Percentages represent relative proportions, and as such they cannot be directly added or subtracted from each other because they are not absolute numeric values . Glossary: • Colombia results : consolidation of Almacenes Éxito S . A . and its subsidiaries in the country . • Consolidated results : Almacenes Éxito results, Colombian and international subsidiaries in Uruguay and Argentina . • Adjusted EBITDA : Earnings Before Interest, Taxes, Depreciation, and Amortization plus Associates & Joint Ventures results . • EPS : Earnings Per Share calculated on an entirely diluted basis . • Financial Result : impacts of interests, derivatives, financial assets/liabilities valuation, FX changes and other related to cash, debt, and other financial assets/liabilities . • Free cash flow (FCF) = Net cash flows used in operating activities plus Net cash flows used in investing activities plus Variation of collections on behalf of third parties plus Lease liabilities paid plus Interest on lease liabilities paid (using variations for the last 12 M for each line) ; the cash flow has been re - expressed to be aligned with the financial statements . • GLA : Gross Leasable Area . • GMV : Gross Merchandise Value . • Holding : Almacenes Éxito results without Colombian and international subsidiaries . • Net Revenue : Total Revenue related to Retail Sales and Other Revenue . • Retail Sales : sales related to the retail business . • Other Revenue : revenue related to complementary businesses (real estate, insurance, travel, etc . ) and other revenue . • Recurring EBITDA : Earnings Before Interest, Taxes, Depreciation, and Amortization Operating Profit adjusted by other non - recurring operational income (expense) . • Recurring Operating Profit (ROI) : Gross Profit adjusted by SG&A expense and D&A . • SSS : same - store - sales levels, including the effect of store conversions and excluding the calendar effect . 21

 

Ownership Structure Note : Own ership structure as of June 30 , 2024 . 22

 

Management Team Carlos Mario Giraldo General Manager Colombia General Manager Uruguay General Manager Argentina Ramón Quagliata 23 Jean Christophe Tijeras CEO Grupo Éxito Juan Carlos Calleja

 

ESG S trategy Six pillars with clear purposes, strategic focus and contribution, aligned with Sustainable Development Goals Work towards the eradication of chronic child malnutrition in Colombia by 2030 • Communicate and raise awareness • Generate resources and alliances • Influence public policies • Work closely with Fundación Éxito • SDG #2 Zero hunger Zero Malnutrition Sustainable Trade My Planet Healthy Lifestyle Our people Governance & Integrity Promote sustainable trade practices • Promote sustainable supply chains • Develop allies and suppliers • Maintain local and direct procurement • SDG #8 / #12 Decent work and economic growth / Responsible consumption and production Environmental protection • Actions to manage climate change • Enable circular economy for packaging and plastic • Initiatives for sustainable mobility and real estate • Protection of biodiversity • SDG #13 Climate action Encourage healthier and balanced lifestyles • Educate on healthy habits and living • Trade of goods and services encouraging healthy lifestyles • SDG #3 Good health and well - being Promote diversity and inclusion • Promote social dialogue • Develop our people on being and doing • Endorse gender equality • SDG #5 and #8 Gender equality, decent work and economic growth Build trust with stakeholders • Promote best practices in corporate governance • Respect of human rights • Build up ethics and transparency standards • Facilitate diverse and inclusive environments • Promote communication • SDG #16 Peace, justice and strong institutions 24

 

Consolidated Income Statement Notes : Consolidated results from Colombia, Uruguay and Argentina, eliminations and the FX effect of - 11 . 4 % in Uruguay at Net Revenue and at Recurring EBITDA and - 62 . 7 % in Argentina during 2 Q 24 and of - 8 . 7 % and - 6 . 6 % , respectively, during 1 H 24 , and - 14 . 4 % FX effect in Uruguay at Net Revenue and at Recurring EBITDA during 1 H 24 and - 72 . 1 % in Argentina, respectively, calculated with the closing exchange rate . Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non - recurring operational income (expense) . Adjusted EBITDA refers to Earnings B efore Interest, Taxes, Depreciation, and Amortization plus A ssociates & Joint Ventures results . EPS considers the weighted average number of outstanding shares (IAS 33 ), corresponding to 1 , 297 , 864 , 359 shares . 25 in COP M 2Q24 2Q23 % Var 1H24 1H23 % Var Retail Sales 4,852,467 4,901,361 (1.0%) 9,888,571 10,138,593 (2.5%) Other Revenue 222,450 217,759 2.2% 461,485 436,681 5.7% Net Revenue 5,074,917 5,119,120 (0.9%) 10,350,056 10,575,274 (2.1%) Cost of Sales (3,746,958) (3,753,326) (0.2%) (7,674,308) (7,750,062) (1.0%) Cost D&A (28,255) (26,366) 7.2% (54,091) (52,865) 2.3% Gross Profit 1,299,704 1,339,428 (3.0%) 2,621,657 2,772,347 (5.4%) Gross Margin 25.6% 26.2% (55) bps 25.3% 26.2% (89) bps SG&A Expense (986,028) (970,404) 1.6% (2,031,704) (2,042,536) (0.5%) Expense D&A (149,603) (141,235) 5.9% (297,398) (283,427) 4.9% Total Expense (1,135,631) (1,111,639) 2.2% (2,329,102) (2,325,963) 0.1% Expense/Net Rev 22.4% 21.7% 66 bps 22.5% 22.0% 51 bps Recurring Operating Income (ROI) 164,073 227,789 (28.0%) 292,555 446,384 (34.5%) ROI Margin 3.2% 4.4% (122) bps 2.8% 4.2% (139) bps Non-Recurring Income/(Expense) (15,910) (28,468) (44.1%) (49,164) (33,678) 46.0% Operating Income (EBIT) 148,163 199,321 (25.7%) 243,391 412,706 (41.0%) EBIT Margin 2.9% 3.9% (97) bps 2.4% 3.9% (155) bps Net Financial Result (115,028) (131,300) (12.4%) (197,738) (198,122) (0.2%) Associates & Joint Ventures Results (26,362) (23,313) 13.1% (48,422) (50,105) (3.4%) EBT 6,773 44,708 (84.9%) (2,769) 164,479 (101.7%) Income Tax 28,431 2,840 N/A 29,993 (37,868) 179.2% Net Result 35,204 47,548 (26.0%) 27,224 126,611 (78.5%) Non-Controlling Interests (53,939) (53,732) 0.4% (83,822) (87,677) (4.4%) Group profit (loss) for the period (18,735) (6,184) 203.0% (56,598) 38,934 (245.4%) Net Margin (0.4%) (0.1%) (25) bps (0.5%) 0.4% (91) bps Recurring EBITDA 341,931 395,390 (13.5%) 644,044 782,676 (17.7%) Recurring EBITDA Margin 6.7% 7.7% (99) bps 6.2% 7.4% (118) bps Adjusted EBITDA 299,659 343,609 (12.8%) 546,458 698,893 (21.8%) Adjusted EBITDA Margin 5.9% 6.7% (81) bps 5.3% 6.6% (133) bps EBITDA 326,021 366,922 (11.1%) 594,880 748,998 (20.6%) EBITDA Margin 6.4% 7.2% (74) bps 5.7% 7.1% (133) bps Shares 1,297.864 1,297.864 0.0% 1,297.864 1,297.864 0.0% EPS (14.4) (4.8) (203.0%) (43.6) 30.0 (245.4%)

 

Income Statement and CapEx by Country Notes : Consolidated results from Colombia, Uruguay and Argentina, eliminations and the FX effect of - 11 . 4 % FX effect in Uruguay at Net Revenue and at Recurring and - 62 . 7 % in Argentina EBITDA during 2 Q 24 and of - 8 . 7 % and - 6 . 6 % , respectively, during 1 H 24 and - 14 . 4 % FX effect in Uruguay at Net Revenue and at Recurring EBITDA during 1 H 24 and - 72 . 1 % in Argentina, respectively, , calculated with the closing exchange rate . Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non - recurring operational income (expense) . The Colombia perimeter includes the consolidation of Almacenes Éxito S . A . and its subsidiaries in the country . 26 Income Statement Colombia Uruguay Argentina Consol Colombia Uruguay Argentina Consol in COP M 2Q24 2Q24 2Q24 2Q24 1H24 1H24 1H24 1H24 Retail Sales 3,500,431 959,307 392,729 4,852,467 7,203,776 1,996,350 688,445 9,888,571 Other Revenue 198,382 9,398 14,670 222,450 419,095 17,910 24,480 461,485 Net Revenue 3,698,813 968,705 407,399 5,074,917 7,622,871 2,014,260 712,925 10,350,056 Cost of Sales (2,858,788) (612,483) (275,687) (3,746,958) (5,914,497) (1,277,551) (482,260) (7,674,308) Cost D&A (25,479) (2,118) (658) (28,255) (50,568) (4,213) 690 (54,091) Gross profit 814,546 354,104 131,054 1,299,704 1,657,806 732,496 231,355 2,621,657 Gross Margin 22.0% 36.6% 32.2% 25.6% 21.7% 36.4% 32.5% 25.3% SG&A Expense (609,372) (247,401) (129,255) (986,028) (1,300,610) (505,484) (225,610) (2,031,704) Expense D&A (117,551) (22,193) (9,859) (149,603) (235,528) (43,285) (18,585) (297,398) Total Expense (726,923) (269,594) (139,114) (1,135,631) (1,536,138) (548,769) (244,195) (2,329,102) Expense/Net Rev 19.7% 27.8% 34.1% 22.4% 20.2% 27.2% 34.3% 22.5% Recurring Operating Income (ROI) 87,623 84,510 (8,060) 164,073 121,668 183,727 (12,840) 292,555 ROI Margin 2.4% 8.7% (2.0%) 3.2% 1.6% 9.1% (1.8%) 2.8% Non-Recurring Income and (Expense) (17,231) 347 974 (15,910) (52,324) 256 2,904 (49,164) Operating Income (EBIT) 70,392 84,857 (7,086) 148,163 69,344 183,983 (9,936) 243,391 EBIT Margin 1.9% 8.8% (1.7%) 2.9% 0.9% 9.1% (1.4%) 2.4% Net Financial Result (94,812) (9,178) (11,038) (115,028) (189,526) (11,750) 3,538 (197,738) Recurring EBITDA 230,653 108,821 2,457 341,931 407,764 231,225 5,055 644,044 Recurring EBITDA Margin 6.2% 11.2% 0.6% 6.7% 5.3% 11.5% 0.7% 6.2% CAPEX in COP M 33,579 19,004 1,499 54,082 93,639 67,280 2,648 163,567 in local currency 33,579 186 326 93,639 666 582

 

Consolidated Balance Sheet Note : Consolidated data include figures from Colombia, Uruguay and Argentina . 27 in COP M Jun 2024 Dec 2023 Var % Assets 17,615,259 16,339,761 7.8% Current assets 5,412,684 5,283,091 2.5% Cash & Cash Equivalents 1,282,504 1,508,205 (15.0%) Inventories 2,801,059 2,437,403 14.9% Accounts receivable 581,702 704,931 (17.5%) Assets for taxes 648,154 524,027 23.7% Assets held for sale 19,846 12,413 59.9% Others 79,419 96,112 (17.4%) Non-current assets 12,202,575 11,056,670 10.4% Goodwill 3,308,219 3,080,622 7.4% Other intangible assets 408,668 366,369 11.5% Property, plant and equipment 4,278,095 4,069,765 5.1% Investment properties 1,799,383 1,653,345 8.8% Right of Use 1,765,471 1,361,253 29.7% Investments in associates and JVs 275,386 232,558 18.4% Deferred tax asset 297,358 197,692 50.4% Others 69,995 95,066 (26.4%) in COP M Jun 2024 Dec 2023 Var % Liabilities 9,744,572 8,917,952 9.3% Current liabilities 7,478,488 7,144,623 4.7% Trade payables 4,638,683 5,248,777 (11.6%) Lease liabilities 278,295 282,180 (1.4%) Borrowing-short term 2,114,131 1,029,394 105.4% Other financial liabilities 97,432 139,810 (30.3%) Liabilities for taxes 84,462 107,331 (21.3%) Others 265,485 337,131 (21.3%) Non-current liabilities 2,266,084 1,773,329 27.8% Trade payables 20,881 37,349 (44.1%) Lease liabilities 1,711,195 1,285,779 33.1% Borrowing-long Term 185,031 236,811 (21.9%) Other provisions 11,390 11,630 (2.1%) Deferred tax liability 290,992 156,098 86.4% Liabilities for taxes 7,786 8,091 (3.8%) Others 38,809 37,571 3.3% Shareholder´s equity 7,870,687 7,421,809 6.0%

 

Consolidated Cash Flow Note : Consolidated data include figures from Colombia, Uruguay and Argentina . 28 in COP M Jun 2024 Jun 2023 Var % Profit 27,224 126,611 (78.5%) Operating income before changes in working capital 583,475 743,994 (21.6%) Cash Net (used in) Operating Activities (562,857) (414,454) 35.8% Cash Net (used in) Investment Activities (226,680) (269,014) (15.7%) Cash net provided by Financing Activities 545,193 397,152 37.3% Var of net of cash and cash equivalents before the FX rate (244,344) (286,316) (14.7%) Effects on FX changes on cash and cash equivalents 18,643 (53,407) (134.9%) (Decresase) net of cash and cash equivalents (225,701) (339,723) (33.6%) Opening balance of cash and cash equivalents 1,508,205 1,733,673 (13.0%) Ending balance of cash and cash equivalents 1,282,504 1,393,950 (8.0%)

 

Holding Income Statement 1 ( 1 ) Holding : Almacenes Éxito Results without Colombia subsidiaries Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non - recurring operational income (expense) . 29 in COP M 2Q24 2Q23 % Var 1H24 1H23 % Var Retail Sales 3,504,742 3,508,364 (0.1%) 7,213,231 7,140,696 1.0% Other Revenue 96,918 102,384 (5.3%) 223,019 208,356 7.0% Net Revenue 3,601,660 3,610,748 (0.3%) 7,436,250 7,349,052 1.2% Cost of Sales (2,859,153) (2,830,218) 1.0% (5,908,441) (5,758,180) 2.6% Cost D&A (24,053) (23,132) 4.0% (47,701) (45,688) 4.4% Gross profit 718,454 757,398 (5.1%) 1,480,108 1,545,184 (4.2%) Gross Margin 19.9% 21.0% (103) bps 19.9% 21.0% (112) bps SG&A Expense (586,911) (579,867) 1.2% (1,228,079) (1,185,966) 3.6% Expense D&A (114,871) (113,102) 1.6% (229,991) (220,300) 4.4% Total Expense (701,782) (692,969) 1.3% (1,458,070) (1,406,266) 3.7% Expense/Net Rev (19.5%) (19.2%) (29) bps (19.6%) (19.1%) (47) bps Recurring Operating Income (ROI) 16,672 64,429 (74.1%) 22,038 138,918 (84.1%) ROI Margin 0.5% 1.8% (132) bps 0.3% 1.9% (159) bps Non-Recurring Income and (Expense) (14,859) (33,763) (56.0%) (50,004) (38,204) 30.9% Operating Income 1,813 30,666 (94.1%) (27,966) 100,714 (127.8%) EBIT Margin 0.1% 0.8% (80) bps (0.4%) 1.4% (175) bps Net Financial Result (108,099) (118,485) (8.8%) (215,743) (202,126) 6.7% Group profit (loss) for the period (18,735) (6,184) 203.0% (56,598) 38,934 (245.4%) Net Margin (0.5%) (0.2%) (35) bps (0.8%) 0.5% (129) bps Recurring EBITDA 155,596 200,663 (22.5%) 299,730 404,906 (26.0%) Recurring EBITDA Margin 4.3% 5.6% (124) bps 4.0% 5.5% (148) bps

 

Holding Balance Sheet 1 ( 1 ) Holding : Almacenes Éxito Results without Colombia subsidiaries . 30 in COP M Jun 2024 Dec 2023 Var % Assets 14,265,269 13,580,684 5.0% Current assets 4,139,166 4,015,527 3.1% Cash & Cash Equivalents 821,809 980,624 (16.2%) Inventories 2,231,888 1,993,987 11.9% Accounts receivable 371,449 436,942 (15.0%) Assets for taxes 601,402 496,180 21.2% Others 112,618 107,794 4.5% Non-current assets 10,126,103 9,565,157 5.9% Goodwill 1,453,077 1,453,077 0.0% Other intangible assets 183,235 190,346 (3.7%) Property, plant and equipment 1,917,710 1,993,592 (3.8%) Investment properties 64,894 65,328 (0.7%) Right of Use 1,548,599 1,556,851 (0.5%) Investments in subsidiaries, associates and JVs 4,684,218 4,091,366 14.5% Others 274,370 214,597 27.9% in COP M Jun 2024 Dec 2023 Var % Liabilities 7,712,301 7,480,007 3.1% Current liabilities 5,996,428 5,692,731 5.3% Trade payables 3,594,352 4,144,324 (13.3%) Lease liabilities 293,872 290,080 1.3% Borrowing-short term 1,567,928 578,706 170.9% Other financial liabilities 244,534 149,563 63.5% Liabilities for taxes 59,852 100,449 (40.4%) Others 235,890 429,609 (45.1%) Non-current liabilities 1,715,873 1,787,276 (4.0%) Lease liabilities 1,478,292 1,481,062 (0.2%) Borrowing-long Term 185,031 236,812 (21.9%) Other provisions 11,143 11,499 (3.1%) Deferred tax liability - - 0.0% Others 41,407 57,903 (28.5%) Shareholder´s equity 6,552,968 6,100,677 7.4%

 

Debt by country and maturity Note : The Colombia perimeter includes the consolidation of Almacenes Éxito S . A . and its subsidiaries in the country . 1 ) Debt without contingent warranties and letters of credits . ( 2 ) Holding gross debt issued 100 % in Colombian Pesos with an interest rate below IBR 3 M + 2 . 0 % , debt at the nominal amount . IBR 3 M (Indicador Bancario de Referencia) – Market Reference Rate : 10 . 31 % ; other collections included, and positive hedging valuation not included . ( 3 ) Debt at the nominal amount . 31 Net debt breakdown by country 30 Jun 2024, (millions of COP) Holding (2) Colombia Uruguay Argentina Consolidated Short-term debt 1,812,462 1,662,592 514,975 33,996 2,211,563 Long-term debt 185,031 185,031 - - 185,031 Total gross debt (1) (2) 1,997,494 1,847,623 514,975 33,996 2,396,594 Cash and cash equivalents 821,809 983,842 274,823 23,839 1,282,504 Net debt (1,175,685) (863,782) (240,151) (10,157) (1,114,090) Holding Gross debt by maturity 30 Jun 2024, (millions of COP) Nominal amount Nature of interest rate Maturity Date 30-jun-24 Short Term - Bilateral 25,000 Fixed August 2024 25,000 Short Term - Bilateral 100,000 Fixed August 2024 100,000 Mid Term - Bilateral 135,000 Floating April 2025 135,000 Revolving credit facility - Bilateral 400,000 Floating February 2025 400,000 Short Term - Bilateral 100,000 Fixed February 2025 100,000 Long Term - Bilateral 200,000 Floating April 2025 150,000 Revolving credit facility - Bilateral 200,000 Floating April 2025 200,000 Revolving credit facility - Bilateral 300,000 Floating June 2025 300,000 Long Term - Bilateral 290,000 Floating March 2026 96,665 Long Term - Bilateral 190,000 Floating March 2027 103,645 Long Term - Bilateral 150,000 Floating March 2030 100,050 Total gross debt (3) 2,090,000 1,710,360

 

Store number and Retail Sales area Note : The store count does not include the 2 , 834 allies in Colombia . 32 Banner by country Store number Sales area (sqm) Colombia Exito 201 619,511 Carulla 114 87,861 Surtimax 73 26,361 Super Inter 53 49,850 Surtimayorista 62 53,752 Total Colombia 503 837,334 Uruguay Devoto 67 41,981 Disco 30 35,934 Geant 2 16,411 Six or Less 1 330 Total Uruguay 100 94,656 Argentina Libertad 15 88,082 Mayorista 12 14,872 Total Argentina 27 102,954 TOTAL 630 1,034,944

 

Accounts Reconciliations Note : Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non - recurring operational income (expense) . Data in COP at consolidated level includes a - 11 . 4 % FX effect in Uruguay at Net Revenue and at Recurring EBITDA and - 62 . 7 % in Argentina, respectively during 2 Q 24 and a - 14 . 4 % FX effect in Uruguay at Net Revenue and at Recurring EBITDA and - 72 . 1 % in Argentina, respectively during 1 H 24 calculated with the closing exchange rate . FX impacts are calculated as a devaluation between currencies resulting in a percentage . Percentages represent relative proportions, and as such they cannot be directly added or subtracted from each other because they are not absolute numeric values . 33 Free Cash Flow Effects on Results 2Q24 Idioma Inglés Net Revenue Growth in LC Growth in COP FX effect Uruguay 4.6% -7.3% -11.4% Argentina 191.7% 8.9% -62.7% Consolidated 6.5% -0.9% -6.9% Recurring EBITDA Growth in LC Growth in COP FX effect Uruguay 3.6% -8.2% -11.4% Argentina -0.6% -62.9% -62.7% Consolidated -9.5% -13.5% -4.5% 1H24 Net Revenues Growth in LC Growth in COP FX effect Uruguay 6.1% -9.1% -14.4% Argentina 206.1% -14.7% -72.1% Consolidated 7.2% -2.1% -8.7% Recurring EBITDA Growth in LC Growth in COP FX effect Uruguay 4.6% -10.4% -14.4% Argentina -12.8% -75.7% -72.1% Consolidated -11.9% -17.7% -6.6% Exchange Rates Effects on Results 2024 Q2 2023 Q2 2023 2024 Q2 + 2023 - 2023 Q2 Net cash flows used in operating activities 889,458- 643,908- 835,550 590,000 Net cash flows used in investing activities 11,942 104,392- 321,930- 205,596- Variation of collections on behalf of third parties 110,756 49,135- 14,734 174,625 Lease liabilities paid 147,371- 137,081- 276,413- 286,703- Interest on lease liabilities paid 75,014- 61,641- 129,305- 142,678- Free cash flow 989,146- 996,157- 122,636 129,647

 

Accounts Reconciliations Recurring EBITDA and Adjusted EBITDA Note : Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non - recurring operational income (expense) . Data in COP at consolidated level includes a - 11 . 4 % FX effect in Uruguay at Net Revenue and at Recurring EBITDA and - 62 . 7 % in Argentina, respectively during 2 Q 24 and a - 14 . 4 % FX effect in Uruguay at Net Revenue and at Recurring EBITDA and - 72 . 1 % in Argentina, respectively during 1 H 24 , calculated with the closing exchange rate . 34 in COP M 2Q24 2Q23 1H24 1H23 Operating Income (EBIT) 148,163 199,321 243,391 412,706 Non-Recurring Income/(Expense) 15,910 28,468 49,164 33,678 Cost D&A 28,255 26,366 54,091 52,865 Expense D&A 149,603 141,235 297,398 283,427 Recurring EBITDA 341,931 395,390 644,044 782,676 in COP M 2Q24 2Q23 1H24 1H23 Operating Income (EBIT) 148,163 199,321 243,391 412,706 Associates & Joint Ventures Results (26,362) (23,313) (48,422) (50,105) Cost D&A 28,255 26,366 54,091 52,865 Expense D&A 149,603 141,235 297,398 283,427 Adjusted EBITDA 299,659 343,609 546,458 698,893 in COP M 2Q24 2Q23 1H24 1H23 Operating Income (EBIT) 148,163 199,321 243,391 412,706 Cost D&A 28,255 26,366 54,091 52,865 Expense D&A 149,603 141,235 297,398 283,427 EBITDA 326,021 366,922 594,880 748,998

 

Accounts Reconciliations Recurring Income of the Real Estate Business in Colombia Net Revenue and Recurring EBITDA of Viva Malls in Colombia 35 in COP M 2Q24 2Q23 1H24 1H23 Operating Income (EBIT) 62,331 57,696 84,821 75,336 Non-Recurring Income/(Expense) 575 29 584 445 Expense D&A 15,093 14,332 30,240 28,571 Recurring EBITDA 77,999 72,057 115,645 104,352 Consolidated 2Q24 2Q23 Var 1H24 1H23 Var Income from concessionaires 23,307 22,244 4.8% 46,361 49,231 -5.8% Income from building administration 14,850 13,347 11.3% 29,712 25,966 14.4% Income from property rent 80,360 72,262 11.2%156,774148,972 5.2% Income from rent of other spaces 28,497 25,834 10.3% 50,200 50,190 0.0% Revenues real estate 147,014133,687 10.0%283,047274,359 3.2% Non recurring concessionaires fees (-) 0 0 0.0% 0 0 0.0% Recurring revenues real estate 147,014133,687 10.0%283,047274,359 3.2% Non recurring concessionaires fees 0 955-100.0% 0 7,383-100.0% Sales of real estate projects 0 18,000-100.0% 2,850 47,208 -94.0% Total revenues real estate 147,014152,642 -3.7%285,897328,950 -13.1% Note : Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non - recurring operational income (expense) .

 

María Fernanda Moreno R . Head of Investor Relations +(57) 312 796 2298 mmorenor@grupo - exito.com Éxito Calle 80, Cr 59 A No. 79 – 30 Bogotá, Colombia www.grupoexito.com.co exitoinvestor.relations@grupo - exito.com • “The Issuers Recognition - IR granted by the Colombian Stock Exchange is not a certification about the quality of the securities listed at the BVC nor the solvency of the issuer ”.