Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or

15d-16 of the Securities Exchange Act of 1934

For the month of February 2025

Commission File Number: 001-41736

Almacenes Éxito S.A.

(Exact Name as Specified in its Charter)

N/A

(Translation of registrant’s name into English)

Carrera 48 No. 32B Sur - 139

Avenida Las Vegas

Envigado, Colombia

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F: ☒ Form 40-F: ☐

EXHIBIT INDEX

Exhibit Number		Description of Document
99.1		Material Fact (English translation).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 26, 2025

	Almacenes Éxito S.A.

	By:	/s/ Ivonne Windmueller Palacio
	Name:	Ivonne Windmueller Palacio
	Title:	Chief Financial Officer

FORWARD-LOOKING STATEMENTS

This document may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. 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 are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

Exhibit 99.1

Envigado, February 26, 2025

DISCLOSURE OF THE QUARTERLY PERIODIC REPORT

(“OTHER EVENTS”)

Almacenes Éxito S.A. (the “Company”) informs its shareholders and the market that, in accordance with the provisions of Article 5.2.4.2.3 of Decree 151 of 2021, and in External Circulars 031 of 2021 and 012 of 2022, of the Financial Superintendence of Colombia (“SFC”), today the Company disclosed its periodic report for the fourth quarter of 2024 to the SFC.

The respective report is attached below and is available on the corporate website.

INDEX

1	GENERAL INFORMATION	1

	1.1 Issuer’s basic identification data	1

	1.2 Issuance of outstanding securities	1

2	FINANCIAL INFORMATION	1

	2.1 Financial Statements	1

	2.2 Financial Analysis	1

	2.3. Material changes in the financial statements	6

3	OPERATIONAL PERFORMANCE	6

	3.1 Main operations	6

4.	RISKS AND RISK MANAGEMENT	13

	4.1 Market Risk updates	13

	4.2 Update of other risks	14

5.	SOCIAL, ENVIRONMENTAL AND CLIMATE ISSUES	16

	5.1 Monitoring of social and environmental issues, including climate issues	16

	5.2 Material changes	20

6	CORPORATE GOVERNANCE	20

	6.1 Material changes in the Corporate Governance structure	20

7	ANNEX	22

	7.1 Glossary	22

	7.2 Financial Statements	26

GENERAL INFORMATION

1.1

Issuer’s basic identification data

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Corporate name: Almacenes Éxito S.A.

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Place of business: Carrera 48 No. 32 B Sur 139, Envigado, Antioquia.

1.2

Issuance of outstanding securities

As of December 31, 2024, the Company was an issuer of securities with presence in 3 markets: Colombia, United States and Brazil. In these markets are traded: common shares in the Colombian market, American Depositary Shares (ADS) in the U.S. market, and Brazilian Depositary Receipts (BDR’s) in the Brazilian market.

As of December 31, 2024, the number of subscribed shares was 1,344,720,453, of which 1,297,864,359 were outstanding and 46,856,094 had been repurchased.

FINANCIAL INFORMATION

2.1

Financial Statements

The Company’s Financial Statements were transmitted to the Financial Superintendence of Colombia and published through the relevant information mechanism of this entity and are attached to the Report.

They can also be consulted on the Company’s corporate website.

2.2

Financial Analysis

Consolidated Net Revenue grew by +3.8% when excluding FX effect (+16.1% in COP, base affected by devaluation in Argentina in 2023 where 4Q23 results included negative top line values and consolidated performance was affected) to COP $6.3 B during 4Q24 and increased by +6.0% when excluding FX effect (+3.6% in COP) to COP $21.9 B during 2024 compared to 2023.

Consolidated Retail Sales grew by +15.5% (+3.3% excluding FX effect) and totaled COP $6.3 B during 4Q24, while SSS grew by +3.7%. Performance reflected retail sales growth in local currencies in Uruguay (+6.1% excluding FX effect) and Colombia (+4.1%) partially compensates the performance in Argentina (-9.6% excluding FX effect) affected by higher devaluation on the base and slowdown in consumption. In Colombia, retail sales had the best quarter of the year, growing +4.1% during 4Q24, benefited by food performance and non-food recovery.

Consolidated Retail Sales increased by +3.2% (+5.6% excluding FX effect) and totalled COP $20.9 B during 2024 and SSS grew by 4.0% compared to the same period of last year.

Omni-channel continued contributing to sales performance and grew +7.8% during the year. Omni-channel share on sales was 11.4% during 2024. The LTM store expansion¹ of 35 stores (Col 31, Uru 3, Arg 1) also contributed to Retail Sales performance.

Consolidated Other Revenue increased by +29.3% (+14.0% excluding FX) during the 4Q24 and grew 13.4% (+14.4% excluding FX) during 2024, thanks to the performance of the Real estate business.

Colombia: In 4Q24, Operation in Colombia posted Net revenue growth of 4.7%, to COP $4.7 billion, confirming the positive trend seen during the second half of the year. Net Sales evolution (+4.1% and +4.4% in SSS vs 4Q23) being the best quarterly performance of the year derived from the solid performance of food category which by grew +3.3% in line with food inflation as well as non-food category at +5.8% with a recovery trend driven by entertainment (+7.1% in 4Q24). Besides, net sales benefited from the strong growth of omni-channel (+12.3%) and its contribution on the retail sales at 14.6% of share. The Colombia operation represented over 75% of the consolidated Net revenues during 4Q24.

In 2024, Net Revenue grew by 2.7% compared with last year and +2.9% when excluding the higher non-recurring base from development fees of real estate and property sales. Net Sales in the country grew by 2.2% (SSS at 2.0%) and reached COP $15.3 billion, explained by (i) a consistent food category performance (+3.6% vs 2023 above national food inflation) resulting from a newly commercial proposal offering the best alternatives to customers during daily purchases, (ii) a strong yearly omni-channel CAGR +11.8% between 2020 and 2024, (iii) the 31 stores opened, converted and reformed in the last 12 months. Colombia contributed to 74% of yearly consolidated Net Sales.

YTD Retail Sales showed a positive performance despite macroeconomic challenges in the country. Inflation continued its downward trend, dropped to 5.2% from 9.28% y/y and food inflation to 3.31% vs 5.0% y/y, however the Internal food inflation was 0.88 p.p. below the national level. Unemployment decreased to 9.1% in Dic-24 (vs 10.0% y/y) and consumption is recovering. Even though the Consumer Confidence Index landed at -3.4%, it improved +13.9 points vs December 2023, due to an improved economic expectation in a year (+9.4 points) and a better perception of the current economic situation (+20.7 points), the consumer is more inclined to acquire durable goods, real estate and vehicles than last year.

Other Revenue grew by 17.4% during 4Q24 and 11.0% during 2024, resulted from complementary businesses contribution along the year, mainly explained by the recurring income from the Real Estate (+10.7% in 2024).

The Éxito segment represented 69% of the sales mix in Colombia during 4Q24 and 68% in 2024. The food category +3.9% in 4Q24 continued drove the segment’s result, driven by high single digit growth (+8.4%) in Fresh, as well as non-food best performing quarter at +4.6% growth achieving the full year sales at the same level of last year (-0.1% vs 2023) in this category. The 34 Éxito WOW stores represented 37.5% on the segment’s sales during 4Q24 and 37.6% in 2024. Two openings, 10 conversions and two reforms during FY24.

The Carulla segment represented 17% of the sales mix in Colombia during 4Q24 and 2024. The best-performing segment along the year benefited by (i) food category at double digit growth (+10.9% vs 4Q23) driven by double digit growth in FMCG +12.4% in 2024, this result drove the full year performance at +8.6% growth in food category, (ii) omnichannel share of 28.4% on the segment´s sales and sales grew by +25% vs 2023, and (iii) the 31 Fresh Market stores represented a 60% share on the segment´s sales during 4Q24 and 62.7% in full year. One opening, 15 conversions and one reform in the last 12 months also contributed to the performance.

The low-cost & other segment which includes Super Inter, Surtimax and Surtimayorista banners, allies, institutional sales, third-party sellers, the sale of property development projects (inventory) and other, represented 14% of the sales mix in 4Q24 and 15% during the year. The segment´s performance was favoured by Food sales in the B2B with a +2.7% growth in 4Q24 and +4.9% in FY24. The strategies implemented in the segment aiming to stores’ profitability focus on the best of each banner’s value proposition at low-cost stores and the store portfolio optimization of underperforming stores. Annually figures reported $23.1K COP by sale of property development projects compared to $49.4K COP in 2023.

Omni-channel sales in Colombia (including websites, marketplace, home delivery, Shop&Go, Click&Collect, digital catalogues and B2B virtual, plus new channels ISOC and Midescuento), grew 12.3% versus 4Q23 and reached COP $654,500 M. Share on Retail Sales reached 14.6% (vs 13.5% in 4Q23), boosted by the growth of the food category (+11.9%, 13.5% share on food sales) and Non-food category (+12.9%, 16.8% share on non-food sales). During 2024, omni-channel sales reached COP$2.3 B (+6.5%, 14.7% share on Retail Sales) boosted by food sales (+11%, share 13.4%).

Main KPI´s outcome during 4Q24 and the 2024 when compared to the same period of last year, were as follows:

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Orders: reached 6.1 M (+15% in 4Q24) and 23.5 M (+21%) during 2024.

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E-commerce sales: reached COP $232,500 M during 4Q24 and COP $882,000 during 2024.

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MiSurtii sales: reached COP $31,000 M (+24.3%) and grew sales by 39.1% to COP $110,000 M, 140,000 orders (-16.6%) during 2024.

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Apps: sales of over COP $49,600 M (+9.4%) and reached COP $180,600 M (+26.6%) during 4Q24 and 2024 respectively; 729,000 orders (+27.2%) reached during 2024.

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Rappi deliveries grew by 21% during 4Q24 and 26% during 2024.

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Marketplace sales: increased by 32.1% during 4Q24 and 3.2% during 2024.

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Turbo: orders grew 28.6% during 4Q24 and reached a 61.2% share on sales through Rappi.

Uruguay: Uruguay contributed with 17.8% of consolidated Retail Sales during 4Q24 and 18.6% during 2024. Last-12-month inflation as of December was of 5.5% (vs 5.1% in December 2023) and the food component grew by 5.3% during the last-12-months. The Uruguay operation grew its Retail Sales by 6.1% and by 5.8% in terms of SSS, in local currency. During the quarter the first stand alone in Montevideo was opened and the “Roosvelt Park” and “Parada 5” stores were reformed.

During 2024, net sales and SSS grew +5.8% and +4.4% respectively, performance was above reported inflation boosted by commercial dynamic, by a stable political and economic environment, the contribution from the 33 Fresh Market stores (+5.2% growth vs 2023; 60.3% share on total sales during 2024).

The operation in Uruguay reported market share gains of 0.2 p.p. to 49.7% in terms of SSS as of December, according to Scentia, driven by: (i) the solid sales performance of all banners and (ii) the contribution of the 33 Fresh Market stores.

Argentina: On December 12, 2023, the Argentinian government announced economic measures including the devaluation of the Argentinian peso to 800 pesos per dollar around 50%. The accounting methodology calculates intermediate periods as the difference of accumulated periods (4Q23 = FY23 – 9M23). For that reason, 4Q23 results included negative top line affecting the comparable base.

The operation in Argentina contributed 7% on Consolidated Retail Sales and results in Colombian Pesos included a -429.4% FX effect during 4Q24.

Net Revenue in Argentina was COP $457,647 M (-10.1% in local currency) and Retail Sales were COP $437,752 M (-9.6% in local currency and -7.3% in SSS) during 4Q24. Last-12-month inflation as of December was of 117.8% according to INDEC, which compares to the 211.4% level reported during the same period last year. During 2024, net sales and SSS grew, in local currency, 61.2% and 38.7% respectively, versus the same period last year. During the year retail sales was affected by lagged consumption and the macroeconomic adjustments to address high inflation.

During 2024 omni-channel sales grew +77.8%, 2.8% share on total sales, and real state had a resilient performance (+90.6% growth in local currency) from improved commercial trends and strong occupancy levels (94.6%).

Operating Performance

Consolidated Gross Profit increased by 18.3% (+4.8% excluding FX) during 4Q24 and margin reached 25.8% (+47 bps) as percentage of Net Revenue, compared to the same period last year from gains in Uruguay and gradual recovery in Colombia thanks to advances in the commercial strategy, quarterly result allowed reduce full year gap, gross margin in 2024 landed at 25.3% and grew+2.0% (+5.3% excluding the FX effect).

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Gross Profit in Colombia grew by 7.3% to a margin of 23.6% (+57 bps) during 4Q24 as percentage of Net Revenue. End of the year dynamism contributed to revenue growth, as well as complementary businesses performance, partially compensating 1H24 slow consumption. 2024 gross profit increased 1.1% to a margin of 22.1% (-34 bps) as percentage of Net Revenue. Amidst a recovery year with macroeconomic challenges, net revenue grows above expenses growth

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Gross Profit in Uruguay increased by 4.7% during 4Q24 (+6.6% in local currency) and margin rose to 35.6% (+11 bps) as percentage of Net Revenue. During 2024, Gross Profit grew by 7.7% in local currency to a margin of 36.2%, annual margin gains +58 bps vs last year and reflected solid sales evolution driven by commercial dynamic, added to efficiencies in logistic costs, supplier negotiation and cost control.

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Gross Profit in Argentina reduced by -18.5% during 4Q24 in local currency to a 25.0% margin (-258 bps) as a percentage of Net Revenue. Along the year gross profit landed at 29.7% margin (-452bps), the contraction in the margin during the year reflects the inflationary and lower consumption trend and price investment.

Consolidated Recurring EBITDA reached COP $638,210 M during 4Q24 (+21.1%; +28.0% when excluding FX) compared to the same period last year, expenses dilution and margin improvement in Colombia and Uruguay contributed to a +42 bps increase in recurring EBITDA margin reaching 10.1% as percentage of Net Revenue. During 2024 Recurring EBITDA reached COP $1,624,435 M to a 7.4% margin, reflected changing trend in Colombia during 2H24, solid performance in Uruguay and expenditures efficiencies across the region allowing a stable margin ins SG&A vs 2023, despite the inflation, index and wages pressures of the year.

Colombia: Recurring EBITDA increased 30.5% during 4Q24 compared to the same period last year and margin was 11.3% (+223 bps) as percentage of Net Revenue. SG&A decreased by 5.9%, despite inflation and the double-digit minimum wage increase, thanks to internal efficiency plans on cost and expense’s structure. 2H24 levels showed a better trend vs 1H24 aided by the savings plans and early positive results from commercial activities. Recurring EBITDA increased by 4.7% during 2024 compared to the same period last year with a margin of 7.3% (+14 bps) as percentage of Net Revenue.

Uruguay: Recurring EBITDA increased 20.7% (+22.9% in local currency) during 4Q24 compared to the same period last year, to a 12.2% margin (+164 bps) as percentage of Net Revenue reflecting efficiencies on SG&A (+115 bps). Recurring EBITDA increased 3.2% (+13.5% in local currency) during 2024 compared to the same period last year, to a 11.4% margin (+76 bps) as percentage of Net Revenue, expansion of the recurring EBITDA margin from the outcome derived from the evolution of the gross margin. Uruguay operation continued as the most profitable business unit of the group.

Argentina: Recurring EBITDA reflected a top line affected by necessary macroeconomic adjustments to address high inflation, lower consumption, price investment, inflationary pressures on cost and expenses mainly labour cost and the FX effect, -6.6% margin (-268 bps) as percentage of Net Revenue in 4Q24. During 2024 compared to the same period last year, margin decreased -675 bps to a -2.1% as percentage of Net Revenue, a year strongly impacted by lower sales evolution, lower gross margins, higher SG&A and the impact of the strong devaluation during 2023

Group Net Result

The Company reported a net result of COP $146,117 M during the 4Q24, quarterly result reflected advances in commercial strategy and particularly the operational improvement of retail operations from Colombia and Uruguay partially offset by operating performance in Argentina affected by macroeconomic adjustments along the year

The positive variation of TUYA share of profit explained by lower provisions due to improvement in non-performance loans, partially compensates the negative variation from the income tax and non-recurring expenses

During 2024, the Company reported a net result of COP $54,786 M, derived from:

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Lower operation contribution from consumption deceleration across the region, inflationary pressures and macroeconomic adjustments in Argentina

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Higher non-recurring expenses explained by the restructuring process in Colombia, and

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Positive effect of TUYA share of profit.

Earnings per Share (EPS)

Diluted EPS was COP $112.6 per common share in 4Q24 compared to the COP $91.5 reported in the same quarter last year. Diluted EPS was COP $42.2 per common share during 2024, compared to the COP $97.1 reported in 2023.

Cash and debt at holding level

Positive free cash flow when excluding the impact of working capital changes due to the cancellation of the factoring operation

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Net Financial debt impacted by cancellation of special factoring operations to reduce financial cost and operational performance reflected the improved result of the 4Q24 compensated for the challenging 9M24

Partially offset by:

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Higher dividends received from Uruguay.

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Effective working capital strategy mainly in inventories and management of accounts payables, and

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Focus on efficiencies and optimization of investments to prioritize cash availability.

2.3.

Material changes in the financial statements

Please refer to 2.1 and 2.2. items of this report.

OPERATIONAL PERFORMANCE

3.1

Main operations

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A description of the main operating activity, including production, sales, and market developments.

General Corporate Information

Almacenes Éxito S.A. is a stock corporation (sociedad anónima) domiciled in Envigado, Colombia and operates under Colombian laws and regulations. Éxito was incorporated under the laws of Colombia on March 24, 1950. The life span of Éxito continues until December 31, 2150. Éxito’s principal place of business is at Carrera 48 No. 32B Sur – 139, Envigado, Colombia. The telephone number at this address is +(57) 604 9696. Our corporate website address https://www.grupoexito.com.co/en.

Grupo Éxito is a public Company, listed on the Colombian Stock Exchange since 1994. Our controlling shareholder is Cama Commercial Group Corp. (hereinafter, for the purposes of this Report, the “Calleja Group”, a Salvadorian food retailer). As of the date of this Report, the majority shareholder held 86.84% of the outstanding capital stock through direct ownership of 1,127,117,641 common shares of Almacenes Éxito S.A., This direct ownership of common shares is the result of the decision to cancel the portion of the capital it controlled through JPMorgan (Depositary in the United States market), composed of 106,158,488 ADRs acquired in the tender offer process carried out in the United States and which represented 65.44% of the Company’s capital stock.

Overview

With nearly 120 years of experience in retailing, Grupo Éxito is the leading food retail platform in Colombia and Uruguay, and has a significant presence in northeastern Argentina.

Grupo Éxito operates under an omnichannel strategy that facilitates the customer shopping experience in such a way that they can find what they want, when they want, at the time they want and in the channel they prefer, either in physical stores, or in digital or e-commerce platforms, where they can purchase consumer products, fresh, prepared foods, textiles, home, entertainment, digital electronics, technology, toys, among others.

The diversification of its revenues through traffic and asset monetization strategies has allowed Grupo Éxito to be a pioneer in offering a profitable portfolio of complementary businesses, such as shopping malls in Colombia and Argentina, and financial services such as credit cards, virtual wallets and payment networks. The company also has other businesses in Colombia, such as travel, insurance, cell phones and money transfers.

Always seeking to adapt to new consumer trends and increase its competitive advantages, in 2024 Grupo Éxito announced three major initiatives for the development of its Colombian operation: brand unification, assortment expansion and savings levers.

Unification of brands:

In the first half of 2024, it began the project to unify its retail brands in Colombia under Éxito and Carulla, two leading and emblematic brands that are in the hearts, minds and preference of Colombians. These are the brands with the greatest capillarity, broad assortment and that offer a differential customer experience. Through them, the company will strengthen its product proposal with “Unbeatable Price”, the high and low strategy (deep offering) and assortment expansion.

This will be a gradual process that will take place over the medium term. During 2024, it is planned to convert around 30 Surtimax, Super Inter and Surtimayorista stores to the Éxito and Carulla brands, which will operate in the same stores and with the stores’ own personnel. In this way, the location, proximity and knowledge of customers will be preserved. This project will be massified over a period of 2 to 3 years.

Assortment expansion:

With the assortment expansion our goal is that the customer can find a greater supply of products in our stores and thus make their complete market in our stores. We have strengthened the commercial plan for the Pantry Mission, a fortnightly weekend activation that seeks to enable the customer to stock the entire market, large sizes to stock his pantry and store, and for the Replenishment Mission, a non-fortnightly weekend activation that seeks to enable the customer to adjust his market with low-disbursement and smaller-sized products.

Savings levers:

Savings levers correspond to a conviction: Grupo Éxito firmly believes that as a company it has the responsibility to contribute to the welfare and dignity of Colombian families, and it does so by expanding the assortment and the best quality-price ratio and does so through:

Products at “Unbeatable Price”: it is an alternative of savings and relief for the pockets of Colombians. A savings strategy that was born more than 10 years ago and over time has been evolving and today is permanently present in all Exito Group stores in Colombia and in e-commerce channels. This year it has been strengthened and now has a portfolio of more than 1,000 own-brand and national brand products, many of them from the basic family shopping basket.

This strategy is permanently developed in four of Grupo Éxito’s brands nationwide, Éxito, Carulla, Super Inter and Surtimax, and in the e-commerce channels. More than 80 suppliers of Grupo Éxito have joined this strategy to offer, in addition to their own brands, the country’s leading brand products.

For the first time, products from key categories are linked to the strategy, in addition to food, entertainment, home and bazaar and textile, maintaining the premise of the lowest prices in the market in relation to quality-price ratio.

Themed days: Discounts every week with the “Martes del campo” (30% discount on all fruits, vegetables and flowers), “Miércoles de carnes frescas” (20% discount on selected cuts of beef and pork and on all chicken and fish), “Viernes de celebración” (25% discount on wines, sparkling wines and champagnes) and “Sábado de parrilla” (20% discount on all imported, craft and non-alcoholic beers and 15% discount on beef, pork, chicken and fresh fish).

“Megaofertas”: Discounts on family basket products every weekend of the fortnight.

Savings basket: Discounts on products for market adjustment on non-fortnightly weekends.

Likewise, the traditional promotions of the brands are transversal, the most important retail promotions in Colombia, such as Exito Anniversary, Carulla Anniversary, or Megaprima, which in its most recent version in July was carried out in all retail brands.

The Company has a garment industry in which it designs and manufactures garments under its own brands such as Arkitect, Bronzini, Custer, Bluss, and People, which have a high market penetration. The textile industry is the result of a DNA anchored in the history of Grupo Éxito, since this brand was born in 1949 as a warehouse for the sale of fabrics and textiles, where the first own brand of the category was created. It also operates an industrial food plant where private label food products are processed and packaged, including meat, baked goods, prepared foods and bottled water, among others.

In Uruguay, Disco supermarkets and Devoto supermarkets and convenience stores serve the premium segment, and Géant hypermarkets serve the mid-market segment.

In Argentina, Libertad hypermarkets, Libertad minimarkets and Mayorista supermarkets serve the mid-market segment.

Operating Segments

We disclose information by operating segments, which are defined as components of an entity whose operating results are regularly reviewed by the chief operating decision maker for decision-making purposes about resources to be allocated. Our chief operating decision maker is, collectively, our Board of Directors. Our three operating segments that we report are:

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 others: revenues from retailing and other activities from 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 Libertad Fan We also have “Mini Mayorista Libertad” stores, a nearby proposal for customers looking for the best price per volume on basic products, and the “Fresh Market Libertad”, a new supermarket format that prioritizes the offer of top-quality fresh products and own elaboration.

Uruguay

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

In all the countries where we operate, we have also developed a digital strategy, which has achieved significant growth in recent years in all the countries in which we operate. Our digital omnichannel includes e-commerce, click and collect and last mile, digital catalogue, home delivery and B2B.

In Colombia, we also offer our clients last mile and home deliveries in all our formats including our partnership with Rappi, the leading delivery app in Colombia in terms of sales, according to Green Information Group. Together with Rappi, we offer Turbo-Fresh, a last-mile delivery service, through dark stores, with an average delivery time of 10 minutes. Our WhatsApp selling service enables penetration in lower-income segments in Colombia and our click & collect is a differentiated service versus other traditional retailers and e-commerce players.

Other Businesses and Services

In addition to our retail operations, we offer complementary services in alliance with local partners, as part of our strategy to monetize traffic and real estate assets.

Puntos Colombia

Puntos Colombia is 50/50 joint venture between us and Bancolombia. Puntos Colombia operates a loyalty program pursuant to which its users earn points when purchasing from us and our partners including Starbucks, Celio, Pilates and Cine Colombia, among others. These points are redeemable for products or services available at the Puntos Colombia platform. Additionally point holders have other benefits including discounts.

Tuya

Tuya is a 50/50 joint venture between Éxito and Bancolombia. Tuya is a financial institution focused on issuing credit cards and granting consumer loans to low- and mid-income segments that the traditional banking system does not serve, thus promoting financial access.

Insurance

We have also joined with Grupo Sura to offer micro-insurance solutions to clients.

Viajes Éxito

Viajes Éxito, our joint travel agency with Avianca, the major airline in the region.

Móvil

Grupo Éxito is the first retailer in Colombia to offer mobile telephony services, MVNO (“Mobile Virtual Network Operator”) in alliance with TIGO, mobile network carrier in Colombia, our MVNO is the second largest in the country according to the most recent information disclosed by the Colombian Ministry of Information Technologies and Communications (Ministerio de Tecnologías de la Información y Comunicaciones de Colombia).

Money Transfers

The Company offers local and international money transfer services for our customers.

Real Estate Business Units

We also operate a real estate business division which aims to maximize the value of our assets and to develop new projects that take full advantage of the expertise and customer knowledge obtained through our core retail business. In December 2016, we launched Viva Malls in Colombia, a dedicated private real estate vehicle in Colombia with FIC which owns 49%. In Argentina, our real estate business operates under the brand Paseo Libertad.

Our Products

In Colombia, Uruguay and Argentina the Company offers mostly ready-for-sale products that we purchase and resell to our end-user customers. Only a portion of our products are produced at our industry facility and in our stores, by our technical team for the development of perishables. In certain circumstances, we have entered into partnerships with suppliers who deliver semi-finished products that are finished at our stores.

The products manufactured or handled at our industry facility and our stores include: (1) fruits and vegetables, which are cut or packaged at our stores; (2) meat (beef, pork, chicken and fish) as well as cold cuts and cheeses, which are cut, weighed and packaged at our stores; (3) ready-to-eat meals sold at our deli counters; and (5) bread, cakes and sweets made at the bakeries located within our stores.

Industry and Competitive Position

The Colombian Retail Sector

The Colombian retail sector is largely influenced by the overall level of economic activity in the country and the level of per capita available income. The Colombian food retail sector is served through a wide variety of channels including privately-owned supermarkets, limited assortment and convenience stores, government-subsidized cooperatives known as cajas de compensación, specialty stores (e.g., butcher shops, bakeries, etc.) and delivery operations. A large number of Colombians continue to shop through traditional channels, driven mainly by independent small grocers.

Discount retailers have been gaining traction in the Colombian retail market and have experienced strong growth over the last past five years. This has been the result of efforts in new store openings and the arrival of various new sector participants. The cash and carry segment serves mainly the institutional market. Traditional consumers continue to be attracted by smaller and more accessible formats. Shopping centers have also increasingly gained importance as an alternative shopping destination for households in the country.

Grupo Éxito faces strong competition in the Colombian retail sector from international and domestic retailers, including Cencosud and Olímpica and discount retailers such as D1 (Koba LLC) and Ara (Jerónimo Martins) and independent supermarkets.

In this context, Grupo Éxito Colombia gained 0.8 percentage points of same-store market share during the fourth quarter of 2024. Regarding the main cities of the country, market share growth was reflected as follows:

Bogotá: +0.9pp.

Barranquilla: +1.4pp.

Medellín: +1.4pp.

Cali: +1.8pp.

Cartagena: +0.6pp.

The Uruguayan Retail Sector

Uruguay is largely influenced by the overall performance of economic activity in the country. The Uruguayan retail sector has positively trended in recent years; sales have been boosted by e-commerce and app-based delivery services that have become increasingly popular in Uruguay, benefitting from increasing smartphone penetration. As sales through e-commerce grow, setting up an efficient infrastructure for direct delivery is becoming increasingly important. Due to the pandemic, companies have had to develop new strategies around their logistics and product delivery, and this has greatly improved delivery infrastructure.

Our main competitors in the Uruguayan retail sector include Tienda Inglesa, El Dorado and Ta-Ta.

The Argentinian Retail Sector

Amid a challenging macroeconomic context in which inflation continues to be the protagonist even though it has begun to subside, the country’s economy faces important challenges that affect consumption and, therefore, retail sector. While traditional grocery retailers continue to maintain their prevalence over modern outlets, recent changes in consumer habits have favored the development of modern proximity outlets that accept credit cards and/or offer access to financing. Traditional grocery retailers, particularly small grocers, have lost ground to the expansion of modern retail channels, similarly, cash and carry remained one of the most relevant channels for Argentinean consumers.

Leading supermarkets chains are also investing in distribution centers, as rapid delivery is a key-way of improving the customer experience. Delivery platforms are developing distribution centers to deliver a small selection of basic own branded products, as well as act as a delivery intermediary for other retailers. E-commerce focused on improving online operations and special discounts and promotions as a key strategy to attract customers.

No retail chain in Argentina is present throughout the entire country, with several international brands concentrated in Buenos Aires and local or regional brands having a leadership presence in other provinces. Key competitors include Carrefour, Cencosud, Dia and Wal-Mart.

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Evolution of major projects, investments and divestments made during the quarter.

Investments

Consolidated Capital Expenditures during 2024 reached COP $331,958 M, of which 74% was allocated to expansion, innovation, omni-channel and digital transformation activities during the period, and the remainder, to maintenance and support of operational structures, IT systems updates and logistics.

Food Retail Expansion

In 2024, Grupo Éxito totalled 35 stores from openings, reforms, conversions, and refurbishments (31 in Colombia, 3 in Uruguay and 1 in Argentina). The Company totalled 623 food retail stores, geographically diversified as follows: 497 stores in Colombia, 99 in Uruguay and 27 in Argentina, and consolidated selling area reached 1.03 M square meters. The store count did not include the 2,502 allies (+1,835 LTM) in Colombia.

In line with the company’s strategy, aiming for efficiencies to increase profitability, during the fourth quarter of 2024, 12 stores were closed in Colombia.

RISKS AND RISK MANAGEMENT

4.1

Market Risk updates

Market risk

Market risk is the risk that changes in market prices, namely changes in exchange rates, interest rates or stock prices, have a negative effect on Éxito Group’s revenue or on the value of the financial instruments it holds. The purpose of market risk management is to manage and control exposure to this risk within reasonable parameters while optimizing profitability.

Interest rate risk

Interest rate risk is the risk that the fair value of financial assets and liabilities, or the future cash flows of financial instruments, fluctuate due to changes in market interest rates. Éxito Group’s exposure to interest rate risk is mainly related to debt obligations incurred at variable interest rates or indexed to an index beyond the control of Éxito Group.

Although a portion of the company’s financial obligations is indexed to variable market rates, 46% of the financial obligations were agreed upon with fixed-rate terms. Additionally, the company analyzes and conducts financial swap transactions through interest rate derivatives with pre-approved financial entities, in which it agrees to exchange, at specific intervals, the difference between fixed and variable interest rate amounts calculated on an agreed nominal principal amount. This converts variable rates into fixed rates, making cash flows determinable.

Currency risk

Currency risk is the risk that the fair value or future cash flows of financial instruments fluctuate due to changes in exchange rates. Éxito Group’s exposure to exchange rate risk is attached to passive transactions in foreign currency associated with long-term debt liabilities and with Éxito Group’s operating activities (whenever revenue and expenses are denominated in a currency other than the functional currency), as well as with Éxito Group’s net investments abroad.

Éxito Group manages its exchange rate risk via derivative financial instruments (namely forwards and swaps) whenever such instruments are efficient to mitigate volatility.

When exposed to unprotected currency risk, Éxito Group’s policy is to contract derivative instruments that correlate with the terms of the underlying elements that are unprotected. Not all financial derivatives are classified as hedging transactions; however, Éxito Group’s policy is not to carry out transactions for speculation.

During the fourth quarter of 2024 Grupo Éxito had hedged almost 100% of its purchases and liabilities in foreign currency.

4.2

Update of other risks

In the last quarter of 2024, with the participation and leadership of Senior Management, an analysis of the main risks and opportunities was conducted within the framework of the trends and the political, economic, social, technological, environmental and legal context, at a global and sectorial level, from the dynamics of the industry on the operation of the business and the strategic vision of the company. From this analysis we obtained the new strategic risk profile, which was reviewed and approved by the Audit and Risk Committee and the Board of Directors; and integrates six main risks: Social, Macroeconomic, Information Security (including Information Security, Cybersecurity and Personal Data Protection), Business Transformation, Political and Legal, and Climate Change

Specifically on the Macroeconomic risk, the following triggering factors were recognized that could materialize:

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Global economy and geopolitical tensions.

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Fiscal deficit, inflation, country risk, unemployment rate.

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Government structural reforms (labor, pension, tax).

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Energy crisis.

Regarding this risk and its triggers, the company continues to focus its actions on:

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Exhaustive cost and expense control.

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Interest rate hedging strategies for debt and foreign currency obligations.

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Availability of resources and renegotiation of interest rates on credit lines.

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Working capital action plans for cash flow efficiency.

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Commercial strategy to alleviate the inflationary impact on consumers.

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Strengthening of our own brand and unbeatable strategy.

With respect to the strategic risk profile for the end of fiscal year 2023, a new strategic risk called Business Transformation is incorporated, which is conceived as the challenges that the company faces in the optimization process to adapt to new market conditions and demands of customers and investors, in order to increase profitability, sustainable growth and enhance the value proposition to customers.

Some of the actions to mitigate the negative impact of risk and maximize opportunities include:

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Training in required skills: self-development and adaptive capacity.

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Definition of leadership scheme, processes and efficient structure of the company.

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Stakeholder engagement plan.

SOCIAL, ENVIRONMENTAL AND CLIMATE ISSUES

5.1

Monitoring of social and environmental issues, including climate issues

Grupo Éxito recognizes the social and environmental impact of its operations in the communities where it is present, the footprint it leaves on its Stakeholders and its responsibility in the construction of the country, considering the three axes of action of conscious capitalism: social, environmental and economic.

To integrate this vision of sustainability into our operations, the company has a sustainability policy aligned with the global sustainable development agenda -defined in the Sustainable Development Goals and the United Nations Global Compact-, as well as with the six (6) strategic challenges declared by the company, which are managed and monitored in an integral manner:

For each of the strategic sustainability pillars, the key monitoring indicators related to the fourth quarter of 2024 (4Q-2024) are presented below:

Zero malnutrition: In conjunction with Fundación Éxito, the company is working towards its goal of contributing to the eradication of chronic malnutrition in Colombia by 2030.

By the fourth quarter of 2024, the company achieved:

The above, obtaining an accumulated during 2024 of:

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68.174 children benefited from out nutrition and complementary programs across 32 departments and 199 municipalities.

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17.513 children received complementary services and 50.661 received nutrition nutrition support.

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182.897 food packages were donated to children and their families.

Sustainable trade: The company works to cultivate local and direct purchasing opportunities and foster fair trade practices that promote the integral development of our partners and suppliers.

By the fourth quarter of 2024, the company achieved:

The above, obtaining an accumulated during 2024, as follows:

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93.91% of our marketed textile products were purchased locally.

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88.54% of our fruits and vegetables were purchased from local suppliers.

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88.37% of fruits and vegetables were purchased directly from 574 local producers, through associations and farming families, reducing intermediation.

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The Paissana brand, a country initiative that promotes productive projects from areas affected by the armed conflict, reached a total of $1,510,812,239 in sales.

My planet: The company works to maximize the positive impact on the environment and works to reduce, mitigate and compensate the negative impacts of its operations on the environment, as well as to contribute to the generation of environmental awareness among the different stakeholders.

By the fourth quarter of 2024, the company achieved:

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Collect 5.118 tons of recyclable material in the operation.

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Collect 139 tons of recyclable material from our customers.

The above, obtaining a cumulative figure during 2024 of 18.850 tons collected in the operation and 905 tons collected from our customers.

Healthy lifestyle: The company works to mobilize customers, employees and suppliers towards healthier and more balanced lifestyles through a portfolio of products and services that enable them to generate healthy lifestyles.

By the fourth quarter of 2024, the company managed to commercialize:

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1.642 healthy living PLUS national brand.

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378 healthy living PLUS own brand.

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293 own-brand healthy living PLUS (Taeq).

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52 organic PLUS.

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20 vegetable protein PLUS.

Additionally, during the fourth quarter of 2024:

Our people: The company works to attract, cultivate and retain the best talent; promote diversity, inclusion and social dialogue.

By the fourth quarter of 2024, the company achieved:

As a result, during 2024, 31.901 employees were trained to strengthen their skills and competencies.

Governance & Integrity: The company works to build relationships of trust within a framework of integrated performance, under high standards of corporate governance, ethics, transparency and respect for human rights.

By the fourth quarter of 2024, the company achieved:

The above, obtaining an accumulated during 2024 of:

5.2

Material changes

There were no material changes in the company’s ESG strategy for the period October 2024 to December 2024.

CORPORATE GOVERNANCE

6.1

Material changes in the Corporate Governance structure

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Modifications to the Corporate Governance instruments:

The Code of Ethics and Conduct and the Prevention and Control System of the ML/FT/FPADM were updated, in order to (a) adapt them to current regulatory requirements, (b) comply with the action plans drawn up by the Company’s internal audit and (c) update and adjust some points to the Company’s new definitions and strategy.

The Cash Management Policy was updated, to link an additional financial entity as an eligible entity in said Policy.

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Other corporate governance matters:

On October 8 and December 10, 2024, shareholders received the last two dividend payment installments in Colombia, in accordance with the profit distribution proposal approved by the General Shareholders’ Meeting, at its ordinary meeting held on March 21, 2024, equivalent to COP $25,193,140,406 each.

As reported to shareholders and the market through the relevant information mechanism on December 16, 2024, the Board of Directors approved:

The retirement of Jorge Alberto Jaller Jaramillo, Vice President of Retail, effective December 27 and José Gabriel Loaiza Herrera, Executive Vice President and Juan Felipe Montoya Calle, Vice President of Human Resources, effective December 31, 2024.

The modification of the corporate structure, to consolidate in the General Management, the scope and functions of the Executive Vice Presidency and Vice Presidency of Retail. In this sense, the Executive Vice Presidency and the Retail Vice Presidency were eliminated, and the Vice Presidency of Human Resources was transformed into Human Resources Management.

The current composition of the management team and the organizational structure of the Company are available on the corporate website.

As reported through the relevant information mechanism on December 20, 2024, the Board of Directors approved the commencement of the process to (i) voluntarily delist its American depositary shares, each representing eight common shares of the Company, from the New York Stock Exchange (“NYSE”); and (ii) deregister the Company’s securities under the U.S. Securities Exchange Act of 1934, as amended (“The Exchange Act”).

Pursuant to the foregoing, on December 30, 2024, it filed Form 25 with the U.S. Securities and Exchange Commission, stating its intention to delist its American Depositary Shares (“ADSs”) from the NYSE, and notified its depositary, JPMorgan Chase Bank N.A., to terminate its ADS program. Accordingly, January 8, 2025 was the last day ADSs were listed on the NYSE, and on January 21, 2025, the termination of their ADS program became effective.

In line with the delisting and deregistration process of the Company’s ADSs, on December 20, 2024, the Board of Directors instructed Management to analyze the Company’s performance as a foreign issuer in Brazil and propose alternatives to Brazilian Depositary Receipts Level II (“BDRs”). In this regard, on February 14, 2025, the Company informed on the approval granted by the Board of Directors to the discontinuation of the BDR program, a process that is subject to approvals by B3 and the Comissão de Valores Mobiliários de la República Federativa de Brasil (“CVM”).

Once the Company has obtained the necessary approval, it will inform the BDR holders of the procedures and conditions, and, once the procedure for discontinuing the BDR program has been completed, the Company will take the necessary steps to proceed with the cancellation of the registration of the BDR program with the CVM, with the consequent cancellation of its registration as a foreign issuer.

ANNEX

7.1

Glossary

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Accounting policies: these are the specific principles, bases, agreements, rules and procedures adopted by the entity in the preparation and presentation of its financial statements.

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Adjusted EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization plus Associates & Joint Ventures results.

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Asset: is a resource: (a) controlled by the entity as a result of past events; and (b) from which the entity expects to obtain future economic benefits.

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Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.

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Carbon footprint: The carbon footprint is the amount of greenhouse gases - GHG emitted to the atmosphere by direct or indirect emanation of an individual, organization, event or product (WRI, 2015).

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Chronic malnutrition: “Chronic malnutrition or stunting is a multi-causal condition that alters the physical and cognitive development of children in their first 5 years of life, with irreversible effects” Fundación Éxito, 2015.

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Circular Economy: Production and consumption systems that promote efficiency in the use of materials and resources, taking into account the resilience of ecosystems, the circular use of material flows through the implementation of technological innovation, alliances and collaborations between actors, and the promotion of business models that respond to the fundamentals of sustainable development (National Government, 2019). (National Government, 2019).

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Climate Change: According to the United Nations Framework Convention on Climate Change (UNFCCC), it is understood as a change in climate attributed directly or indirectly to human activity that alters the composition of the global atmosphere and that is in addition to natural climate variability observed over comparable time periods.

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Colombia results: consolidation of Almacenes Éxito S.A. and its subsidiaries in the country.

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Common stock: is an equity instrument that is subordinate to all other types of equity instruments.

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Community: Individuals and groups, natural or legal, who live and work in the areas where the company has operations.

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Conflict of Interest: A situation in which the interests of an employee, Shareholder, Administrator of the Company, its subsidiaries, subordinates or Related Parties, its strategic allies or external auditors, or any third party related to them, conflict with the interests of the Company, putting at risk the objectivity and independence in decision-making or in the exercise of their functions.

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Consolidated financial statements: are the financial statements of a group presented as if it were a single economic entity.

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Consolidated results: Almacenes Éxito and Colombian and international subsidiaries in Uruguay and Argentina.

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Direct Purchase: Purchases made from suppliers that produce at least one of the goods purchased by the Company. As far as possible, priority will be given to small farmers and micro and small enterprises.

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Eco-labeling: Distinctive that informs and encourages consumers to correctly separate packaging material with clear and precise instructions that facilitate the identification of materials, their recyclability, and actions prior to their separation.

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Ecodesign: Validate the integral design of packaging by analysing its regional recyclability, sustainability in terms of resource use, functionality. and technical feasibility, incorporating strategies for disposal, reuse and/or circulation of materials, in addition to eco-labeling and user experience (EMF, 2020).

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EPS: Earnings per share calculated on a fully diluted basis.

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Extended Producer Responsibility: an environmental policy approach in which responsibility – physical and/or economic – is transferred to the producer for the treatment or disposal of post-consumer products” (MADS, 2021).

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Fair value: the amount for which an asset could be exchanged or a liability cancelled between duly informed interested parties, in a transaction conducted under conditions of mutual independence.

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Financial instrument: is any contract that gives rise simultaneously to a financial asset in one entity and a financial liability or equity instrument in another entity.

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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); cash flow re-expressed in line with the financial statements.

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Gender Equity: “is defined as fairness in the treatment of women and men according to their respective needs, either with equal treatment or with differentiated treatment that is considered equivalent in terms of rights, benefits, obligations and possibilities”.

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GLA: Gross Leasable Area.

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GMV: Gross Merchandise Value.

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Greenhouse gases: GHGs are compounds that are present in the atmosphere and can increase its temperature. This is due to their capacity to absorb and transmit infrared radiation (IDEAM, 2015).

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Holding: Almacenes Éxito results without Colombian and international subsidiaries.

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Global pact: is an initiative that promotes the commitment of the private sector, public sector and civil society to align their strategies and operations with ten universally accepted principles in four thematic areas: human rights, labor standards, environment and anti-corruption, as well as contributing to the achievement of the Sustainable Development Goals (SDGs).

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Financial Result: impacts of interest, derivatives, valuation of financial assets/liabilities, exchange rate and others related to cash, debt and other financial assets/liabilities.

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Liability: is a present obligation of the company, arising from past events, at the maturity of which and in order to settle it, the company expects to dispose of resources that incorporate economic benefits.

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Local Purchase: Purchase of products from suppliers in the national territory.

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Net Revenue: Total Revenue related to Retail Sales and Other Revenue.

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

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Recycling: Those processes by which materials or waste from containers and packaging are transformed to return their potential for reincorporation as raw material for the manufacture of new products (MADS, 2020).

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Reduce: Reduce packaging materials by prioritizing materials with a low recyclability index or those that do not fulfill an indispensable function as a packaging component.

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Reuse: Extension of the useful life of packaging that is reused without the need for a prior transformation process.

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Recurring Operating Income (ROI): Gross profit adjusted for SG&A and D&A.

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Sales: sales related to the retail business.

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Single-use plastic: (i) Containers for food intended for immediate consumption, on the spot or to go, which are regularly consumed in the container itself and do not require further preparation, such as cooking, boiling or heating; (ii) Plates, trays, cutlery and glasses; (iii) Mixers and straws for beverages; (iv) Lightweight plastic bags (point-of-payment and pre-cutting of fruit) (EU,2019).

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Separate financial statements: are the financial statements of an investor, whether it is a parent, an investor in an associate or a venturer in a jointly controlled entity, in which the related investments are accounted for on the basis of the amounts directly invested, rather than on the basis of the results achieved and the net assets owned by the investee.

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Scope 1: accounts for direct GHG emissions from sources owned or controlled by the company, e.g., emissions from combustion in Climate Change Policy 2022 boilers, furnaces, vehicles, etc. (World Resources Institute and World Business Council for Sustainable Development, 2004).

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Scope 2: accounts for GHG emissions from the generation of purchased electricity consumed by the company. Purchased electricity is defined as electricity that I know is purchased or otherwise brought into the company’s facility. Scope 2 emissions are physically produced at the facility where the electricity is generated (World Resources Institute and World Business Council for Sustainable Development, 2004).

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Scope 3: is an optional reporting category that allows treatment of all other indirect emissions. Scope 3 emissions result from the company’s activities but are produced from sources that are not owned or controlled by the company. Examples of Scope 3 activities include extraction and production of purchased materials; transportation of purchased fuels; and use of sold products and services (World Resources Institute and World Business Council for Sustainable Development, 2004).

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Stakeholders: Are all those persons or group of persons who have an interest in the Company, or who could be impacted by the development of its business activity. Stakeholders are those persons who, without having a direct interest in the Company, may affect the fulfillment of its objectives. Therefore, these are groups of people who may have an impact on the Company’s sustainability. Stakeholders include, among others, Shareholders, Investors, Directors, Administrators, employees, suppliers, contractors, customers, opinion leaders and the community in general.

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Sustainable Mobility: Sustainable mobility systems are those that last over time, without consuming non-renewable resources, i.e., using natural resources, without affecting the environment and without endangering the quality of life (Restrepo, 2019).

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Sustainable Development Goals: The Sustainable Development Goals, SDGs, are the basic principles that mark the 2030 agenda proposing goals to end poverty, protect the planet and ensure that all people enjoy peace and prosperity. These principles establish global goals, targets and indicators that were adopted by 195 Member States of the United Nations in order to achieve a world without poverty, in which the environment is protected and where all people enjoy peace and a prosperous life.

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Tree Cover: Can refer to trees in plantations as well as natural forests.

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Other Income: Income related to ancillary businesses (real estate, insurance, travel, etc.) and other income.

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VMM: Same-meter sales including the effect of store conversions and excluding the calendar effect.

Notes:

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Numbers expressed in long scale, COP billion represent 1,000,000,000,000.

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Growth and variations expressed in comparison to the same period last year, except when stated otherwise.

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Sums and percentages may reflect discrepancies due to rounding of figures.

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All margins calculated as percentage of Net Revenue.

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Consolidated results from Colombia, Uruguay and Argentina, eliminations and the FX effect of -10.4% at Net Revenue and -9.1% at recurring EBITDA in 1Q24.

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Data in COP includes a -17% FX effect in Uruguay at Net Revenue and at Recurring EBITDA in 1Q24 and -79.8% in Argentina, respectively, calculated with the closing exchange rate.

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Almacenes Éxito S.A: Grupo Éxito or the Company has the following tickers: BVC: ÉXITO / ADR: EXTO / BDR: EXCO32

7.2

Financial Statements

Almacenes Éxito S.A.

Consolidated financial statements

As of December 31, 2024 and 2023 and for the Years ended December 31, 2024, 2023

Almacenes Éxito S.A.

Consolidated statement of financial position

At December 31, 2024 and 2023

(Amounts expressed in millions of Colombian pesos)

			As at December 31,
	Notes		2024		2023
Current assets
Cash and cash equivalents		7		1,345,710		1,508,205
Trade receivables and other receivables		8		659,699		704,931
Prepayments		9		33,654		41,515
Receivables from related parties		10		37,670		52,145
Inventories, net		11		2,818,786		2,437,403
Financial assets		12		4,525		2,452
Tax assets		24		553,916		524,027
Assets held for sale		41		2,645		12,413
Total current assets				5,456,605		5,283,091

Non-current assets
Trade receivables and other receivables		8		10,459		12,338
Prepayments		9		11,210		4,816
Receivables from related parties		10		-		52,500
Financial assets		12		15,141		25,014
Deferred tax assets		24		253,085		197,692
Property, plant and equipment, net		13		4,261,625		4,069,765
Investment property, net		14		1,828,326		1,653,345
Rights of use asset, net		15		1,728,352		1,361,253
Other intangible assets, net		16		400,714		366,369
Goodwill		17		3,297,086		3,080,622
Investments accounted for using the equity method		18		291,554		232,558
Other assets				398		398
Total non-current assets				12,097,950		11,056,670
Total assets				17,554,555		16,339,761

Current liabilities
Loans, borrowings, and other financial liability		20		1,984,727		1,029,394
Employee benefits		21		4,055		4,703
Provisions		22		47,327		22,045
Payables to related parties		10		43,757		55,617
Trade payables and other payable		23		4,408,479		5,248,777
Lease liabilities		15		299,456		282,180
Tax liabilities		24		119,210		107,331
Derivative instruments and collections on behalf of third parties		25		60,481		139,810
Other liabilities		26		230,068		254,766
Total current liabilities				7,197,560		7,144,623

Non-current liabilities
Loans, borrowings, and other financial liability		20		273,722		236,811
Employee benefits		21		34,776		35,218
Provisions		22		14,068		11,630
Trade payables and other payable		23		22,195		37,349
Lease liabilities		15		1,684,788		1,285,779
Deferred tax liabilities		24		304,235		156,098
Tax liabilities		24		7,321		8,091
Other liabilities		26		378		2,353
Total non-current liabilities				2,341,483		1,773,329
Total liabilities				9,539,043		8,917,952

Equity
Issued share capital		27		4,482		4,482
Reserves		27		1,491,467		1,431,125
Other equity components		27		5,192,563		4,665,070
Equity attributable to non-controlling interest				1,327,000		1,321,132
Total equity				8,015,512		7,421,809
Total liabilities and equity				17,554,555		16,339,761

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

F-1

Almacenes Éxito S.A.

Consolidated statement of profit or loss

For the years ended December 31, 2024 and 2023

(Amounts expressed in millions of Colombian pesos)

			Year ended December 31,
	Notes		2024			2023
Continuing operations

Revenue from contracts with customers		28		21,880,509			21,122,087
Cost of sales		11		(16,347,501	)		(15,696,044	)
Gross profit				5,533,008			5,426,043

Distribution, administrative and selling expenses		29		(4,683,133	)		(4,482,993	)
Other operating revenue		31		71,476			36,894
Other operating expenses		31		(119,359	)		(107,433	)
Other (losses) income, net		31		(25,866	)		10,270
Operating profit				776,126			882,781

Financial income		32		168,336			284,090
Financial cost		32		(579,682	)		(698,380	)
Share of profit in associates and joint ventures		18		(71,872	)		(114,419	)
Profit before income tax from continuing operations				292,908			354,072

Income tax (expense)		24		(55,665	)		(45,898	)
Profit for the year				237,243			308,174

Net profit attributable to:
Equity holders of the Parent				54,786			125,998
Non-controlling interests				182,457			182,176
Profit for the year				237,243			308,174

Earnings per share (*)

Basic earnings per share (*):
Basic earnings per share from continuing operations attributable to the shareholders of the Parent		33		42.21			97.08

(*)

Amounts expressed in Colombian pesos.

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

F-2

Almacenes Éxito S.A.

Consolidated statement of other comprehensive income

For the years ended December 31, 2024 and 2023

(Amounts expressed in millions of Colombian pesos)

			Year ended December 31,
	Notes		2024			2023
Profit for the year				237,243			308,174

Other comprehensive income

Components of other comprehensive income that will not be reclassified to profit and loss, net of taxes
Gain (loss) from new measurements of defined benefit plans		27		1,269			(3,006	)
(Loss) from financial instruments designated at fair value through other comprehensive income		27		(1,098	)		(231	)
Total other comprehensive income that will not be reclassified to period results, net of taxes				171			(3,237	)

Components of other comprehensive income that may be reclassified to profit and loss, net of taxes
Gain (loss) from translation exchange differences (1)		27		12,824			(1,438,514	)
(Loss) gain from translation exchange differences to the put option (2)		27		(14,186	)		112,576
Gain from cash flow hedge		27		2,206			2,957
Total other comprehensive income that may be reclassified to profit or loss, net of taxes				844			(1,322,981	)
Total other comprehensive income				1,015			(1,326,218	)
Total comprehensive income				238,258			(1,018,044	)

Comprehensive income attributable to:
Equity holders of the Parent				51,828			(1,211,146	)
Non-controlling interests				186,430			193,102

(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 consolidated financial statements.

F-3

Almacenes Éxito S.A.

Consolidated statement of changes in equity

At December 31, 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	)		(159,278	)		(376,670	)
Profit for the period		-		-		-			-		-			-		-		-			-			-			125,998			-			125,998			182,176			308,174
Other comprehensive income (loss), excluding translation adjustments to the put option		-		-		-			-		-			-		-		-			-			(1,449,720	)		-			-			(1,449,720	)		10,926			(1,438,794	)
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		-		-		-			-		-			-		-		-			-			-			-			(65,690	)		(65,690	)		(51,823	)		(117,513	)
Equity impact on the inflationary effect of subsidiary Libertad S.A.		-		-		-			-		-			-		-		-			-			-			-			411,539			411,539			-			411,539
Changes in the financial liability of the put option on non-controlling interests, and related translation adjustments (Note 20)		-		-		-			-		-			-		-		-			-			112,576			-			53,308			165,884			43,673			209,557
Other movements		-		-		-			-		(2,108	)		-		-		9,967			7,859			-			(8,157	)		(8,632	)		(8,930	)		-			(8,930	)
Declared dividend (Note 37)		-		-		-			-		(217,392	)		-		-		-			(217,392	)		-			-			-			(217,392	)		(159,278	)		(376,670	)
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	)		(176,872	)		(242,401	)
Profit for the period		-		-		-			-		-			-		-		-			-			-			54,786			-			54,786			182,457			237,243
Other comprehensive income (loss), excluding translation adjustments to the put option		-		-		-			-		-			-		-		-			-			11,228			-			-			11,228			3,973			15,201

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		-		-		-			-		-			-		-		-			-			-			-			(82,294	)		(82,294	)		(75,117	)		(157,411	)
Equity impact on the inflationary effect of subsidiary Libertad S.A.		-		-		-			-		-			-		-		-			-			-			-			648,542			648,542			-			648,542
Changes in the financial liability of the put option on non-controlling interests, and related translation adjustments (Note 20)		-		-		-			-		-			-		-		-			-			(14,186	)		-			34,325			20,139			71,427			91,566
Other movements		-		-		-			-		-			-		-		(127	)		(127	)		-			1,090			-			963			-			963
Balance at December 31, 2024		4,482		4,843,466		(319,490	)		7,857		586,096			418,442		155,412		323,660			1,491,467			(2,307,004	)		464,211			2,511,380			6,688,512			1,327,000			8,015,512

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

F-4

Almacenes Éxito S.A.

Consolidated statement of cash flows

For the years ended December 31, 2024 and 2023
(Amounts expressed in millions of Colombian pesos)

			Year ended December 31,
	Notes		2024			2023 (1)
Operating activities

Profit for the year				237,243			308,174

Adjustments to reconcile profit for the year
Current income tax		24		107,202			106,109
Deferred tax		24		(51,537	)		(60,211	)
Interest, loans and lease expenses		32		351,679			353,691
Losses (gain) due to difference in unrealized exchange (1)				40,802			(93,984	)
(Gain) loss from changes in fair value of derivative financial instruments		32		(13,595	)		33,737
Expected credit loss, net		8.1		10,529			5,377
Impairment of inventories, net		11.1		11,651			8,915
Impairment of property, plant and equipment and investment property		13; 14; 15		15,143			3,451
Employee benefit provisions		21		4,683			4,437
Provisions and reversals		22		82,191			38,658
Depreciation of property, plant and equipment, right of use asset and investment property		13; 14; 15		639,030			611,775
Amortization of other intangible assets		16		34,377			30,748
Share of losses in associates and joint ventures accounted for using the equity method				71,872			114,419
Losses from the disposal of non-current assets				14,069			(12,721	)
Interest income		32		(30,799	)		(45,852	)
Other adjustments from items other than cash				50,968			2,495
Cash generated from operating activities before changes in working capital				1,575,508			1,409,218

Decrease (increase) in trade receivables and other receivables				36,562			(5,620	)
Decrease (Increase) in prepayments				1,276			(9,212	)
Decrease (increase) in receivables from related parties				15,883			(8,760	)
(Increase)decrease in inventories				(351,152	)		86,910
(Increase) in tax assets				(9,137	)		(14,013	)
(Decrease) in employee benefits				(4,547	)		(1,738	)
Payments and decease in other provisions		22		(54,542	)		(42,859	)
(Decrease) increase in trade payables and other accounts payable				(796,303	)		156,197
(Decrease) in accounts payable to related parties				(8,373	)		(9,099	)
Increase in tax liabilities				12,367			20,872
(Decrease) increase in other liabilities				(28,051	)		44,086
Income tax, net				(114,155	)		(98,915	)
Net cash flows provided by operating activities				275,336			1,527,067

Investing activities
Businesses combinations		17.1		-			(38,032	)
Advances to joint ventures				(78,549	)		(64,090	)
Acquisition of property, plant and equipment		13.1		(284,669	)		(432,717	)
Acquisition of other assets		15		-			(1,820	)
Acquisition of investment property		14		(32,432	)		(56,688	)
Acquisition of other intangible assets		16		(14,857	)		(30,798	)
Proceeds of the sale of property, plant and equipment and intangible assets				6,912			36,642
Net cash flows (used in) investing activities				(403,595	)		(587,503	)

Financing activities
Proceeds (payments of) financial assets				(12	)		3,087
(Payments of) payments received from collections on behalf of third parties				(64,789	)		(7,115	)
Proceeds from loans and borrowings		20		1,749,014			1,241,024
Payments of loans and borrowings		20		(685,084	)		(1,217,881	)
Payments of interest of loans and borrowings		20		(208,879	)		(228,579	)
Lease liabilities paid		15.2		(288,888	)		(272,688	)
Interest on lease liabilities paid		15.2		(147,512	)		(123,711	)
Dividends paid		37		(265,377	)		(357,028	)
Interest received		32		30,799			45,852
Payment to non-controlling interest				(157,412	)		(117,351	)
Net cash flows (used in) financing activities				(38,140	)		(1,034,390	)

Net decrease in cash and cash equivalents				(166,399	)		(94,826	)
Effects of the variation in exchange rates				3,904			(130,642	)
Cash and cash equivalents at the beginning of year		7		1,508,205			1,733,673
Cash and cash equivalents at the end of year		7		1,345,710			1,508,205

(1)

Some figures in the December 2023 financial statements were reclassified for comparative purposes. In application of the definitions established in IAS 8 - Materiality and relative importance, the Company's Management considered that they do not influence the economic decisions taken by users on the financial statements issued in 2024.

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

F-5

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. In April, 2024, Almacenes Éxito S.A. obtained registration as a foreign issuer with the Brazilian Securities and Exchange Commission (CVM). In August, 2024, Almacenes Éxito S.A. obtained registration as a foreign issuer with the U.S. Securities and Exchange Commission (SEC).

Consolidated financial statements for the year ended December 31, 2024 were authorized for issue in accordance with resolution of directors of Almacenes Éxito S.A. on February 26, 2025.

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 Companhia Brasileira de Distribuição S.A. (hereinafter CBD), which owned 91.52% of its ordinary shares. CBD is controlled by Casino Guichard-Perrachon S.A. which is ultimately controlled by Mr. Jean-Charles Henri Naouri.

Starting from January 22, 2024 and at December 31, 2024 and as a consequence of mentioned in Note 6, the immediate holding company, or controlling entity of the Company is Cama Commercial Group Corp., which owns 86.84% (directly) 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.

Almacenes Éxito S.A. is registered in the Camara de Comercio Aburrá Sur.

F-6

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 December 31, 2024 and 2023:

Name	Main activity	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.	Incorporation of companies / Provision of telecommunications networks and services.	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		n/a			100.00	%		0.00	%
Logística, Transporte y Servicios Asociados S.A.S.	Provision of national and international cargo transportation services.	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		n/a			100.00	%		0.00	%
Marketplace Internacional Éxito y Servicios S.A.S.	Provision of platform access services / Electronic commerce.	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		n/a			100.00	%		0.00	%
Depósitos y Soluciones Logísticas S.A.S.	Storage of goods under customs control.	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		n/a			100.00	%		0.00	%
Fideicomiso Lote Girardot	Acquisition of ownership rights to the property in the name of the Company.	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		n/a			100.00	%		0.00	%
Transacciones Energéticas S.A.S. E.S.P.	Marketing of electrical energy.	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		n/a			100.00	%		0.00	%
Éxito Industrias S.A.S.	Activities with all kinds of textile goods / Operation of e-commerce platforms.	Almacenes Éxito S.A.	Colombia	Colombia		97.95	%		n/a			97.95	%		2.05	%
Éxito Viajes y Turismo S.A.S.	Exploitation of activities related to tourism.	Almacenes Éxito S.A.	Colombia	Colombia		51.00	%		n/a			51.00	%		49.00	%
Gestión Logística S.A.	Provision of general services, as well as purchase and sale of furniture and real estate.	Almacenes Éxito S.A.	Colombia	Panama		100.00	%		n/a			100.00	%		0.00	%
Patrimonio Autónomo Viva Malls	Direct or indirect acquisition of property rights over galleries and shopping centers.	Almacenes Éxito S.A.	Colombia	Colombia		51.00	%		n/a			51.00	%		49.00	%
Spice Investment Mercosur S.A.	Making general investments.	Almacenes Éxito S.A.	Uruguay	Uruguay		100.00	%		n/a			100.00	%		0.00	%
Onper Investment 2015 S.L.	Securities management and administration activities.	Almacenes Éxito S.A.	Argentina	Spain		100.00	%		n/a			100.00	%		0.00	%
Patrimonio Autónomo Iwana	Development of the operation of the Iwana Shopping Center.	Almacenes Éxito S.A.	Colombia	Colombia		51.00	%		n/a			51.00	%		49.00	%

Indirectly owned entities

Patrimonio Autónomo Centro Comercial Viva Barranquilla	Development and maintenance of the operation of the Viva Barranquilla Shopping Center.	Patrimonio Autónomo Viva Malls	Colombia	Colombia		90.00	%		51.00	%		45.90	%		54.10	%
Patrimonio Autónomo Viva Laureles	Development of the operation of the Viva Laureles Shopping Center.	Patrimonio Autónomo Viva Malls	Colombia	Colombia		80.00	%		51.00	%		40.80	%		59.20	%
Patrimonio Autónomo Viva Sincelejo	Development of the operation of the Viva Sincelejo Shopping Center.	Patrimonio Autónomo Viva Malls	Colombia	Colombia		51.00	%		51.00	%		26.01	%		73.99	%
Patrimonio Autónomo Viva Villavicencio	Development of the operation of the Viva Villavicencio Shopping Center.	Patrimonio Autónomo Viva Malls	Colombia	Colombia		51.00	%		51.00	%		26.01	%		73.99	%
Patrimonio Autónomo San Pedro Etapa I	Development of the operation of the San Pedro Plaza Shopping Center.	Patrimonio Autónomo Viva Malls	Colombia	Colombia		51.00	%		51.00	%		26.01	%		73.99	%
Patrimonio Autónomo Centro Comercial	Development of the operation of the San Pedro Shopping Center Stage II.	Patrimonio Autónomo Viva Malls	Colombia	Colombia		51.00	%		51.00	%		26.01	%		73.99	%
Patrimonio Autónomo Viva Palmas	Development, hosting and maintaining the operation of the Viva Palmas Shopping Center.	Patrimonio Autónomo Viva Malls	Colombia	Colombia		51.00	%		51.00	%		26.01	%		73.99	%
Geant Inversiones S.A.	Investment holding company.	Spice Investment Mercosur S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Larenco S.A.	Investment holding company.	Spice Investment Mercosur S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Lanin S.A.	Investment holding company.	Spice Investment Mercosur S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%

F-7

Name	Main activity	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
Grupo Disco Uruguay S.A. (a)	Investment holding company.	Spice Investment Mercosur S.A.	Uruguay	Uruguay		76.65	%		100.00	%		76.65	%		23.35	%
Devoto Hermanos S.A.	Retail marketing through supermarket chains.	Lanin S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Mercados Devoto S.A.	Retail marketing through supermarket chains.	Lanin S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Costa y Costa S.A. (b)	Self-service supermarket.	Lanin S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Modasian S.R.L. (b)	Self-service supermarket.	Lanin S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
5 Hermanos Ltda.	Self-service food products.	Mercados Devoto S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Sumelar S.A.	Self-service food products.	Mercados Devoto S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Tipsel S.A.	Self-service food products.	Mercados Devoto S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Tedocan S.A.	Self-service food products.	Mercados Devoto S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Ardal S.A.	Self-service of various products.	Mercados Devoto S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Hipervital S.A.S. (b)	Self-service supermarket.	Devoto Hermanos S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Lublo	Self-service supermarket.	Devoto Hermanos S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Supermercados Disco del Uruguay S.A.	Retail marketing through supermarket dogs.	Grupo Disco Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Ameluz S.A.	Self-service supermarket.	Grupo Disco Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Fandale S.A.	Investment holding company.	Grupo Disco Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Odaler S.A.	Self-service supermarket.	Grupo Disco Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
La Cabaña S.R.L.	Self-service supermarket.	Grupo Disco Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Ludi S.A.	Self-service supermarket.	Grupo Disco Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Hiper Ahorro S.R.L.	Self-service supermarket.	Grupo Disco Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		69.15	%		23.35	%
Maostar S.A.	Self-service supermarket.	Grupo Disco Uruguay S.A.	Uruguay	Uruguay		50.01	%		76.65	%		38.33	%		61.67	%
Semin S.A.	Self-service supermarket.	Supermercados Disco del Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Randicor S.A.	Self-service supermarket.	Supermercados Disco del Uruguay S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Ciudad del Ferrol S.C.	Self-service supermarket.	Supermercados Disco del Uruguay S.A.	Uruguay	Uruguay		98.00	%		76.65	%		75.12	%		24.88	%
Setara S.A.	Self-service supermarket.	Odaler S.A.	Uruguay	Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Mablicor S.A.	Self-service supermarket.	Fandale S.A.	Uruguay	Uruguay		51.00	%		76.65	%		39.09	%		60.91	%
Vía Artika S. A.	Investment holding company.	Onper Investment 2015 S.L.	Argentina	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Gelase S. A.	Investment holding company.	Onper Investment 2015 S.L.	Argentina	Belgium		100.00	%		100.00	%		100.00	%		0.00	%
Libertad S.A.	Operation of supermarket and wholesale warehouses.	Onper Investment 2015 S.L.	Argentina	Argentina		100.00	%		100.00	%		100.00	%		0.00	%
Spice España de Valores Americanos S.L.	Investment holding company.	Vía Artika S.A.	Argentina	Spain		100.00	%		100.00	%		100.00	%		0.00	%

(a)

At August and September, 2024, was acquired additional 7.5% of the subsidiaries equity. At December, 2023 stock ownership of direct controlling was 69.15%.

(b)

Acquired 100.00% on August 15, 2023 (Hipervital S.A.S.) and September 01, 2023 (Modasian S.R.L y Costa y Costa S.A. (Note 17.1).

F-8

Note 1.2. Subsidiaries with material non-controlling interests

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

		Percentage of equity interest held by non-controlling interests
		Year ended December 31,
	Country	2024			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.(a)	Uruguay		23.35	%		30.85	%

(a)

In August and September 2024, an additional stake of 7.5% was acquired in this subsidiary. On December 31, 2023, the shareholding was 69.15%.

F-9

Below is a summary of financial information relevant to the assets, liabilities, profit or loss and cash flows of subsidiaries, as reporting entities, that hold material non-controlling interests, that have been included in the consolidated financial statements. Balances are shown before the eliminations required as part of the consolidation process.

	Statement of financial position																Comprehensive income
Company	Current Assets		Non- current assets		Current liabilities		Non- current liabilities		Equity		Controlling interest			Non- controlling interest			Revenue from contracts with customers		Income from continuing operations			Total comprehensive income			Comprehensive income attributable to equity holders of the Parent			Comprehensive income attributable to non-controlling interest			Profit or loss attributable to non- controlling interest
At December 31, 2024
Grupo Disco del Uruguay S.A.		631,230		1,048,577		612,093		85,521		982,193		1,793,438	(*)		150,741	(*)		2,541,118		189,865			217,362			143,722			(171,219	)		46,143
Éxito Viajes y Turismo S.A.S.		35,236		2,636		24,561		1,350		11,961		6,134	(**)		5,860			27,643		7,213			7,213			3,647			3,534			3,534
Patrimonio Autónomo Viva Malls		48,055		1,803,134		26,250		-		1,824,939		1,007,236	(**)		894,220			271,366		214,594			214,594			113,781			105,151			105,151
Patrimonio Autónomo Viva Sincelejo		2,094		72,614		1,530		-		73,178		37,321			35,857			10,819		2,833			2,833			1,445			1,388			1,388
Patrimonio Autónomo Viva Villavicencio		10,173		212,948		7,594		-		215,527		107,460	(**)		105,608			37,815		23,958			23,958			12,302			11,739			11,739
Patrimonio Autónomo San Pedro Etapa I		-		-		-		-		-		-			-			2,692		1,670			1,670			852			818			818
Patrimonio Autónomo Centro Comercial		3,070		127,364		3,482		-		126,952		64,005	(**)		62,206			19,393		12,912			12,912			6,610			6,327			6,327
Patrimonio Autónomo Iwana		43		5,223		364		-		4,902		2,659	(**)		2,402			399		(156	)		(156	)		(110	)		(76	)		(76	)
Patrimonio Autónomo Centro Comercial Viva Barranquilla		10,545		296,899		10,455		-		296,989		267,290			29,699			68,414		30,923			30,923			27,831			3,092			3,092
Patrimonio Autónomo Viva Laureles		2,720		98,794		3,794		-		97,720		78,176			19,544			22,795		15,013			15,013			12,011			3,003			3,003
Patrimonio Autónomo Viva Palmas		1,207		31,415		2,036		-		30,586		15,599			14,987			5,357		1,655			1,655			844			811			811
Eliminations and other NCI															5,876														221,862			527
Total															1,327,000														186,430			182.457
At December 31, 2023
Grupo Disco del Uruguay S.A.		523,351		986,455		579,104		77,686		853,016		1,701,505	(*)		117,381	(*)		2,640,891		191,219			(5,481	)		130,621			66,078			60,597
Éxito Viajes y Turismo S.A.S.		38,654		2,857		27,930		516		13,065		6,728	(**)		6,401			29,617		8,317			8,317			4,200			4,075			4,075
Patrimonio Autónomo Viva Malls		101,256		1,827,163		64,308		-		1,864,111		1,022,196	(**)		913,414			242,095		189,425			189,425			105,531			92,818			92,818
Patrimonio Autónomo Viva Sincelejo		2,792		74,919		1,563		-		76,148		38,835			37,313			10,450		3,013			3,013			1,537			1,476			1,476
Patrimonio Autónomo Viva Villavicencio		12,264		215,152		6,906		-		220,510		109,918	(**)		108,050			33,947		20,675			20,675			10,628			10,131			10,131
Patrimonio Autónomo San Pedro Etapa I		676		30,666		1,002		-		30,340		15,473			14,867			5,710		3,666			3,666			1,870			1,796			1,796
Patrimonio Autónomo Centro Comercial		1,699		100,760		2,517		-		99,942		50,205	(**)		48,972			15,569		10,012			10,012			5,132			4,906			4,906
Patrimonio Autónomo Iwana		17		5,371		242		-		5,146		2,814	(**)		2,522			364		(182	)		(182	)		(112	)		(89	)		(89	)
Patrimonio Autónomo Centro Comercial Viva Barranquilla		12,480		304,465		10,729		-		306,216		275,595			30,621			65,116		28,299			28,299			25,469			2,830			2,830
Patrimonio Autónomo Viva Laureles		3,202		100,763		3,368		-		100,597		80,478			20,119			21,273		13,434			13,434			10,747			2,687			2,687
Patrimonio Autónomo Viva Palmas		1,183		32,034		2,631		-		30,586		15,599			14,987			4,952		1,088			1,088			555			533			533
Eliminations and other NCI															6,485														5,861			416
Total															1,321,132														193.102			182.176

(*)

The controlling interest presented for Grupo Disco Uruguay S.A. includes goodwill. Additionally, the non-controlling interest presented does not include the amounts that are subject to the put option (Note 20).

(**)

Includes intercompany eliminations.

F-10

	Cash flows for the year ended December 31, 2024												Cash flows for the year ended December 31, 2023
Company	Operating activities			Investment activities			Financing activities			Net increase (decrease) in cash			Operating activities			Investment activities			Financing activities			Net increase (decrease) in cash
Grupo Disco del Uruguay S.A.		226,162			(76,522	)		(86,718	)		62,922			252,169			(99,545	)		(90,701	)		61,923
Éxito Viajes y Turismo S.A.S.		4,513			(43	)		(7,083	)		(2,613	)		(1,290	)		(112	)		(3,024	)		(4,426	)
Patrimonio Autónomo Viva Malls		184,832			50,208			(290,658	)		(55,618	)		161,157			12,995			(157,050	)		17,102
Patrimonio Autónomo Viva Sincelejo		6,099			(641	)		(6,098	)		(640	)		5,740			(1,332	)		(5,265	)		(857	)
Patrimonio Autónomo Viva Villavicencio		33,542			(5,056	)		(28,953	)		(467	)		22,130			(11,127	)		(8,971	)		2,032
Patrimonio Autónomo San Pedro Etapa I		2,078			(1,609	)		(814	)		(345	)		4,508			-			(4,818	)		(310	)
Patrimonio Autónomo Centro Comercial		16,184			1,607			(16,695	)		1,096			13,519			(17	)		(14,431	)		(929	)
Patrimonio Autónomo Iwana		92			-			(84	)		8			148			-			(189	)		(41	)
Patrimonio Autónomo Centro Comercial Viva Barranquilla		39,088			(998	)		(39,040	)		(950	)		37,094			(4,571	)		(32,301	)		222
Patrimonio Autónomo Viva Laureles		(4	)		-			-			(4	)		16,081			(1,259	)		(14,706	)		116
Patrimonio Autónomo Viva Palmas		2,494			(65	)		(2,244	)		185			2,335			(593	)		(1,625	)		117

F-11

Note 1.3. Restrictions on the transfer of funds

At December 31, 2024 and 2023, there are no restrictions on the ability of subsidiaries to transfer funds to Almacenes Éxito S.A. in the form of cash dividends, or loan repayments or advance payments.

Note 2. Basis of preparation and other significant accounting policies

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

The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments and financial instruments measured at fair value and for non-current assets and groups of assets held for disposal, measured at the lower of their carrying amount or their fair value less costs to sell.

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

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 of 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 a majority of 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.

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 (*)
	Year ended December 31,
	2024		2023		2024		2023
US Dollar		4,409.15		3,822.05		4,071.35		4,325.05
Uruguayan peso		100.98		97.90		101.25		111.36
Argentine peso		4.28		4.73		4.46		16.82
Euro		4,565.71		4,222.05		4,403.73		4,675.64

(*)

Expressed in Colombian pesos.

Note 4. Accounting policies

The accompanying consolidated financial statements at December 31, 2024 have been prepared using the same accounting policies, measurements and bases used to present the consolidated 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.

F-12

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.

The significant accounting policies applied in the preparation of the consolidated financial statements are the following:

Accounting estimates, judgments and assumptions

The preparation of the consolidated financial statements requires Management to make judgments, estimates and assumptions that impact the reported amounts of revenue, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the year; however, uncertainty about these assumptions and estimates could result in outcomes that would require material adjustments to the carrying amount of the asset or liability impacted in future periods.

Estimates and relevant assumptions are reviewed regularly, and their results are recorded in the period in which the estimate is reviewed and in subsequent periods.

In the process of applying the Exito Group’s accounting policies, Management has made the following estimates, which have the most significant impact on the amounts recognized in the consolidated financial statements:

The assumptions used to estimate the fair value of financial instruments (Note 35),

The estimation of expected credit losses on trade receivables (Note 8),

The estimation of useful lives of property, plant and equipment, investment property and intangible assets (Notes 13, 14 and 16),

Assumptions used to assess the recoverable amount of financial and non-financial assets and define the indicators of impairment of financial and non-financial assets (Note 34)

Assumptions used to assess and determine inventory losses and obsolescence (Note 11),

The estimation of the discount rate, fixed payments, lease terms, changes in indices or rates used to measure lease liabilities (Note 15),

Actuarial assumptions used to estimate retirement benefits and long-term employee benefit liabilities, such as inflation rate, death rate, discount rate, and the possibility of future salary increases. (Note 21),

The assumptions used to estimate customer loyalty programs, (Note 26),

The estimation of the probability and amount of loss to recognize provisions related with lawsuits and restructurings (Notes 22 and 36),

The estimation of future taxable profits to recognize deferred tax assets (Note 24) and,

Determination of control (Note 3) and joint control (Note 18) over investees (Note 17).

These estimates have been made based on the best available information regarding the facts analyzed as of the date of preparation of the consolidated financial statements. This information may lead to future modifications due to possible situations that may occur and would require recognition on a prospective basis. This would be treated as a change in an accounting estimate in the future financial statements.

Classification between current or non-current

Exito Group presents assets and liabilities in the statement of financial position based on current and nom current classification.

An asset is current when:

It expects to realise the asset within twelve months after the reporting period,

It expects to realise the asset, or intends to sell or consume it, in its normal operating cycle

It holds the asset primarily for the purpose of trading,

The asset is cash or a cash equivalent (as defined in IAS 7) unless the asset is restricted,

All other assets are classified as non-current.

A liability is current when:

The liability is due to be settled within twelve months after the reporting period,

It expects to settle the liability in its normal operating cycle,

it holds the liability primarily for the purpose of trading,

it does not have the right at the end of the reporting

Deferred tax assets and liabilities are classified as “non-current” and presented net when appropriate in accordance with the provisions of IAS 12 – Income Tax.

Presentation of statement of profit or loss

Exito Group’s consolidated financial statements are disaggregated and classified expenses according to their function as part of cost of sales. The notes to the financial statements disclose the nature of costs and expenses, as well as the details of depreciation and amortization expenses and employee benefits expenses.

Presentation and functional currency

Exito Group’s consolidated financial statements are presented in millions of Colombian pesos, except otherwise stated, which is also Almacenes Exito S.A.’s functional currency. For each entity, Exito Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency.

F-13

Hyperinflation

Argentina’s accumulated inflation rate over the past three years at December 31, 2024 calculated using different consumer price index combinations has exceeded 100%, and therefore is considered to be hyperinflationary.

Financial statements related to the subsidiary in Argentina, have been adjusted for hyperinflation pursuant to IAS 29 - Financial Reporting in Hyperinflationary Economies. As such, Libertad S.A.’s financial statements and the corresponding figures for previous periods have been restated for the changes in the general purchasing power of the functional currency and, as a result, are stated in terms of the measuring unit current at the end of the reporting periods. In applying the provisions of IAS 29, the Exito Group has used the historical cost approach.

The movement of the price index is reflected during the current and previous period in a separate line within the variations of the main components of the statement of financial position. Grupo Éxito considers the effects of restatement in equity in the variations due to hyperinflation and other components of equity.

Foreign operations

The financial statements of subsidiaries that are carried in a functional currency other than the Colombian peso have been translated into Colombian pesos. Transactions and balances are translated as follows, except for subsidiaries located in hyperinflationary economies in which case all balances and transactions are translated at closing rates:

Assets and liabilities are translated into Colombian pesos at the period closing exchange rate,

Income-related items are translated into Colombian pesos using the period's average exchange rate,

Equity transactions in foreign currency are translated into Colombian pesos at the exchange rate on the date of each transaction.

Exchange differences arising from the translation are directly recognized in a separate component of equity and are reclassified to the statement of profit or loss upon loss of control in the subsidiary.

Foreign currency transactions

Transactions in foreign currency are defined as those denominated in a currency other than the functional currency. Exchange differences arising from the settlement of such transactions, between the historical exchange rate when recognized and the exchange rate in force on the date of collection or payment, are recorded as exchange gains or losses and presented as part of the net financial results in the statement of profit or loss.

Monetary balances at reporting date expressed in a currency other than the functional currency are updated based on the exchange rate at the end of the reporting period, and the resulting exchange differences are recognized as part of the net financial results in the statement of profit or loss. For this purpose, monetary balances are translated into the functional currency using the market spot rate (*).

Non-monetary items are not translated at period closing exchange rate but are measured at historical cost (at the exchange rates on the date of each transaction), except for non-monetary items measured at fair value such as forward and swap financial instruments, which are translated using the exchange rates on the date of measurement of the fair value thereof.

Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange at the reporting date.

(*) Market Representative Exchange Rate means the average of all market rates negotiated during the closing day (closing exchange rate), equivalent to the international "spot rate", as also defined by IAS 21 - Effects of Changes in Foreign Exchange Rates, as the spot exchange rate in force at the closing of the reporting period.

Offsetting of financial instruments

Financial assets and financial liabilities are offset, and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

Fair value measurement

The fair value is the price to be received upon the sale of an asset or paid out upon transferring a liability under an orderly transaction carried out by market participants on the date of measurement.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

Éxito Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities,

F-14

Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable,

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Éxito Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

Investments in associates and joint arrangements

A joint arrangement is an agreement by means of which two or more parties maintain joint control. Joint arrangements can be joint operations or joint ventures. There is joint control only when decisions on significant activities require the unanimous consent of the parties that share control. Acquisitions of such arrangements are recorded using the principles applicable to business combinations set out by IFRS 3.

A joint venture is a joint arrangement by which the parties having joint control over the arrangement are entitled to the net assets of the arrangement. Such parties are known as participants in a joint venture.

A joint operation is a joint arrangement by means of which the parties having joint control over the arrangement are entitled to the assets and liability- related obligations associated with the arrangement. Such parties are known as joint operators.

Investments in joint ventures are accounted for using the equity method.

Under the equity method, investment in joint ventures is recorded at cost upon initial recognition and subsequently the carrying amount of the investment is adjusted to recognize changes in Exito Group’s share of net assets of the joint venture since the acquisition date. Such changes are recognized in profit or loss or in other comprehensive income, as appropriate. Dividends received from an investee are deducted from the carrying value of the investment.

The financial statements of the joint venture are prepared for the same reporting period as Éxito Group. When necessary, adjustments are made to bring the accounting policies in line with those of Éxito Group.

Unrealized gains or losses from transactions between Éxito Group and joint ventures are eliminated in the proportion of Éxito Group's interest in such entities upon application of the equity method.

After application of the equity method, Éxito Group determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, Éxito Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, Éxito Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, and then recognizes the loss within “Share of profit of a joint ventures” in the statement of profit or loss.

Transactions involving a loss of significant influence over a joint venture are booked recognizing any ownership interest retained at its fair value, and the gain or loss arising from the transaction is recognized in profit or loss including the relevant items of other comprehensive income.

Regarding transactions not involving a significant loss of influence over joint ventures, the equity method continues being applied and the portion of the gain or loss recognized in other comprehensive income relevant to the decrease in the ownership interest on the property.

Wherever the share of the losses of a joint venture equal to or exceeds its interest therein, ceases to recognize its share of additional losses. A provision is recognized once the interest comes to zero, only in as much as have incurred legal or constructive liabilities.

Dividends are recognized when the right to receive payment for investments classified as financial instruments arise; dividends received from joint ventures, that were measure using the equity method, are recognized as a financial income against a decrease in the carrying amount of the investment in this joint ventures.

Goodwill

Goodwill is recognized as the excess of the fair value of the consideration transferred over the fair value of net assets acquired. After initial recognition, goodwill is carried at cost less any accumulated impairment losses. For purposes of impairment testing, from the date of the acquisition, goodwill is allocated to the cash-generating unit or group of cash-generating units that are expected to benefit from the business combination.

Impairment test is described on impairment of assets note.

Put options on the holders of non-controlling interests

Under current IFRS, it is not clear how to account for put options that are granted to holders of non-controlling interests (“NCI”) at the date of acquiring control of a subsidiary. There is a lack of explicit guidance in IFRS and potential contradictions between the requirements of IFRS 10 (in respect of accounting for NCI and changes in ownership without loss of control) and IAS 32.

As such Exito Group has developed an accounting policy, which has been consistently applied.

Under such accounting policy, since the Exito Group does not have a present ownership interest in the shares subject to the put, the requirements of IFRS 10 take precedence over those of IAS 32.

F-15

While the NCI put remains unexercised, the accounting at the end of each reporting period is as follows:

Éxito Group determines the amount that would have been recognized for NCI, including the allocations of profit or loss, allocations of changes in other comprehensive income and dividends declared for the reporting period, as required by IFRS 10 paragraph B94;

The NCI is de-recognized as if it were acquired at that date; and,

A financial liability is recognized at the present value of the amount payable on exercise of the NCI put in accordance with IFRS 9.

Any difference between the financial liability and the carrying amount of the NCI is considered an equity transaction between controlling shareholders and non-controlling interests with no change in control and accounted for in equity (see Note 20).

IASB is considering the accounting for written puts on NCI as part of its ongoing project on Financial Instruments with Characteristics of Equity. There may be changes in the accounting going forward pending resolution of the standard setting project.

Intangible assets

Intangible assets acquired separately are initially recognized at cost, subsequently they are measured at cost less accumulated depreciation and less accumulated impairment losses.

Internally generated trademarks are not recognized in the statement of financial position, the disbursements related to these brands are recognized directly in the results of the period.

The cost of intangible assets includes acquisition cost, import duties, indirect not-recoverable taxes and costs directly incurred to bring the asset to the place and use conditions foreseen by Éxito Group's management, after trade discounts and rebates, if any.

Intangible assets having indefinite useful lives are not amortized, but are subject to impairment testing, on an annual basis or whenever there is indication of impairment.

Intangible assets having a defined useful life are amortized using the straight-line method over their estimated useful lives. Estimated useful lives are:

Acquired software	Between 3 and 5 years
ERP-like acquired software	Between 5 and 8 years

Amortization expense and impairment losses are recognized in the statement of profit or loss.

An intangible asset is derecognized upon disposal or when no future economic benefit is expected from its use or disposal. The gain or loss from derecognition of an asset is calculated as the difference between the net proceeds of sale and the carrying amount of the asset and is included in profit or loss.

Useful lives and amortization methods are reviewed at each reporting date and changes, if any, are applied prospectively.

Property, plant and equipment

Property, plant and equipment are initially measured at cost; subsequently they are measured at cost less accumulated depreciation and less accumulated impairment losses.

The cost of property, plant and equipment items includes acquisition cost, import duties, non-recoverable indirect taxes, future dismantling costs, if any, borrowing costs directly attributable to the acquisition of a qualifying asset and the costs directly attributable to place the asset in the site and usage conditions foreseen by Éxito Group's management, net of trade discounts and rebates.

Costs incurred for expansion, modernization and improvements that increase productivity, capacity or efficiency, or an increase in the useful lives thereof, are capitalized. Maintenance and repair costs from which no future benefit is foreseen are expensed.

Land and buildings are deemed to be individual assets, whenever they are material and physical separation is feasible from a technical viewpoint, even if they have been jointly acquired.

Assets under construction are transferred to operating assets upon completion of the construction or commencement of operation and depreciated as of that moment.

The useful life of land is unlimited and consequently it is not depreciated. All other items of property, plant and equipment are depreciated using the straight-line method over their estimated useful lives.

The categories of property, plant and equipment and relevant useful lives are as follows:

Computers	5 years
Machinery and equipment	From 10 to 20 years
Furniture and office equipment	From 10 to 12 years
Fleet and transportation equipment	From 5 to 20 years
Other property, plant and equipment	From 10 years
Buildings	From 40 to 50 years
Improvements to third-party properties	40 years or the term of the lease agreement or the remaining of the lease term, whichever is less

F-16

Residual values, useful lives and depreciation methods are reviewed at the end of each year, and changes, if any, are applied prospectively.

An item of property, plant and equipment is derecognized (a) upon its sale or (b) whenever no future economic benefit is expected from use or it is disposed. The gain or loss from derecognition of an asset is the difference between the net proceeds of sale and the carrying amount of the asset. Such effect is recognized in profit or loss.

Investment property

This category includes the shopping malls and other property owned by Éxito Group.

Investment properties are initially measured at cost, including transaction costs. Following initial recognition, they are stated at historical cost less accumulated depreciation and accumulated impairment losses.

Investment property is depreciated using the straight-line method over the estimated useful life. The useful life estimated to depreciate buildings classified as investment property is from 40 to 50 years.

Transfers are made from investment properties to other assets and from other assets to investment properties only whenever there is a change in the use of the asset. For transfers from investment property to property, plant and equipment or to inventories, the cost taken into consideration for subsequent accounting is the carrying amount on the date the use is changed. If a property, plant and equipment item would become investment property, it will be recorded at carrying amount on the date it changes.

Investment property is derecognized upon its sale or whenever no future economic benefit is expected from the use or disposition thereof.

The gain or loss from derecognition of investment properties is the difference between the net proceeds of sale and the carrying amount of the asset and recognized in profit or loss.

The fair values of investment property are updated on an annual basis for the purposes of disclosure in the financial statements.

Leases

Exito Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Group as a lessee

Éxito Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. Éxito Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

Right of use asset

Éxito Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.

The right-of-use assets are also subject to impairment.

Lease liabilities

At the commencement date of the lease, Éxito Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by Éxito Group and payments of penalties for terminating the lease, if the lease term reflects Éxito Group exercising the option to terminate.

Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, Éxito Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

The period for calculating the lease liability is the one agreed in the lease contract.

F-17

Éxito Group as a lessor

Leases in which Éxito Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Contingent rents are recognized as revenue in the period in which they are earned.

Short term leases and leases of low value assets

Éxito Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are less than 604 current legal monthly minimum wages or 14,590 UVT (Tax Value Unit), such as furniture and office equipment, computers, machinery and equipment and intangibles. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.

Impairment of non-financial assets

Éxito Group assesses at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, Éxito Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets.

For the purposes of assessing impairment losses, assets are grouped at the cash-generating unit level and their recoverable value is estimated.

The recoverable amount is the higher of the fair value less the costs of selling the cash-generating unit or groups of cash-generating units and its value in use. This recoverable amount is determined for an individual asset, unless the asset does not generate cash flows that are largely independent of the cash flows from other assets or groups of assets.

When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

To determine the fair value less the costs of disposal, a pricing model is used in accordance with the cash-generating unit or groups of cash-generating units.

To assess the value in use:

Estimation is made of future cash flows of the cash-generating unit over a period not to exceed five years. Cash flows beyond a 3-year period are estimated by applying a steady or declining growth rate.

The terminal value is estimated by applying a perpetual growth rate, according to the forecasted cash flow at the end of the five-year period.

The cash flows and terminal value are discounted to present value, using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, Éxito Group estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years.

Impairment losses are accounted in profit or loss in the amount of the excess of the carrying amount of the asset over recoverable amount thereof; first, reducing the carrying amount of the goodwill allocated to the cash-generating unit or group of cash-generating units; and second, if there would be a remaining balance, by reducing all other assets of the cash-generating unit or group of units as a function of the carrying amount of each asset until such carrying amount reaches zero.

Goodwill is tested for impairment annually as at 31 December and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. Intangible assets with indefinite useful lives are tested for impairment annually as at 31 December at the CGU level, as appropriate, and when circumstances indicate that the carrying value may be impaired.

Inventories

Inventories include goods acquired with the purpose of being sold in the ordinary course of business, goods in process of manufacturing or construction with a view to such sale, and goods to be consumed in the process of production or provision of services.

Inventories in transit are recognized upon receipt of all substantial risks and benefits attached to the asset, according to performance obligations satisfied by the seller, as appropriate under procurement conditions.

Inventories also include real estate property where construction or development of a real estate project has been initiated with a view to future selling.

F-18

Inventories purchased are recorded at cost, including warehouse and handling costs, to the extent that these costs are necessary to bring inventories to their present location and condition, that is to say, upon completion of the production process or receipt at the store.

Inventories are measured using the weighted average cost method. Logistics costs and supplier discounts are capitalized as part of the inventories and recognized in cost of goods sold upon sale. Losses on inventory obsolescence and damages are presented as a reduction to inventories at each reporting date.

Inventories are accounted for at the lower of cost or net realizable value. Net realizable value is the selling price in the ordinary course of business, less the estimated costs to sell.

Rebates and discounts received from suppliers are measured and recognized based upon executed contracts and agreements and recorded as cost of sales when the corresponding inventories are sold.

Inventories are adjusted for obsolescence and damages, which are periodically reviewed and assessed.

Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial assets

Financial assets are recognized in the statement of financial position when Éxito Group becomes party to the contractual provisions of the instrument. Financial assets are classified at initial recognition, as subsequently measured at:

Fair value through profit or loss,

Amortized cost, and

Fair value through other comprehensive income.

The classification depends on the business model used to manage financial assets and on the characteristics of the cash flows from the financial asset; such classification is defined upon initial recognition. Financial assets are classified as current assets, if they mature in less than one year; otherwise they are classified as non-current assets.

Financial assets measured at fair value through profit or loss

Includes financial assets incurred mainly seeking to manage liquidity through frequent sales of the instrument. These instruments carried in the statement of financial position at fair value with net changes in fair value are recognized in the statement of profit or loss.

Financial assets measured at amortized cost

These are non-derivative financial assets with known payments and fixed maturity dates, for which there is an intention and capability of collecting the cash flows from the instrument under a contract.

These financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. The amortized cost is estimated by adding or deducting any premium or discount, revenue or incremental cost, during the remaining life of the instrument. Gains and losses are recognized in the statement of profit or loss when the asset is derecognized, modified or impaired.

Financial assets at fair value through other comprehensive income

They represent variable-income investments not held for trading nor deemed an acquirer's contingent consideration in a business combination. Éxito Group made an irrevocable election at initial recognition for these investments that would otherwise be measured at fair value through profit or loss to present subsequent changes in fair value in other comprehensive income.

In case these assets are derecognized, the gains and losses previously recognized in other comprehensive income are reclassified to retained earnings.

Loans and accounts receivable

Loans and accounts receivable are financial assets issued or acquired in exchange for cash, goods or services delivered to a debtor.

Accounts receivable from sales transactions are measured at invoice values less allowance for expected credit losses. These accounts receivable are recognized when all risks and benefits have been transferred to a third party and all performance obligations agreed upon with the customer have been met or are in the process of being met.

Long-term loans (more than one year of issuance date) are measured at amortized cost using the effective interest method. Expected credit losses are recognized in the statement of profit or loss.

These instruments are included as current assets, except for those maturing after 12 months of the reporting date, which are classified as non-current assets. Accounts receivable expected to be settled over a period of more than 12 months and include payments during the first 12 months, are shown as non-current portion and current portion, respectively.

F-19

Effective interest method

Is the method to estimate the amortized cost of a financial asset and the allocation of interest revenue during the entire relevant period. The effective interest rate is the rate that exactly discounts the estimated net future cash flows receivable (including all charges received that are an integral part of the effective interest rate, transaction costs and other rewards or discounts), during the expected life of a financial asset.

Impairment of financial assets

Given that trade accounts receivable and other accounts receivable are deemed to be short-term receivables of less than 12 months as of the date of issue and do not contain a significant financial component, impairment thereof is estimated from initial recognition and on each presentation date as the expected loss for the following 12 months.

For financial assets other than those measured at fair value, expected losses are measured over the life of the relevant asset. For this purpose, determination is made of whether the credit risk arising from the asset assessed on an individual basis has significantly increased, by comparing the risk of default on the date of presentation against that on the date of initial recognition; if so, an impairment loss is recognized in profit or loss in the amount of the credit losses expected over the following 12 months.

Derecognition

Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire or the Exito Group transfers the contractual rights to receive the cash flows of the financial asset.

Financial liabilities

Financial liabilities are recognized in the statement of financial position when Éxito Group becomes party pursuant to the instrument´s terms and conditions. Financial liabilities are classified and subsequently measured at fair value through profit or loss or amortized cost.

Financial liabilities measured at fair value through profit or loss.

Financial liabilities are classified under this category when held for trading or when upon initial recognition they are designated at fair value through profit or loss.

Financial liabilities measured at amortized cost.

Include loans and bonds issued, which are initially measured at the actual amount received net of transaction costs and subsequently measured at amortized cost using the effective interest method.

Effective interest method

The effective interest method is the method to calculate the amortized cost of a financial liability and the allocation of interest expenses over the relevant period. The effective interest rate is the rate that accurately discounts estimated future cash flows payable during the expected life of a financial liability, or, as appropriate, a shorter period whenever a prepayment option is associated to the liability and it is likely to be exercised.

Derecognition

A financial liability or a part thereof is derecognized upon settlement or expiry of the contractual obligation.

Interest income

Interest income is recognized using the effective interest method.

Cash and cash equivalents

Include cash at hand and in banks, receivables for sales made with debit and credit card and highly liquid investments. To be classified as cash equivalents, investments should meet the following criteria:

Short-term investments, in other words, with terms less than or equal to three months as of acquisition date,

Highly liquid investments,

Readily convertible into a known amount of cash, and

Subject to an insignificant risk of change in value.

In the statement of financial position, overdraft accounts with financial institutions are classified as financial liabilities. In the statement of cash flows such overdrafts are shown as a component of cash and cash equivalents, provided they are an integral part of Éxito Group's cash management system.

Derivative financial instruments

Exito Group uses derivative financial instruments to mitigate the exposure to variation in interest and exchange rates. These derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value at the end of each reporting period. They are presented as non-current assets or non-current liabilities whenever the remaining maturity of the hedged item exceeds 12 months, otherwise they are presented as current assets and current liabilities.

F-20

Gains or losses arising from changes in the fair value of derivatives are recognized as financial income or expenses. Derivative financial instruments that meet hedge accounting requirements are accounted for pursuant to the hedge accounting policy, described below.

Hedge accounting

Éxito Group uses hedge instruments to mitigate the risks associated with changes in the exchange rates related to its investments in foreign operations and in the exchange and interest rates related to its financial liabilities.

A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements:

There is ‘an economic relationship’ between the hedged item and the hedging instrument.

The effect of credit risk does not ‘dominate the value changes’ that result from that economic relationship.

The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that Exito Group actually hedges and the quantity of the hedging instrument that Exito Group actually uses to hedge that quantity of hedged item.

The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how Éxito Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined).

Hedges are classified and booked as follows, upon compliance with hedge accounting criteria:

Cash flow hedges include hedges covering the exposure to the variation in cash flows arising from a particular risk associated to a recognized asset or liability or to a foreseen transaction whose occurrence is highly probable and may have an impact on period results.

Derivative instruments are recorded as cash flow hedge, using the following principles:

●

The effective portion of the gain or loss on the hedge instrument is recognized directly in stockholders’ equity in other comprehensive income. In case the hedge relationship no longer meets the hedging ratio but the objective of management risk remains unchanged, Exito Group should “rebalance” the hedge ratio to meet the eligibility criteria.

●

Any remaining gain or loss on the hedge instrument (including arising from the "rebalancing" of the hedge ratio) is ineffective, and therefore should be recognized in profit or loss.

●

Amounts recorded in other comprehensive income are immediately transferred to the profit or loss together with the hedged transaction, for example, when the hedged financial income or expense is recognized or when a forecast sale occurs. When the hedged item is the cost of a non-financial asset or liability, the amounts recorded in equity are transferred to the initial carrying amount of the non-financial asset or liability.

●

Exito Group should prospectively discontinue hedge accounting only when the hedge relationship no longer meets the qualification criteria (after taking into account any rebalancing of the hedge relationship).

●

If the expected transaction or firm commitment is no longer expected, amounts previously recognized in OCI are transferred to the Statements of Income If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its hedge classification is revoked, gains or losses previously recognized in comprehensive income remain deferred in equity in other comprehensive income until the expected transaction or firm commitment affect profit or loss.

Fair-value hedges: this category includes hedges covering the exposure to changes in the fair value of recognized assets or liabilities or unrecognized firm commitments.

A change in the fair value of a derivative that is a fair-value hedging instrument is recognized in the statement of profit or loss as financial expense or income. A change in the fair value of a hedged item attributable to the hedged risk is booked as part of the carrying amount of the hedged item and is also recognized in the statement of profit or loss as financial expense or revenue.

Whenever an unrecognized firm commitment is identified as a hedged item, the subsequent accrued change in the fair value of the firm commitment attributable to the hedged risk will be recognized as an asset or liability and the relevant gain or loss will be recognized in profit or loss. For the years ended 2024 and 2023, Exito Group has not designated any derivative financial instrument as fair value hedge.

Net investment hedges in a foreign operation: this category includes hedges covering exposure to the variation in exchange rates arising from the translation of foreign businesses to Almacenes Exito S.A.'s reporting currency.

The effective portion of the changes in the fair value of derivative instruments defined as instruments to hedge a net investment in a foreign operation is recognized in other comprehensive income. The gain or loss related to the non-effective portion is recognized in the statement of profit or loss.

If the Company would dispose of a foreign business, in whole or in part, the accrued value of the effective portion recorded to other comprehensive income is reclassified to the statement of profit or loss.

F-21

Employee benefits

Post-employment: defined contribution plans

Post-employment benefit plans under which there is an obligation to make certain predetermined contributions to a separate entity (a retirement fund or insurance company) and there is no further legal or constructive obligation to pay additional contributions. Such contributions are recognized as expenses in the statement of profit or loss, in as much as the relevant contributions are enforceable.

Post-employment: defined benefit plans

Post-employment defined benefit plans are those under which there is an obligation to directly provide retirement pension payments and retroactive severance pay, pursuant to Colombian legal requirements. Éxito Group has no specific assets intended for guaranteeing the defined benefit plans.

Retirement pension plan: Under the plan, each employee will receive, upon retirement, a monthly pension payment, pension adjustments pursuant to legal regulations, survivor's pension, assistance with funeral expenses and June and December bonuses established by law. Such amount depends on factors such as: employee age, time of service and salary.

Exito Group is responsible for the payment of retirement pensions to employees who meet the following requirements: (a) employees who at January 1, 1967 had served more than 20 years (full liability), and (b) employees and former employees who at January 1, 1967 had served more than 10 years but less than 20 years (partial liability).

Retroactive severance pay plan: Retroactivity of severance pay is estimated for those employees whom labor laws applicable are those prior to Law 50 of 1990, and who did not move to the new severance pay system. Under the plan, will be paid employees upon retirement a retroactive amount as severance pay, after deduction of advance payments. This social benefit is calculated over the entire time of service, based on the latest salary earned.

Such benefits are estimated on an annual basis or whenever there are material changes, using the projected credit unit (present value).

During the years ended December 31, 2024, and 2023 there were no material changes in the methods or nature of assumptions applied when preparing the estimates and sensitivity analyses.

Post-employment defined benefit plan liabilities are estimated for each plan, with the support of independent third parties, applying the projected credit unit's actuarial valuation method, using actuarial assumptions on the date of the period reported, such as discount rate, salary increase expectations, average time of employment, life expectancy and personnel turnover. Actuarial gains or losses are recognized in other comprehensive income. Interest expense on post-employment benefits plans, as well as settlements and plan reductions, are recognized in profit or loss as financial costs.

Long-term employee benefits

These are benefits not expected to be fully settled within twelve months following the reporting date regarding which employees render their services. These benefits relate to time-of-service bonuses and similar benefits. Éxito Group has no specific assets intended for guaranteeing long-term benefits.

The liability for long-term benefits is determined separately for each plan with the support of independent third parties, following the actuarial valuation of the forecasted credit unit method, using actuarial assumptions on the date of the reporting period. The cost of current service, cost of past service, cost for interest, actuarial gains and losses, as well as settlements or reductions in the plan are recognized in the statement of profit or loss.

Short-term employee benefits

These are benefits expected to be fully settled within twelve months and after the reporting date regarding which the employees render their services. Such benefits include a share of profits payable to employees based on performance. Short-term benefit liabilities are measured based on the best estimation of disbursements required to settle the obligations on the reporting date.

Employee termination benefits

Éxito Group pays employees certain benefits upon termination, whenever decision is made to terminate a labor contract earlier than on the ordinary retirement date, or whenever an employee accepts a benefit offer in exchange for termination of his labor contract.

Termination benefits are classified as short-term employee benefits and are recognized in profit or loss when they are expected to be fully settled within 12 months of the end of the reporting period; and are classified as long-term employee benefits when they are expected to be settled after 12 months of the end of the reporting period.

Provisions, contingent assets, and liabilities

Exito Group recognizes a provision for all present obligations resulting from past events, for which it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and can be reliably estimated.

Provisions are recognized at the present value of the best estimation of cash outflows required to settle the liability. In those cases where there is expectation that the provision will be reimbursed, in full or in part, the reimbursement is recognized as a separate asset only if virtually certain.

The provisions are revised periodically and estimated based on the best information available on the reporting date.

F-22

Provisions for onerous contracts are recognized whenever unavoidable costs to be incurred in performing under the contract exceed the economic benefits expected to be received.

A restructuring provision is recognized whenever there is a constructive obligation to conduct a reorganization, when a formal and detailed restructuring plan has been prepared and has raised a valid expectation in those affected and announced prior to the reporting date.

Contingent liabilities are obligations arising from past events, whose existence is subject to the occurrence or non-occurrence of future events not entirely under the control of Éxito Group; or current obligations arising from past events, from which the amount of the obligation cannot be reliably measured, or it is not probable that an outflow of resources will be required to settle the obligation. Contingent liabilities are not recognized; instead, they are disclosed in notes to the financial statements, unless the possibility of any outflow is remote.

Taxes

Taxes include the following:

Colombia:

Income tax,

Real estate tax, and

Industry and trade tax.

Argentina:

Income tax,

Province taxes,

Tax on personal property - substitute responsible party, and

Municipal trade and industry tax.

Uruguay:

Income tax IRIC: (Impuesto a las Rentas de Industria y Comercio, in Spanish),

Tax on equity,

Real property tax,

Industry and trade tax,

Tax on Control of Stock Corporations ICOSA (Impuesto de Control a las Sociedades Anónimas, in Spanish),

National tax on wine production (INAVI), and

Tax on the Disposal or Transfer of Agricultural and Livestock Assets IMEBA (Impuesto a la Enajenación de Bienes Agropecuarios, in Spanish).

Current income tax

Current income tax in Colombia is assessed on the taxable net income at the official rate applicable annually on each closing of presentation of financial statements.

For subsidiaries in Uruguay and Argentina, current income tax is assessed at enacted tax rates.

Exito Group continuously evaluates the positions assumed in the tax declarations with respect to situations in which certain interpretations may exist in the tax laws to adequately record the amounts that are expected to be paid.

Current tax assets and liabilities are offset for presentation purposes if there is a legally enforceable right, they have been incurred with the same tax authority and the intention is to settle them at net value or realize the asset and settle the liability simultaneously.

Deferred tax

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax arises from temporary differences that give rise to differences between the accounting base and the taxable base of assets and liabilities. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply when the asset is realized or the liability is settled, based on the tax rates (and tax laws) that have been enacted or substantively enacted at the reporting period.

Deferred tax assets are only recognized if it is probable that there will be future taxable income against which such deductible temporary differences may be offset. Deferred tax liabilities are always recognized.

The effects of the deferred tax are recognized in income for the period or in other comprehensive income depending on where the originating profits or losses were booked, and they are shown in the statement of financial position as non-current items.

For presentation purposes, deferred tax assets and liabilities are offset if there is a legally enforceable right and they have been incurred with the same tax authority.

No deferred tax liabilities are carried for the total of the differences that may arise between the accounting balances and the taxable balances of investments in associates and joint ventures, since the exemption contained in IAS 12 is applied when recording such Deferred tax liabilities.

F-23

Revenue from contracts with customers

Revenue is measured at the fair value of the consideration received or to be received, net of trade rebates, cash discounts and volume discounts; value added tax is excluded.

Retail sales

Revenue from retail sales is recognized at the point in time when control of the asset is transferred to the customer, upon delivery of the goods and receipt of consideration.

Loyalty programs

Under their loyalty programs, certain subsidiaries award customer points on purchases, which may be exchanged in future for benefits such as prizes or goods available at the stores, means of payment or discounts, redemption with allies and continuity programs, among other. Points are measured at fair value, which is the value of each point received by the customer, taking the various redemption strategies into consideration. The fair value of each point is estimated at the end of each accounting period.

The obligation of awarding such points is recorded in the liability side as a deferred revenue that represents the portion of unredeemed benefits at fair value, considering for such effect the redemption rate and the estimated portion of points expected not to be redeemed by the customers.

Revenue from services

Revenue from the provision of services is recognized at a point in time, when the performance obligations agreed upon with the customer have been satisfied. Revenue from services recognized over time is not material.

Lease income

Lease income on investment properties is recognized on a straight-line basis over the term of the agreement.

Other revenue

Royalties are recognized upon fulfilment of the conditions set out in the agreements.

Principal or agent

Contracts to provide goods or services to customers on behalf of other parties are analyzed on the grounds of specific criteria to determine when Éxito Group acts as principal and when as a commission agent.

When another party is involved in providing goods or services to a customer, Exito Group determines whether the nature of its promise is a performance obligation to provide the specified goods or services itself (principal) or to arrange for those goods or services to be provided by the other party (agent). Revenue from contracts in which Exito Group acts as an agent are immaterial.

Earnings per share

Basic earnings per share are calculated by dividing the profit for the period attributable to Éxito Group, by the weighted average of common shares outstanding during the year, excluding, if any, common shares acquired by Éxito Group and held as treasury shares.

There were no dilutive potential ordinary shares outstanding at the end of the reporting period.

Note 4.1. Voluntary changes in accounting policies

Starting on January 1, 2024, the Company made a voluntary change in its inventory valuation policy by changing from the first-in, first-out (FIFO) method to the weighted average cost method.

The weighted 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 weighted 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).

F-24

The minor impact of this change on profit per share and profit for the year ended December 31, 2024, and 2023 and on the inventory, cost of sales and equity method accounts at December 31, 2023, is as follows:

	December 31, 2024						December 31, 2023
	Loss per share (expressed in Colombian pesos			Net Loss			Loss per share (expressed in Colombian Pesos			Net Loss			Inventories			Cost of Sales			Equity Method
Adjustment		(20.11	)		(26,106	)		(4.41	)		(5,727	)		11,534			(7,678	)		(5,445	)
Percentage		11.00	%		11.00	%		1.86	%		1.86	%		0.59	%		0.26	%		10.79	%

Note 5. Regulatory changes

Note 5.1. Standards and interpretations issued by International Accounting Standards Board - IASB applicable to the Company.

Standard	Description	Impact
Amendment to IAS 1 – Non-current liabilities with agreed terms	This Amendment, which amends IAS 1 – Presentation of Financial Statements, aims to improve the information that entities provide about long-term debt with covenants by enabling investors to understand the risk that exists about early repayment of the debt. IAS 1 requires an entity to classify debt as non-current only if the enterprise can avoid settling the debt within 12 months of the reporting date. However, an entity’s ability to do so is often subject to compliance with covenants. For example, an entity might have long- term debt that could be repayable within 12 months if the enterprise fails to comply with the covenants in that 12-month period. The amendment requires an entity to disclose information about these covenants in the notes to the financial statements.	This amendment had no impact on the financial statements.

Amendment to IFRS 16 – Sale and leaseback transactions.	This Amendment, which amends IFRS 16 – Leases, addresses the subsequent measurement that an entity should apply when it sells an asset and subsequently leases that same asset to the new owner for a period. IFRS 16 includes requirements on how to account for a sale and leaseback transaction at 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 and leaseback transaction.	This amendment has no impact on the financial statements.

Amendment to IAS 7 and IFRS 7 – Supplier financing arrangements.	This Amendment, which amends IAS 7 – Statement of Cash Flows and IFRS 7 – Financial Instruments: Disclosures, aims to improve disclosures about supplier financing arrangements by enabling users of financial statements to assess the effects of such arrangements on the entity’s liabilities and cash flows and on the entity’s exposure to liquidity risk. The Amendment requires disclosure of the amount of liabilities that are part of the arrangements, a breakdown of the amounts for which suppliers have already received payment from the financing providers, and an indication of where the liabilities are located on the balance sheet; the terms and conditions; ranges of payment due dates; and liquidity risk information. Supplier financing arrangements are characterised by one or more financing providers offering to pay amounts owed by an entity to its suppliers in accordance with the terms and conditions agreed between the entity and its supplier.	This amendment has no impact on the financial statements.

F-25

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

Standard	Description	Impact
Amendment to IAS 21 – Lack of convertibility.	This Amendment, which amends IAS 21 – Effects of Changes in Foreign Exchange Rates, aims to establish the accounting requirements for when one currency is not interchangeable with another currency, indicating the exchange rate to be used and the information to be disclosed in the financial statements. The Amendment will allow companies to provide more useful information in their financial statements and will help investors by addressing an issue not previously covered in the accounting requirements for the effects of changes in foreign exchange rates.	It is estimated that there will be no significant impacts 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. It aims to help investors analyze companies’ financial performance by providing more transparent and comparable information to make better investment decisions. It introduces three sets of new requirements: a. Improving comparability of the income statement: There is currently no specific structure for the income statement. Companies choose the subtotals they want to include, reporting an operating result, but the way it is calculated varies from company to company, which reduces comparability. The standard introduces three defined categories of income and expenses (operating, investing and financing) to improve the structure of the income statement, and requires all companies to present new defined subtotals. b. Increased transparency of management-defined performance measures: Most companies do not provide enough information for investors to understand how performance measures are calculated and how they relate to subtotals on the income statement. The standard requires companies to disclose explanations for specific measures related to the income statement, called management-defined performance measures. c. More useful grouping of information in financial statements: Investors’ analysis of results is hampered if the information disclosed is too summarized or detailed. The standard provides more detailed guidance on how to organize the information and its inclusion in the main financial statements or in the notes.	It is estimated that there will be no significant impact on the application of this IFRS.

IFRS 19 - Subsidiaries without public accountability: Disclosures	It simplifies reporting systems and processes for companies, reducing the costs of preparing financial statements for subsidiaries while maintaining the usefulness of those financial statements for their users. Subsidiaries that apply IFRS for SMEs or national accounting standards when preparing their financial statements often have two sets of accounting records because the requirements of these Standards differ from those of IFRS Accounting Standards. This standard will address these challenges by: - Allowing subsidiaries to have a single set of accounting records to meet the needs of both their parent and users of their financial statements. - Reducing disclosure requirements and tailoring them to the needs of users of their financial statements. A subsidiary applies IFRS 19 if and only if: a. It is not publicly accountable (generally speaking, it is not publicly traded and is not a financial institution); and b. The subsidiary’s intermediate or ultimate parent produces consolidated financial statements that are available for public use and that comply with IFRS Accounting Standards.	It is estimated that there will be no significant impact on the application of this IFRS.

F-26

Standard	Description	Impact
Amendment 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 corporate governance and similar characteristics. Based on the characteristics of contractual cash flows, there is confusion as to whether these assets are measured at amortized cost or fair value. With these amendments, the IASB has introduced additional disclosure requirements to improve transparency for investors regarding investments in equity instruments designated at fair value through other financial instruments and comprehensive income with contingent characteristics; for example, aspects linked to environmental, social and corporate governance issues. Additionally, these Amendments clarify the derecognition requirements for the settlement of financial assets or liabilities through electronic payment systems. The amendments clarify the date on which a financial asset or liability is derecognized. The IASB also developed an accounting policy that allows a financial liability to be derecognized before cash is delivered on the settlement date if the following criteria are met: (a) the entity does not have the ability to withdraw, stop or cancel payment instructions; (b) the entity does not have the ability to access the cash to be used for the payment instruction; and (c) there is no significant risk with the electronic payment system.	It is estimated that there will be no significant impacts from the application of these amendments.

Annual improvements to IFRS accounting 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 amendments issued include clarifications, precisions regarding cross-referencing of standards and obsolete referencing, changes in normative exemplifications and changes in certain wordings of some paragraphs; the above is intended to improve the comprehensibility of said standards and avoid ambiguities in their interpretation.	It is estimated that there will be no significant impacts from the application of these improvements.

Amendment to IFRS 9 and IFRS 7 – Contracts that refer to nature-dependent electricity	In this amendment, the IASB makes some changes to the disclosures that must be made by companies that use nature-dependent electricity contracts as hedging instruments. Among the most relevant aspects of this amendment are: - Clarifying the application of the own-use requirements. - Allowing hedge accounting when these contracts are used as hedging instruments. - Adding new disclosure requirements that allow investors to understand the effect of these contracts on a company’s financial performance and cash flows.	It is estimated that there will be no significant impacts from the application of these amendments.

IFRS S1 - General requirements for disclosure of financial information related to sustainability	The objective of IFRS S1 – General requirements for sustainability- related financial reporting is to require an entity to disclose information about all sustainability-related risks and opportunities that could reasonably be expected to affect the entity’s cash flows, access to finance or 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 to the primary users of general-purpose financial reporting when making decisions related to providing resources to the entity.	Management is currently assessing the impacts of applying this IFRS.

IFRS S2 - Climate-related disclosures	The objective of IFRS S2 – Climate-related Disclosures is to require an entity to disclose information about all climate-related risks and opportunities that could reasonably be expected to affect the entity’s cash flows, access to finance or cost of capital in the short, medium or long term (collectively referred to as “climate information”). The information is expected to be useful to primary users of general- purpose financial reports when making decisions related to the provision of resources to the entity.	Management is currently assessing the impacts of applying this IFRS.

F-27

Note 6. Relevant facts

Change in controlling entity.

On January 22, 2024, 86.84% of the common shares of the Company 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 the Company.

Delisting of ADSs (American Depositary Shares)

On December 30, 2024, Form 25 was filed with the U.S. Securities and Exchange Commission (SEC) declaring the Company’s intention to delist the Company’s ADSs from the New York Stock Exchange (“NYSE”). The delisting of the shares is expected to be effective ten calendar days after this filing, and the last trading day of the ADSs on the NYSE is expected to be January 9, 2025.

January 8, 2025 was the last trading day of the ADSs on the New York Stock Exchange (“NYSE”). The Company also notified its depositary JPMorgan Chase Bank N.A. of the termination of the ADS program which was effective on January 21, 2025, and accordingly the last trading day of the Company’s ADSs was January 17, 2025.

Note 7. Cash and cash equivalents

The balance of cash and cash equivalents is shown below:

	As at December 31,
	2024		2023
Cash at banks and on hand		1,153,057		1,477,368
Term deposit certificates (1)		156,469		7,244
Bonds		17,784		-
High liquidity funds (2)		16,954		22,266
Funds		1,434		1,318
Other cash equivalents		12		9
Total cash and cash equivalents		1,345,710		1,508,205

(1)

The balance corresponds to National Tax Refund bonds amounting $88,721, Fixed-term deposits $38,627, Treasury bonds (TES) $15,480 and Investment in Certificates of Deposits (CDT) $13,641.

(2)

The balance is as follows:

	As at December 31,
	2024		2023
Fiducolombia S.A.		13,820		18,549
Corredores Davivienda S.A.		1,984		172
Fondo de Inversión Colectiva Abierta Occirenta		604		167
BBVA Asset S.A.		233		165
Fiduciaria Bogota S.A.		188		2,600
Credicorp Capital		125		613
Total high liquidity funds		16,954		22,266

The decrease is due to transfers of fiduciary rights to cash on hand and banks to be used in the operation.

At December 31, 2024, Exito Group recognized interest income from cash at banks and cash equivalents in the amount of $30,799 (December 31, 2023 - $45,852), which were recognized as financial income as detailed in Note 32.

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

F-28

Note 8. Trade receivables and other account receivables

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

	As at December 31,
	2024		2023
Trade receivables (Note 8.1.)		467,400		466,087
Other account receivables (Note 8.2.)		202,758		251,182
Total trade receivables and other account receivables		670,158		717,269
Current		659,699		704,931
Non-Current		10,459		12,338

Note 8.1. Trade receivables

The balance of trade receivables is shown below:

	As at December 31,
	2024			2023
Trade accounts		419,384			391,552
Rentals and dealers		42,741			41,122
Sale of real-estate project inventories (1)		10,800			39,277
Employee funds and lending		4,626			3,799
Allowance for expected credit loss		(10,151	)		(9,663	)
Trade receivables		467,400			466,087

(1)

The decrease corresponds to the sale of the Montevideo real estate project, which was paid for in October by Constructora Bolivar and Crusezar.

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 receivables 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 annual period ended December 31, 2024, the net effect of the allowance for expected credit loss on the statement of profit or loss represents expense of $10,529 ($5,377 - expense for the period ended December 31, 2023).

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

Balance at December 31, 2022	22,882
Additions	23,387
Reversal of allowance for expected credit losses (Note 31)	(18,010	)
Write-off of receivables	(12,333	)
Effect of exchange difference from translation into presentation currency	(6,263	)
Balance at December 31, 2023	9,663
Additions	39,514
Reversal of allowance for expected credit losses (Note 31)	(28,985	)
Write-off of receivables	(9,862	)
Effect of exchange difference from translation into presentation currency	(179	)
Balance at December 31, 2024	10,151

Note 8.2. Other receivables

The balance of other account receivables is shown below:

	As at December 31,
	2024		2023
Business agreements (1)		77,190		123,932
Loans or advances to employees		34,894		33,142
Recoverable taxes (2)		29,294		51,340
Money remittances		8,857		18,892
Long-term receivable		3,405		3,598
Maintenance fees		2,711		2,649
Money transfer services		1,575		653
Sale of fixed assets, intangible assets and other assets		389		141
Other (3)		44,443		16,835
Total other account receivables		202,758		251,182

The variation is mainly due to a decrease in the account receivable from Caja de Compensación Familiar Cafam related to family subsidies amounting to $19,887. Additionally, there was a reduction in the account receivable for agreements with companies providing benefits to their members amounting to $9,663.

(2)

The decrease corresponds mainly to compensation of a favorable balance in VAT.

(3)

It mainly corresponds to accounts receivable for embargoes and administration fees for shopping centers.

F-29

Trade receivables and other receivables by age

The detail by age of trade receivables and other receivables, without considering allowance for expected credit losses, is shown below:

Period	Total		Less than 30 days		From 31 to 60 days		From 61 to 90 days		More than 90 days
December 31, 2024		680,309		630,243		4,105		2,255		43,706
December 31, 2023		726,932		686,325		7,665		2,138		30,804

Note 9. Prepayments

The balance of the advance payments is as follows:

	As at December 31,
	2024		2023
Insurance		18,479		23,457
Lease payments (1)		12,441		6,705
Maintenance		7,040		2,739
Advertising		1,968		5,770
Other prepayments		4,936		7,660
Total prepayments		44,864		46,331
Current		33,654		41,515
Non-current		11,210		4,816

(1)

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

	December 31, 2024		December 31, 2023
Almacén Carulla Castillo Grande		7,104		-
Almacén Éxito San Martín		2,856		3,583
Proyecto Arábica		36		36
Various shops		2,445		3,086
Total leases		12,441		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.

F-30

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 o compensations. 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 December 31, 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:

	Year ended December 31,
	2024		2023
Joint ventures (1)		55,813		67,355
Other related parties		6		-
Casino Group companies (2)		-		4,604
Total		55,819		71,959

(1)

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

	Year ended December 31,
	2024		2023
Compañía de Financiamiento Tuya S.A.
Commercial activation recovery		39,382		50,298
Yield on bonus, coupons and energy		9,927		8,464
Lease of real estate		4,271		4,176
Services		629		1,370
Total		54,209		64,308

Puntos Colombia S.A.S.
Services		939		2,539

Sara ANV S.A.
Employee salary recovery		665		508

Total		55,813		67,355

(2)

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

Revenue by each company is as follows:

	Year ended December 31,
	2024		2023
Relevanc Colombia S.A.S. (a)		-		3,204
International Retail Trade and Services IG		-		922
Casino International		-		392
Casino Services		-		46
Distribution Casino France		-		40
Total		-		4,604

(a)

It corresponds to participation in collaboration agreements of Éxito Media.

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

	Year ended December 31,
	2024		2023
Joint ventures (1)		120,770		117,430
Key management personnel (2)		81,602		86,617
Members of the Board		513		2,837
Controlling entity		-		13,945
Casino Group companies (3)		-		10,036
Total cost and expenses		202,885		230,865

F-31

(1)

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

	Year ended December 31,
	2024		2023
Compañía de Financiamiento Tuya S.A.
Commissions on means of payment		11,090		13,667

Puntos Colombia S.A.S.
Cost of customer loyalty program		109,680		103,763

Total		120,770		117,430

(2)

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:

	As at December 31,
	2024		2023
Short-term employee benefits		80,522		83,147
Post-employment benefits		1,080		1,264
Termination benefits		-		2,206
Total		81,602		86,617

(3)

Costs and expenses accrued mainly arise from intermediation in the import of goods, purchase of goods and consultancy services.

Costs and expenses by each company are as follows:

	Year ended December 31,
	2024		2023
Distribution Casino France		-		4,001
Euris		-		1,814
International Retail and Trade Services IG.		-		1,754
Casino Services		-		1,263
Relevanc Colombia S.A.S.		-		607
Companhia Brasileira de Distribuição S.A. - CBD		-		586
Cdiscount S.A.		-		11
Total		-		10,036

Note 10.3. Receivables from related parties

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

	Receivable				Other non-financial assets
	As at December 31,				As at December 31,
	2024		2023		2024		2023
Joint ventures (1)		37,664		44,634		52,500		37,664
Other related parties		6		-		-		6
Casino Group companies (2)		-		5,945		-		-
Controlling entity		-		1,566		-		-
Total		37,670		52,145		52,500		37,670

Current		37,670		52,145		-		37,670
Non-current		-		-		52,500		-

(1)

The balance of receivables by each joint ventures and by each concept:

F-32

Receivables:

	As at December 31,
	2024		2023
Compañía de Financiamiento Tuya S.A.
Reimbursement of shared expenses, collection of coupons and other		3,350		4,697
Other services		1,301		1,784
Total		4,651		6,481

Puntos Colombia S.A.S.
Redemption of points		32,960		37,926

Sara ANV S.A.
Other services		53		227

Total		37,664		44,634

Other non-financial assets:

The amount of $52,500 as of December 31, 2023, corresponds 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 has not been obtained from the Superintendencia Financiera de Colombia; during 2024, authorization was obtained to register the equity increase.

(2)

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

	As at December 31,
	2024		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:

	As at December 31,
	2024		2023
Joint ventures (1)		43,757		44,032
Controlling entity		-		10,581
Casino Group companies (2)		-		1,004
Total		43,757		55,617

(1)

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

	As at December 31,
	2024		2023
Puntos Colombia S.A.S (a)		43,725		43,986
Compañía de Financiamiento Tuya S.A.		32		44
Sara ANV S.A.		-		2
Total		43,757		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.

	As at December 31,
	2024		2023
Casino Services		-		885
International Retail and Trade Services IG		-		91
Other		-		28
Total		-		1,004

F-33

Note 10.5. Other financial liabilities with related parties

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

	As at December 31,
	2024		2023
Joint ventures (1)		11,973		26,515

(1)

Mainly represents collections received from customers related to the Tarjeta Éxito cards 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:

	As at December 31,
	2024		2023
Inventories, net (1)		2,700,309		2,352,735
Inventories in transit		42,892		22,312
Raw materials		42,090		28,367
Real estate project inventories (2)		16,941		18,003
Materials, spares, accessories and consumable packaging		16,542		15,884
Production in process		12		102
Total inventories, net		2,818,786		2,437,403

(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, 2021	13,150
Loss recognized during the period (Note 11.2.)	2,313
Loss reversal (Note 11.2.)	(500	)
Effect of exchange difference from translation into presentation currency	(1,022	)
Balance at December 31, 2023	19,583
Loss recognized during the period (Note 11.2.)	14,084
Loss reversal (Note 11.2.)	(2,433	)
Effect of exchange difference from translation into presentation currency	(120	)
Balance at December 31, 2024	31,114

(2)

For 2024, it corresponds to the López de Galarza real estate project for $- (December 31, 2023 - $776), the Éxito Occidente real estate project for $14,809 (December 31, 2023 - $17,227), and the Éxito La Colina real estate project for $2,132.

At December 31, 2024 and 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:

	Year ended December 31,
	2024			2023
Cost of goods sold (1)		18,391,858			17,578,059
Trade discounts and purchase rebates		(3,008,622	)		(2,779,271	)
Logistics costs (2)		671,567			625,289
Damage and loss		281,047			263,052
Allowance for inventory losses, net (Note 11.1)		11,651			8,915
Total cost of sales		16,347,501			15,696,044

(1)

The annual period ended December 31, 2024 includes $29,713 of depreciation and amortization cost (December 31, 2023 - $29,095).

F-34

(2)

The detail is shown below:

	Year ended December 31,
	2024		2023
Employee benefits		370,434		341,838
Services		192,491		180,924
Depreciations and amortizations		80,687		76,279
Upload and download operators		6,100		6,013
Maintenance and repair		6,011		6,513
Packaging and marking material		5,965		5,925
Leases		5,132		4,450
Fuels		3,123		1,737
Insurance		685		743
Other minors		939		867
Total logistic cost		671,567		625,289

Note 12. Financial assets

The balance of financial assets is shown below:

	As at December 31,
	2024		2023
Financial assets measured at fair value through other comprehensive income (1)		14,739		23,964
Derivative financial instruments (2)		4,469		-
Financial assets measured at fair value through profit or loss		458		546
Financial assets measured at amortized cost (3)		-		578
Derivative financial instruments designated as hedge instruments (4)		-		2,378
Total financial assets		19,666		27,466

Current		4,525		2,452
Non-current		15,141		25,014

(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:

	December 31, 2024		December 31, 2023
Bond investments		13,302		13,288
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.		33		50
Sociedad de acueducto, alcantarillado y aseo de Barranquilla S.A. E.S.P.		14		14
Cnova N.V. (a)		-		9,222
Total financial assets measured at fair value through other comprehensive income		14,739		23,964

(a)

Minority shareholders in Cnova N.V. are required by court order to transfer their shares to Casino at a non-significant price agreed by the Court, which results in a 100% impairment of the investment.

(2)

Relates to forward contracts used to hedge the variation in the exchange rates. The fair value of these instruments is estimated based on valuation models who use variables other than quoted prices.

At December 31, 2024, relates to the following transactions:

Nature of risk hedged

Hedged item

Rate of hedged item

Average rates for hedged

instruments

Notional amount

Fair value

Forward

Exchange rate

Foreign currency liability

USD / COP
EUR / COP

1 USD / $4,409.15
1 EUR / $4,580.67

MUSD / $30.477 MEUR / $0.900

4,469

The detail of maturities of these instruments at December 31, 2024 was as follows:

		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			2,234				2,160				75				-				-				4,469

F-35

(3)

Financial assets measured at amortized cost represented:

	As at December 31,
	2024		2023
National Treasury bonds		-		578
Term deposit		-		-
Total financial assets measured at amortized cost		-		578

(4)

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 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

Amount hedged

Fair value

Forward

Interest rate

Loans and borrowings

IBR 3M

9.0120

120,916

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 December 31, 2024 and 2023, there are no restrictions or liens on financial assets that restrict their sale, except for judicial deposits relevant to the subsidiary Libertad S.A of $55 (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 on December 31, 2024 and 2023.

Note 13. Property, plant and equipment, net

The net balance of property, plant and equipment is shown below:

	As at December 31,
	2024			2023
Land		1,297,769			1,145,625
Buildings		2,356,882			2,149,905
Machinery and equipment		1,286,429			1,204,968
Furniture and fixtures		821,603			751,496
Assets under construction		52,703			48,456
Installations		221,036			183,485
Improvements to third-party properties		799,085			768,322
Vehicles		31,973			23,148
Computers		429,005			389,756
Other property, plant and equipment		289			289
Total property, plant and equipment, gross		7,296,774			6,665,450
Accumulated depreciation		(3,024,319	)		(2,590,675	)
Impairment		(10,830	)		(5,010	)
Total property, plant and equipment, net		4,261,625			4,069,765

F-36

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		50,214			21,262			115,439			42,183			93,990			3,407			28,693			602			30,198			-			385,988
Acquisitions through business combinations (Note 17.1)		1,752			22			471			224			-			2,558			1,102			79			294			-			6,502
Increase (Decrease) from movements between property, plant and equipment accounts		-			24,387			6,781			(12,265	)		(81,069	)		23,227			38,153			292			494			-			-
(Decreases) by transfer (to) other balance sheet accounts – investment property.		-			-			-			-			(345	)		-			-			-			-			-			(345	)
Disposals and derecognition		(1,752	)		(914	)		(28,871	)		(9,283	)		(2,827	)		(1,928	)		(5,718	)		(2,361	)		(6,672	)		(15,761	)		(76,087	)
Effect of exchange differences on translation into presentation Currency		(283,161	)		(377,852	)		(71,010	)		(73,422	)		(10,974	)		(40,876	)		(69,465	)		(11,218	)		(58,727	)		-			(996,705	)
(Decrease) increase from transfers to (from) other balance sheet accounts - tax assets		(4	)		4,320			(14,374	)		(4,067	)		(564	)		-			(736	)		260			(3,091	)		-			(18,256	)
(Decreases) by transfer (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		102,218			132,251			20,223			18,504			(60	)		-			-			6,782			21,039			-			300,957
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		1,847			2,999			62,431			46,411			70,599			4,325			12,625			258			13,364			-			214,859
Increase (Decrease) from movements between property, plant and equipment accounts		-			6,017			18,715			6,268			(85,315	)		28,995			25,170			-			150			-			-
Disposals and derecognition		(152	)		(48	)		(24,548	)		(6,685	)		(911	)		(1,447	)		(16,173	)		(307	)		(4,927	)		-			(55,198	)
Effect of exchange differences on translation into presentation Currency		(6,199	)		(7,664	)		1,331			2,052			1,000			5,678			9,587			(908	)		(1,251	)		-			3,626
(Decrease) by transfer from other balance sheet accounts – intangibles		-			-			-			-			(858	)		-			-			-			-			-			(858	)
Increase by transfer from other balance sheet accounts – investment property.		-			12			-			-			-			-			-			-			-			-			12
(Decreases) by transfer (to) other balance sheet accounts – Inventories		(2,760	)		(6,267	)		(7	)		-			-			-			-			-			-			-			(9,034	)
(Decrease) from transfers to (from) other balance sheet accounts - tax assets		-			-			(6,920	)		(5,831	)		(142	)		-			(446	)		-			(901	)		-			(14,240	)
Increase by transfer from Assets held for sale		70			102			-			-			-			-			-			-			-			-			172
Hyperinflation adjustments		159,338			211,826			30,459			27,892			19,874			-			-			9,782			32,814			-			491,985
Balance at December 31, 2024		1,297,769			2,356,882			1,286,429			821,603			52,703			221,036			799,085			31,973			429,005			289			7,296,774

F-37

Accumulated depreciation	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, 2021				604,747			667,593			541,405					117,623			362,411			22,794			265,050			6,373			2,587,996
Depreciation				52,150			93,592			63,005					11,766			39,744			1,776			37,523			591			300,147
Depreciation through business combinations (Note 17.1)				11			161			142					1,126			35			45			270			-			1,790
Disposals and derecognition				(193	)		(21,564	)		(7,723	)				(1,064	)		(3,346	)		(2,232	)		(6,008	)		(6,960	)		(49,090	)
Effect of exchange differences on translation into presentation Currency				(135,310	)		(53,416	)		(58,064	)				(23,856	)		(25,847	)		(9,583	)		(52,714	)		-			(358,790	)
(Decreases) by transfer (to) other balance sheet accounts – inventories				(660	)		-			-					-			-			-			-			-			(660	)
Other				1,319			(21	)		-					-			-			(192	)		299			-			1,405
Hyperinflation adjustments				53,363			16,071			13,417					-			-			5,312			19,714			-			107,877
Balance at December 31, 2023				575,427			702,416			552,182					105,595			372,997			17,920			264,134			4			2,590,675
Depreciation				52,480			91,606			56,348					12,315			40,269			1,257			37,833			-			292,108
Disposals and derecognition				(44	)		(19,273	)		(4,864	)				(911	)		(11,375	)		(302	)		(4,913	)		-			(41,682	)
Effect of exchange differences on translation into presentation Currency				(3,973	)		657			2,273					3,287			3,492			(688	)		(1,217	)		-			3,831
(Decreases) by transfer (to) other balance sheet accounts – inventories				(1,977	)		(1	)		-					-			-			-			-			-			(1,978	)
Hyperinflation adjustments				91,693			26,036			22,175					-			-			8,395			33,066			-			181,365
Balance at December 31, 2024				713,606			801,441			628,114					120,286			405,383			26,582			328,903			4			3,024,319

Impairment
Balance at December 31, 2022		-		110			-			-			-		-			4,326			-			-			-			4,436
Impairment losses		-		-			-			-			-		-			2,903			-			-			-			2,903
Reversal of Impairment losses		-		-			-			-			-		-			(1,188	)		-			-			-			(1,188	)
Impairment derecognition		-		(110	)		-			-			-		-			-			-			-			-			(110	)
Effect of exchange differences on translation into presentation Currency		-		-			-			-			-		-			(1,031	)		-			-			-			(1,031	)
Balance at December 31, 2023		-		-			-			-			-		-			5,010			-			-			-			5,010
Impairment losses		-		-			-			-			-		-			6,534			-			-			-			6,534
(Reversal) of Impairment losses		-		-			-			-			-		-			(856	)		-			-			-			(856	)
Impairment derecognition		-		-			-			-			-		-			-			-			-			-			-
Effect of exchange differences on translation into presentation Currency		-		-			-			-			-		-			142			-			-			-			142
Balance at December 31, 2024		-		-			-			-			-		-			10,830			-			-			-			10,830

F-38

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 December 31, 2024, 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 December 31, 2024, property, plant and equipment have no residual value that affects depreciable amount.

At December 31, 2024 and at December 31, 2023, the Company has insurance for cover the loss ‘risk over this property, plant and equipment. Information about impairment testing is disclosed in Note 34.

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

	Year ended December 31,
	2024			2023
Additions		214,859			385,988
Additions to trade payables for deferred purchases of property, plant and equipment		(302,960	)		(427,568	)
Payments for deferred purchases of property, plant and equipment		372,770			474,297
Acquisition of property, plant and equipment in cash		284,669			432,717

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 of operating lease contracts or future appreciation of their price.

The net balance of investment properties is shown below:

	As at December 31,
	2024			2023
Land		286,701			263,172
Buildings		1,952,221			1,671,190
Constructions in progress		18,012			22,613
Total cost of investment properties		2,256,934			1,956,975
Accumulated depreciation		(420,651	)		(295,673	)
Impairment		(7,957	)		(7,957	)
Total investment properties, net		1,828,326			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		-			16,280			40,408			56,688
Increase from transfers from property, plant and equipment		-			16,184			(15,839	)		345
Increase (decrease) from movements between investment properties accounts		-			109,846			(109,846	)		-
Effect of exchange differences on the translation into presentation currency		(47,548	)		(386,052	)		(972	)		(434,572	)
(Decrease) from transfers (to) other balance sheet accounts – inventories (1)		(17,227	)		-			-			(17,227	)
Hyperinflation adjustments		15,553			175,278			446			191,277
Other		(5	)		(4,536	)		(1,147	)		(5,688	)
Balance at December 31, 2023		263,172			1,671,190			22,613			1,956,975
Additions		-			2,978			29,454			32,432
Disposals and derecognition		(286	)		-			(580	)		(866	)
(Decrease) from transfers (to) property, plant and equipment		-			-			(12	)		(12	)
Increase (decrease) from movements between investment properties accounts		-			34,085			(34,085	)		-
Effect of exchange differences on the translation into presentation currency		(433	)		(22,781	)		(61	)		(23,275	)
Hyperinflation adjustments		24,248			266,749			683			291,680
Balance at December 31, 2024		286,701			1,952,221			18,012			2,256,934

F-39

Accumulated depreciation	Buildings
Balance at December 31, 2022		317,665
Depreciation expenses		31,389
Effect of exchange differences on the translation into presentation currency		(107,033	)
Hyperinflation adjustments		54,835
Other		(1,183	)
Balance at December 31, 2023		295,673
Depreciation expenses		34,068
Effect of exchange differences on the translation into presentation currency		(6,843	)
Hyperinflation adjustments		97,753
Balance at December 31, 2024		420,651

(1)	Corresponds to the transfer of the Éxito Occidente investment property to inventory of real estate projects (Note 11.1).

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

At December 31, 2024 and 2023, the Exito Group is not committed to acquire, build or develop new investment property. Neither there are compensations from third parties arising from the damage or loss of investment property.

Information about impairment testing is disclosed in Note 34.

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

During the years ended December 31, 2024 and 2023 the results at the Exito Group from the use of the investment property are as follows:

	Year ended December 31,
	2024			2023
Lease rental income		434,700			375,832
Operating expense related to leased investment properties		(7,168	)		(86,130	)
Operating expense related to investment properties that are not leased		(105,542	)		(41,857	)
Net gain from investment property		321,990			247,845

Note 15. Leases

Note 15.1 Right of use asset, net

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

	As at December 31,
	2024			2023
Right of use asset		3,626,895			2,980,106
Accumulated depreciation		(1,883,078	)		(1,612,996	)
Impairment		(15,465	)		(5,857	)
Total right of use asset, net		1,728,352			1,361,253

F-40

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

Cost
Balance at December 31, 2022	2,826,607
Increase from new contracts	63,642
Increases from new contracts paid in advance	1,820
Remeasurements from existing contracts (1)	185,514
Derecognition, reversal and disposal (2)	(43,423	)
Hyperinflation adjustments	(693	)
Effect of exchange differences on the translation into presentation currency	(98,456	)
Other changes	45,095
Balance at December 31, 2023	2,980,106
Increase from new contracts	86,295
Remeasurements from existing contracts (1)	598,087
Derecognition, reversal and disposal (2)	(48,752	)
Hyperinflation adjustments	(529	)
Effect of exchange differences on the translation into presentation currency	11,688
Balance at December 31, 2024	3,626,895

Accumulated depreciation
Balance at December 31, 2022	1,377,029
Depreciation	280,239
Derecognition and disposal (2)	(28,806	)
Hyperinflation adjustments	(90	)
Effect of exchange differences on the translation into presentation currency	(50,625	)
Other changes	35,249
Balance at December 31, 2023	1,612,996
Depreciation	312,854
(Decreases) from new measurements	(663	)
Derecognition and disposal (2)	(48,752	)
Hyperinflation adjustments	(215	)
Effect of exchange differences on the translation into presentation currency	6,858
Balance at December 31, 2024	1,883,078

Impairment
Balance at December 31, 2022	6,109
Impairment loss	1,038
Effect of exchange differences on the translation into presentation currency	(1,290	)
Balance at December 31, 2023	5,857
Impairment loss	9,465
Derecognition and disposal (2)	(15	)
Effect of exchange differences on the translation into presentation currency	158
Balance at December 31, 2024	15,465

(1)

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

(2)

Mainly results from the early termination of lease contracts.

F-41

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

	As at December 31,
	2024		2023
Buildings		3,600,071		2,948,056
Vehicles		14,711		18,950
Lands		12,113		7,540
Equipment		-		5,560
Total		3,626,895		2,980,106

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

	As at December 31,
	2024		2023
Buildings		1,869,479		1,594,867
Vehicles		9,669		8,845
Lands		3,930		4,488
Equipment (a)		-		4,796
Total accumulated depreciation		1,883,078		1,612,996

(a)

Decrease by termination of the contracts.

Depreciation expense by class of underlying asset is shown below:

	Year ended December 31,
	2024		2023
Buildings		307,553		273,146
Vehicles		3,918		4,487
Lands		841		728
Equipment		542		1,878
Total depreciation expense		312,854		280,239

Exito Group is not exposed to the future cash outflows for extension options and termination options. Additionally, there are no residual value guarantees, restrictions or covenants related to these leases.

At December 31, 2024, the average remaining term of lease contracts is 11 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.

F-42

Note 15.2 Lease liabilities

	As at December 31,
	2024		2023
Lease liabilities		1,984,244		1,567,959
Current		299,456		282,180
Non-current		1,684,788		1,285,779

The movement in lease liabilities is as shown:

Balance at December 31, 2022	1,655,955
Additions	63,642
Accrued interest (Note 32)	126,167
Remeasurements	185,514
Terminations	(8,365	)
Payments of lease liabilities	(272,688	)
Interest payments on lease liabilities	(123,711	)
Effect of exchange differences on the translation into presentation currency	(58,555	)
Balance at December 31, 2023	1,567,959
Additions	86,295
Accrued interest (Note 32)	148,087
Remeasurements	598,750
Terminations	(3,008	)
Payment of lease liabilities	(288,888	)
Interest payments on lease liabilities	(147,512	)
Effect of exchange differences on the translation into presentation currency	22,561
Balance at December 31, 2023	1,984,244

Below are the future lease liability payments at December 31, 2024:

Up to one year (*)	406,060
From 1 to 5 years	1,017,860
More than 5 years	1,087,914
Minimum lease liability payments	2,511,834
Future financing (expenses)	(527,590	)
Total minimum net lease liability payments	1,984,244

(*) This value includes principal and interest.

F-43

Note 15.3. Short term leases and leases of low value assets of Éxito Group as a lessee

Leases of low value assets are for items such as furniture and fixtures, computers, machinery and equipment and office equipment. Variable lease payments apply to some of Exito Group’s property leases and are detailed below:

	Year ended December 31,
	2024		2023
Variable lease payments		54,189		65,042
Short term leases		13,917		5,959
Low value leases		188		173
Total		68,294		71,174

Note 15.4. Operating leases of Éxito Group as a lessor

Exito Group has executed operating lease agreements on investment properties. Total future minimum instalments under non-cancellable operating lease agreements at the reporting dates are:

	Year ended December 31,
	2024		2023
Up to one year		318,130		265,057
From 1 to 5 years		385,769		317,010
More than 5 years		226,686		171,528
Total minimum instalments under non-cancellable operating leases		930,585		753,595

Operating lease agreements cannot be cancelled during their term. Prior agreement of the parties is needed to terminate and a minimum cancellation payment is required ranging from 1 to 12 monthly instalments, or a fixed percentage on the remaining term.

For the year ended December 31, 2024 lease rental income was $533,588 (December 31, 2023 - $457,039) mostly comprised of investment property rental income for $434,700 (December 31, 2023 - $375,832). Income from variable lease payments was $125,726 (December 31, 2023 - $113,805).

F-44

Note 16. Other intangible assets, net

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

	As at December 31,
	2024			2023
Trademarks		302,322			250,879
Computer software		223,864			278,893
Rights		27,471			23,385
Other		156			90
Total cost of other intangible assets		553,813			553,247
Accumulated amortization		(153,099	)		(186,878	)
Total other intangible assets, net		400,714			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			25,368			-			134			30,798
Acquisitions through business combinations (Note 17.1)		12,904			29			-			-			12,933
Disposals and derecognition		-			(12,823	)		-			-			(12,823	)
Transfers to other balance sheet accounts – Property, plant, and equipment		-			(1,346	)		-			-			(1,346	)
Effect of exchange differences on the translation into presentation currency		(100,696	)		(6,904	)		(3,479	)		(104	)		(111,183	)
Hyperinflation adjustments		33,687			-			2,161			47			35,895
Other minor movements		-			89			-			(134	)		(45	)
Balance at December 31, 2023		250,879			278,893			23,385			90			553,247
Additions		6			14,730			121			-			14,857
Transfers from other balance sheet accounts – Property, plant, and equipment		-			858			-			-			858
Disposals and derecognition		-			(71,572	)		-			-			(71,572	)
Effect of exchange differences on the translation into presentation currency		(1,099	)		955			(277	)		(7	)		(428	)
Hyperinflation adjustments		52,536			-			4,242			73			56,851
Balance at December 31, 2024		302,322			223,864			27,471			156			553,813

F-45

Accumulated amortization	Computer software			Rights			Other			Total
Balance at December 31, 2022		172,630			1,582			126			174,338
Amortization		30,602			-			146			30,748
Acquisitions through business combinations (Note 17.1)		29			-			-			29
Effect of exchange differences on the translation into presentation currency		(5,564	)		(1,306	)		(104	)		(6,974	)
Hyperinflation adjustments		-			1,078			47			1,125
Disposals and derecognition		(12,242	)		-			-			(12,242	)
Other minor movements		-			-			(146	)		(146	)
Balance at December 31, 2023		185,455			1,354			69			186,878
Amortization		34,142			235			-			34,377
Effect of exchange differences on the translation into presentation currency		774			(129	)		(7	)		638
Hyperinflation adjustments		-			2,323			73			2,396
Disposals and derecognition		(71,190	)		-			-			(71,190	)
Balance at December 31, 2024		149,181			3,783			135			153,099

(1)

The balance of trademarks, is shown below:

			As at December 31,
Operating segment	Brand	Useful life	2024		2023
Uruguay (a)	Miscellaneous	Indefinite		118,634		115,020
Argentina	Libertad	Indefinite		97,255		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		-
				302,322		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.

Information about impairment testing is disclosed in Notes 34.

At December 31, 2024 and 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:

	As at December 31,
	2024			2023
Spice Investment Mercosur S.A.		1,477,494			1,441,256
Retail trade		1,454,094			1,454,094
Libertad S.A.		366,515			186,289
Total goodwill		3,298,103			3,081,639
Impairment loss		(1,017	)		(1,017	)
Total goodwill, net		3,297,086			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 (Note 17.1.)		20,855			-			20,855
Effect of exchange differences on the translation into presentation currency		(551,489	)		-			(551,489	)
Hyperinflation adjustments		126,953			-			126,953
Balance at December 31, 2023		3,081,639			(1,017	)		3,080,622
Effect of exchange differences on the translation into presentation currency		18,475			-			18,475
Hyperinflation adjustments		197,989			-			197,989
Balance at December 31, 2024		3,298,103			(1,017	)		3,297,086

Goodwill has indefinite useful life on the grounds of the Exito Group's considerations thereon, and consequently it is not amortized. Goodwill was not impaired at December 31, 2024 and 2023.

Information about impairment testing and fair value are disclosed in Notes 34 and 35.

F-46

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 and all preliminary amounts have been ascertained and recorded. 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:

	Fair values at the date of acquisition						Measurement period adjustments								Fair values at December 31,2024
	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

F-47

The goodwill and variations from the time of acquisition to December 31, 2024, shown the following:

	Hipervital S.A.S.			Costa y Costa S.A.			Modasian S.R.L.			Total
Goodwill from the acquisition (Note 17)		3,817			16,157			881			20,855
Effect of exchange difference		(462	)		(1,953	)		(106	)		(2,521	)
Goodwill at December 31, 2023		3,355			14,204			775			18,334
Effect of exchange difference		105			446			24			575
Goodwill at December 31, 2024		3,460			14,650			799			18,909

The revenues and profit or loss of this business acquired, corresponding to the period ended at December 31, 2024, included in the consolidated statements of profit or loss at December 31, 2024, shown the following:

	Hipervital S.A.S.		Costa y Costa S.A.		Modasian S.R.L.
Revenues		34,816		24,332		19
Profit (loss) for the period		815		628		(6	)

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:

		As at December 31,
Company	Classification	2024		2023
Compañía de Financiamiento Tuya S.A.	Joint venture		271,627		220,134
Puntos Colombia S.A.S.	Joint venture		17,691		9,986
Sara ANV S.A.	Joint venture		2,236		2,438
Total investments accounted for using the equity method			291,554		232,558

Note 18.1. Non-financial information

Information regarding country of domicile, functional currency, main economic activity, ownership percentage and shares held in investments accounted for using the equity method is shown below:

	Country	Functional currency	Primary economic activity	Ownership percentage						Number of shares

				As at December 31,
Company				2024			2023			2024		2023
Compañía de Financiamiento Tuya S.A.	Colombia	Colombian peso	Financial		50	%		50	%		26.031.576.916		15.483.189.879
Puntos Colombia S.A.S.	Colombia	Colombian peso	Services		50	%		50	%		9.000.000		9.000.000
Sara ANV S.A.	Colombia	Colombian peso	Services		50	%		50	%		2.286.00		2.270.00

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	46,590
Share of income (Note 18.5)	(114,419	)
Share in equity movements	366
Balance at December 31, 2023	232,558
Capital increases (reduction), net	131,049
Share of income (Note 18.5)	(71,872	)
Share in equity movements	(181	)
Balance at December 31, 2024	291,554

F-48

Note 18.2. Financial information

Financial information regarding investments accounted for using the equity method at December 31, 2024:

Companies	Current assets		Non-current assets		Current liabilities		Non-current liabilities		Equity		Revenue from ordinary activities		Income from continuing Operations			Other comprehensive *income ()**
Compañía de Financiamiento Tuya S.A.		2,620,497		268,363		1,650,537		730,294		508,029		1,129,336		(155,514	)		-
Puntos Colombia S.A.S.		246,060		34,633		217,958		27,353		35,382		402,889		15,410			-
Sara ANV S.A.		1,229		3,695		453		-		4,471		158		(3,640	)		-

Companies	Cash and cash equivalents		Current financial liabilities		Non-current financial liabilities		Revenue from interest		Interest expense			Depreciation and amortization			Income tax Expense
Compañía de Financiamiento Tuya S.A.		317,389		1,591,648		724,328		3,879		(9,940	)		(28,325	)		53,567
Puntos Colombia S.A.S.		116,337		75,647		785		8,795		(228	)		(9,012	)		(8,788	)
Sara ANV S.A.		1,071		452		-		8		-			(378	)		-

Financial information regarding investments accounted for using the equity method at December 31, 2023:

Companies	Current assets		Non-current assets		Current liabilities		Non-current liabilities		Equity		Revenue from ordinary activities		Income from continuing Operations			Other comprehensive *income ()**
Compañía de Financiamiento Tuya S.A.		3,585,170		236,049		1,857,020		1,559,156		405,043		1,668,582		(225,047	)		-
Puntos Colombia S.A.S.		216,225		34,086		218,331		12,008		19,972		364,143		(3,055	)		-
Sara ANV S.A.		2,052		3,251		426		-		4,877		245		(733	)		-

Companies	Cash and cash equivalents		Current financial liabilities		Non-current financial liabilities		Revenue from interest		Interest expense			Depreciation and amortization			Income tax Expense
Compañía de Financiamiento Tuya S.A.		223,625		1,720,105		1,539,136		1,467		(17,075	)		(35,957	)		133,831
Puntos Colombia S.A.S.		91,084		79,269		1,027		9,939		(176	)		(550	)		(3,724	)
Sara ANV S.A.		1,819		425		-		2		-			(196	)		-

(*)

There are no other comprehensive income figures proceeding from this companies.

Note 18.3. Corporate purpose

Compañía de Financiamiento Tuya S.A.

A joint venture and a joint control investment which was acquired on October 31, 2016. It is a private entity, authorized by the Colombian Financial Superintendence, having its main place of business in Medellín. Its main corporate purpose is to issue credit cards and grant consumer loans to low- income segments that the traditional banking system does not serve, promoting financial access.

Puntos Colombia S.A.S.

A joint venture established on April 19, 2017 under Colombian law. Its main corporate purpose is operating It’s own loyalty program, pursuant to which its users earn points when purchasing from its partners, as well as the buying and selling of points. These points are redeemable for products or services available at the Puntos Colombia platform.

Sara ANV S.A.

Joint venture established on June 17, 2023. Its main corporate purpose is the performance of all operations, businesses, acts, services, or activities that, by of the applicable financial regulation, result from acquirer activities, whether carried out directly or through third parties. Its main address is in Envigado, Colombia.

F-49

Note 18.4. Other information

The reconciliation of summarized financial information reported to the carrying amount of associates and joint ventures in the consolidated financial statements is shown below:

	December 31, 2024
Companies	Net assets		Ownership percentage			Proportionate share of net assets		Carrying amount (1)
Compañía de Financiamiento Tuya S.A.		508,029		50	%		271,627		271,627
Puntos Colombia S.A.S.		35,382		50	%		17,691		17,691
Sara ANV S.A.		4,471		50	%		2,236		2,236

	December 31, 2023
Companies	Net assets		Ownership percentage			Proportionate share of net assets		Carrying amount (1)
Compañía de Financiamiento Tuya S.A.		405,043		50	%		220,134		220,134
Puntos Colombia S.A.S.		19,972		50	%		9,986		9,986
Sara ANV S.A.		4,877		50	%		2,438		2,438

(1)	Amount of investment and goodwill.

No dividends were received from joint ventures during the years ended December 31, 2024, and 2023.

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.

There are no constructive obligations acquired on behalf of investments accounted for using the equity method arising from losses exceeding the interest held in them, except for mentioned in Note 22.

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

Note 18.5. Share of profit in subsidiaries and joint ventures

The share of income in joint ventures that are accounted for using the equity method is as follows:

	Year ended December 31,
	2024			2023
Compañía de Financiamiento Tuya S.A.		(77,757	)		(112,524	)
Sara ANV S.A.		(1,820	)		(367	)
Puntos Colombia S.A.S.		7,705			(1,528	)
Total		(71,872	)		(114,419	)

Note 19. Non-cash transactions

During the annual periods ended December 31, 2024 and 2023, the 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.

F-50

Note 20. Loans, borrowing and other financial liabilities

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

	As at December 31,
	2024		2023
Bank loans		1,895,118		815,674
Put option on non-controlling interests (1)		350,776		442,342
Letters of credit		12,555		8,189
Total loans, borrowing and other financial liabilities		2,258,449		1,266,205
Current		1,984,727		1,029,394
Non-current		273,722		236,811

(1)

It represents the liability of the put option on a portion of the non-controlling interest in Grupo Disco Uruguay S.A. Grupo Éxito holds a non-controlling interest of 23.35% in Grupo Disco Uruguay S.A. (30.85% as of December 31, 2023), of which 15.66% (23.16% as of December 31, 2023) is subject to a put option held by non-controlling shareholders. This put option is exercisable by the holders at any time until its expiration on June 30, 2025.The exercise price of the put option is determined as the highest of the following three measures:(i) A fixed price in U.S. dollars as stated in the put option agreement, adjusted at an annual rate of 5%, (ii) A multiple of 6 times the average EBITDA of the last two years, minus Grupo Disco Uruguay S.A.'s net debt at the exercise date, or (iii) A multiple of 12 times the average net income of Grupo Disco Uruguay S.A. over the last two years as of December 31, 2024, the highest of these three measures was the fixed price in U.S. dollars.

During 2023, Grupo Casino negotiated with the non-controlling interest of Grupo Disco Uruguay S.A. the transfer of this put option to Grupo Éxito. Once this transfer was completed, making Grupo Éxito the direct holder of the put option liability, the put-call agreement between Grupo Éxito and Grupo Casino was terminated.

To ensure compliance with the obligation assumed by Grupo Éxito in this transfer, a pledge without displacement was established over the Series B shares of Grupo Disco Uruguay S.A., owned by Spice Investment Mercosur S.A. These shares are listed in share certificate number 1 and represent 25% of the voting capital of Grupo Disco Uruguay S.A.This pledge does not transfer the right to vote or receive dividends associated with the pledged shares, which remain under the ownership of Spice Investment Mercosur S.A. This pledge replaces the one previously granted in past years over the same share certificate.

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	1,241,024
Changes in the fair value of the put option recognized in equity	(209,557	)
Interest accrued	227,525
Increases from business combinations (Note 17.1)	235
Translation difference	(2,146	)
Repayments of loans and borrowings	(1,217,881	)
Payments of interest on loans and borrowings	(228,579	)
Balance at December 31, 2023 (1)	1,266,205
Proceeds from loans and borrowings (2)	1,749,014
Changes in the fair value of the put option recognized in equity	(91,566	)
Interest accrued	227,848
Translation difference	911
Repayments of loans and borrowings (3)	(685,084	)
Payments of interest on loans and borrowings	(208,879	)
Balance at December 31, 2024	2,258,449

(1)

As of December 31, 2023, the balance corresponds to $108,969 from the bilateral loan agreement signed on March 27, 2020, $136,727 from the bilateral credit agreement signed on June 3, 2020; the renewal of the bilateral credit with three new bilateral loans for $202,663, $126,478, and $114,053 signed on March 26, 2021; as well as $101,280 and $25,348 from new bilateral loans signed on August 28, 2023, by the parent company.

A put option contract with Spice Investments Mercosur S.A. for $442,341 with the non-controlling interest owners of the subsidiary Grupo Disco Uruguay S.A.

From the subsidiary Spice Investments Mercosur S.A. and its subsidiaries, credits of $157 and letters of credit for $8,189.

F-51

(2)

The Company requested disbursements of $30,000, $70,000, and $230,000 from the bilateral revolving credit agreement signed on February 18, 2022; a disbursement of $300,000 from the bilateral revolving credit agreement signed on October 10, 2022; and a disbursement of $200,000 from another bilateral revolving credit agreement signed on April 4, 2022.

In February 2024, the Company requested disbursements of $70,000 from the bilateral revolving credit agreement signed on February 18, 2022, and $100,000 from the bilateral credit agreement signed on February 12, 2024.

In August and September, the Company requested disbursements of $132,515 from the bilateral credit agreement signed on August 9, 2024, and $65,000 from the bilateral credit agreement signed on September 2, 2024.

In October 2024, the Company requested a disbursement of $200,000 from the bilateral revolving credit agreement signed on October 28, 2024. During the period ended December 31, 2024, the subsidiary Libertad S.A. requested disbursements of $67,929

During the period ended December 31, 2024, the subsidiary Spice Investments Mercosur S.A. and its subsidiaries requested disbursements of $158,484 and letters of credit for $125,086.

(3)

During the period ended December 31, 2024, the Company paid $50,000 related to the renewal of the bilateral credit agreement signed on March 26, 2021; $51,192 related to two bilateral loans signed on March 26, 2021; $48,334 for the bilateral loan signed on March 27, 2020; $100,000 for the bilateral revolving credit agreement signed on April 4, 2022; and $300,000 for the bilateral revolving credit agreement signed on October 10, 2022

During the period ended December 31, 2024, the subsidiary Spice Investments Mercosur S.A. and its subsidiaries repaid loans of $13,536 and letters of credit for $122,022.

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 during 2024 and 2023.

The weighted rate of bank loans in nominal terms as of December 31, 2024, is IBR (Bank Reference Rate) + 2%.

As of December 31, 2024, Exito Group has available unused credit lines to minimize liquidity risks, as follows:

Bancolombia S.A.			400,000
Total			400,000

Below is a detail of maturities for non-current loans and borrowings outstanding at December 31, 2024, discounted at present value (amortized cost):

Year	Total
2026		210,937
2027		32,085
2028		14,244
>2029		16,456
		273,722

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, 2024 and 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, 2024 and 2023 were complied.

Note 21. Employee benefits

The balance of employee benefits is shown below:

	As at December 31,
	2024		2023
Defined benefit plans		37,155		38,106
Long-term benefit plan		1,676		1,815
Total employee benefits		38,831		39,921
Current		4,055		4,703
Non-current		34,776		35,218

Note 21.1. Defined benefit plans

Éxito Group has the following defined benefit plans: Retirement pension plan and Retroactive severance pay plan

During the years ended December 31, 2024, and 2023, there were no material changes in the methods or nature of assumptions applied when preparing the estimates and sensitivity analyses.

F-52

Balances and movement:

The following are balances and movement of defined benefit plans:

	Retirement pensions			Retroactive severance pay			Total
Balance at December 31, 2022		34,688			403			35,091
Cost of current service		1,839			11			1,850
Interest expense		1,939			51			1,990
Actuarial loss from changes in experience		1,386			21			1,407
Actuarial gain (losses) from financial assumptions		3,199			70			3,269
Benefits paid		(1,347	)		(55	)		(1,402	)
Effect of exchange differences on translation		(4,099	)		-			(4,099	)
Balance at December 31, 2023		37,605			501			38,106
Cost of current service		2,471			14			2,485
Interest expense		1,937			53			1,990
Actuarial gain from changes in experience		(592	)		(6	)		(598	)
Actuarial gain from financial assumptions		(1,213	)		(3	)		(1,216	)
Benefits paid		(4,196	)		(4	)		(4,200	)
Effect of exchange differences on translation		588			-			588
Balance at December 31, 2024		36,600			555			37,155

Actuarial assumptions used for calculation:

Discount rates, salary increase rates, future annuities rate, inflation rates and mortality rates are as follows:


	As at December 31,
	2024						2023
	Retirement pensions			Retroactive severance pay			Retirement pensions			Retroactive severance pay
Discount rate		12.30	%		10.80	%		11.00	%		10.50	%
Annual salary increase rate		5.5	%		5.5	%		5.5	%		5.5	%
Future annuities increase rate		4.5	%		0.00	%		4.5	%		0.00	%
Annual inflation rate		4.5	%		4.5	%		5.5	%		5.5	%
Mortality rate - men (years)		60-62			60-62			60-62			60-62
Mortality rate - women (years)		55-57			55-57			55-57			55-57
Mortality rate - men		0.001117% - 0.034032	%		0.001117% - 0.034032	%		0.001117% - 0.034032	%		0.001117% - 0.034032	%
Mortality rate - women		0.000627% - 0.019177	%		0.000627% - 0.019177	%		0.000627% - 0.019177	%		0.000627% - 0.019177	%

Employee turnover, disability and early retirement rates:

	As at December 31,
Years of service	2024			2023
From 0 to less than 5		20.56	%		22.27	%
From 5 to less than 10		10.01	%		10.84	%
From 10 to less than 15		5.89	%		6.38	%
From 15 to less than 20		4.39	%		4.76	%
From 20 to less than 25		3.37	%		3.65	%
25 and more		2.54	%		2.76	%

F-53

Sensitivity analysis:

A quantitative sensitivity analysis regarding a change in a relevant actuarial assumption, would affect in the following variation over defined benefit plans net liability:

	As at December 31,
	2024						2023
Variation expressed in basis points	Retirement pensions			Retroactive severance pay			Retirement pensions			Retroactive severance pay
Discount rate + 25		(215	)		(2	)		(257	)		(3	)
Discount rate – 25		220			2			264			3
Discount rate + 50		(424	)		(4	)		(506	)		(6	)
Discount rate – 50		447			5			535			6
Discount rate + 100		(827	)		(9	)		(985	)		(11	)
Discount rate – 100		918			9			1,102			12
Annual salary increase rate + 25		N/A			3			N/A			5
Annual salary increase rate - 25		N/A			(3	)		N/A			(5	)
Annual salary increase rate + 50		N/A			7			N/A			9
Annual salary increase rate - 50		N/A			(7	)		N/A			(9	)
Annual salary increase rate + 100		N/A			13			N/A			18
Annual salary increase rate - 100		N/A			(13	)		N/A			(18	)

Contributions for the next years funded with Éxito Group's own resources are foreseen as follows:

	As at December 31,
	2024				2023
Year	Retirement pensions		Retroactive severance Pay		Retirement pensions		Retroactive severance pay
2024		-		-		2,654		5
2025		2,666		230		2,656		270
2026		2,657		133		2,624		84
2027		2,616		2		2,573		2
>2028		37,426		319		36,673		302
Total		45,365		684		47,180		663

Other considerations:

The average duration of the liability for defined benefit plans at December 31, 2024 is 5.7 years (December 31, 2023 - 6.3 years).

Éxito Group has no specific assets intended for guaranteeing the defined benefit plans.

The defined contribution plan expense at December 31, 2024 amounted to $140,484 (December 31, 2023 - $125,235).

Note 21.2. Long-term benefit plans

The long-term benefit plans involve a time-of-service bonus associated to years of service payable to the employees of Almacenes Éxito S.A. and to the employees of subsidiaries Logística, Transporte y Servicios Asociados S.A.S.

Such benefit is estimated on an annual basis or whenever there are material changes, using the projected credit unit. During the years ended December 31, 2024, and 2023, there were no material changes in the methods or nature assumptions applied when preparing the estimates and sensitivity analyses.

During 2015 Almacenes Éxito S.A. reached agreement with several employees who voluntarily decided to replace the time-of-service bonus with a special single one-time bonus.

F-54

Balances and movement:

The following are balances and movement of the long-term defined benefit plan:

Balance at December 31, 2022	1,554
Cost of current service	64
Past service cost	(128	)
Interest expense	205
Actuarial loss from change in experience	87
Actuarial loss from financial assumptions	241
Benefits paid	(208	)
Balance at December 31, 2023	1,815
Cost of current service	62
Past service cost	-
Interest expense	175
Actuarial loss from change in experience	24
Actuarial gain from financial assumptions	(53	)
Benefits paid	(347	)
Balance at December 31, 2024	1,676

Actuarial assumptions used to make the calculations:

Discount rates, salary increase rates, inflation rates and mortality rates are as follows:

	As at December 31,
	2024			2023
Discount rate		11.80	%		10.80	%
Annual salary increase rate		5.5	%		5.5	%
Annual inflation rate		4.5	%		5.5	%
Mortality rate - men		0.001117% - 0.034032	%		0.001117% - 0.034032	%
Mortality rate - women		0.000627% - 0.019177	%		0.000627% - 0.019177	%

Employee turnover, disability and early retirement rates are as follows:

	As at December 31,
Years of service	2024			2023
From 0 to less than 5		20.56	%		22.27	%
From 5 to less than 10		10.01	%		10.84	%
From 10 to less than 15		5.89	%		6.38	%
From 15 to less than 20		4.39	%		4.76	%
From 20 to less than 25		3.37	%		3.65	%
25 and more		2.54	%		2.76	%

Sensitivity analysis:

A quantitative sensitivity analysis regarding a change in a relevant actuarial assumption, would affect in the following variation over long-term benefit plans net liability:

	As at December 31,
Variation expressed in basis points	2024			2023
Discount rate + 25		(15	)		(18	)
Discount rate - 25		16			18
Discount rate + 50		(31	)		(35	)
Discount rate - 50		32			37
Discount rate + 100		(60	)		(70	)
Discount rate - 100		65			76
Annual salary increase rate + 25		17			19
Annual salary increase rate - 25		(17	)		(19	)
Annual salary increase rate + 50		34			39
Annual salary increase rate - 50		(33	)		(38	)
Annual salary increase rate + 100		69			79
Annual salary increase rate - 100		(64	)		(74	)

F-55

Contributions for the next years funded with Éxito Group's own resources are foreseen as follows:

	As at December 31,
Year	2024		2023
2024		-		342
2025		454		433
2026		305		288
2027		185		167
>2028		1,872		1,743
Total		2,816		2,973

Other considerations:

The average duration of the liability for long-term benefits at December 31, 2024 is 4.0 years (December 31, 2023 - 4.3 years).

Exito Group has not devoted specific assets to guarantee payment of the time-of-service bonus.

The effect on the statement of profit or loss from the long-term benefit plan at December 31, 2024 was recognized as an income in the amount of $155 (December 31, 2023 was recognized as an expense in the amount of $161).

Note 22. Provisions

The balance of provisions is shown below:

	As at December 31,
	2024		2023
Restructuring (1)		28,955		5,180
Legal proceedings (2)		18,629		19,736
Taxes other than income tax		54		297
Other Provisions (3)		13,757		8,462
Total provisions		61,395		33,675
Current		47,327		22,045
Non-current		14,068		11,630

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

(1)	The restructuring provision corresponds to the reorganization processes in stores, the corporate office, and distribution centers of the Parent Company. The provision amount is calculated based on the necessary disbursements to be made, which are directly associated with the restructuring plan.

(2)

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. The balance is comprised of:

	As at December 31,
	2024		2023
Labor legal proceedings		14,153		10,211
Civil legal proceedings		4,476		7,250
Administrative and regulatory proceedings		-		2,275
Total legal proceedings		18,629		19,736

(3)	The balance of other provisions corresponds to:

	As at December 31,
	2024		2023
Store closures		10,036		61
Urban improvements		2,215		2,215
Shrinkage for VMI merchandise		1,018		296
rovision for the Montevideo real estate project		-		3,500
Other minor provisions in the Colombian subsidiaries		220		2,227
Other minor provisions in Libertad S.A.		268		163
Total others		13,757		8,462

F-56

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		9,693			-			30,451			7,356			47,500
Uses		-			(99	)		(474	)		-			(573	)
Payments		(2,598	)		-			(33,575	)		(6,113	)		(42,286	)
Reversals (not used)		(3,814	)		(3,336	)		(1,264	)		(427	)		(8,842	)
Other reclassifications		233			-			(473	)		(58	)		(298	)
Effect of exchange differences on the translation into presentation currency		(2,879	)		(741	)		(2	)		(582	)		(4,203	)
Balance at December 31, 2023		19,736			297			5,180			8,462			33,675
Increase		11,961			-			66,166			21,593			99,720
Uses		(250	)		-			(2,217	)		-			(2,467	)
Payments		(2,235	)		-			(38,489	)		(11,351	)		(52,075	)
Reversals (not used)		(9,926	)		(241	)		(1,685	)		(5,677	)		(17,529	)
Other reclassifications		(745	)		-			-			745			-
Effect of exchange differences on the translation into presentation currency		88			(2	)		-			(15	)		71
Balance at December 31, 2024		18,629			54			28,955			13,757			61,395

Note 22.1. Estimated payments of other provisions

The estimated payments of the other provisions that are in charge of Grupo Éxito as of December 31, 2024 are as follows:

	Legal proceedings		Taxes other than income tax		Restructuring		Other		Total
Less than 12 months		4,613		-		28,955		13,757		47,325
From 1 to 5 years		14,016		54		-		-		14,070
Total estimated payments		18,629		54		28,955		13,757		61,395

Note 23. Trade payables and other payable

	As at December 31,
	2024		2023
Payables to suppliers of goods		3,056,293		2,725,532
Payables and other payable - agreements (1)		501,603		1,562,246
Payables to other suppliers		335,518		325,447
Labor liabilities		303,365		335,989
Withholding tax payable (2)		74,504		72,146
Tax payable		70,365		72,346
Purchase of assets (4)		53,405		121,554
Dividends payable (3)		9,249		32,691
Other		26,372		38,175
Total trade payables and other payable		4,430,674		5,286,126
Current		4,408,479		5,248,777
Non-current		22,195		37,349

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

	As at December 31,
	2024		2023
Payables to suppliers of goods		447,726		1,429,006
Payables to other suppliers		53,877		133,240
Total payables and other payable - agreements		501,603		1,562,246

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.

F-57

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.

(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 decrease corresponds to the dividends paid in 2024.

(4)	The reduction is primarily due to the payment of the third installment of $22,873 for the Clearpath contract and $45,276 for other contracts.

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

For taxable 2024 and 2023 the income tax rate for corporates is 35%. For taxable 2024 and 2023 the income tax rate for corporates is 35%. For taxable 2023, 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.	From taxable 2021, 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.	Inflation adjustments were eliminated for tax purposes as of 2007.

d.	From 2007 the tax on occasional gains was reinstated, payable by legal entities on total occasional gains obtained during the taxable year. From 2023 the rate is 15%.

A tax on dividends paid to individual residents in Colombia was established at a rate of 15%, triggered when the amount distributed is higher than 1,090 UVT (equivalent to $51 in 2024) when such dividends have been taxed upon the distributing companies and such profits have been generated from the 2017 tax year. For domestic companies, the tax rate is 10% when such dividends have been taxed upon the distributing companies and such profits have been generated from the 2017 tax year. For individuals not residents of Colombia and for foreign companies, the tax rate is 20% when such dividends have been taxed upon the distributing companies and such profits have been generated from the 2017 tax year. 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.

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.

g.	The tax on financial transactions is a permanent tax. 50% of such tax is deductible, provided that the tax paid is duly supported.

F-58

h.	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.

Regarding contributions to employee education, the payments that meet the following conditions are deductible: (a) those devoted for scholarships and education forgivable loans to the benefit of employees, (b) payments to programs or care centers for the children of employees and (c) payments to primary, secondary, technical, technological and higher education institutions.

j.	VAT on the acquisition, formation, construction or import of productive real fixed assets may be discounted from the income tax.

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 and apply the Most-Favored-Nation Clause and the 10% for those to whom the Most-Favored-Nation Clause does not apply.

l.	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.

Taxes paid abroad shall be deemed tax discounts during the taxable year of payment, or during any subsequent taxable period. The withholding tax rate on income for payments abroad to third parties located in non-cooperating jurisdictions, with low or no taxation, and preferential tax regimes is 35%.

n.	Starting in 2024, the withholding tax rate on income for payments abroad to suppliers with Significant Economic Presence (PES) who are subject to the withholding mechanism is 10%.

o.	The taxes paid abroad will be treated as a tax credit in the tax year in which the payment was made or in any of the following taxable periods

o.	The annual adjustment applicable at December 31, 2024 to the cost of furniture and real estate deemed fixed assets is 10.97%.

q.	The Group reviewed the existence of uncertainties regarding the acceptance by the tax authority of certain applied tax treatments. The mentioned evaluation has not resulted in any modifications.

F-59

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

Pursuant to tax regulations in force as of 2017, 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.

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 December 31, 2024 Almacenes Éxito S.A. has accrued $- (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
Offsetting of presumptive income against net income from the prior period	(600	)
Offsetting of presumptive income against net income for the period	(60,815	)
Balance at December 31, 2024	-

At December 31, 2024, Almacenes Éxito S.A. has accrued tax losses amounting to $704,357 (at December 31, 2023 - $740,337).

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

Balance at December 31, 2022	740,337
Adjustment to tax losses from prior periods	-
Balance at December 31, 2023	740,337
Tax losses generated during the period	(35,980	)
Balance at December 31, 2024	704,357

(b)	Movement of tax losses for Colombian subsidiaries for the reporting periods 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 (i)	364
Transacciones Energéticas S.A.S. E.S.P.	(1,446	)
Transacciones Energéticas S.A.S. E.S.P. (ii)	(31	)
Balance at December 31, 2024	32,656

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

(ii)	It corresponds to the adjustment of tax losses from previous periods.

F-60

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).

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:

	As at December 31,
	2024		2023
Income tax credit receivable by Almacenes Éxito S.A. and its Colombian subsidiaries		250,872		267,236
Tax discounts applied by Almacenes Éxito S.A. and its Colombian subsidiaries		151,893		137,000
Current income tax assets of subsidiary Onper Investment 2015 S.L.		41,388		10,715
Tax discounts of Éxito from taxes paid abroad		5,562		17,258
Advance income tax payments from Colombian subsidiaries		2,611		-
Current income tax assets of subsidiary Spice Investments Mercosur S.A.		3		-
Total income tax asset		452,329		432,209
Industry and trade tax advances and withholdings of Almacenes Éxito S.A. and its Colombian subsidiaries		78,567		71,450
Other current tax assets of subsidiary Spice Investment Mercosur S.A.		22,982		20,339
Other current tax assets of subsidiary Onper Investment 2015 S.L.		38		29
Total asset for other taxes		101,587		91,818
Total current tax assets		553,916		524,027

Current tax liabilities

	As at December 31,
	2024		2023
Current income tax liabilities of subsidiary Spice Investments Mercosur S.A.		-		47
Total income tax liability		-		47
Industry and trade tax payable of Almacenes Éxito S.A. and its Colombian subsidiaries		105,467		98,391
Tax on real estate of Almacenes Éxito S.A. and its Colombian subsidiaries		7,832		3,621
Taxes of subsidiary Onper Investment 2015 S.L. other than income tax		5,558		4,979
Taxes of subsidiary Spice Investments Mercosur S.A. other than income tax		353		293
Total liability for other taxes		119,210		107,284
Total current tax liabilities		119,210		107,331

F-61

Note 24.4. Income tax

	As at December 31,
	2024			2023
Profit before income tax		292,908			354,072
Plus
IFRS adjustments with no tax impact (1)		203,591			164,226
Non-deductible expenses		58,427			31,616
Others (2)		24,875			21,548
Reimbursement of fixed assets depreciation for income - producing upon sales of assets		-			2,012
Minus
Effect of the accounting results of foreign subsidiaries		(191,018	)		(221,871	)
Non-taxable dividends received from subsidiaries		(68,456	)		(12,620	)
Others (2)		(11,667	)		(41,512	)
Additional 30% deduction for apprentice salaries (voluntary)		(227	)		(258	)
Net income		308,433			297,213
Exempt income		(90,910	)		(65,090	)
Net income before compensations		217,523			232,123
Compensations		(98,241	)		(149,799	)

Total Net income after compensations		119,282			82,324
Net (loss) of some Colombian subsidiaries		(364	)		(231	)
Taxable income of the parent company and some Colombian subsidiaries		119,646			82,555
Taxable net income		119,646			82,555
Income tax rate		35	%		35	%
Subtotal (expense) current income tax		(41,876	)		(28,894	)
(Expense) occasional income tax		(70	)		(389	)
Tax credits		3,945			2,226
Total (expense) current and occasional income tax		(38,001	)		(27,057	)
Adjustment with respect to current income tax from previous years (c)		(1,777	)		311
(Expense) taxes paid abroad		(1,101	)		(2,677	)
Minor adjustments		(6	)		-
Total (income and complementary tax expense) of the parent company and some Colombian subsidiaries		(40,885	)		(29,423	)
Total (current tax expense) of foreign subsidiaries		(66,317	)		(76,686	)
Total (income and complementary tax expense), current		(107,202	)		(106,109	)

(1)	The IFRS adjustments with no tax impact correspond to:

	As at December 31,
	2024			2023
Other accounting expenses with no tax impact (*)		466,302			421,408
Higher accounting depreciation over fiscal depreciation, net		168,103			209,793
Accounting provisions		125,842			90,668
Non-taxable dividends from subsidiaries		84,034			77,710
Net exchange differences		81,884			(53,190	)
Taxable actuarial calculation		1,202			569
Taxable leases		(282,896	)		(254,854	)
Results under the equity method, net		(189,726	)		(247,332	)
Non-accounting fiscal costs, net		(84,944	)		3,889
Recovery of provisions		(75,760	)		(30,299	)
Excess of fiscal personnel expenses over accounting expenses		(75,417	)		(21,727	)
Higher fiscal depreciation over accounting depreciation		(7,027	)		(7,459	)
Other non-taxable accounting (income) expenses, net		(8,006	)		(24,924	)
Non-deductible taxes		-			(26	)
Total		203,591			164,226

(*)

It corresponds to the differences associated with the tax treatment of leases under IFRS 16

F-62

(2)	The concept of others corresponds to:

	As at December 31,
	2024			2023
Tax on financial transactions		9,850			8,742
Special deduction for donations to food banks and others		8,583			7,070
Accounting provision and write-offs of receivables		2,136			(1,993	)
Fines, sanctions, and lawsuits		2,006			2,235
ICA tax deduction paid after the income tax filing		1,199			(162	)
Taxes assumed and valuation		779			4,161
Taxable income - recovery of depreciation on sold fixed assets		322			1,495
Total		24,875			21,548

Profit from the sale of fixed assets declared as occasional income		(4,934	)		(21,785	)
Deduction for hiring personnel with disabilities		(3,577	)		(2,599	)
Recovery of costs and expenses		(2,596	)		(16,772	)
Non-deductible taxes		(560	)		(356	)
Total		(11,667	)		(41,512	)

The reconciliation of average effective tax rate to applicable tax rate is shown below:

	Year ended December 31,
	2024			Rate			2023			Rate
Profit before income tax from continuing operations		292,908						354,072
Tax (expense) at enacted tax rate in Colombia		(102,518	)		(35	)%		(123,925	)		(35	)%
Equity method in joint venture domestic operations		(25,154	)					(40,046	)
Non-deductible/ nontaxable foreign operation		(12,087	)					15,449
Adjustment to current taxes from prior periods		(1,777	)					311
Non-deductible / nontaxable domestic operation		13,075						37,914
Tax rates differences from foreign operations		24,492						33,547
Accounting effects of NCI domestic operations without tax impact		48,304						32,138
Unrecognition deferred tax from prior periods		-						(1,286	)
Total income tax expense		(55,665	)		(19	)%		(45,898	)		(13	)%

The components of the income tax expense recognized in the statement of profit or loss were:

	Year ended December 31,
	2024			2023
Deferred tax gain (Note 24.6)		51,537			60,211
Current income tax (expense)		(105,355	)		(106,031	)
Adjustment in respect of current income tax of prior periods		(1,777	)		311
(Expense) Occasional income tax		(70	)		(389	)
Total income tax (expense)		(55,665	)		(45,898	)

Note 24.5. Minimum Tax Rate

With the entry into force of Law 2277 of 2022, which in its Article 10 added Paragraph 6 to Article 240 of the Tax Statute, the minimum tax rate (TTD) regime is included in Colombia. It is important to clarify that this regulation presents substantial differences compared to the minimum tax proposal of the Organisation for Economic Co-operation and Development (OECD) under Pillar II. This calculation considers a tax and an adjusted profit, performed on a consolidated basis for companies belonging to business groups.

The Group performed the calculation as stipulated in the mentioned article, which did not result in an additional adjustment to the taxes recorded by each company.

As of December 31, 2024, the consolidated minimum tax rate calculation for companies located in Colombia did not have any impact. In Argentina and Uruguay, legislation for the adoption of Pillar II has not yet been enacted.

F-63

Note 24.6. Deferred tax

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

	As at December 31,
	2024					2023
	Deferred tax assets		Deferred tax liabilities			Deferred tax assets		Deferred tax liabilities
Colombia		156,927		-			113,373		-
Uruguay		96,158		-			84,319		-
Argentina		-		(304,235	)		-		(156,098	)
Total		253,085		(304,235	)		197,692		(156,098	)

	As at December 31,
	2024					2023
	Deferred tax assets		Deferred tax liabilities			Deferred tax assets		Deferred tax liabilities
Tax losses		246,525		-			259,118		-
Tax credits		60,098		-			61,449		-
Other provisions		16,735		-			9,926		-
Inventories		13,082		-
Employee benefits provisions		9,812		-
Excess presumptive income		-		-			21,495		-
Investment property		-		(169,051	)		-		(120,144	)
Goodwill		-		(217,715	)		-		(217,687	)
Property, plant, and equipment		214,759		(268,924	)		93,660		(221,364	)
Leases		633,397		(531,670	)		634,180		(545,661	)
Other		43,645		(101,843	)		100,045		(33,423	)
Total		1,238,053		(1,289,203	)		1,179,873		(1,138,279	)

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:

	As at December 31,
	2024			2023
Profit from deferred tax recognized in income		51,194			53,744
Deferred tax income on occasional gains		343			6,467
Effect of the translation of the deferred tax recognized in other comprehensive income (1)		(141,016	)		107,547
Adjustment related current income tax previous periods		(1,777	)		311
(Expense) income from derivative financial instruments designated as hedging instruments and others (Other comprehensive income)		(1,188	)		7,139
((Expense) income from measurements of defined benefit plans (Other comprehensive income)		(300	)		1,510
Total movement of net deferred tax		(92,744	)		176,718

(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 December 31, 2024 amounted to $153,568 (at December 31, 2023 - $ 81,773).

Deferred tax items are not expected to be realized within less than one year.

Note 24.7. 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 24.8. Non-Current tax liabilities

The $7,321 balance at December 31, 2024 (at December 31, 2023 - $8,091) relates to taxes payable of subsidiary Libertad S.A. for federal taxes and incentive program by instalments.

F-64

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:

	As at December 31,
	2024		2023
Collections on behalf of third parties (1)		59,029		123,023
Derivative financial instruments (2)		1,174		11,299
Derivative financial instruments designated as hedge instruments (3)		278		5,488
Total derivative instruments and collections on behalf of third parties		60,481		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, and payments and banking services provided to customers. Include $11,973 (December 31, 2023 - $26,515) with third parties (Note 10.6).

(2)

As of December 31, 2024, it corresponds to the following transactions::

		Nature of the covered risk		Covered item		Notional amount		Fair value
Forward		Exchange rate		Foreign currency liabilities		MUSD / $16.600 MEUR / $4.020			1,174

The detail of maturities of these instruments at December 31, 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			922				252				-				-				1,174

As of December 31, 2023, it corresponds to the following transactions:

		Nature of the covered risk		Covered item		Notional amount		Fair value
Forward		Exchange rate		Foreign currency liabilities		MUSD / $34.600 MEUR / $4.110			11,299

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 December 31, 2024, relates to the following transactions:

Nature of risk hedged

Hedged item

Range of rates for hedged item

Range of rates for hedge instruments

Amount hedged

Amounts recognized in other comprehensive
income

Amounts recognized in profit or loss

Fair value

Forward

Exchange rate

Trade accounts payable and other accounts payable – Purchase of assets (Note 22)

USD/COP

1 USD / $4,466.19

5.2MUSD

5,210

278

F-65

The detail of maturities of these hedge instruments at December 31, 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			278				-				-				-				-				278

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

Amount hedged

Amounts recognized in other comprehensive income

Amounts recognized in profit or loss

Fair value

Forward

Exchange rate

Trade accounts payable and other accounts payable – Purchase of assets (Note 22)

USD/COP

1 USD / $4,204.54

15.5MUSD

(5,488

)

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

Éxito Group has documented the effectiveness testing of the hedge by assessing that:

-	There is an economic relationship between the hedged item and the hedging instrument,

-	The effect of credit risk does not predominate,

-	The hedge ratio of the hedging relationship is the same as the ratio derived from the amount of the hedged item that the entity actually hedges and the amount of the hedging instrument that the entity actually uses to hedge that amount of the hedged item.

Note 26. Other liabilities

The balance of other liabilities is shown below:

	As at December 31,
	2024		2023
Deferred revenues (1)		179,448		208,126
Customer loyalty programs (1)		46,217		43,990
Advance payments under lease agreements and other projects (2)		3,689		4,604
Advance payments for fixed assets sold (3)		832		-
Instalments received under “plan resérvalo”		160		160
Repurchase coupon		100		239
Total other liabilities		230,446		257,119

Current		230,068		254,766
Non-current		378		2,353

(1)

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

F-66

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, 2021		154,265			56,165
Additions		3,637,936			14,320
Revenue recognized		(3,577,850	)		(14,964	)
Effect of exchange difference from translation into presentation currency		(6,225	)		(11,531	)
Balance at December 31, 2023		208,126			43,990
Additions		8,651,525			13,302
Revenue recognized		(8,680,200	)		(12,404	)
Effect of exchange difference from translation into presentation currency		(3	)		1,329
Balance at December 31, 2024		179,448			46,217

(2)

The variation corresponds to the payment received from the sale of the López de Galarza building in Ibagué in November for $2,484.

(3)

It corresponds to the advance payment for the sale of the La Colina land for $832.

Note 27. Shareholders’ equity

Capital and premium on placement of shares

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

The rights attached to the shares are speaking and voting rights per 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.

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 future dividend distribution.

Legal reserve: According to Article 452 of the Colombian Commercial Code and Article 51 of the Bylaws of Almacenes Éxito S.A., corporations shall establish a legal reserve equivalent to at least 50% of the subscribed capital. To achieve this, 10% of the net profits of each fiscal year must be allocated to the legal reserve until this minimum percentage is reached. Once the 50% threshold is reached, it will be up to the General Shareholders’ Meeting to decide whether to continue increasing the legal reserve. However, if the reserve decreases, it will be mandatory to allocate 10% of the net profits of each year until the reserve reaches the established limit again.

Occasional reserve: Occasional reserve established by the General Shareholders’ Meeting.

Reserve for share repurchase: Occasional reserve established by the General Shareholders’ Meeting for the purpose of repurchasing shares.

Reserve for future dividend payments: Occasional reserve created by the General Shareholders’ Meeting to ensure the distribution of future dividends to shareholders.

F-67

Other comprehensive income

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

	As at December 31,
	2024								2023
	Gross value			Tax effect		Net value			Gross value			Tax effect		Net value
Loss from financial instruments designated at fair value through other comprehensive income		(17,531	)		-		(17,531	)		(16,433	)		-		(16,433	)
Remeasurement loss on defined benefit plans		(3,483	)		1,544		(1,939	)		(5,052	)		1,844		(3,208	)
Translation exchange differences		(2,324,746	)		-		(2,324,745	)		(2,323,383	)		-		(2,323,383	)
Gain from cash-flow hedge		12,150			1,423		13,573			8,757			2,610		11,367
(Loss) on hedge of net investment in foreign operations		(18,977	)		-		(18,977	)		(18,977	)		-		(18,977	)
Total other comprehensive income		(2,352,587	)		2,967		(2,349,619	)		(2,355,088	)		4,454		(2,350,634	)

Other comprehensive income of non - controlling interests							(42,615	)							(46,588	)
Other comprehensive income of the parent							(2,307,004	)							(2,304,046	)

Note 28. Revenue from contracts with customers

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

	Year ended December 31,
	2024		2023
Retail sales (1) (Note 40)		20,864,329		20,226,311
Service revenue (2) (Note 40)		927,149		819,493
Other revenue (3) (Note 40)		89,031		76,283
Total revenue from contracts with customers		21,880,509		21,122,087

(1)

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

F-68

This amount includes the following items:

	Year ended December 31,
	2024		2023
Retail sales, net of sales returns and rebates		20,841,145		20,176,915
Sale of real estate project inventories (a)		23,184		49,396
Total retail sales		20,864,329		20,226,311

(a)

As of December 31, 2024, it corresponds to the sale of 14.04% of the Éxito Occidente real estate project for $2,850, the sale of Montería Centro for $10,350, the sale of López de Galarza for $2,484, and the sale of La Colina for $7,500. As of December 31, 2023, it corresponds to the sale of inventory from the Galería la 33 real estate project for $29,208, the sale of the Carulla Calle 100 real estate project for $18,000, and the sale of 20.43% of the La Secreta property for $2,188.

(2)

Revenues from services and rental income comprise:

	Year ended December 31,
	2024		2023
Leases and real estate related income		345,019		317,828
Lease of physical space		128,636		86,598
Advertising		92,272		99,224
Distributors		92,241		93,702
Commissions (a)		71,083		33,867
Administration of real estate		59,933		52,613
Telephone		48,428		40,973
Transport		43,625		37,035
Banking services		20,822		21,817
Money transfers		7,748		9,096
Other		17,342		26,740
Total service revenue		927,149		819,493

(a)

The increase corresponds mainly to the payment received from Tuya S.A. for discounts granted on the use of the card, amounting to $39,403.

(3)

Other revenue relates to:

	Year ended December 31,
	2024		2023
Marketing events		17,922		20,228
Collaboration agreements (a)		11,333		7,513
Asset utilizations		9,129		5,423
Financial Services		5,013		4,606
Real estate projects		4,565		2,592
Royalty revenue		3,836		3,783
Recovery of other liabilities		1,772		3,777
Use of parking spaces		1,215		1,889
Technical advisory		72		79
Other (b)		34,174		26,393
Total other revenue		89,031		76,283

(a)

Represents revenue from the following collaboration agreements which consist of contracts to carry out projects or activities:

	Year ended December 31,
	2024		2023
Redeban S.A.		5,645		4,010
Éxito Media		3,091		2,907
Alianza Sura		1,343		481
Autos Éxito		1,234		-
Moviired S.A.S.		20		115
Total collaboration agreement		11,333		7,513

(b)

Corresponds mainly to the reimbursement of insurance for claims amounting to $10,492.

F-69

Note 29. Distribution, administrative and selling expenses.

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

	Year ended December 31,
	2024		2023
Employee benefits (Note 30)		1,687,211		1,680,016
Depreciation and amortization		595,003		554,771
Taxes other than income tax		406,374		355,937
Fuels and power		273,340		263,180
Repairs and maintenance		266,278		239,911
Advertising		163,643		158,591
Commissions on debit and credit cards		159,461		156,798
Security services		117,385		113,538
Services		112,795		107,188
Cleaning services		89,918		87,412
Professional fees		86,687		96,204
Leases		63,162		62,666
Transport		57,922		44,149
Administration of trade premises		54,648		49,710
Packaging and marking materials		52,659		57,611
Outsourced employees		50,959		43,767
Insurance		46,196		51,947
Credit loss expense (a)		40,953		25,208
Commissions		13,588		16,394
Other provision expenses		11,262		9,125
Cleaning and cafeteria		10,253		10,850
Other commissions		9,997		9,505
Legal expenses		8,420		8,964
Stationery, supplies and forms		7,798		6,529
Travel expenses		7,725		17,139
Legal expenses		6,151		5,762
Ground transportation		3,979		4,529
Seguros Éxito collaboration agreement		1,824		6,537
Éxito Media collaboration agreement		1,753		-
Autos Éxito collaboration agreement		-		817
Other		275,789		238,238
Total distribution, administrative and selling expenses		4,683,133		4,482,993
Distribution expenses		2,637,171		2,428,475
Administrative and selling expenses		358,751		374,502
Employee benefit expenses		1,687,211		1,680,016

(a)	This amount includes the following items:

	Year ended December 31
	2024		2023
Allowance for expected credit losses (Note 8.1)		39,514		23,387
Hyperinflationary adjustments		725		667
Write-off of receivables		714		1,154
Total		40,953		25,208

F-70

Note 30. Employee benefit expenses

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

	Year ended December 31,
	2024			2023
Wages and salaries		1,393,206			1,396,589
Contributions to the social security system		50,010			47,820
Other short-term employee benefits		57,471			59,418
Total short-term employee benefit expenses		1,500,687			1,503,827

Post-employment benefit expenses, defined contribution plans		140,484			125,235
Post-employment benefit expenses, defined benefit plans		437			2,045
Total post-employment benefit expenses		140,921			127,280

Termination benefit expenses		14,425			13,349
Other personnel expenses		31,333			35,399
Other long-term employee benefits		(155	)		161
Total employee benefit expenses		1,687,211			1,680,016

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

Note 31. Other operating revenue (expenses) and other (losses) gain, net

Other operating revenue

	Year ended December 31,
	2024		2023
Recovery allowance for expected credit losses (Note 8.1)		28,985		18,010
Recovery employee liabilities		16,945		27
Recovery of provisions for legal proceedings		9,227		3,246
Other indemnification (1)		5,469		1,979
Recovery of other provisions		3,756		427
Insurance indemnification		3,116		6,425
Recovery of costs and expenses from taxes other than income tax		2,052		2,179
Recovery of restructuring expenses		1,685		1,265
Recovery of provisions from taxes other than income tax		241		3,336
Total other operating revenue		71,476		36,894

(1)

Corresponds to the compensation paid by Rappi S.A.S. for the losses of the Turbo operation home delivery sales.

Other operating expenses

	Year ended December 31,
	2024			2024
Restructuring expenses		(66,166	)		(30,451	)
Other provisions (1)		(13,521	)		(1,594	)
Other (2)		(39,672	)		(75,388	)
Total other operating expenses		(119,359	)		(107,433	)

(1)

Corresponds to the store and shop closure plan.

(2)

Corresponds:

	Year ended December 31,
	2024			2023
Tax on wealth		(24,713	)		(22,719	)
Fees for the registration process in the New York and … Sao Paulo Stock Exchanges		(12,952	)		(46,531	)
Fees for projects for the implementation of norms and laws		(1,157	)		(7,747	)
Others		(850	)		1,609
Total others		(39,672	)		(75,388	)

F-71

Other net (losses) income

	Year ended December 31,
	2024			2024
Gain from the early termination of lease contracts		3,022			3,544
Write-off of assets		856			1,187
Impairment loss on assets		(15,999	)		(4,639	)
(Loss) from write-off of property, plant and equipment, intangible, property investments and other assets		(13,745	)		10,178
Total other net (losses) income		(25,866	)		10,270

Note 32. Financial income and cost

The amount of financial income and cost is as follows:

	Year ended December 31,
	2024			2023
Gain from foreign exchange differences		60,709			157,889
Interest income on cash and cash equivalents (Note 7)		30,799			45,852
Net monetary position results, effect of the statement of profit or loss (1)		28,234			29,456
Gain from liquidated derivative financial instruments		25,870			37,599
Gains from valuation of derivative financial instruments		14,769			71
Other financial income		7,955			13,223
Total financial income		168,336			284,090

Interest expense on loan and borrowings		(203,592	)		(227,522	)
Interest expense on lease liabilities		(148,087	)		(126,169	)
(Loss) from foreign exchange differences		(140,253	)		(89,176	)
Net monetary position expense, effect of the statement of financial position		(29,901	)		(17,261	)
Loss from liquidated derivative financial instruments		(22,868	)		(73,643	)
Factoring expenses		(21,810	)		(114,577	)
Commission expenses		(5,669	)		(6,503	)
Loss from fair value changes in derivative financial instruments		(1,174	)		(33,808	)
Other financial expenses		(6,328	)		(9,721	)
Total financial cost		(579,682	)		(698,380	)

Net financial result		(411,346	)		(414,290	)

(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	%
December 31, 2023		6,603.36		276.4	%
December 31, 2024		11,034.04		67.1	%

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 year. There were no dilutive potential ordinary shares outstanding at the years ended December 31, 2024 and 2023. The calculation of basic and diluted earnings per share for all years presented is as follows:

In profit for the years:

	Year ended December 31,
	2024		2023
Net profit attributable to equity holders of the parent (basic)		54,786		125,998
Weighted average of the number of ordinary shares attributable to earnings per share (basic)		1.297.864.359		1.297.864.359
Basic earnings per share to equity holders of the parent (in Colombian pesos)		42.21		97.08

F-72

In continuing operations:

	Year ended December 31,
	2024		2023
Net profit from continuing operations (Basic)		237,243		308,174
Less: net income from continuing operations attributable to non-controlling interests		182,457		182,176
Net profit from continuing operations attributable to the equity holders of the parent (basic)		54,786		125,998
Weighted average of the number of ordinary shares attributable to earnings per share (basic)		1.297.864.359		1.297.864.359
Basic earnings per share from continuing operations attributable to the equity holders of the parent (in Colombian pesos)		42.21		97.08

Note 34. Impairment of assets

Note 34.1. Financial assets

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

Note 34.2. Non-financial assets

December 31, 2024

Exito Group has evolved in its operational management, adopting a comprehensive view of the retail business instead of analyzing each brand separately. Now, cash flows, revenues, and costs are managed in an integrated manner, prioritizing the overall performance of each business line, which has led to a change in an accounting estimate. Management, aligned with the new controlling entity, has transitioned to performance reports based on business lines such as retail and real estate, rather than extensive segmentations by brand or store. Projections and metrics have also been simplified, focusing on profitability by country. As a result, the retail business will be consolidated into a single UGE that encompasses all brands.

The carrying amount of the cash-generating units is composed of the balances of goodwill, property, plant and equipment, investment properties, other intangible assets, and the equity value of subsidiaries domiciled abroad, along with the balances of goodwill.

For the purposes of the impairment test, goodwill acquired through business combinations, brands, and exploitation rights of commercial premises with indefinite useful lives were allocated to the cash-generating units of Colombia, Uruguay, and Argentina, which are also operating and actionable segments.

	Groups of cash-generating units (*)
	Surtimax		Súper Ínter		Taeq		Colombia (1)		Uruguay		Argentina		Total
Goodwill (Note 17)		-		-		-		1,453,077		1,477,494		366,515		3,297,086
Trademarks with indefinite useful life (Note 16)		17,427		63,704		5,296		-		118,634		97,255		302,316
Rights with indefinite useful life (Note 16)		-		-		-		20,491		-		6,980		27,471

(*)	The groups of cash-generating units are based on the segments indicated in Note 40

(1)	The value of goodwill in Colombia (retail) includes the balances of Super Inter and Surtimax and store conversions of Éxito, Carulla, and Surtimayorista.

The Group conducted its annual impairment test by comparing the carrying value of net assets, including the value of goodwill and rights assigned to the cash-generating units, with their recoverable amount. The method used in the impairment test for the recoverable amount of goodwill and the cash-generating units domiciled in Colombia, Uruguay, and Argentina was the value in use, due to the difficulty of finding an active market that would allow for the determination of the fair value of these intangible assets.

For the case of the brands Super Inter, Surtimax, Taeq, Disco (Uruguay), and Libertad (Argentina), the recoverable amount was determined as the fair value less disposal costs, based on the discounted royalty savings cash flows.

F-73

Recoverable amount

	Cash-generating units (*)						Brands
	Colombia		Uruguay		Argentina		Surtimax		Super Inter		Taeq		Disco		Libertad
Amount		6,563,215		5,644,904		1,181,652		30,171		64,432		23,461		238,911		96,208

(*)	The cash-generating units are based on the segments indicated in Note 40.

The methodology for calculating the recoverable value for the cash-generating units, using the value in use approach, was based on income through discounted cash flows covering a period of five years, which were estimated according to projections made by management in trend analyses based on historical results, growth plans, strategic projects to increase sales, and optimization plans.

The perpetuity growth rate used for the cash-generating units and for calculating the recoverable amount of the brands is 3.5% for Colombia, 5.0% for Uruguay, and 3.7% for Argentina, corresponding to the long-term inflation expectation for each country, except for Argentina, which aligns with the long-term inflation estimate for the United States. For Grupo Éxito, this is a conservative approach that reflects the expected normal growth for the industry, assuming no other unexpected factors that could impact growth.

The tax rate included in the projection of cash flows and royalty savings flows corresponds to the expected tax rate to be paid in the coming years. The rate included for the projection of the cash-generating units and brands for Colombia is 35% for 2025 and beyond, the rates in effect in Colombia as of December 31, 2024. For the Argentina and Uruguay segments, the tax rate used was 25%.

The expected cash flows for the goodwill were discounted at the weighted average cost of capital (WACC); for Colombia, using a market debt structure for the industry in which Grupo Éxito operates, it was 11.4%, and the same was used in determining the book value of the cash-generating unit for Uruguay at 11% in nominal terms UYU after taxes, and for Argentina, it was 13.8% in nominal terms USD after taxes.

The royalty savings flows for the brands were discounted at the weighted average cost of capital (WACC); for Super Inter and Surtimax, it was 12.8%, for Taeq it was 12.4%, and the same was used in determining the recoverable amount for the Disco brand, which was 12% in nominal terms UYU after taxes, and for the Libertad brand, it was 14.8% in nominal terms USD after taxes. The disposal cost is an estimate of 0.5% of the total value of the discounted royalty savings flows calculated on the brands.

The variables with the greatest impact on the determination of the value in use of the cash-generating units are the discount rate and the perpetuity growth rate. The definitions of these two variables are as follows:

(a)

Perpetuity Growth Rate: The nominal perpetuity growth rates are the long-term inflation expectations for the country in question, meaning a real growth rate of zero. A decrease in real growth rates below zero is not considered reasonably possible, as it is expected that cash flows will increase at least in line with inflation and potentially above the overall price growth in the economy.

(b)

Discount Rate: The calculation of the discount rate is based on a market debt analysis for the Group; a reasonable change would be if the discount rate were to increase, in which case, no impairment of value would occur for any of the cash-generating units.

As a result of this test, no impairment in the book value of the cash-generating units and brands is recognized.

The impairment of property, plant, and equipment, and right-of-use assets is the book value exceeding the recoverable amount; in turn, the recoverable amount is the higher of value in use and fair value less costs to sell. The method used to calculate the recoverable amount was the income approach (value in use) due to its adequate approximation of the recoverable value of these assets. The impairment recorded during the period amounted to:

Asset	Value $		Segment
Rights of use asset		9,647	Uruguay
Property, plant and equipment		6,534	Uruguay

On the other hand, during the year, a recovery in the value of property, plant, and equipment of the subsidiary in Uruguay was identified for an amount of $856.

The impairment was properly accounted for with a charge to the period’s results.

The method used in the impairment test for investment properties was the income approach due to its adequate approximation to the fair value of these assets. As a result of this test, no impairment is recognized in the carrying amount of the investment properties.

F-74

Sensitivity Analysis

A sensitivity analysis has been performed to assess the impact of reasonably possible changes in growth rates and discount rates used in the impairment test.

Brands

In particular, the effects of an increase and decrease of 0.5 percentage points in the long-term growth rate and a royalty increase of 0.25 percentage points, as well as an increase and decrease between 0.4 and 0.7 percentage points in the applied discount rate, were analyzed.

The results of this analysis indicate that:

An increase of 0.5 percentage points in the discount rate or a decrease of 0.5 percentage points in the growth rate would lead to a reduction in the recoverable value of the Super Inter brand. The same effect would occur with an increase of 0.7 percentage points in the discount rate and a decrease of 0.5 percentage points in the growth rate for the Libertad brand, which could lead to impairment if the carrying amount exceeds the new recoverable value.

Based on the results obtained, management considers that, under the scenarios analyzed, no significant impairment indicators are identified, except in the case of a simultaneous combination of an increase in the discount rate and a reduction in the growth rate, which could affect the recoverability of certain assets.

F-75

Cash-Generating Units

In particular, the effects of an increase and decrease of 0.5 percentage points in the long-term growth rate, as well as an increase and decrease between 0.4 and 0.7 percentage points in the discount rate applied, were analyzed.

The results of this analysis indicate that:

An increase of 0.7 percentage points in the discount rate and a decrease of 0.5 percentage points in the growth rate would result in a reduction in the recoverable value of Libertad in the Argentina segment, which could lead to impairment if the carrying amount exceeds the new recoverable value.

December 31, 2023

The carrying amount of the groups of cash-generating units is made of goodwill, property, plant and equipment, investment properties, other intangible assets and the value of the equity of the subsidiaries domiciled in Colombia, Uruguay and Argentina, and its goodwill acquired through business combinations.

For the purposes of impairment testing, the goodwill obtained through business combinations, trademarks and the rights to exploit trade premises with indefinite useful lives were allocated to the following groups of cash-generating units from Colombia, Uruguay y Argentina which are also operating and workable segments.

	Groups of cash-generating units
	Surtimax		Súper Ínter		Taeq		Colombia (1)		Uruguay		Argentina		Total
Goodwill (Note 17)		-		-		-		1,453,077		1,441,256		186,289		3,080,622
Trademarks with indefinite useful life (Note 16)		17,427		63,704		5,296		-		115,020		49,432		250,879
Rights with indefinite useful life (Note 16)		-		-		-		20,491		-		2,894		23,385

(1)

The value of goodwill in Colombia (retail trade) includes the balances of Super Inter and Surtimax, as well as the store conversions of Éxito, Carulla, and Surtimayorista.

The method used in the impairment test was the value in use due to the difficulty of finding an active market to establish the fair value of these intangible assets; similarly, for the groups of cash-generating units domiciled in Colombia and Uruguay, in the case of Argentina, the fair value less the disposal costs of its portfolio of commercial real estate was determined.

The value in use was estimated based on the expected cash flows as forecasted by management over a five-year period, on the grounds of the price growth rate in Colombia and Uruguay (Consumer Price Index - CPI), trend analyses based on past results, expansion plans, strategic projects to increase sales, and optimization plans.

The perpetuity growth rate used is 3.6% for Colombia and 5.4% for Uruguay corresponding to the long-term inflation expectation for each country. These dates suppose real growth rate of 0% for cash flows beyond the five-year period. For the Éxito Group, this is a conservative approach that reflects the ordinary growth expected for the industry in absence of unexpected factors that might have an effect on growth.

The tax rate included in the forecast of cash flows is the rate at which it expects to pay its taxes during the next years. The tax rate used in the projection of cash flows of the Éxito, Carulla, Surtimax, Súper Ínter and Surtimayorista cash-generating units was 35% for 2024 onwards, which is the enacted rate in Colombia as at December 31, 2023.

For goodwill allocated to the Uruguayan cash-generating unit, the tax rate used was 25%.

Expected cash flows were discounted at the weighted average cost of capital (WACC) using a market indebtedness structure for the type of industry where Éxito Group operates, which was 13.2% for 2023, 10.7% for 2024, 9.7% for 2025, 9.0% for 2026, 8.1% for 2027 and 8.1% for 2028 onwards.

The WACC used to discount the cash flows of the Uruguayan cash-generating unit was 9.2% for 2023, 10.1% for 2024, 10.7% for 2025, 9.8% for 2026,

9.5% for 2027 and 9.5% for 2028 onwards.

The budgeted average Ebitda growth rate for the next five years is 10.3% for Colombia, 7.6% for Uruguay, and 94.6% for Argentina.

The variables that have the greater impact on the determination of the value in use of the cash-generating units are the discount rate and the perpetual growth rate. These variables are defined as follows:

(a)

Growth rate in perpetuity: Nominal growth rates in perpetuity are the long-term inflation expectations for the relevant country, i.e. a real growth rate of zero. A decrease in real growth rates to below zero is not considered reasonably possible given cash flows are expected to increase at least in line with inflation, and up to 1% above inflation.

(b)

Discount rate: The estimation of the discount rate is based on an analysis of the market indebtedness for Almacenes Éxito S.A.; a change is deemed reasonable if the discount rate would increase by 1%, in which event no impairment in the value of the groups of cash-generating units would arise.

F-76

Impairment of property, plant and equipment is the carrying amount that exceeds the recoverable amount; in turn, the recoverable amount is the higher of value in use and fair value less costs of sell. Assets are grouped into stores, which generate independent cash flows. The method used to calculate the recoverable value was the income approach (value in use) due to its adequate approximation to the recoverable value of these. As a result of the test, there was an impairment in the value of the property, plant and equipment from Uruguayan subsidiary in the amount of $2,903 and in the right of use with the same subsidiary in the amount of $1,038. Additionally, there was a reversal of impairment of value in the property of the Uruguayan subsidiary of $1,188. The impairment was properly accounted for and charged to income for the period.

The method used in the impairment test for investment properties was the income approach due to its adequate approximation to the fair value of these properties. As a result of the test, there was an impairment in the value of the Viva Palmas property in the amount of $698. The impairment was properly accounted for and charged to income for the period.

The recoverable amount of the Argentina group of cash generating units was determined as the fair value less costs of disposal of its retail estate portfolio. This was estimated based on the appraisals performed by an independent appraiser on all the properties owned by the subsidiary in Argentina, minus the total liabilities, plus cash of Libertad S.A. as of December 31, 2023, excluding non-monetary and intercompany items. The cost of disposal is an estimated brokerage commission on the sale of real estate equivalent to 3% of the total amount of the property values. The main variables used in the appraisals are the real estate index in Argentina and the exposure to foreign exchange (USD more specifically). A decrease of 45% in the fair value less costs to sell would trigger an impairment charge.

Except for the above, there is no impairment in the carrying value of the cash generating units.

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.

	December 31, 2024				December 31, 2023
Financial assets	Carrying amount		Fair value		Carrying amount		Fair value
Trade receivables and other accounts receivable at amortized cost		10,107		9,618		12,629		11,085
Investments in private equity funds		402		402		472		472
Forward contracts measured at fair value through income (Note 12)		4,469		4,469		-		-
Derivative swap contracts denominated as hedge instruments (Note 12)		-		-		2,378		2,378
Investment in bonds (Note 12)		-		-		578		578
Investment in bonds through other comprehensive income (Note 12)		13,302		13,302		13,288		13,288
Equity investments (Note 12)		1,437		1,437		10,676		10,676

Non-financial assets
Investment property (Note 14)		13,302		13,302		13,288		13,288
Property, plant and equipment, and investment property held for sale (Note 41)		1,437		1,437		10,676		10,676

Financial liabilities
Loans and borrowings (Note 20)		1,907,673		1,906,048		823,863		824,054
Put option (Note 20)		350,776		350,776		442,342		442,342
Forwards contracts denominated as hedge instruments (Note 25)		278		278		5,488		5,488
Forward contracts measured at fair value through income (Note 25)		1,174		1,174		11,299		11,299

Non-financial liabilities
Customer loyalty liability (Note 26)		46,217		46,217		43,990		43,990

F-77

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

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 3	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 (11,25% – 19,49%) Vacancy rate (0% - 45,40%) Terminal capitalization rate (7,75% - 9,75%)

F-78

	Hierarchy level	Valuation technique	Description of the valuation technique	Significant input data

Assets
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

F-79

	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. at December 31, 2024 and 2023. 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.

F-80

Hierarchy level	Valuation technique	Description of the valuation technique	Significant input data

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. at December 31, 2024.	$	188,763		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	$	274,511		On December 31 2024, the value of the put option is recognized based on Times Average Net Result.
	Net financial debt of Supermercados Disco del Uruguay S.A., consolidated over 6 months	$	(189,837	)	Grupo Disco Uruguay S.A.’s Ebitda should increase by approx. 28.45% to arrive at a value greater than the recognized value. The Fixed contract price should increase by approx. 2.38% to reach a value greater than the recognized value.
	Fixed contract price	$	350,776		An exchange rate appreciation of 15% would increase the value of the put option by $52,616.
	US Dollar-Uruguayan peso exchange rate on the date of valuation	$	43.67
	US Dollar-Colombian peso exchange rate on the date of valuation	$	4,409.15
	Total shares Supermercados Disco del Uruguay S.A.		232,710,093

F-81

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 and level 2 hierarchies during the period ended December 31, 2024.

Note 36. Contingencies

Contingent assets

Éxito Grupo has not material contingent assets to disclose at December 31, 2024 and at December 31, 2023.

Contingent liabilities

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

(a)

The following processes are being carried out with the aim of preventing Grupo Éxito from paying the amounts claimed by the plaintiff:

Administrative discussion with the DIAN (National Customs Directorate of Colombia) for $42,210 (December 31, 2023 - $40,780) related to the notification of special request 112382018000126 from September 17, 2018, in which it was proposed to modify the 2015 income tax return. In September 2021, Almacenes Éxito S.A. received a new notification from the DIAN confirming its proposal. However, external advisors consider the process a contingent liability.

Nullification of Resolution No. 2024008001 of August 5, 2024, which imposes a penalty for failure to declare the annual ICA tax for 2020 to 2022; the declarations were filed bimonthly, and Resolution No. 0034 of November 8, 2024, for $4,175 (December 31, 2023 - $-).

Nullification of the Official Review Liquidation GGI-FI-LR-50716-22 of November 22, 2022, through which the District of Barranquilla modifies the 2019 industry and commerce tax return, establishing a higher tax amount and an inaccuracy penalty, and the nullification of Resolution GGI-DT-RS-282-2023 of October 27, 2023, resolving the reconsideration request, for $3,790 (December 31, 2023 - $-).

Nullification of Official Review Liquidation GGI-FI-LR-50712-22 of November 2, 2022, through which the 2018 industry and commerce tax return is modified, establishing a higher tax amount and an inaccuracy penalty, and the nullification of Resolution GGI.DT-RS-282-2023 of October 27, 2023, resolving the reconsideration request, for $3,291 (December 31, 2023 - $-).

Nullification of the sanction resolution of September 2020, which ordered the reimbursement of the balance in favor calculated in the income tax for the taxable period 2015, for $2,734 (December 31, 2023 - $2,211).

Nullification of Official Review Liquidation GGI-FI-LR-50720-22 of December 6, 2022, through which the 2020 industry and commerce tax return is modified, establishing a higher tax amount and an inaccuracy penalty, and the nullification of Resolution GGI-DT-RS-329-2023 of December 4, 2023, resolving the reconsideration request, for $2,664 (December 31, 2023 - $-).

Nullification of Official Aforo Liquidation 00019-TS-0019-2021 of February 24, 2021, through which the Atlantic Department liquidates the Security and Citizen Coexistence Rate for the taxable period from February 2015 to November 2019, and the nullification of Resolution 5-3041-TS0019-2021 of November 10, 2021, resolving the reconsideration request, for $1,226 (December 31, 2023 - $1,226).

(b)

Guarantees:

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

Almacenes Éxito S.A. granted its subsidiary Almacenes Éxito Inversiones S.A.S. a guarantee to cover potential defaults on its obligations. As of December 31, 2024, the value amounts to $3,967 (December 31, 2023: $3,967).

Almacenes Éxito S.A. granted a bank guarantee valid from December 20, 2024, to March 20, 2025, to the third party Taiwan Melamine Products Industrial CO., LTD., for guarantee the payment for the purchase of merchandise (goods and supplies) in amount of $146.

Almacenes Éxito S.A. granted a bank guarantee valid from December 20, 2024, to March 20, 2025, to the third party Jia Wei Lifestyle, INC. 14f 4, no. 296, Sec. 4, Xinyi Rd, for guarantee the payment for the purchase of merchandise (goods and supplies) in amount of $126.

Almacenes Éxito S.A. granted a bank guarantee valid from December 20, 2024, to March 20, 2025, to the third party Duy Thanh Art Export CO., LTD (artex d and t). RD, for guarantee the payment for the purchase of merchandise (goods and supplies) in amount of $110.

Almacenes Éxito S.A. granted a bank guarantee valid from December 20, 2024, to March 20, 2025, to the third party Dandon Everlight Candle Industry CO., LTD., for guarantee the payment for the purchase of merchandise (goods and supplies) in amount of $94.

Almacenes Éxito S.A. granted a bank guarantee valid from December 20, 2024, to March 20, 2025, to the third party Minhou Xingcheng Arts and Crafts CO., LTD for guarantee the payment for the purchase of merchandise (goods and supplies) in amount of $61.

The subsidiary Éxito Viajes y Turismo S.A.S. granted a guarantee in favor of JetSmart Airlines S.A.S. for $400 to ensure the fulfillment of payments associated with the airline ticket sales agreement (December 31, 2023: $-).

F-82

The subsidiary Éxito Viajes y Turismo S.A.S. has a consumer protection action, which is being defended under the provisions of Article 4 of Decree 557 of the Ministry of Commerce, Industry, and Tourism, with scope from the state of emergency declared on March 12, 2020, for $1,208 corresponding to 269 processes.

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 potential defaults on its obligations for charges related to the use of local distribution systems and regional transmission before the market and the agents where the service is provided.

The subsidiary Transacciones Energéticas S.A.S. E.S.P. granted guarantees to the following third parties with the aim of covering the payment of charges for the use of the regional transmission system and local energy distribution system:

Company	Value $
Enel Colombia S.A. E.S.P.		1,214
XM Compañía de Expertos en Mercados S.A. E.S.P.		602
Empresas Públicas de Medellin E.S.P.		501
Emcali S.A. E.S.P.		241
Central hidroelétrica de Caldas S.A. E.S.P.		119
Caribemar de la Costa S.A.S. E.S.P.		116
Empresa de energía del Quindio S.A. E.S.P.		96
AIR-E S.A. E.S.P.		71
Empresa de Energía de Pereira S.A. E.S.P.		40
Eletrificadora del Caquetá S.A. E.S.P.		34
Celsia Colombia S.A. E.S.P.		31
Empresa de energía de Boyacá S.A. E.S.P.		30
Electrificadora del Meta S.A. E.S.P.		26
Centrales elétricas del norte de Santander S.A E.S.P.		23
Electrificadora de Santander S.A. E.S.P.		17
Centrales eléctricas de Nariño S.A. E.S.P.		4

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 year ended at December 31, 2023 the amount paid was $65,502.

Dividends declared and paid to the owners of non-controlling interests in subsidiaries during the year ended December 31, 2024 are as follows:

	Dividends declared		Dividends paid
Patrimonio Autónomo Viva Malls		121,977		144,979
Grupo Disco Uruguay S.A.		22,506		22,246
Patrimonio Autónomo Viva Villavicencio		11,739		11,817
Patrimonio Autónomo Centro Comercial		6,327		6,636
Éxito Viajes y Turismo S.A.S.		4,075		4,075
Patrimonio Autónomo Centro Comercial Viva Barranquilla		3,092		3,066
Patrimonio Autónomo Viva Laureles		3,003		2,980
Patrimonio Autónomo Viva Sincelejo		1,388		1,578
Éxito Industrias S.A.S.		1,136		1,136
Patrimonio Autónomo San Pedro Etapa I		818		413
Patrimonio Autónomo Viva Palmas		811		949
Total		176,872		199,875

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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, 2024 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

Note 38. Seasonality of transactions

The operating and cash flow cycles of Grupo Éxito show some seasonality in both operational and financial results, as well as in the financial indicators related to liquidity and working capital, with certain concentration during the first and last quarters of each year, mainly due to the Christmas and holiday bonus season and the “Días de Precios Especiales” event, which is the second most important promotional event of the year. Management monitors these indicators to ensure that risks do not materialize, and for those that could, action plans are implemented in a timely manner. Additionally, the same indicators are monitored to ensure they remain within industry standards.

Note 39. Financial risk management policy

At December 31, 2024 and 2023 Éxito Group’s financial instruments were comprised of:

	As at December 31,
	2024			2023
Financial assets
Cash and cash equivalents (Note 7)		1,345,710			1,508,205
Trade receivables and other receivables (Note 8)		670,158			717,269
Accounts receivables from related parties (Note 10) (3)		37,664			52,145
Financial assets (Note 12)		19,666			27,466
Total financial assets		2,073,198			2,305,085

Financial liabilities
Trade payables and other accounts payable (Note 23)		4,430,674			5,286,126
Loans and borrowings (Note 20)		2,258,449			1,266,205
Lease liabilities (Note 15)		1,984,244			1,567,959
Derivative instruments and collections on behalf of third parties (Note 25)		60,481			139,810
Accounts payable to related parties (Note 10) (4)		43,757			55,617
Total financial liabilities		8,777,605			8,315,717
Net (liability) exposure		(6,704,407	)		(6,010,632	)

(1) Transactions with related parties refer to transactions between Éxito Group. and its associates, joint ventures and other related parties, and are carried in accordance with market general prices, terms and conditions.

The financial health of the entity throughout the year is not solely represented by the working capital indicator, as this indicator reflects the seasonality inherent to the business. Therefore, it is evaluated together with financial indicators (current ratio, operating profitability, among others), corporate and industry KPIs that reflect both inventory cycle efficiency, debt level stability, and covenant compliance, as well as the stabilized sales performance and systematic control of expenses.

Capital risk management

Éxito Group manages its equity structure and makes the required adjustments as a function of changes in economic conditions and requirements under financial clauses. To maintain and adjust its capital structure, Éxito Group may also modify the payment of dividends to shareholders, reimburse capital contributions or issue new shares.

Financial risk management

Besides derivative instruments, the most significant of Éxito Group’s financial liabilities include debt, lease liabilities and interest-bearing loans, trade accounts payable and other accounts payable. The main purpose of such liabilities is financing Éxito Group’s operations and maintaining proper levels of working capital and net financial debt.

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The most significant of Éxito Group’s financial assets include loans, trade debtors and other accounts receivable, cash and short-term placements directly resulting from day-to-day transactions. The Éxito Group also has other investments classified as financial assets measured at fair value, which, according to the business model, have effects in income for the period or in other comprehensive income. Further, other rights may arise from transactions with derivative instruments and will be carried as financial assets.

The Éxito Group is exposed to market, credit and liquidity risks. Éxito Group management monitor the manner in which such risks are managed, through the relevant bodies of the organization designed for such purpose.

Financial risk management activities related to all transactions with derivative instruments are carried out by teams of specialists with the required skills and experience, who are supervised by the organizational structure. Pursuant to Éxito Group’s corporate policies, no transactions with derivative instruments may be carried out solely for speculation. Even if hedge accounting models not always are applied, derivatives are negotiated based on an underlying element that in fact requires such hedging in accordance with internal analyses.

The Board of Directors reviews and agrees on the policies applicable to manage each of these risks, which are summarized below:

Credit risk

A credit risk is the risk that a counterparty fails to comply with their obligations on a financial instrument or trade agreement, resulting in a financial loss. Éxito Group is exposed to credit risk arising from their operating activities (particularly from trade debtors) and from their financial activities, including deposits in banks and financial institutions and other financial instruments.

Cash and cash equivalents

The credit risk arising from balances with banks and financial entities is managed pursuant to corporate policies defined for such purpose. Surplus funds are only invested with counterparties approved by the Board of Directors and within previously established jurisdictions. On an ongoing basis, management reviews the general financial conditions of counterparties, assessing the most significant financial ratios and market ratings.

Management monitors the liquidity of the group (which includes unused credit lines) and cash and cash equivalents (note 7) based on expected cash flows. This is generally carried out both locally and internationally within the group’s operating companies, in accordance with practices and limits established by the group. These limits vary by location to account for the liquidity of the market in which the Group operates. Additionally, the group’s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets required to meet them, monitoring liquidity ratios on the statement of financial position in relation to internal and external regulatory requirements, and maintaining debt financing plans.

	As at December 31,
	2024		2023
Rating
BB+		340,101		626,259
BB-		17,144		41,574
N/A (*)		795,812		809,535
Total cash at banks and on hand		1,153,057		1,477,368

(*) N/A: No available.

Trade receivables and other receivables

The credit risk associated with trade receivables is low given that most of Éxito Group’s sales are cash sales (cash and credit cards) and financing activities are conducted under trade agreements that reduce Éxito Group’s exposure to risk. In addition, there are administrative collections departments that permanently monitor ratios, figures, payment behaviors and risk models by each third party. There are no trade receivables that individually are equivalent to or exceed 5% of accounts receivable or sales, respectively. Additionally, the turnover of these accounts receivable does not exceed 30 days.

Collaterals

Grupo Éxito does not provide guarantees, sureties, or letters of credit, issue complete or blank securities, or create any lien or contingent right in favor of third parties. Exceptionally Grupo Éxito may establish liens considering the relevance of the business, the amount of the contingent obligation, and the benefit. Additionally, there are some promissory notes that are part of the ordinary course of business operations with banks and treasury. At December 31, 2024, Almacenes Éxito S.A. acted as guarantor for its subsidiary Almacenes Éxito Inversiones S.A.S. for $3,967 to cover potential defaults on its obligations, acts as a joint debtor of the subsidiary Patrimonio Autónomo Centro Comercial Viva Barranquilla at the request of some insurance companies and as a requirement for the issuance of performance bonds, and also granted bank guarantees in favor of third parties to cover the payment of merchandise purchases for $535. Éxito Viajes y Turismo S.A.S. granted a guarantee in favor of JetSmart Airlines S.A.S. for $400.The subsidiaries Exito Industrias S.A.S. and Éxito Viajes y Turismo S.A.S. provided guarantees to insurance companies and as a requirement for the issuance of performance bonds. The subsidiary Transacciones Energéticas S.A.S. E.S.P. granted guarantees to third parties for $6,135 to secure the payment of charges for the use of the regional transmission system and local energy distribution system.

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Market risk

Interest rate risk

Currency risk

Éxito Group manages its exchange rate risk via derivative financial instruments (namely forwards and swaps) whenever such instruments are efficient to mitigate volatility.

At December 31, 2024 and 2023, Éxito Group had hedged almost 100% of their purchases and liabilities in foreign currency.

Liquidity risk

Liquidity risk is the risk that Éxito Group faces difficulties to fulfil its obligations associated with financial liabilities, which are settled by delivery of cash or other financial assets. Éxito Group’s approach to manage liquidity is to ensure, in as much as possible, that it will always have the necessary liquidity to meet its obligations without incurring unacceptable losses or reputational risk.

Éxito Group manages liquidity risks by daily monitoring its cash flows and maturities of financial assets and liabilities, and by maintaining proper relations with the relevant financial institutions.

Éxito Group maintains a balance between business continuity and the use of financing sources through short-term and long-term bank loans according to requirements, unused credit lines available from financial institutions, among other mechanisms. At December 31, 2024 approximately 92% of Éxito Group’s debt will mature in less than one year (December 31, 2023 - 71%) considering the carrying amount of borrowings included in the accompanying financial statements.

The Éxito Group’s liquidity risk is considered to be low as there is no significant restriction for the payment of financial liabilities settling within twelve months from the reporting date, December 31 2024. Access to financing sources is sufficiently secured.

The following table shows a profile of maturities of Éxito Group’s financial liabilities based on non-discounted contractual payments arising from the relevant agreements.

At December 31, 2024	Less than 1 year		From 1 to 5 years		More than 5 years		Total
Lease liabilities		406,060		1,017,860		1,087,914		2,511,834
Other relevant contractual liabilities		1,655,488		303,007		8,974		1,967,469
Total		2,061,548		1,320,867		1,096,888		4,479,303

At December 31, 2023	Less than 1 year		From 1 to 5 years		More than 5 years		Total
Lease liabilities		378,806		938,113		766,452		2,083,371
Other relevant contractual liabilities		619,150		303,912		29,137		952,199
Total		997,956		1,242,025		795,589		3,035,570

Sensitivity analysis for 2024 balances

Éxito Group assessed the potential changes in interest rates of financial liabilities and other significant contract liabilities. Assuming complete normality and considering 10% variation in interest rates, three scenarios have been assessed:

Scenario I: Latest interest rates known at the end of 2024.

Scenario II: An increase of 0.896% was assumed for the Banking Reference Rate. This increase was on the latest published interest rate.

Scenario III: A decrease of 0.896% was assumed for the Banking Reference Rate. This reduction was on the latest published interest rate.

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The sensitivity analysis did not result in significant variance among the three scenarios. Potential changes are as follows:

Operations

Risk

Balance at December 31,

2024

Market forecast

Scenario I

Scenario II

Scenario III

Borrowings

Changes in interest rates

1,907,673

1,890,011

1,892,999

1,887,024

Derivative financial instruments

Éxito Group uses derivative financial instruments to hedge risk exposure, with the main purpose of hedging exposure to interest rate risk and exchange rate risk, fixing the interest and exchange rates of the financial debt.

As of December 31, 2024, the reference value of these contracts amounted to $- (December 31, 2023 - $120,916 million) (interest rate swaps), USD 47.07 million and EUR 4.92 million (December 31, 2023 - USD 34.6 million and EUR 4.11 million) (forwards), USD 5.2 million (December 31, 2023 - USD 15.5 million) (forwards). These transactions are usually contracted under the same terms for amounts, duration, and transaction costs, and preferably with the same financial entities, always observing the limits and policies of Grupo Éxito.

Éxito Group has designed and implemented internal controls to ensure that these transactions are carried out in compliance with its policies.

Fair value of derivative financial instruments

The fair value of derivative financial instruments is estimated under the operating cash flow forecast model, using government treasury security curves in each country and discounting them at present value, using market rates for swaps as disclosed by the relevant authorities in such countries.

Swap market values were obtained by applying market exchange rates valid on the date of the financial information available, and the rates are forecasted by the market based on currency discount curves. A convention of 365 consecutive days was used to calculate the coupon of foreign currency indexed positions.

Insurance policies

At December 31, 2024, the parent company and its colombian subsidiaries have acquired the following insurance policies to mitigate the risks associated with the entire operation:

Insurance lines of coverage	Coverage limits	Coverage
All risk, damages and loss of profits	In accordance with replacement and reconstruction amounts, with a maximum limit of liability for each policy.	Losses or sudden and unforeseen damage and incidental damage sustained by covered property, directly arising from any event not expressly excluded. Covers buildings, furniture and fixtures, machinery and equipment, goods, electronic equipment, facility improvements, loss of profits and other property of the insured party.
Transport of goods and money	In accordance with the statement of transported values and a maximum limit per dispatch. Differential limits and sub-limits apply by coverage.	Property and goods owned by the insured that are in transit, including those on which it has an insurable interest.
Extracontractual civil liability	Differential limits and sublimits per coverage apply.	Covers damages caused to third parties during the operation.
Director’s and officers’ third party liability insurance	Differential limits and sub-limits apply by coverage.	Covers claims against directors and officers arising from error or omission while in office.
Deception and financial risks	Differential limits and sub-limits apply by coverage.	Loss of money or securities in premises or in transit. Willful misconduct of employees that result in financial loss.
Group life insurance and personal accident insurance	The insured amount relates to the number of wages defined by the Company.	Death and total and permanent disability arising from natural or accidental events.
Vehicles	There is a defined ceiling per each coverage	Third party liability. Total and partial loss - Damages. Total and partial loss - Theft Earthquake Other coverages as described in the policy.

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Insurance lines of coverage		Coverage limits		Coverage
Cyber risk		Differential limits and sub-limits apply by coverage.		Direct losses arising from malicious access to the network and indirect losses from third party liability whose personal data have been affected by an event covered by the policy.

Note 40. Operating segments

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

Colombia:

Revenues and services from commercial activity in Colombia, with stores under the banners Éxito, Carulla, 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.

Retail sales by each of the segments are as follows:

	Year ended December 31,
Operating segment	2024			2023(a)
Colombia		15,350,761			15,018,909
Argentina		1,479,800			1,014,898
Uruguay		4,034,404			4,193,328
Total sales		20,864,965			20,227,135
Eliminations		(636	)		(824	)
Total consolidated sales		20,864,329			20,226,311

Below is additional information by operating segment:

	For the year ended December 31, 2024
	Colombia			Argentina (1)			Uruguay (1)			Total			Eliminations (2)			Total
Retail sales		15,350,761			1,479,800			4,034,404			20,864,965			(636	)		20,864,329
Service revenue		831,075			65,348			30,726			927,149			-			927,149
Other revenue		74,499			3			14,529			89,031			-			89,031
Gross profit		3,598,690			459,377			1,474,941			5,533,008			-			5,533,008
Operating profit		519,325			(74,505	)		331,306			776,126			-			776,126
Depreciation and amortization		573,796			34,546			97,061			705,403			-			705,403
Net finance expenses		(361,024	)		(2,431	)		(47,891	)		(411,346	)		-			(411,346	)
Profit before income tax from continuing operations		86,429			(76,936	)		283,415			292,908			-			292,908
Income tax		4,177			12,261			(72,103	)		(55,665	)		-			(55,665	)

	For the year ended December 31, 2023
	Colombia			Argentina (1)			Uruguay (1)			Total			Eliminations (2)			Total
Retail sales		15,018,909			1,014,898			4,193,328			20,227,135			(824	)		20,226,311
Service revenue		753,071			37,893			28,529			819,493			-			819,493
Other revenue		63,014			15			13,485			76,514			(231	)		76,283
Gross profit		3,558,757			360,632			1,506,654			5,426,043			-			5,426,043
Operating profit		512,588			28,918			341,275			882,781			-			882,781
Depreciation and amortization		556,669			19,301			84,175			660,145			-			660,145
Net finance expenses		(386,112	)		(15,835	)		(12,343	)		(414,290	)		-			(414,290	)
Profit before income tax from continuing operations		12,057			13,083			328,932			354,072			-			354,072
Income tax		31,134			(11,905	)		(65,127	)		(45,898	)		-			(45,898	)

(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.

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

Note 41. 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:

	As at December 31,
	2024		2023
Property, plant, and equipment (1)		2,645		9,768
Investment property (2)		-		2,645
Total		2,645		12,413

(1)

It corresponds to La Secreta lot negotiated with the buyer during 2019. At December 31, 2024, 59.12% of the payment for the property has been delivered and received. The remainder of the asset will be delivered in conjunction with the asset payments to be received in 2025. The deed of contribution to the trust was signed on December 1, 2020, and registered on December 30, 2020.

(2)

At December 31, 2023 corresponds to the Local Paraná of the Argentinian subsidiary.

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 42. Subsequent Events

Discontinuation of the BDR program (forward-looking statements)

On February 14, 2025, the Company informed the market and the holders of Level II sponsored American Depositary Receipts (ADRs), backed by issued shares (“BDRs”), that the Board of Directors has approved the discontinuation of the BDR program. This decision aligns with the decision to terminate its American Depositary Receipt program in the United States, aiming to concentrate the liquidity of its securities in Colombia and maximize returns for its shareholders. The Company will take the necessary actions to proceed with the cancellation of its registration as a foreign issuer.

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