Envigado, Colombia, November 08, 2023 - Almacenes Éxito S.A. (´Grupo Éxito´ or ´the Company´) (BVC: ÉXITO / ADR: EXTO / BDR: EXCO32) announced its results for the third quarter and nine months ended September 30, 2023 (3Q23 and 9M23). All figures are expressed in millions (M) or billion (B) of Colombian Pesos (COP) unless otherwise stated and expressed in long scale (COP B represent 1,000,000,000,000). Consolidated data include results from Colombia, Uruguay and Argentina, and eliminations.

3Q23 results reflected the positive performance of international operations partially offset by macro headwinds in Colombia and Argentina and inflationary effects on the cost and expense structures

Key Business Highlights

Financial Highlights

●	Consolidated Net Revenue reached COP$ 5.1 B during 3Q23 (+0.5% in COP and 9.1% when excluding FX), driven by strong retail sales growth from international operations (in local currencies and above CPI), solid real estate (+7.8%) and omni-channel (+17%) growth. During 9M23, Net Revenue grew by 8.9% to COP$15.7 B (+11.7% when excluding FX).

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Gross Profit reached COP$1.28 B during 3Q23 to a 24.9% margin as percentage of Net Revenue (-60 bps) and reflected the solid contribution of recurring income of the real estate business (+16.5%) in Colombia and successful commercial strategies in Uruguay, offset by price investment requirements. During 9M23, Gross Profit reached COP$4.1 B and margin was 25.8% as percentage of Net Revenue (+39 bps).

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Recurring EBITDA¹ reached COP$328,709 M during 3Q23 to a 6.4% margin (-141 bps) as percentage of Net Revenue and reflected the solid top line performance of Uruguay and Argentina and the real estate growth (+7.8%) offset by a difficult consumption context mainly in Colombia, higher operating taxes after the reform approved last year, inflationary pressures on the structure and FX impacts. During 9M23, Recurring EBITDA¹ reached COP$1.1 B, to a 7.1% margin (-72 bps vs 9M22) as percentage of Net Revenue.

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A Net Loss of COP$31,685 M was reported during the third quarter of 2023, derived from the positive contribution of international retail operations (in local currencies), offset by TUYA provisions, higher financial expenses via interest rates and non-recurring expenses related to the spin-off process. During 9M23, there was a Net Income of COP$7,249 M, driven by a positive tax variation and Net Income contribution from Argentina and Uruguay.

●	EPS²was COP -$24.4 per common share during 3Q23 (versus COP$38.5 in 3Q22) and was COP$5.6 per common share in 9M23 (versus COP$136.2 in 9M22).

●	Consolidated CAPEX in 3Q23 was of COP$145,527 M, 75% focussed on expansion (retail and real estate), innovation, omni-channel, and digital transformation activities.

Operating Highlights

●	Omni-channel grew 17% at consolidated level and reached a 10.7% share on sales (Col 13.5%, Uru 2.5%, Arg 4.0%) during 3Q23.

●	Innovative formats share on consolidated sales reached a 43.4% share on sales (42% in Colombia during 3Q23.

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LTM store expansion³was of 68 stores (54 Col, 7 Uru, 7 Arg), for a total of 643 stores in the region and 1.06 M sqm of sales area.

Note: Consolidated data include results from Colombia, Uruguay and Argentina, eliminations, and the FX effect (-7.8% at top line and -5.2% at Recurring EBITDA in 3Q23 and -2.5% and 1.4% in 9M23, respectively. Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non-recurring operational income (expense). Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization plus Associates & Joint Ventures results. EPS considers the weighted average number of outstanding shares (IFRS 33), corresponding to 1,297,864,359 shares (including the buyback operation completed on June 30, 2022, and the share split 1:3 on November 18, 2022.

Note: Consolidated results from Colombia, Uruguay and Argentina, eliminations, and the FX effect (-7.8% and -2.5% at top line in 3Q23 and 9M23, respectively). Data in COP includes a -1.2% FX effect in Uruguay at top line in 3Q23 and 16.4% in 9M23 and -75.2% in Argentina calculated with the closing exchange rate.

Note: SSS in local currency, include the effect of conversions and exclude the calendar effect. (1) Segment includes sales from Surtimax, Super Inter and Surtimayorista brands, allies, institutional and third-party sellers, and the sale of property development projects (inventory) of COP$47.2 in 9M23.

Main KPI´s outcome during the third quarter and first-nine-months of 2023 when compared to the same period last year, were as follows:

Note: SSS in local currency, including the effect of conversions and excluding the calendar effect.

Argentina: Net Revenue decreased 28.1% (+190.3% in local currency), and reflected a decrease of Retail Sales of 27.9% (+191.1% and SSS growth of 144.7% in local currency, including the effect of conversions). Retail Sales and SSS performance in local currency was above LTM inflation reported (138.3%, vs 120.7% as of June according to Ecolatina). The operation in Argentina contributed near to 7.0% in 3Q23 and 8.0% during 9M23 on consolidated sales and results in Colombian Pesos reflected a -75.2% and 62.4% FX effect, respectively. Net Revenue during 3Q23 was driven by: (i) the performance of the Cash and Carry format (11 MiniMayorista stores, 17.8% share on sales), (ii) omni-channel performance (+129%, 4.0% share), and (iii) higher real estate income (+172.4% in local currency ) from improved commercial trends and strong occupancy levels (94%). During the 9-months-of-the-year, Retail Sales and SSS grew 165.4% and 125.9%, respectively, versus the same period last year.

Note: SSS in local currency, including the effect of conversions and excluding the calendar effect.

Consolidated Gross Profit decreased 1.8% (grew by 9.9% when excluding FX) during 3Q23 and margin reached 24.9% (-60 bps) as percentage of Net Revenue compared to the same period last year. The Gross Profit in Colombia during 3Q23, posted a flat growth (+0.8%) and margin reduced 45 bps from the solid contribution of recurring income of the real estate business (16.5%) during the quarter offset by the investment in price to improve sales amidst a strong deceleration in consumption and still high levels of inflation. In Uruguay, Gross Profit grew 9.9% (+11.2% in local currency) during 3Q23 and Gross Margin gained 83 bps to 35.7% as percentage of Net Revenue, from a solid performance and successful commercial strategies derived from a change in the promotional mix and higher share of the Fresh Market concept (+6.2 p.p vs 3Q22). In Argentina, Gross Profit decreased by 33.6% (grew 168.1% in local currency) and gross margin reduced 267 bps to 32.3% due to a higher share of the Cash and Carry format on results (17.8% share on sales) and price investments required to improve sales levels.

Gross Profit result grew 10.6% (+14.4% when excluding FX) during the first-nine-months of the year and margin gained 39 bps to 25.8% as percentage of Net Revenue compared to the same period last year. Year-to-date performance reflected a stable margin in Colombia and a solid gain of 104 bps in the margin of Uruguay, partially offset by a decrease of 93 bps in the margin of Argentina.

Consolidated Recurring EBITDA¹ reached COP$328,709 M during 3Q23, a decrease of 17.6% (-13.1% when excluding FX) compared to the same period last year and margin was 6.4% (-141 bps) as percentage of Net Revenue.

Performance during 3Q23 reflected: (i) higher other revenue (+8.2%) driven by real estate income of rental and administrative fees (+7.8%), (ii) a negative -1.2% FX effect on results in Uruguay, and -75.2% FX effect in Argentina and the Colombia outcome affected by:

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

Consolidated Recurring EBITDA¹ reached COP$1,111,385 M during the first-nine-months of the year, a decrease of 1.2% (-2.5% when excluding FX) compared to the same period last year to a 7.1% margin (-72 bps) as percentage of Net Revenue and performance reflected: (i) the solid commercial performance in Uruguay and in Argentina, (ii) higher other revenue (+6.4%) driven by real estate income of rental and administrative fees (+16.7%), (iii) a positive 16% FX effect on results in Uruguay, offset by the negative 62% FX effect in Argentina and the Colombia outcome affected by macro head winds on consumption, one-offs related to two non-VAT days (1 in 1Q23 and 1 in 2Q23) and a higher operating tax during 2023 (COP$47,500 M in Colombia).

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

Colombia: Recurring EBITDA decreased by 20.6% during 3Q23 compared to the same period last year and margin was 5.9% (-175 bps) as percentage of Net Revenue. Performance reflected Net Revenues affected by (i) lower consumption mainly in non-food categories due to high interest rates, ii) deceleration of food inflation that led to price investment amidst of inflationary pressures on cost and expenses and iii) higher operating taxes of COP$15,829 M due to the tax reform approved in 2022 that offset the solid performance and contribution of real estate that grew by 16.5%. Recurring EBITDA decreased by 12.7% during 9M23 compared to the same period last year and margin was 6.4% (-132 bps) as percentage of Net Revenue.

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

Uruguay: Recurring EBITDA decreased by 8.6% (-7.5% in local currency) during 3Q23 compared to the same period last year, to an 8.5% margin (-148 bps) as percentage of Net Revenue and reflected expenses growth above top line levels due to higher labor costs related to provision of bonuses at Disco, higher number of FTEs due to store expansion and marketing expenses. Recurring EBITDA grew by 36.5% (17.2% in local currency) during 9M23 compared to the same period last year, to an 10.7% margin (+49 bps) as percentage of Net Revenue and the operation continued as the most profitable business unit of the group.

Argentina: Recurring EBITDA decreased by 15.4% (grew by 241.3% in local currency) during 3Q23 compared to the same period last year, to an 6.0% margin (+90 bps) as percentage of Net Revenue and reflected solid top line growth that led to cost and expense dilution, despite high inflation and a negative FX effect. Recurring EBITDA grew by 5.9% (181.3% in local currency) during 9M23 compared to the same period last year, to an 3.6% margin (+21 bps) as percentage of Net Revenue.

During the 3Q23 the Company reported a Net Loss of COP$31,685 M and the outcome reflected the net income contribution of international operations and positive variations of income tax, offset by negative variations from:

Grupo Éxito obtained a Net Income of COP$7,249 M during the first-nine-months of 2023 mainly from positive variations in Income Tax.

Note: Numbers expressed in long scale, COP billion represent 1,000,000,000,000. (1) Holding: Almacenes Éxito S.A results without Colombia or international subsidiaries. (2) Free cash flow (FCF) = Net cash flows used in operating activities + Net cash flows used in investing activities + Variation of collections on behalf of third parties + Lease liabilities paid + Interest on lease liabilities paid (using variations for the last 12 M for each line); the cash flow has been re-expressed to be aligned with the financial statements.

Note: Consolidated data include results from Colombia, Uruguay and Argentina, eliminations and the FX effect (-7.8% at top line in 3Q23 and -2.5% in 9M23, respectively. Colombia perimeter includes Almacenes Éxito S.A. and its subsidiaries.

Will host a conference and cordially invites you to discuss the Company´s third quarter 2023 financial results

Almacenes Éxito S.A. will report its Third Quarter 2023 Earnings on Wednesday, Nov 8, 2023, after the market closes

3Q23 results will be accompanied by a presentation that will be available on the company’s website at www.grupoexito.com.co under “Shareholders and Investors” on the following link: https://www.grupoexito.com.co/en/financial-information

Note: Consolidated data include results from Colombia, Uruguay and Argentina, eliminations and the FX effect (-7.8% at top line and -5.2% at recurring EBITDA in 3Q23 and -2.5% and 1.4% in 9M23, respectively. Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non-recurring operational income (expense). Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization plus Associates & Joint Ventures results. EPS considers the weighted average number of outstanding shares (IFRS 33), corresponding to 1,297,864,359 shares (including the buyback operation completed on June 30, 2022, and the share split 1:3 on November 18, 2022.

Note: The Colombia perimeter includes the consolidation of Almacenes Éxito S.A. and its subsidiaries in the country. Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non-recurring operational income (expense).

Note: Consolidated data include results from Colombia, Uruguay and Argentina, eliminations and the FX effect (-7.8% at top line and -5.2% at Recurring EBITDA in 3Q23 and -2.5% and 1.4% in 9M23, respectively. The Colombia perimeter includes the consolidation of Almacenes Éxito S.A. and its subsidiaries in the country. Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non-recurring operational income (expense).

Holding: Almacenes Éxito results without Colombian subsidiaries. Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non-recurring operational income (expense).

Note: The Colombia perimeter includes the consolidation of Almacenes Éxito S.A. and its subsidiaries in the country. 1) Debt without contingent warranties and letters of credit. (2) Holding gross debt issued 100% in Colombian Pesos with an interest rate below IBR3M + 2.0%, debt at the nominal amount. IBR 3M (Indicador Bancario de Referencia) – Market Reference Rate: 12.32%; other collections included, and positive hedging valuation not included. (3) Debt at the nominal amount.

Note: Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non-recurring operational income (expense). Data in COP includes a -1.2% FX effect in Uruguay at top line and at Recurring EBITDA in 3Q23 and 16.4% in 9M23 and -75.2% and -62.4% in Argentina, respectively, calculated with the closing exchange rate. FX impacts are calculated as a devaluation between currencies resulting in a percentage. Percentages represent relative proportions, and as such they cannot be directly added or subtracted from each other because they are not absolute numeric values.

Note: Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non-recurring operational income (expense. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization plus Associates & Joint Ventures results.

Note: Free cash flow (FCF) = Net cash flows used in operating activities + Net cash flows used in investing activities + Variation of collections on behalf of third parties + Lease liabilities paid + Interest on lease liabilities paid (using variations for the last 12 m for each line).

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

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

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

Reconciliations of the non-IFRS financial measures webcast are included at the appendices.

Grupo Éxito is the leading food retail platform in Colombia and in Uruguay and has a relevant presence in the north-east of Argentina. The Company´s great capacity to innovate, has allowed it to transform and adapt quickly to new consumer trends and increased its competitive advantages supported by the quality of its human talent.

Grupo Éxito leads omni-channel in the region and has developed a comprehensive ecosystem focused on the omni-client, to whom it offers the strength of its brands, multiple formats and a wide range of channels and services to facilitate their shopping experience.

The diversification of its retail revenue through traffic and asset monetization strategies, has allowed Grupo Éxito to be a pioneer in offering a profitable portfolio of complementary businesses, such as , its real estate with shopping centers in Colombia and Argentina and financial services such as credit card, virtual wallet, and payment networking. The Company also offer other businesses in Colombia, such as travel, insurance, mobile and money transfers.

In 2019, Grupo Éxito publicly launched its Digital Transformation strategy and has consolidated a powerful platform with well-recognized websites exito.com and carulla.com in Colombia, devoto.com and geant.com in Uruguay, and iperlibertad.com in Argentina. Moreover, the Company offers click and collect services, digital catalogues, home delivery and growing channels such as Apps and Marketplace, through which Grupo Éxito has achieved an impressive digital coverage in the countries where it operates.

In 2022, consolidated Net Revenue reached COP$20.6 billion driven by strong retail execution, successful omni-channel strategy in the region and innovation in retail models. The Company operated 619 stores through multi-formats and multi-brands: hypermarkets under Éxito, Geant and Libertad brands; premium supermarkets with Carulla, Disco and Devoto; proximity under Carulla and Éxito, Devoto and Libertad Express brands. In low-cost formats, the Company operates banners Surtimax, Super Inter and Surtimayorista in Colombia and Mini Mayorista in Argentina.

	(i)	The contribution of the 60 Surtimayorista stores (Retail Sales +3.9%, 5.5% share on Colombia Retail Sales) driven by FMCG and expansion (+1 store during 3Q23); during 9M23, Retail Sales grew by 10.8%, to a 5.5% share on Colombia Retail Sales).

	(ii)	The outcome of 77 Surtimax stores, which posted a 0.8% Retail Sales growth and -1.5% in terms of like-for-like. During 9M23, posted a 3.4% Retail Sales growth and a 2.3% in terms of like-for-like.

	(iii)	The performance of the 59 Super Inter stores (including 37 Vecino, sales +4.7% vs non-reformed stores YTD), which decreased Retail sales by 2.5% and SSS by 2.3% during the third quarter, mainly due to a higher basis. 9M23 Net Sales reduced by 0.7% and by 0.4% in terms of like-for-like.

	(iv)	The contribution to Retail Sales of 1,889 allies (+520 LTM); 3Q23 Retail Sales rose to COP$67,000 M (+10% versus 3Q22); during 9M23 Retail sSales rose to COP$169,000 M (+12.3% versus 9M22).

	(i)	Lower sales mainly of non-food categories, affected by higher interest rates and lower purchasing power, decreased consumption of durable and semi-durable goods.

	(ii)	A cost/expense structure that grew above sales levels due to inflationary pressures, however, at a slower pace than previous quarters aided by internal actions plans.

	(i)	Macro and consumer headwinds in Colombia; increased financial expenses due to higher interest, as the Central Bank kept repo at 13.25% during 3Q23 to control inflation (+325 bps vs 3Q22).

	(ii)	Improved performance in Uruguay and Viva that led to higher minority interest.

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

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

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

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

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

●	EPS: Earnings Per Share calculated on an entirely diluted basis.

●	Financial Result: impacts of interests, derivatives, financial assets/liabilities valuation, FX changes and other related to cash, debt, and other financial assets/liabilities.

●	Free cash flow (FCF) = Net cash flows used in operating activities plus Net cash flows used in investing activities plus Variation of collections on behalf of third parties plus Lease liabilities paid plus Interest on lease liabilities paid (using variations for the last 12 M for each line); the cash flow has been re-expressed to be aligned with the financial statements.

●	Holding: Almacenes Éxito results without Colombian and international subsidiaries.

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

●	Other Revenue: revenue related to complementary businesses (real estate, insurance, travel, etc.) and other revenue.

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

●	Recurring Operating Profit (ROI): Gross Profit adjusted by SG&A expense and D&A.