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 November 2024

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: ☐

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: November 12, 2024

	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 INDEX

Exhibit Number		Description of Document
99.1		Interim consolidated financial statements of Almacenes Éxito S.A. (English translation).
99.2		Interim separate financial statements of Almacenes Éxito S.A. (English translation).
99.3		Press release (English translation).
99.4		Earnings release (English translation)
99.5		Earnings presentation (English translation).

Exhibit 99.1

Almacenes Éxito S.A.

Interim consolidated financial statements

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

Almacenes Éxito S.A.

Interim consolidated statement of financial position

At September 30, 2024 and at December 31, 2023

(Amounts expressed in millions of Colombian pesos)

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

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

Almacenes Éxito S.A.

Interim consolidated statement of profit or loss

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

(Amounts expressed in millions of Colombian pesos)

		January 1 to September 30						July 1 to September 30
	Notes	2024			2023			2024			2023
Continuing operations
Revenue from contracts with customers	28		15,592,485			15,706,751			5,242,429			5,131,477
Cost of sales	11		(11,684,447	)		(11,654,534	)		(3,956,048	)		(3,851,607	)
Gross profit			3,908,038			4,052,217			1,286,381			1,279,870

Distribution, administrative and selling expenses	29		(3,500,688	)		(3,469,534	)		(1,136,103	)		(1,125,124	)
Other operating revenue	31		56,131			27,784			17,019			7,777
Other operating expenses	31		(84,447	)		(59,009	)		(32,601	)		(25,209	)
Other (loss) gain net	31		(609	)		(2,235	)		338			(797	)
Operating profit			378,425			549,223			135,034			136,517

Financial income	32		177,183			269,052			34,256			27,331
Financial cost	32		(489,684	)		(577,077	)		(149,019	)		(137,234	)
Share of income in joint ventures	18		(66,622	)		(74,529	)		(18,200	)		(24,424	)
(Loss) profit before income tax from continuing operations			(698	)		166,669			2,071			2,190
Income tax gain (expense)	24		35,275			(32,871	)		5,282			4,997
Profit for the period			34,577			133,798			7,353			7,187

Net (loss) profit attributable to:
Equity holders of the Parent			(91,331	)		7,249			(34,733	)		(31,685	)
Non-controlling interests			125,908			126,549			42,086			38,872
Profit for the period			34,577			133,798			7,353			7,187

Earnings per share (*)
Basic earnings per share (*):
Basic (losses) earnings per share from continuing operations attributable to the shareholders of the Parent	33		(70.37	)		5.59			(26.76	)		(24.41	)

(*)

Amounts expressed in Colombian pesos.

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

Almacenes Éxito S.A.

Interim consolidated statement of other comprehensive income

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

(Amounts expressed in millions of Colombian pesos)

		January 1 to September 30						July 1 to September 30
	Notes	2024			2023			2024			2023

Profit for the period			34,577			133,798			7,353			7,187

Other comprehensive income

Components of other comprehensive income that will not be reclassified to profit and loss, net of taxes
(Loss) gain from financial instruments designated at fair value	27		(338	)		(1,544	)		239			(1,271	)
Total other comprehensive income that will not be reclassified to period results, net of taxes			(338	)		(1,544	)		239			(1,271	)

Components of other comprehensive income that may be reclassified to profit and loss, net of taxes
Gain loss from translation exchange differences (1)	27		(8,139	)		(977,492	)		(153,415	)		(336,642	)
(Loss) gain from translation exchange differences to the put option (2)			(10,492	)		73,813			23,458			26,257
Gain (loss) from cash flow hedge	27		1,038			1,169			(1,645	)		2,486
Total other comprehensive income that may be reclassified to profit or loss, net of taxes			(17,593	)		(902,510	)		(131,602	)		(307,899	)
Total other comprehensive income			(17,931	)		(904,054	)		(131,363	)		(309,170	)
Total comprehensive income			16,646			(770,256	)		(124,010	)		(301,983	)

Comprehensive income attributable to:
Equity holders of the Parent			(110,544	)		(903,761	)		(157,848	)		(349,836	)
Non-controlling interests			127,190			133,505			33,838			47,853

(1)

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

(2)

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

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

Almacenes Éxito S.A.

Interim consolidated statement of changes in equity

At September 30, 2024 and 2023

(Amounts expressed in millions of Colombian pesos)

	Attributable to the equity holders of the parent
	Issued share capital		Premium on the issue of shares		Treasury shares			Legal reserve		Occasional reserve			Reserves for acquisition of treasury shares		Reserve for future dividends distribution		Other reserves			Total reserves			Other comprehensive income			Retained earnings			Hyperinflation and other equity components			Total			Non-controlling interests			Total shareholders’ equity
	Note 27		Note 27		Note 27			Note 27		Note 27			Note 27		Note 27		Note 27			Note 27			Note 27			Note 27
Balance at December 31, 2022		4,482		4,843,466		(319,490	)		7,857		630,346			418,442		155,412		329,529			1,541,586			(966,902	)		515,564			1,520,282			7,138,988			1,295,458			8,434,446
Declared dividend (Note 37)		-		-		-			-		(217,392	)		-		-		-			(217,392	)		-			-			-			(217,392	)		(93,729	)		(311,121	)
Profit for the period		-		-		-			-		-			-		-		-			-			-			7,249			-			7,249			126,549			133,798
Other comprehensive income (loss), excluding translation adjustments to the put option		-		-		-			-		-			-		-		-			-			(984,823	)		-			-			(984,823	)		6,956			(977,867	)
Appropriation to reserves		-		-		-			-		99,072			-		-		-			99,072			-			(99,072	)		-			-			-			-
Changes in interest in the ownership of subsidiaries that do not result in change of control		-		-		-			-		-			-		-		-			-			-			-			(65,389	)		(65,389	)		(56,428	)		(121,817	)
Equity impact on the inflationary effect of subsidiary Libertad S.A.		-		-		-			-		-			-		-		-			-			-			-			488,728			488,728			-			488,728
Changes in the financial liability of the put option on non-controlling interests, and related translation adjustments (Note 20)		-		-		-			-		-			-		-		-			-			73,813			-			72,412			146,225			59,035			205,260
Other movements		-		-		-			-		(2,108	)		-		-		-			(2,108	)		-			(1,478	)		(7,547	)		(11,133	)		2,545			(8,588	)
Balance at September 30, 2023		4,482		4,843,466		(319,490	)		7,857		509,918			418,442		155,412		329,529			1,421,158			(1,877,912	)		422,263			2,008,486			6,502,453			1,340,386			7,842,839

Balance at December 31, 2023		4,482		4,843,466		(319,490	)		7,857		509,918			418,442		155,412		339,496			1,431,125			(2,304,046	)		534,333			1,910,807			6,100,677			1,321,132			7,421,809
Declared dividend (Note 37)		-		-		-			-		(65,529	)		-		-		-			(65,529	)		-			-			-			(65,529	)		(118,451	)		(183,980	)
Profit for the period		-		-		-			-		-			-		-		-			-			-			(91,331	)		-			(91,331	)		125,908			34,577
Other comprehensive income (loss), excluding translation adjustments to the put option		-		-		-			-		-			-		-		-			-			(8,721	)		-			-			(8,721	)		1,282			(7,439	)
Appropriation to reserves		-		-		-			-		141,707			-		-		(15,709	)		125,998			-			(125,998	)		-			-			-			-
Changes in interest in the ownership of subsidiaries that do not result in change of control		-		-		-			-		-			-		-		-			-			-			-			(82,108	)		(82,108	)		(70,457	)		(152,565	)
Equity impact on the inflationary effect of subsidiary Libertad S.A.		-		-		-			-		-			-		-		-			-			-			-			564,827			564,827			-			564,827
Changes in the financial liability of the put option on non-controlling interests, and related translation adjustments (Note 20)		-		-		-			-		-			-		-		-			-			(10,492	)		-			57,614			47,122			71,236			118,358
Other movements		-		-		-			-		-			-		-		(105	)		(105	)		-			(11	)		-			(116	)		-			(116	)
Balance at September 30, 2024		4,482		4,843,466		(319,490	)		7,857		586,096			418,442		155,412		323,682			1,491,489			(2,323,259	)		316,993			2,451,140			6,464,821			1,330,650			7,795,471

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

Almacenes Éxito S.A.

Interim consolidated statement of cash flows

For the periods ended September 30, 2024 and 2023

(Amounts expressed in millions of Colombian pesos)

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

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

Note 1. General information

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

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

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

Exito Group´s corporate purpose is to:

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

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

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

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

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

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

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

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

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

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

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

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

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

(a)

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

Note 1.2. Subsidiaries with material non-controlling interests

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

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

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

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

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

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

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

Note 3. Basis for consolidation

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

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

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

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

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

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

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

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

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

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

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

(*)

Expressed in Colombian pesos.

Note 4. Accounting policies

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

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

Nota 4.1. Voluntary changes in accounting policies

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

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

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

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

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

Note 5.1. New and amended standards and interpretations.

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

Statement	Description	Applicable periods / impact
Amendment to IAS 1 – Non-current Liabilities with Covenants	This amendment, which amends IAS 1– Presentation of Financial Statements, aims to improve the information companies provide on long-term covenanted debt by enabling investors to understand the risk of early repayment of debt. IAS 1 requires a company to classify debt as non-current only if the company can avoid settling the debt within 12 months of the reporting date. However, a company’s ability to do so is often contingent on compliance with covenants. For example, a business might have long-term debt that could be repayable within 12 months if the business defaults in that 12-month period. The amendment requires a company to disclose information about these covenants in the notes to the financial statements.	These changes did not have any impact in the financial statements. Before the issuance of this Amendment, Éxito Group reviewed non-financial covenants to disclosure its compliance.

Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback.	This Amendment, which amends IFRS 16 – Leases, guides at the subsequent measurement that a company must apply when it sells an asset and subsequently leases the same asset to the new owner for a period. IFRS 16 includes requirements on how to account for a sale with leaseback on the date the transaction takes place. However, this standard had not specified how to measure the transaction after that date. These amendments will not change the accounting for leases other than those arising in a sale-leaseback transaction.	These changes did not have any impact in the financial statements.

Amendment to IAS 7 and IFRS 17 - Supplier finance arrangements.	This Amendment, which amends IAS 7 - Statement of Cash Flows and IFRS 7 - Financial Instruments: Disclosures, aims to enhance the disclosure requirements regarding supplier financing agreements. It enables users of financial statements to assess the effects of such agreements on the entity’s liabilities and cash flows, as well as the entity’s exposure to liquidity risk. The Amendment requires the disclosure of the amount of liabilities that are part of the agreements, disaggregating the amounts for which financing providers have already received payments from the suppliers, and indicating where the liabilities are presented in the balance sheet. Additionally, it mandates the disclosure of terms and conditions, payment maturity date ranges, and liquidity risk information. Supplier financing agreements are characterized by one or more financing providers offering to pay amounts owed by an entity to its suppliers, according to the terms and conditions agreed upon between the entity and its supplier.	These changes did not have any impact in the financial statements. Before the issuance of this Amendment, Exito Group disclosed these liabilities.

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

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

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

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

Statement	Description	Applicable periods
Amendment to IAS 21 – Lack of Exchangeability	This Amendment, which amends IAS 21 – The Effects of Changes in Foreign Exchange Rates, aims to establish the accounting requirements for when one currency is not exchangeable for another currency, specifying the exchange rate to be used and the information that should be disclosed in the financial statements. The Amendment will allow companies to provide more useful information in their financial statements and will assist investors in addressing an issue not previously covered in the accounting requirements for the effects of exchange rate variations.	January 1, 2025, with early adoption permitted. No material effects are expected from the application of this Amendment.

IFRS 18 - Presentation and Disclosure in Financial Statements	This standard replaces IAS 1 - Presentation of Financial Statements, transferring many of its requirements without any changes. Its objective is to help investors analyze the financial performance of companies by providing more transparent and comparable information to make better investment decisions. This IFRS introduces three sets of new requirements: a. Improvement of the comparability of the income statement: Currently, there is no specific structure for the income statement. The companies choose the subtotals they wish to include, declaring an operating result, but the way it is calculated is different from one company to another, reducing comparability. The standard introduces three defined categories of income and expenses (operating, investing, and financing) to enhance the structure of the income statement and requires all companies to present new defined subtotals. b. Transparency of performance measures defined for the management.: most companies do not provide enough information for investors to understand how the performance measures are calculated and how is the relation with the subtotals in the income statement. The standard requires that the companies disclose explanations about specific measures concerning with the income statement, referred to as performance measures defined for the management. c. A more useful information in the financial statements: investors’ analysis of results is hindered if the information disclosed is either overly summarized or t much detailed. The standard provides detailed guidance about order of information and its disclosure in the main financial statements or in notes.	January 1, 2027, with early adoption permitted. No material effects are expected from the application of this IFRS.

Statement	Description	Applicable periods
IFRS 19 - Subsidiaries without Public Accountability: Disclosures	It allows for the simplification of reporting systems and processes for companies, reducing the costs of preparing the financial statements of subsidiaries while maintaining the usefulness of those financial statements for their users. Subsidiaries that apply the IFRS for SMEs or national accounting standards for preparing their financial statements often have two sets of accounting records because the requirements of these SMEs Standards differ from IFRS. This standard will solve these challenges in the following ways: - Allowing subsidiaries to have a single set of accounting records to satisfice the needs of both their parent company and the users of their financial statements. - Reducing disclosure requirements and adopting them to the needs of the users of their financial statements. A subsidiary applies IFRS 19 if and only if: a. The subsidiary does not disclose account to the market (generally, it is not traded and is not a financial institution); and b. The intermediate or ultimate parent company discloses consolidated financial statements that are available tie the market and comply with IFRS.	January 1, 2027. No material effects are expected from the application of this IFRS because it is related with subsidiaries that use IFRS for SMEs or national accounting standards.

Amendments to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments	This Amendment clarifies the classification of financial assets with environmental, social, and governance characteristics and similar attributes. According to the characteristics of contractual cash flows, there is confusion about whether these assets should be measured at amortized cost or fair value. With these modifications, IASB has introduced additional disclosure requirements to improve transparency for investors regarding investments in equity instruments designated at fair value through other financial assets and comprehensive income with contingent characteristics, such as aspects related to environmental, social, and governance issues. Additionally, these Amendments clarify the derecognition requirements for the settlement of financial assets or liabilities through electronic payment systems. The modifications clarify the date on which a financial asset or liability is derecognized. IASB also developed an accounting policy that allows derecognize a financial liability before delivering cash on the settlement date if the following criteria are met: (a) the entity does not have the ability to withdraw, stop, or cancel the payment instructions; (b) the entity does not have the ability to access the cash that will be used for the payment instruction; and (c) there is no significant risk associated with the electronic payment system.	January 1, 2026. No material effects are expected from the application of these Amendments.

Annual improvements to IFRS standards	This document issues several minor amendments to the following standards: IFRS 1 First-time Adoption, IFRS 7 Financial Instruments: Disclosures, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows. The issued amendments include clarifications, precisions regarding cross-referencing of standards and obsolete references, changes to normative examples, and revisions to certain wording in some paragraphs. The aim of these changes is to enhance the understandability of these standards and to avoid ambiguities in their interpretation.	January 1, 2026. with early adoption permitted. No material effects are expected from the application of these Amendments

Note 6. Relevant facts

Change in controlling entity

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

Note 7. Cash and cash equivalents

The balance of cash and cash equivalents is shown below:

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

(1)

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

(2)

The balance is as follows:

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

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

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

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

Note 8. Trade receivables and other account receivables

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

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

Note 8.1. Trade receivables

The balance of trade receivables is shown below:

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

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

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

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

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

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

Note 8.2. Other receivables

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

(1)

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

Note 9. Prepayments

The balance of prepayments is shown below:

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

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

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

Note 10. Related parties

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

Fundación Salvador del mundo;

N1 Investments, Inc.;

Clarendon Wolrwide S.A.;

Avelan Enterprise, Ltd.;

Foresdale Assets, Ltd.;

Invenergy FSRU Development Spain S.L.;

Talgarth Trading Inc.;

Calleja S. A. de C.V.

Camma Comercial Group. Corp.

Note 10.1. Significant agreements

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

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

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

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

Note 10.2. Transactions with related parties

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

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

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

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

(1)

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

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Compañía de Financiamiento Tuya S.A.
Commercial activation recovery		30,722		37,686		9,727		12,751
Yield on bonus, coupons and energy		5,062		5,737		1,829		2,113
Lease of real estate		3,174		3,019		1,009		966
Services		544		1,097		103		603
Total		39,502		47,539		12,668		16,433

Puntos Colombia S.A.S.
Services		774		1,301		165		372

Sara ANV S.A.
Services		527		221		145		221

Total		40,803		49,061		12,978		17,026

(2)

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

Revenue by each company is as follows:

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

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

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

(1)

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

Compensation of key management personnel is as follows:

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

(2)

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

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Compañía de Financiamiento Tuya S.A.
Commissions on means of payment		8,610		10,005		2,603		3,281

Puntos Colombia S.A.S.
Cost of customer loyalty program		77,955		72,477		26,883		24,874

Total		86,565		82,482		29,486		28,155

(3)

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

Costs and expenses by each company are as follows:

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

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

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

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

(1)

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

Receivables:

	September 30, 2024		December 31, 2023
Compañía de Financiamiento Tuya S.A.
Reimbursement of shared expenses, collection of coupons and other		4,586		4,697
Other services		107		1,784
Total		4,693		6,481

Puntos Colombia S.A.S.
Redemption of points		27,218		37,926

Sara ANV S.A.
Other services		58		227

Total receivables		31,969		44,634

Other non-financial assets:

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

(2)

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

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

Note 10.4. Payables to related parties

The balance of payables to related parties is shown below:

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

(1)

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

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

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

(2)

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

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

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

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

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

(1)

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

Note 11. Inventories, net and Cost of sales

Note 11.1. Inventories, net

The balance of inventories is as follows:

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

(1)

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

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

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

(2)

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

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

Note 11.2. Cost of sales

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

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

(1)

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

(2)

The detail is shown below:

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

Note 12. Financial assets

The balance of financial assets is shown below:

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

(1)

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

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

(2)

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

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

Nature of

risk hedged

Hedged item

Rate of

hedged item

Average rates for hedge

instruments

Fair value

Forward

Exchange rate

Foreign currency liabilities

USD / COP
EUR / COP

1 USD / $4,441.68
1 EUR / $4,552.33

5,752

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

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

(3)

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

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

Nature of

risk hedged

Hedged item

Range of rates for

hedged item

Range of rates for hedge

instruments

Rate of

hedged item

Average rates for hedge

instruments

Fair value

Forward

Exchange rate

Loans and borrowings

USD / COP

1 USD / $4,200.51

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

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

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

Nature of

risk hedged

Hedged item

Range of
rates for

hedged item

Range of rates for hedge

instruments

Fair value

Swap

Interest rate

Loans and borrowings

IBR 3M

9.0120

2,378

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

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

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

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

Note 13. Property, plant and equipment, net

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

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

Cost	Land			Buildings			Machinery and equipment			Furniture and fixtures			Assets under construction			Installations			Improvements to third party properties			Vehicles			Computers			Other property, plant and equipment		Total
Balance at December 31, 2022		1,278,822			2,348,627			1,176,246			789,622			50,305			197,097			776,293			28,712			404,938			16,050		7,066,712
Additions		51,490			20,290			78,523			34,778			68,781			2,315			23,492			584			25,330			-		305,583
Acquisitions through business combinations		-			-			310			71			77			2,367			-			-			4			-		2,829
(Decrease) Increase from movements between property, plant and equipment accounts		-			(62	)		2,455			(13,771	)		(10,126	)		2,530			18,725			-			249			-		-
(Decreases) by transfer (to) other balance sheet accounts – investment property		-			-			-			-			(345	)		-			-			-			-			-		(345	)
Disposals and derecognition		-			(1	)		(24,501	)		(8,623	)		(2,798	)		(1,603	)		(3,209	)		(1,229	)		(6,006	)		-		(47,970	)
Effect of exchange differences on translation into presentation currency		(195,433	)		(258,889	)		(48,124	)		(50,082	)		(10,488	)		(25,811	)		(45,416	)		(7,780	)		(40,264	)		-		(682,287	)
(Decrease) increase from transfers (to) from other balance sheet accounts - tax assets		-			3,420			(8,270	)		(2,818	)		(7,189	)		-			(553	)		714			(2,613	)		-		(17,309	)
(Decrease) from transfers (to) other balance sheet accounts - inventories		(2,464	)		(2,198	)		-			-			-			-			-			-			-			-		(4,662	)
Increases by transfer from other balance sheet accounts - intangibles		-			-			63			-			-			-			-			-			1,283			-		1,346
Hyperinflation adjustments		121,862			161,991			23,618			22,729			(128	)		-			-			8,592			24,674			-		363,338
Balance at September 30, 2023		1,254,277			2,273,178			1,200,320			771,906			88,089			176,895			769,332			29,593			407,595			16,050		6,987,235

Balance at December 31, 2023		1,145,625			2,149,905			1,204,968			751,496			48,456			183,485			768,322			23,148			389,756			289		6,665,450
Additions		1,843			2,027			41,733			29,413			47,700			3,323			9,894			258			9,943			-		146,134
Increase (decrease) from movements between property, plant and equipment accounts		-			-			7,872			6,089			(17,066	)		2,956			-			-			149			-		-
Disposals and derecognition		(152	)		-			(16,512	)		(5,561	)		(653	)		(884	)		(10,293	)		(294	)		(1,928	)		-		(36,277	)
Effect of exchange differences on translation into presentation currency		(8,474	)		(10,939	)		(88	)		444			298			3,703			6,309			(882	)		(1,793	)		-		(11,422	)
(Decrease) by transfer (to) other balance sheet accounts - intangibles		-			-			-			-			(847	)		-			-			-			-			-		(847	)
Decrease) from transfers (to) other balance sheet accounts - inventories		(2,760	)		(6,267	)		(7	)		-			-			-			-			-			-			-		(9,034	)
(Decrease) from transfers (to) other balance sheet accounts - tax assets		-			-			(4,647	)		(3,290	)		(118	)		-			(427	)		-			(823	)		-		(9,305	)
Hyperinflation adjustments		139,196			186,829			28,029			24,571			122			-			-			5,306			30,299			-		414,352
Balance at September 30, 2024		1,275,278			2,321,555			1,261,348			803,162			77,892			192,583			773,805			27,536			425,603			289		7,159,051

Accumulated depreciation	Buildings			Machinery and equipment			Furniture and fixtures			Installations			Improvements to third party properties			Vehicles			Computers			Other property, plant and equipment		Total
Balance at December 31, 2022		604,747			667,593			541,405			117,623			362,411			22,794			265,050			6,373		2,587,996
Depreciation		39,490			69,974			47,471			9,029			29,763			1,479			28,353			591		226,150
Depreciation through business combinations		-			46			4			73			-			-			-			-		123
Disposals and derecognition		109			(18,177	)		(7,089	)		(801	)		(822	)		(1,101	)		(5,350	)		-		(33,231	)
Effect of exchange differences on translation into presentation currency		(93,323	)		(36,508	)		(39,570	)		(15,787	)		(17,342	)		(6,644	)		(36,305	)		-		(245,479	)
(Decreases) by transfer (to) other balance sheet accounts – inventories		(660	)																						(660	)
Other		151			(22	)		-			-			-			-			-			-		129
Hyperinflation adjustments		64,773			18,932			15,880			-			-			6,155			23,401			-		129,141
Balance at September 30, 2023		615,287			701,838			558,101			110,137			374,010			22,683			275,149			6,964		2,664,169

Balance at December 31, 2023		575,427			702,416			552,182			105,595			372,997			17,920			264,134			4		2,590,675
Depreciation		39,399			68,457			42,495			9,191			30,348			957			28,524			-		219,371
Disposals and derecognition		-			(12,884	)		(3,892	)		(563	)		(6,743	)		(289	)		(1,918	)		-		(26,289	)
Effect of exchange differences on translation into presentation currency		(4,932	)		(298	)		868			2,071			2,249			(669	)		(1,663	)		-		(2,374	)
(Decreases) by transfer (to) other balance sheet accounts – inventories		(1,977	)		(1	)		-			-			-			-			-			-		(1,978	)
Hyperinflation adjustments		80,533			23,736			19,718			-			-			5,177			28,433			-		157,597
Balance at September 30, 2024		688,450			781,426			611,371			116,294			398,851			23,096			317,510			4		2,937,002

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

Balance at December 31, 2023		-		-			-		-		-		-		5,010			-		-		-		5,010
Reversal of Impairment losses		-		-			-		-		-		-		(590	)		-		-		-		(590	)
Effect of exchange differences on translation into presentation Currency		-		-			-		-		-		-		109			-		-		-		109
Balance at September 30, 2024		-		-			-		-		-		-		4,529			-		-		-		4,529

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

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

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

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

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

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

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

Note 14. Investment property, net

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

The net balance of investment properties is shown below:

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

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

Cost	Land			Buildings			Constructions in progress			Total
Balance at December 31, 2022		312,399			1,744,190			109,563			2,166,152
Additions		-			3,569			31,984			35,553
Increase from transfers from property, plant and equipment		-			345			-			345
Increase (decrease) from movements between investment properties accounts		-			124,297			(124,297	)		-
Effect of exchange differences on the translation into presentation currency		(32,770	)		(267,889	)		(697	)		(301,356	)
Hyperinflation adjustments		18,536			203,247			523			222,306
Other		-			(30	)		(1,127	)		(1,157	)
Balance at September 30, 2023		298,165			1,807,729			15,949			2,121,843

Balance at December 31, 2023		263,172			1,671,190			22,613			1,956,975
Additions		-			2,308			21,372			23,680
Increase (decrease) from movements between investment properties accounts		-			11,857			(11,857	)		-
(Disposals and derecognition)		-			-			(575	)		(575	)
Effect of exchange differences on the translation into presentation currency		(953	)		(22,265	)		(59	)		(23,277	)
Hyperinflation adjustments		21,172			233,061			597			254,830
Balance at September 30, 2024		283,391			1,896,151			32,091			2,211,633

Accumulated depreciation	Buildings
Balance at December 31, 2022		317,665
Depreciation expenses		23,396
Effect of exchange differences on the translation into presentation currency		(74,253	)
Hyperinflation adjustments		63,774
Other		22
Balance at September 30, 2023		330,604

Balance at December 31, 2023		295,673
Depreciation expenses		25,338
(Disposals and derecognition)		(2	)
Effect of exchange differences on the translation into presentation currency		(6,702	)
Hyperinflation adjustments		82,425
Balance at September 30, 2024		396,732

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

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

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

Note 15. Leases

Note 15.1 Right of use asset, net

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

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

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

Cost
Balance at December 31, 2022	2,826,607
Increase from new contracts	44,988
Remeasurements from existing contracts (1)	126,008
Derecognition and disposal (2)	(5,775	)
Acquisitions through business combinations	7,543
Effect of exchange differences on the translation into presentation currency	(66,040	)
Other changes	12,527
Balance at September 30, 2023	2,945,858

Balance at December 31, 2023	2,980,106
Increase from new contracts	72,694
Remeasurements from existing contracts (1)	487,849
Derecognition and disposal (2)	(33,030	)
Hyperinflation adjustments	4,293
Effect of exchange differences on the translation into presentation currency	3,604
Balance at September 30, 2024	3,515,516

Accumulated depreciation
Balance at December 31, 2022	1,377,029
Depreciation	208,744
Derecognition and disposal (2)	(115	)
Effect of exchange differences on the translation into presentation currency	(33,360	)
Other changes	13,293
Balance at September 30, 2023	1,565,591

Balance at December 31, 2023	1,612,996
Depreciation	233,807
Derecognition and disposal (2)	(33,030	)
Effect of exchange differences on the translation into presentation currency	2,286
Other changes	4,156
Balance at September 30, 2024	1,820,215

Impairment
Balance at December 31, 2022	6,109
Effect of exchange differences on the translation into presentation currency	(787	)
Balance at September 30, 2023	5,322

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

(1)

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

(2)

Mainly results from the early termination of building lease contracts.

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

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

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

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

(a)

Decrease by termination of the contracts.

Depreciation expense by class of underlying asset is shown below:

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

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

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

Note 15.2 Lease liabilities

The balance of lease liabilities is shown below:

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

The movement in lease liabilities is as shown:

Balance at December 31, 2022	1,655,955
Additions	44,988
Accrued interest (Note 32	93,209
Remeasurements	126,008
Terminations	(8,672	)
Payments of lease liabilities	(205,135	)
Payments of interests	(91,642	)
Acquisitions through business combinations	7,526
Effect of exchange differences on the translation into presentation currency	(39,841	)
Balance at September 30, 2023	1,582,396

Balance at December 31, 2023	1,567,959
Additions	72,694
Accrued interest (Note 32)	110,582
Remeasurements	487,849
Terminations	(1,416	)
Payments of lease liabilities	(207,366	)
Payments of interests	(111,312	)
Effect of exchange differences on the translation into presentation currency	419
Balance at September 30, 2024	1,919,409

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

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

Note 16. Other intangible assets, net

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

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

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

Cost	Trademarks (1)			Computer software			Rights			Other			Total
Balance at December 31, 2022	299,688			274,480			24,703			147			599,018
Additions		5,296			19,947			-			-			25,243
Transfers (to) other balance sheet accounts – property, plant, and equipment		-			(1,346	)		-			-			(1,346	)
Disposals and derecognition		-			(141	)		-			-			(141	)
Effect of exchange differences on the translation into presentation currency		(68,378	)		(4,570	)		(2,416	)		(72	)		(75,436	)
Hyperinflation adjustments		40,162			-			2,396			56			42,614
Transfers		-			71			-			-			71
Other minor movements		-			7			-			-			7
Balance at September 30, 2023		276,768			288,448			24,683			131			590,030

Balance at December 31, 2023		250,879			278,893			23,385			90			553,247
Additions		6			12,384			121			-			12,511
Transfers from other balance sheet accounts – property, plant, and equipment		-			847			-			-			847
Disposals and derecognition		-			(6,061	)		-			-			(6,061	)
Effect of exchange differences on the translation into presentation currency		(2,171	)		581			(265	)		(5	)		(1,860	)
Hyperinflation adjustments		45,875			-			3,065			63			49,003
Balance at September 30, 2024		294,589			286,644			26,306			148			607,687

Accumulated amortization	Computer software			Rights			Other			Total
Balance at December 31, 2022		172,630			1,582			126			174,338
Amortization		23,010			167			-			23,177
Effect of exchange differences on the translation into presentation currency		(3,670	)		(907	)		(72	)		(4,649	)
Hyperinflation adjustments		-			1,101			56			1,157
Disposals and derecognition		(116	)		-			-			(116	)
Balance at September 30, 2023		191,854			1,943			110			193,907

Balance at December 31, 2023		185,455			1,354			69			186,878
Amortization		23,957			137			-			24,094
Effect of exchange differences on the translation into presentation currency		480			(124	)		(6	)		350
Hyperinflation adjustments		-			1,878			63			1,941
Disposals and derecognition		(5,679	)		-			-			(5,679	)
Balance at September 30, 2024		204,213			3,245			126			207,584

(1)

The balance of trademarks, is shown below:

Operating segment

Brand

Useful life

September 30,
2024

December 31,
2023

Uruguay

Miscellaneous

Indefinite

117,380

115,020

Argentina

Libertad

Indefinite

90,776

49,432

Low cost and other (Colombia)

Súper Ínter

Indefinite

63,704

Low cost and other (Colombia)

Surtimax

Indefinite

17,427

Colombia

Taeq

Indefinite

5,296

Colombia

Finlandek

Indefinite

294,589

250,879

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

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

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

Note 17. Goodwill

The balance of goodwill is as follows:

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

The movement in goodwill are shown below:

	Cost			Impairment			Net
Balance at December 31, 2022		3,485,320			(1,017	)		3,484,303
Acquisitions through business combinations		34,553			-			34,553
Effect of exchange differences on the translation into presentation currency		(378,793	)		-			(378,793	)
Hyperinflation adjustments		151,357			-			151,357
Balance at September 30, 2023		3,292,437			(1,017	)		3,291,420

Balance at December 31, 2023		3,081,639			(1,017	)		3,080,622
Effect of exchange differences on the translation into presentation currency		6,584			-			6,584
Hyperinflation adjustments		172,886			-			172,886
Balance at September 30, 2024		3,261,109			(1,017	)		3,260,092

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

17.1. Business combinations

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

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

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

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

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

Hipervital

S.A.S.

Costa y

Costa S.A.

Modasian

S.R.L.

Revenues

5,718

18,174

Profit for the period

202

(37

)

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

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

Note 18. Investments accounted for using the equity method

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

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

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

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

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

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

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

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

Balance at December 31, 2022	300,021
Capital increases (reduction), net	35,100
Share of income (Note 18.1)	(74,529	)
Balance at September 30, 2023	260,592

Balance at December 31, 2023	232,558
Capital increases (reduction), net	129,250
Share of income (Note 18.1)	(66,622	)
Balance at September 30, 2024	295,186

Nota 18.1. Share of income in joint ventures

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

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

Note 19. Non-cash transactions

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

Note 20. Loans, borrowing and other financial liabilities

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

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

(1)

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

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

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

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

Balance at December 31, 2022	1,455,584
Proceeds from loans and borrowings	1,241,972
Changes in the fair value of the put option recognized in equity	(205,260	)
Interest accrued	182,377
Translation difference	(2,150	)
Repayments of loans and borrowings	(136,716	)
Payments of interest on loans and borrowings	(146,800	)
Balance at September 30, 2023	2,389,007

Balance at December 31, 2023 (1)	1,266,205
Proceeds from loans and borrowings (2)	1,483,290
Changes in the fair value of the put option recognized in equity	(118,358	)
Interest accrued	164,446
Translation difference	(1,476	)
Repayments of loans and borrowings (3)	(197,461	)
Payments of interest on loans and borrowings	(141,423	)
Balance at September 30, 2024	2,455,223

(1)

At December 31, 2023, the balance included:

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

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

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

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

(2)

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

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

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

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

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

(3)

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

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

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

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

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

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

Covenants

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

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

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

Note 21. Employee benefits

The balance of employee benefits is shown below:

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

Note 22. Provisions

The balance of provisions is shown below:

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

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

(1)

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

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

(2)

The balance of other provisions corresponds to:

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

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

	Legal proceedings			Taxes other than income tax			Restructuring			Other			Total
Balance at December 31, 2022		19,101			4,473			10,517			8,286			42,377
Increase		7,021			-			22,436			4,107			33,564
Uses		-			(243	)		(216	)		-			(459	)
Payments		(2,184	)		-			(28,601	)		(4,840	)		(35,625	)
Reversals (not used)		(2,313	)		(3,336	)		(1,265	)		(414	)		(7,328	)
Other reclassifications		16			-			(469	)		(65	)		(518	)
Effect of exchange differences on the translation into presentation currency		(1,875	)		(515	)		(1	)		(404	)		(2,795	)
Balance at September 30, 2023		19,766			379			2,401			6,670			29,216

Balance at December 31, 2023		19,736			297			5,180			8,462			33,675
Increase		5,197			-			56,790			17,103			79,090
Payments		(1,041	)		-			(31,592	)		(8,965	)		(41,598	)
Reversals (not used)		(5,943	)		(242	)		(1,686	)		(3,756	)		(11,627	)
Other reclassifications		(745	)		-			-			745			-
Effect of exchange differences on the translation into presentation currency		59			(1	)		-			(15	)		43
Balance at September 30, 2024		17,263			54			28,692			13,574			59,583

Note 23. Trade payables and other payable

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

(1)

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

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

(2)

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

(3)

The increase corresponds to the dividends declared on 2024.

(4)

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

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

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

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

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 2023 and onwards, the minimum tax rate calculated on financial profit may not be less than 15%, if so, it will increase by the percentage points required to reach the indicated effective tax rate.

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.

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

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

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

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

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

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

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

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

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

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

(a)

Tax credits of Almacenes Éxito S.A.

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

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

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

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

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

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

(b)

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

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

(i)

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

Note 24.2. Tax rates applicable to foreign subsidiaries

Income tax rates applicable to foreign subsidiaries are:

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

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

Note 24.3. Current tax assets and liabilities

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

Current tax assets:

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

Current tax liabilities

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

Note 24.4. Income tax

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

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

(1)

IFRS adjustments with no tax effects are:

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

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

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

Note 24.5. Deferred tax

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

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

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

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

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

(1)

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

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

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

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

Note 24.7. Non-Current tax liabilities

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

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

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

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

(1)

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

(2)

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

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

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

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

(3)

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

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

Nature of
risk hedged

Hedged item

Rate of hedged item

Average rates for hedge instruments

Fair value

Forward

Exchange rate

Loans and borrowings

USD/COP

1 USD / $4,200.51

130

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

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

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

Nature of

risk hedged

Hedged item

Rate of hedged item

Average rates for hedge instruments

Fair value

Forward

Exchange rate

Trade payables

USD/COP

1 USD / $4,204.54

5,488

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

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

Note 26. Other liabilities

The balance of other liabilities is shown below:

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

(1)

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

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

	Deferred revenue			Customer loyalty programs
Balance at December 31, 2022		154,265			56,165
Additions		1,344,539			12,903
Revenue recognized		(1,382,200	)		(11,856	)
Effect of exchange difference from translation into presentation currency		(3,904	)		(7,977	)
Balance at September 30, 2023		112,700			49,235

Balance at December 31, 2023		208,126			43,990
Additions		4,394,290			11,370
Revenue recognized		(4,471,130	)		(9,450	)
Effect of exchange difference from translation into presentation currency		(26	)		833
Balance at September 30, 2024		131,260			46,743

(2)

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

Note 27. Shareholders’ equity

Capital and premium on placement of shares

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

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

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

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

Reserves

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

Other comprehensive income

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

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

Note 28. Revenue from contracts with customers

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

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

(1)

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

This amount includes the following items:

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

(a)

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

(2)

Revenues from services and rental income comprise:

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

(3)

Other revenue relates to:

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

(a)

Represents revenue from the following collaboration agreements:

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

Note 29. Distribution, administrative and selling expenses.

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

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

(a)

This amount includes the following items:

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

Note 30. Employee benefit expenses

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

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Wages and salaries		1,061,416		1,083,882		355,418		375,153
Contributions to the social security system		37,113		38,225		11,336		12,368
Other short-term employee benefits		43,124		44,203		14,132		15,482
Total short-term employee benefit expenses		1,141,653		1,166,310		380,886		403,003

Post-employment benefit expenses, defined contribution plans		107,616		107,066		35,369		34,999
Post-employment benefit expenses, defined benefit plans		2,006		1,876		599		556
Total post-employment benefit expenses		109,622		108,942		35,968		35,555

Termination benefit expenses		13,442		13,511		5,537		(828	)
Other personnel expenses		22,370		24,656		8,083		8,798
Other long-term employee benefits		192		117		79		60
Total employee benefit expenses		1,287,279		1,313,536		430,553		446,588

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

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

Other operating revenues

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

Other operating expenses

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

(1)

Corresponds to the store and shops close plan.

(2)

Corresponds:

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

Other net (losses) gains

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

Note 32. Financial income and cost

The amount of financial income and cost is as follows:

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

(1)

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

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

Note 33. Earnings per share

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

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

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

In profit for the period:

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

In continuing operations:

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

Note 34. Impairment of assets

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

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

Note 35. Fair value measurement

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

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

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

	Hierarchy level	Valuation technique	Description of the valuation technique	Significant input data
Assets
Investment in bonds	Level 2	Discounted cash flows method	Future cash flows are discounted at present value using the market rate for investments under similar conditions on the date of measurement in accordance with maturity days.	CPI 12 months + Basis points negotiated

Investment property	Level 2	Comparison or market method	This technique involves establishing the fair value of goods from a survey of recent offers or transactions for goods that are similar and comparable to those being appraised.	N/A

Investment property	Level 2	Discounted cash flows method	This technique provides the opportunity to identify the increase in revenue over a previously defined period of the investment. Property value is equivalent to the discounted value of future benefits. Such benefits represent annual cash flows (both, positive and negative) over a period, plus the net gain arising from the hypothetical sale of the property at the end of the investment period.	Discount rate (12-17%) Vacancy rate (0% - 58,94%) Terminal capitalization rate (8,25% - 9,50%)

Investment property	Level 2	Realizable-value method	This technique is used whenever the property is suitable for urban movement, applied from an estimation of total sales of a project under construction, pursuant to urban legal regulations in force and in accordance with the final saleable asset market.	Realizable value

Investment property	Level 2	Replacement cost method	The valuation method consists in calculating the value of a brand-new property, built at the date of the report, having the same quality and comforts as that under evaluation. Such value is called replacement value; then an analysis is made of property impairment arising from the passing of time and the careful or careless maintenance the property has received, which is called depreciation.	Physical value of building and land.

Non-current assets classified as held for trading	Level 2	Realizable-value method	This technique is used whenever the property is suitable for urban development, applied from an estimation of total sales of a project under construction, pursuant to urban legal regulations in force and in accordance with the final saleable asset market.	Realizable Value

	Hierarchy level	Valuation technique	Description of the valuation technique	Significant input data
Liabilities
Financial liabilities measured at amortized cost	Level 2	Discounted cash flows method	Future cash flows are discounted at present value using the market rate for loans under similar conditions on the date of measurement in accordance with maturity days.	Reference Banking Index (RBI) + Negotiated basis points. LIBOR rate + Negotiated basis points.

Swap contracts measured at fair value through income	Level 2	Operating cash flows forecast model	The method uses swap cash flows, forecasted using treasury security curves of the State that issues the currency in which each flow has been expressed, for further discount at present value, using swap market rates disclosed by the relevant authorities of each country. The difference between cash inflows and cash outflows represents the swap net value at the closing under analysis.	Reference Banking Index Curve (RBI) 3 months. Zero-coupon curve. Swap LIBOR curve. Treasury Bond curve. 12-month CPI

Derivative instruments measured at fair value through income	Level 2	Colombian Peso-US Dollar forward	The difference is measured between the forward agreed upon rate and the forward rate on the date of valuation relevant to the remaining term of the derivative financial instrument and discounted at present value using a zero-coupon interest rate. The forward rate is based on the average price quoted for the two-way closing price (“bid” and “ask”).	Peso/US Dollar exchange rate set out in the forward contract. Market representative exchange rate on the date of valuation. Forward points of the Peso-US Dollar forward market on the date of valuation. Number of days between valuation date and maturity date. Zero-coupon interest rate.

Derivative swap contracts denominated as hedge instruments	Level 2	Discounted cash flows method	The fair value is calculated based on forecasted future cash flows provided by the operation upon market curves and discounting them at present value, using swap market rates.	Swap curves calculated by Forex Finance Market Representative Exchange Rate (TRM)

Customer loyalty liability (refer to footnote 26)	Level 3	Market value	The customer loyalty liability is updated in accordance with the point average market value for the last 12 months and the effect of the expected redemption rate, determined on each customer transaction.	Number of points redeemed, expired and issued. Point value. Expected redemption rate.

Bonds issued	Level 2	Discounted cash flows method	Future cash flows are discounted at present value using the market rate for bonds in similar conditions on the date of measurement in accordance with maturity days.	12-month CPI

Lease liabilities	Level 2	Discounted cash flows method	Future cash flows of lease contracts are discounted using the market rate for loans in similar conditions on contract start date in accordance with the non-cancellable minimum term.	Reference Banking Index (RBI) + basis points in accordance with risk profile.

Put option (refer to footnote 20)	Level 3	Given formula	Measured at fair value using a given formula under an agreement executed with non-controlling interests of Grupo Disco, using level 3 input data.	Net income of Supermercados Disco del Uruguay S.A. since October 2022 to September 2023 and since October 2023 to September 2024. US Dollar-Uruguayan peso exchange rate on the date of valuation US Dollar-Colombian peso exchange rate on the date of valuation Total shares Supermercados Disco del Uruguay S.A.

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

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

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

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

Note 36. Contingencies

Contingent assets

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

Contingent liabilities

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

(a)

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

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

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

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

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

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

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

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

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

(b)

Guarantees:

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

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

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

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

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

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

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

Note 37. Dividends declared and paid.

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

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

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

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

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

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

Note 38. Seasonality of transactions

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

Note 39. Operating segments

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

Colombia:

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

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

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

Argentina:

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

Uruguay:

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

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

Retail sales by each of the segments are as follows:

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

Eliminations			(436	)		(623	)		(436	)		(16	)

Total consolidated			14,886,333			15,050,693			4,997,762			4,912,100

(a)

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

Below is additional information by operating segment:

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

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

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

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

(1)

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

(2)

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

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

Note 40. Assets held for sale

Assets held for sale

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

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

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

(1)

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

(2)

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

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

Note 41. Financial risk management policy

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

Note 42. Subsequent Events

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

Almacenes Éxito S.A.

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

Envigado, November 12, 2024

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

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

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

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

All items have been recognized at proper values.

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

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

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

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

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

Exhibit 99.2

Almacenes Éxito S.A.

Interim separate financial statements

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

Almacenes Éxito S.A.

Interim separate statement of financial position

At September 30, 2024 and at December 31, 2023

(Amounts expressed in millions of Colombian pesos)

	Notes	At September 30, 2024		At December 31, 2023
Current assets
Cash and cash equivalents	6		486,282		980,624
Trade receivables and other receivables	7		333,514		436,942
Prepayments	8		17,250		20,505
Receivables from related parties	9		77,133		82,266
Inventories, net	10		2,368,825		1,993,987
Financial assets	11		5,778		2,378
Tax assets	23		688,122		496,180
Assets held for sale	39		2,645		2,645
Total current assets			3,979,549		4,015,527

Non-current assets
Trade receivables and other receivables	7		14,283		16,376
Prepayments	8		10,068		3,245
Other non-financial assets from related parties	9		542		52,770
Financial assets	11		11,076		11,148
Deferred tax assets	23		236,677		130,660
Property, plant and equipment, net	12		1,883,874		1,993,592
Investment property, net	13		64,679		65,328
Rights of use asset, net	14		1,488,138		1,556,851
Other intangible, net	15		178,723		190,346
Goodwill	16		1,453,077		1,453,077
Investments accounted for using the equity method	17		4,620,479		4,091,366
Other assets			398		398
Total non-current assets			9,962,014		9,565,157
Total assets			13,941,563		13,580,684

Current liabilities
Loans and borrowings	19		1,759,300		578,706
Employee benefits	20		4,669		2,992
Provisions	21		42,194		16,406
Payable to related parties	9		84,720		209,607
Trade payables and other payable	22		3,280,292		4,144,324
Lease liabilities	14		288,702		290,080
Tax liabilities	23		75,064		100,449
Derivative instruments and collections on behalf of third parties	24		168,089		149,563
Other liabilities	25		128,767		200,604
Total current liabilities			5,831,797		5,692,731

Non-current liabilities
Loans and borrowings	19		163,115		236,812
Employee benefits	20		18,202		18,202
Provisions	21		12,286		11,499
Trade payables and other payable	22		21,033		37,348
Lease liabilities	14		1,427,433		1,481,062
Other liabilities	25		2,876		2,353
Total non-current liabilities			1,644,945		1,787,276
Total liabilities			7,476,742		7,480,007
Equity
Issued share capital	26		4,482		4,482
Reserves	26		1,491,489		1,431,125
Other equity components			4,968,850		4,665,070
Total equity			6,464,821		6,100,677
Total liabilities and equity			13,941,563		13,580,684

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

Almacenes Éxito S.A.

Interim separate statement of profit or loss

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

(Amounts expressed in millions of Colombian pesos)

		January 1 to September 30						July 1 to September 30
	Notes	2024			2023			2024			2023
Continuing operations
Revenue from contracts with customers	27		11,251,640			11,067,542			3,815,390			3,718,490
Cost of sales	10		(9,042,039	)		(8,783,409	)		(3,085,897	)		(2,979,541	)
Gross profit			2,209,601			2,284,133			729,493			738,949

Distribution, administrative and selling expenses	28		(2,196,002	)		(2,144,628	)		(714,922	)		(723,453	)
Other operating revenue	30		38,010			22,638			13,315			6,932
Other operating expenses	30		(80,742	)		(59,054	)		(32,010	)		(24,377	)
Other losses, net	30		(3,134	)		(4,866	)		(177	)		(542	)
Operating (loss) profit			(32,267	)		98,223			(4,301	)		(2,491	)

Financial income	31		67,722			182,627			5,919			16,212
Financial cost	31		(378,369	)		(493,405	)		(100,823	)		(124,864	)
Share of income in subsidiaries and joint ventures	32		146,570			164,153			45,338			54,328
Loss before income tax from continuing operations			(196,344	)		(48,402	)		(53,867	)		(56,815	)

Income tax gain	23		105,013			55,651			19,134			25,130
(Loss) profit for the period			(91,331	)		7,249			(34,733	)		(31,685	)

Earnings per share (*)

Basic earnings per share (*):
Basic (loss) gain earnings per share from continuing operations	33		(70.37	)		5.59			(26.76	)		(24.41	)

(*)

Amounts expressed in Colombian pesos.

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

Almacenes Éxito S.A.

Interim separate statement of other comprehensive income

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

(Amounts expressed in millions of Colombian pesos)

		January 1 to September 30						July 1 to September 30
	Notes	2024			2023			2024			2023
(Loss) profit for the period			(91,331	)		7,249			(34,733	)		(31,685	)

Other comprehensive income

Components of other comprehensive income that will not be reclassified to profit and loss, net of taxes
Remeasurement gain on defined benefit plans			-			84			-			-
(Loss) gain from financial instruments designated at fair value	26		(259	)		(1,042	)		140			(903	)
Total other comprehensive income that will not be reclassified to period results, net of taxes			(259	)		(958	)		140			(903	)

Components of other comprehensive income that may be reclassified to profit and loss, net of taxes
Gain loss from translation exchange differences (1)	26		(19,992	)		(911,221	)		(121,610	)		(319,734	)
Gain (loss) from cash flow hedge	26		1,038			1,169			(1,645	)		2,486
Total other comprehensive income that may be reclassified to profit or loss, net of taxes			(18,954	)		(910,052	)		(123,255	)		(317,248	)
Total other comprehensive income			(19,213	)		(911,010	)		(123,115	)		(318,151	)
Total comprehensive income			(110,544	)		(903,761	)		(157,848	)		(349,836	)

Earnings per share:

Basic earnings per share (*):
Basic earnings (loss) per share from continuing operations	33		(85.17	)		(696.35	)		(121.62	)		(269.55	)

(*)

Amounts expressed in Colombian pesos.

(1)

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

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

Almacenes Éxito S.A.

Interim separate statement of changes in equity

At September 30, 2024 and 2023

(Amounts expressed in millions of Colombian pesos)

	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			Other equity components			Total shareholders’ equity
	Note 26		Note 26		Note 26			Note 26		Note 26			Note 26		Note 26		Note 26			Note 26			Note 26
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
Declared dividend (Note 37)		-		-		-			-		(217,392	)		-		-		-			(217,392	)		-			-			-			(217,392	)
Net income		-		-		-			-		-			-		-		-			-			-			7,249			-			7,249
Other comprehensive income		-		-		-			-		-			-		-		-			-			(984,823	)		-			-			(984,823	)
Appropriation to reserves		-		-		-			-		99,072			-		-		-			99,072			-			(99,072	)		-			-
Changes in interest in the ownership of subsidiaries that do not result in loss of control		-		-		-			-		-			-		-		-			-			-			-			(65,389	)		(65,389	)
Equity impact on the inflationary effect of subsidiary Libertad S.A.		-		-		-			-		-			-		-		-			-			-			-			488,728			488,728
Equity impact on the valuation put effect of subsidiary Grupo Disco del Uruguay S.A.		-		-		-			-		-			-		-		-			-			73,813			-			72,412			146,225
Other net (decrease) in shareholders’ equity		-		-		-			-		(2,108	)		-		-		-			(2,108	)		-			(1,478	)		(7,547	)		(11,133	)
Balance at September 30, 2023		4,482		4,843,466		(319,490	)		7,857		509,918			418,442		155,412		329,529			1,421,158			(1,877,912	)		422,263			2,008,486			6,502,453

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
Declared dividend (Note 37)		-		-		-			-		(65,529	)		-		-		-			(65,529	)		-			-			-			(65,529	)
Net (loss)		-		-		-			-		-			-		-		-			-			-			(91,331	)		-			(91,331	)
Other comprehensive income		-		-		-			-		-			-		-		-			-			(8,721	)		-			-			(8,721	)
Appropriation to reserves		-		-		-			-		141,707			-		-		(15,709	)		125,998			-			(125,998	)		-			-
Changes in interest in the ownership of subsidiaries that do not result in loss of control		-		-		-			-		-			-		-		-			-			-			-			(82,108	)		(82,108	)
Equity impact on the inflationary effect of subsidiary Libertad S.A.		-		-		-			-		-			-		-		-			-			-			-			564,827			564,827
Equity impact on the valuation put effect of subsidiary Grupo Disco del Uruguay S.A.		-		-		-			-		-			-		-		-			-			(10,492	)		-			57,614			47,122
Other net increase (decrease) in shareholders’ equity		-		-		-			-		-			-		-		(105	)		(105	)		-			(11	)		-			(116	)
Balance at September 30, 2024		4,482		4,843,466		(319,490	)		7,857		586,096			418,442		155,412		323,682			1,491,489			(2,323,259	)		316,993			2,451,140			6,464,821

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

Almacenes Éxito S.A.

Interim separate statement of cash flows

For the periods ended September 30, 2024 and 2023

(Amounts expressed in millions of Colombian pesos)

		Periods ended September 30,
	Notes	2024			2023
Operating activities
(Loss) profit for the period			(91,331	)		7,249
Adjustments to reconcile (loss) profit for the period
Current income tax	23		1,563			2,966
Deferred income tax	23		(106,576	)		(58,617	)
Interest, loans and lease expenses	31		264,700			257,534
(Gain) loss from changes in fair value of derivative financial instruments	31		(15,621	)		27,095
Allowance for expected credit losses, net	7.1		6,759			1,159
Losses on inventory obsolescence and damages, net	10.1		10,560			6,477
Employee benefit provisions	20		1,677			1,693
Provisions and reversals	21		65,642			22,975
Depreciation of property, plant and equipment, investment property and right of use asset	12; 13; 14		396,576			381,666
Amortization of intangible assets	15		19,743			18,897
Share of profit in associates and joint ventures accounted for using the equity method	32		(146,570	)		(164,153	)
Loss from the disposal of non-current assets			3,355			5,862
Interest income	31		(1,968	)		(10,480	)
Operating income before changes in working capital			408,509			500,323

Decrease in trade receivables and other accounts receivable			99,343			80,152
(Increase) decrease in prepayments			(3,568	)		9,647
Decrease (increase) in receivables from related parties			36,205			(1,199	)
(Increase) in inventories			(378,342	)		(53,619	)
Decrease in tax assets			14,182			9,900
Payments of provisions	21		(39,067	)		(33,962	)
(Decrease) in trade payables and other accounts payable			(896,177	)		(1,226,981	)
(Decrease) increase in accounts payable to related parties			(124,887	)		335
(Decrease) in tax liabilities			(25,385	)		(24,349	)
(Decrease) in other liabilities			(71,314	)		(50,459	)
Income tax, net			(198,380	)		80,895
Net cash flows used in operating activities			(1,178,881	)		(709,317	)

Investing activities
Advances to subsidiaries and joint ventures			34,884			(129,561	)
Acquisition of property, plant and equipment	12.1		(109,025	)		(228,971	)
Acquisition of intangible assets	15		(8,502	)		(21,354	)
Proceeds of the sale of property, plant and equipment			2,052			767
Dividends received			123,671			111,793
Net cash flows provided by (used in) investing activities			43,080			(267,326	)
Financing activities
Cash flows provided by changes in interests in subsidiaries that do not result in loss of control			23			-
Proceeds paid from financial assets			72			11
Received (payments) from collections on behalf of third parties			34,751			(34,808	)
Proceeds from loans and borrowings	19		1,197,515			1,125,000
Repayment of loans and borrowings	19		(111,846	)		(49,763	)
Payments of interest of loans and borrowings	19		(132,409	)		(131,027	)
Lease liabilities paid	14.2		(221,908	)		(206,280	)
Interest on lease liabilities paid	14.2		(111,562	)		(95,163	)
Dividends paid	37		(15,145	)		(217,255	)
Interest received	31		1,968			10,480
Net cash flows provided by financing activities			641,459			401,195

Net decrease in cash and cash equivalents			(494,342	)		(575,448	)
Cash and cash equivalents at the beginning of period	6		980,624			1,250,398
Cash and cash equivalents at the end of period	6		486,282			674,950

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

Note 1. General information

Almacenes Éxito S.A., (hereinafter the Company) 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.

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

Interim separate financial statements as of September 30, 2024, were authorized for issue in accordance with resolution of directors of the Company on November 12, 2024.

The Company´s corporate purpose is to:

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.

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

Starting from January 22, 2024 and at September 30, 2024 and as a consequence of mentioned in Note 5, the immediate holding company, or controlling entity of the Company is Cama Commercial Group Corp., which owns 86.84% (directly and indirectly) of its ordinary shares. Cama Commercial Group Corp. is controlled by Clarendon Worldwide S.A., controlled by Fundación El Salvador del mundo, which is ultimately controlled by Mr. Francisco Javier Calleja Malaina.

The Company is registered in the Camara de Comercio Aburrá Sur.

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

The separate financial statements as of December 31, 2023, and the interim separate financial statements as of September 30, 2024, and for the periods ended September 30, 2024, and 2023 have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and established in Colombia by Law 1314 of 2009, regulated by Decree 2420 of 2015 “Sole Regulatory Decree of Accounting and Financial Information and Information Assurance Standards” and the other amending decrees.

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

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

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

Note 3. Accounting policies

The accompanying interim separate financial statements at September 30, 2024 have been prepared using the same accounting policies, measurements and bases used to present the separate financial statements for the year ended December 31, 2023, which are duly disclosed in the separate 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 3.1.

The adoption of the new standards in force as of January 1, 2024, mentioned in Note 4.1., did not result in significant changes in these accounting policies as compared to those applied in preparing the separate financial statements at December 31, 2023 and no significant effect resulted from adoption thereof.

Nota 3.1. 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 Average Cost method.

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

	Periods ended September 30,
	2024						2023						December 31, 2023
	Earnings per share (expressed in Colombian pesos)			Net income			(Loss) per share (expressed in Colombian pesos)			Net (loss)			Inventories			Cost of sales			Equity Method
Adjustment		2,99			3,883			(1,64	)		(2,124	)		11,534			(7,678	)		(5,445	)
Percentage		6.86	%		6.86	%		5.46	%		5.46	%		0.59	%		0.26	%		10.79	%

Note 4. Adoption of new standards, amendments to and interpretations of existing standards issued by the IASB.

Note 4.1. New and amended standards and interpretations.

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

Statement	Description	Applicable periods / impact
Amendment to IAS 1 – Non-current Liabilities with Covenants	This amendment, which amends IAS 1– Presentation of Financial Statements, aims to improve the information companies provide on long-term covenanted debt by enabling investors to understand the risk of early repayment of debt. IAS 1 requires a company to classify debt as non-current only if the company can avoid settling the debt within 12 months of the reporting date. However, a company’s ability to do so is often contingent on compliance with covenants. For example, a business might have long-term debt that could be repayable within 12 months if the business defaults in that 12-month period. The amendment requires a company to disclose information about these covenants in the notes to the financial statements.	These changes did not have any impact in the financial statements. Before the issuance of this Amendment, the Company reviewed non-financial covenants to disclosure its compliance.

Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback.	This Amendment, which amends IFRS 16 – Leases, guides at the subsequent measurement that a company must apply when it sells an asset and subsequently leases the same asset to the new owner for a period. IFRS 16 includes requirements on how to account for a sale with leaseback on the date the transaction takes place. However, this standard had not specified how to measure the transaction after that date. These amendments will not change the accounting for leases other than those arising in a sale-leaseback transaction.	These changes did not have any impact in the financial statements.

Statement	Description	Applicable periods / impact
Amendment to IAS 7 and IFRS 17 - Supplier finance arrangements.	This Amendment, which amends IAS 7 - Statement of Cash Flows and IFRS 7 - Financial Instruments: Disclosures, aims to enhance the disclosure requirements regarding supplier financing agreements. It enables users of financial statements to assess the effects of such agreements on the entity’s liabilities and cash flows, as well as the entity’s exposure to liquidity risk. The Amendment requires the disclosure of the amount of liabilities that are part of the agreements, disaggregating the amounts for which financing providers have already received payments from the suppliers, and indicating where the liabilities are presented in the balance sheet. Additionally, it mandates the disclosure of terms and conditions, payment maturity date ranges, and liquidity risk information. Supplier financing agreements are characterized by one or more financing providers offering to pay amounts owed by an entity to its suppliers, according to the terms and conditions agreed upon between the entity and its supplier.	These changes did not have any impact in the financial statements. Before the issuance of this Amendment, the Company disclosed these liabilities.

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

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

Note 4.2. New and revised standards and interpretations issued and not yet effective.

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

Statement	Description	Applicable periods
Amendment to IAS 21 – Lack of Exchangeability	This Amendment, which amends IAS 21 – The Effects of Changes in Foreign Exchange Rates, aims to establish the accounting requirements for when one currency is not exchangeable for another currency, specifying the exchange rate to be used and the information that should be disclosed in the financial statements. The Amendment will allow companies to provide more useful information in their financial statements and will assist investors in addressing an issue not previously covered in the accounting requirements for the effects of exchange rate variations.	January 1, 2025, with early adoption permitted. No material effects are expected from the application of this Amendment.

IFRS 18 - Presentation and Disclosure in Financial Statements	This standard replaces IAS 1 - Presentation of Financial Statements, transferring many of its requirements without any changes. Its objective is to help investors analyze the financial performance of companies by providing more transparent and comparable information to make better investment decisions. This IFRS introduces three sets of new requirements: a. Improvement of the comparability of the income statement: Currently, there is no specific structure for the income statement. The companies choose the subtotals they wish to include, declaring an operating result, but the way it is calculated is different from one company to another, reducing comparability. The standard introduces three defined categories of income and expenses (operating, investing, and financing) to enhance the structure of the income statement and requires all companies to present new defined subtotals. b. Transparency of performance measures defined for the management.: most companies do not provide enough information for investors to understand how the performance measures are calculated and how is the relation with the subtotals in the income statement. The standard requires that the companies disclose explanations about specific measures concerning with the income statement, referred to as performance measures defined for the management. c. A more useful information in the financial statements: investors’ analysis of results is hindered if the information disclosed is either overly summarized or t much detailed. The standard provides detailed guidance about order of information and its disclosure in the main financial statements or in notes.	January 1, 2027, with early adoption permitted. No material effects are expected from the application of this IFRS.

Statement	Description	Applicable periods
IFRS 19 - Subsidiaries without Public Accountability: Disclosures	It allows for the simplification of reporting systems and processes for companies, reducing the costs of preparing the financial statements of subsidiaries while maintaining the usefulness of those financial statements for their users. Subsidiaries that apply the IFRS for SMEs or national accounting standards for preparing their financial statements often have two sets of accounting records because the requirements of these SMEs Standards differ from IFRS. This standard will solve these challenges in the following ways: - Allowing subsidiaries to have a single set of accounting records to satisfice the needs of both their parent company and the users of their financial statements. - Reducing disclosure requirements and adopting them to the needs of the users of their financial statements. A subsidiary applies IFRS 19 if and only if: a. The subsidiary does not disclose account to the market (generally, it is not traded and is not a financial institution); and b. The intermediate or ultimate parent company discloses consolidated financial statements that are available tie the market and comply with IFRS.	January 1, 2027. No material effects are expected from the application of this IFRS because it is related with subsidiaries that use IFRS for SMEs or national accounting standards.

Amendments to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments	This Amendment clarifies the classification of financial assets with environmental, social, and governance characteristics and similar attributes. According to the characteristics of contractual cash flows, there is confusion about whether these assets should be measured at amortized cost or fair value. With these modifications, IASB has introduced additional disclosure requirements to improve transparency for investors regarding investments in equity instruments designated at fair value through other financial assets and comprehensive income with contingent characteristics, such as aspects related to environmental, social, and governance issues. Additionally, these Amendments clarify the derecognition requirements for the settlement of financial assets or liabilities through electronic payment systems. The modifications clarify the date on which a financial asset or liability is derecognized. IASB also developed an accounting policy that allows derecognize a financial liability before delivering cash on the settlement date if the following criteria are met: (a) the entity does not have the ability to withdraw, stop, or cancel the payment instructions; (b) the entity does not have the ability to access the cash that will be used for the payment instruction; and (c) there is no significant risk associated with the electronic payment system.	January 1, 2026. No material effects are expected from the application of these Amendments.

Annual improvements to IFRS standards	This document issues several minor amendments to the following standards: IFRS 1 First-time Adoption, IFRS 7 Financial Instruments: Disclosures, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows. The issued amendments include clarifications, precisions regarding cross-referencing of standards and obsolete references, changes to normative examples, and revisions to certain wording in some paragraphs. The aim of these changes is to enhance the understandability of these standards and to avoid ambiguities in their interpretation.	January 1, 2026. with early adoption permitted. No material effects are expected from the application of these Amendments.

Note 5. 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.

Note 6. Cash and cash equivalents

The balance of cash and cash equivalents is shown below:

	September 30, 2024		December 31, 2023
Cash at banks and on hand		445,948		970,325
Fiduciary rights – money market like (1)		38,921		8,981
Funds		1,413		1,318
Total cash and cash equivalents		486,282		980,624

(1)

The balance is as follows:

	September 30, 2024		December 31, 2023
Corredores Davivienda S.A.		32,563		172
Fondo de Inversión Colectiva Abierta Occirenta		3,594		167
BBVA Asset S.A.		2,062		165
Fiduciaria Bogota S.A.		465		2,600
Fiducolombia S.A.		226		5,264
Credicorp Capital		11		613
Total fiduciary rights		38,921		8,981

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

At September 30, 2024, the Company recognized interest income from cash at banks and cash equivalents in the amount of $1,968 (September 30, 2023 - $10,480), which were recognized as financial income as detailed in Note 31.

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

Note 7. Trade receivables and other account receivables

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

	September 30, 2024		December 31, 2023
Trade receivables (Note 7.1.)		147,101		229,753
Other account receivables (Note 7.2.)		200,696		223,565
Total trade receivables and other account receivables		347,797		453,318
Current		333,514		436,942
Non-Current		14,283		16,376

Note 7.1. Trade receivables

The balance of trade receivables is shown below:

	September 30, 2024			December 31, 2023
Trade accounts		103,583			177,252
Sale of real-estate project inventories		40,194			39,277
Net investment in leases		5,760			5,903
Rentals and dealers		4,142			11,466
Employee funds and lending		301			15
Allowance for expected credit loss		(6,879	)		(4,160	)
Trade receivables		147,101			229,753

The allowance for expected credit loss is recognized as expense in profit or loss. During the period ended September 30, 2024, the net effect of the allowance for expected credit loss on the statement of profit or loss represents expense of $6,759 ($1,159 - expense for the period ended September 30, 2023).

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

Balance at December 31, 2022	5,093
Additions (Note 28)	11,014
Reversal of allowance for expected credit losses (Note 30)	(9,855	)
Write-off of receivables	(576	)
Balance at September 30, 2023	5,676

Balance at December 31, 2023	4,160
Additions (Note 28)	20,819
Reversal of allowance for expected credit losses (Note 30)	(14,060	)
Write-off of receivables	(4,040	)
Balance at September 30, 2024	6,879

Note 7.2. Other account receivables

The balance of other account receivables is shown below:

	September 30, 2024		December 31, 2023
Business agreements (1)		94,880		120,237
Recoverable taxes		60,228		47,793
Other loans or advances to employees		33,842		31,295
Money remittances		4,787		18,892
Sale of property, plant, and equipment		1,859		112
Money transfer services		1,489		653
Other		3,611		4,583
Total other account receivables		200,696		223,565

(1)

Note 8. Prepayments

The balance of prepayments is shown below:

	September 30, 2024		December 31, 2023
Insurance		16,872		19,668
Leases (1)		10,442		3,619
Other prepayments		4		463
Total prepayments		27,318		23,750
Current		17,250		20,505
Non-Current		10,068		3,245

(1)

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

	September 30, 2024		December 31, 2023
Almacén Carulla Castillo Grande		7,104		-
Almacén Éxito San Martín		3,302		3,583
Proyecto Arábica		36		36
Total leases		10,442		3,619

Note 9. Related parties

As mentioned in the control´s change in Note 5, the next companies are considered as related parties, which ones, at the date of this financial statements there were not transactions:

Fundación Salvador del mundo;

N1 Investments, Inc.;

-	Clarendon Wolrwide S.A.;

-	Avelan Enterprise, Ltd.;

-	Foresdale Assets, Ltd.;

-	Invenergy FSRU Development Spain S.L.;

-	Talgarth Trading Inc.;

-	Calleja S. A. de C.V.

-	Camma Comercial Group. Corp.

Note 9.1. Significant agreements

Transactions with related parties refer mainly to transactions between the Company and its subsidiaries, joint ventures and other related entities and were substantially accounted for in accordance with the prices, terms and conditions agreed upon between the parties. 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 the Company through credit cards, (ii) the use of these credit cards in and out of the Company stores and (iii) the use of other financial services agreed between the parties inside the Company stores.

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

Almacenes Éxito Inversiones S.A.S.: Acquisition agreement of telephone plans and contact of administrative services.

Logística Transporte y Servicios Asociados S.A.S.: Agreement to receive transportation services, contracts for the sale of merchandise, administrative services and reimbursement of expenses.

Transacciones Energéticas S.A.S. E.S.P.: Contracts of energy trading services.

Éxito Industrias S.A.S.: Contracts for the lease of real estate and provision of services.

Éxito Viajes y Turismo S.A.S.: Contract for reimbursement of expenses and administrative services.

Patrimonio Autónomo Viva Malls: Real estate lease, administrative services, and reimbursement of expenses.

Marketplace Internacional Exito y Servicios S.A.S.: Software use license and contract for the service of “Éxito referrals”.

Note 9.2. Transactions with related parties

Transactions with related parties relate to revenue from retail sales and other services, as well as to costs and expenses related to purchase of goods and services received.

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

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

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Subsidiaries (1)		47,018		38,690		15,482		12,536
Joint ventures (2)		40,190		48,356		12,774		16,583
Casino Group companies (3)		-		2,767		-		1,335
Total revenue		87,208		89,813		28,256		30,454

(1)

Revenue relates to the administration services to Éxito Industrias S.A.S., to Almacenes Éxito Inversiones S.A.S., to Transacciones Energéticas S.A.S. E.S.P., to Logística, Transporte y Servicios Asociados S.A.S. and to Patrimonios Autónomos (stand-alone trust funds); and to the lease of property to Patrimonios Autónomos and to Éxito Viajes y Turismo S.A.S.

The amount of revenue with each subsidiary is as follows:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Patrimonios Autónomos		27,282		19,780		8,941		6,041
Almacenes Éxito Inversiones S.A.S.		15,628		14,629		5,230		5,048
Logística, Transporte y Servicios Asociados S.A.S.		2,010		2,007		731		611
Éxito Viajes y Turismo S.A.S.		1,124		1,270		321		417
Éxito Industrias S.A.S.		813		899		201		383
Transacciones Energéticas S.A.S. E.S.P.		161		105		58		36
Total		47,018		38,690		15,482		12,536

(2)

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

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Compañía de Financiamiento Tuya S.A.
Commercial activation recovery		30,722		37,686		9,727		12,751
Yield on bonus, coupons and energy		5,062		5,737		1,829		2,113
Lease of real estate		3,174		3,019		1,009		966
Services		373		784		50		291
Total		39,331		47,226		12,615		16,121

Puntos Colombia S.A.S.
Services		332		909		14		241

Sara ANV S.A.
Services		527		221		145		221

Total		40,190		48,356		12,774		16,583

(3)

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

Revenue by each company is as follows:

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

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

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Subsidiaries (1)		292,791		275,799		99,002		94,227
Key management personnel (2)		70,350		45,269		4,562		10,071
Joint ventures (3)		85,161		81,453		28,993		27,818
Casino Group companies (4)		-		6,568		-		712
Controlling entity		-		10,849		-		2,909
Members of the Board		468		2,434		25		785
Total cost and expenses		448,770		422,372		132,582		136,522

(1)

Costs and expenses mainly refer to the purchase of goods for trading from Éxito Industrias S.A.S.; transportation services provided by Logística, Transporte y Servicios Asociados S.A.S.; leases and real estate management activities with Patrimonios Autónomos and Éxito Industrias S.A.S.; branding royalty with Éxito Industrias S.A.S., purchase of corporate plans from Almacenes Éxito Inversiones S.A.S.; and services received, purchase of goods and reimbursements with other subsidiaries.

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

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Logística, Transporte y Servicios Asociados S.A.S.		145,294		130,329		49,111		45,969
Patrimonios Autónomos		82,125		80,305		27,287		25,057
Éxito Industrias S.A.S.		48,770		49,841		16,944		17,803
Almacenes Éxito Inversiones S.A.S.		13,725		12,683		4,618		4,369
Transacciones Energéticas S.A.S. E.S.P.		1,502		736		505		251
Marketplace Internacional Exito y Servicios S.A.S.		1,183		1,686		497		659
Éxito Viajes y Turismo S.A.S.		192		219		40		119
Total		292,791		275,799		99,002		94,227

(2)

Transactions between the Company and key management personnel, including legal representatives and/or administrators, mainly relate to labor agreements executed by and between the parties.

Compensation of key management personnel is as follows:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Short-term employee benefits		69,814		41,811		4,409		7,680
Post-employment benefits		536		1,252		153		185
Termination benefits		-		2,206		-		2,206
Total key management personnel compensation		70,350		45,269		4,562		10,071

(3)

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

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Compañía de Financiamiento Tuya S.A.
Commissions on means of payment		8,610		9,996		2,603		3,280

Puntos Colombia S.A.S.
Cost of customer loyalty program		76,551		71,457		26,390		24,538

Total		85,161		81,453		28,993		27,818

(4)

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:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Distribution Casino France		-		1,850		-		-
Euris		-		1,393		-		428
International Retail Trade and Services IG		-		1,195		-		159
Casino Services		-		1,166		-		73
Companhia Brasileira de Distribuição S.A. – CBD		-		549		-		-
Relevanc Colombia S.A.S.		-		404		-		41
Cdiscount S.A.		-		11		-		11
Total		-		6,568		-		712

Note 9.3. Receivable and Other non-financial assets from related parties

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

	Receivable				Other non-financial assets
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Subsidiaries (1)		45,438		31,387		-		280
Joint ventures (2)		31,695		44,178		542		52,490
Casino Group companies (3)		-		5,135		-		-
Controlling entity		-		1,566		-		-
Total		77,133		82,266		542		52,770
Current		77,133		82,266		-		-
Non-Current		-		-		542		52,770

(1)

The balance of receivables by each subsidiary and by each concept:

The balance of receivables by each subsidiary is as follows:

	September 30, 2024		December 31, 2023
Patrimonios Autónomos (a)		35,849		22,366
Libertad S.A.		7,982		7,277
Almacenes Éxito Inversiones S.A.S.		714		541
Éxito Industrias S.A.S.		602		502
Logística, Transporte y Servicios Asociados S.A.S.		187		378
Éxito Viajes y Turismo S.A.S.		60		196
Transacciones Energéticas S.A.S. E.S.P.		36		96
Marketplace Internacional Exito y Servicios S.A.S.		7		30
Devoto Hermanos S.A.		1		1
Total accounts receivable from subsidiaries		45,438		31,387

(a)

In 2024, includes $31,568 (2023 - $19,604) of dividend declared.

The balance of accounts receivable from subsidiaries by concept is as follows

	September 30, 2024		December 31, 2023
Charge for dividends declared		31,568		19,604
Strategic direction services		7,981		7,277
Administrative services		1,814		1,886
Reimbursement of expenses		335		450
Other services		3,740		2,170
Total accounts receivable from subsidiaries		45,438		31,387

(2)

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

Receivables:

	September 30, 2024		December 31, 2023
Compañía de Financiamiento Tuya S.A.
Reimbursement of shared expenses, collection of coupons and other		4,586		4,697
Other services		105		1,744
Total		4,691		6,441

Puntos Colombia S.A.S.
Redemption of points		26,946		37,510

Sara ANV S.A.
Other services		58		227

Total receivables		31,695		44,178

Other non-financial assets:

The amount of $542 as of September 30, 2024, corresponds to payments made to Sara ANV S.A. for the subscription of shares. The amount of $52,490 as of December 31, 2023, corresponded to payments made to Compañía de Financiamiento Tuya S.A. for the subscription of shares that have not been recognized in its equity because authorization had not been obtained from the Superintendencia Financiera de Colombia; during 2024, authorization was obtained to register the equity increase.

(3)

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

	September 30, 2024		December 31, 2023
Casino International		-		3,224
Relevanc Colombia S.A.S.		-		1,082
Companhia Brasileira de Distribuição S.A. – CBD		-		822
Casino Services		-		7
Total Casino Group companies		-		5,135

Note 9.4. Payables to related parties

The balance of payables to related parties is shown below:

	September 30, 2024		December 31, 2023
Joint ventures (1)		40,006		43,779
Subsidiaries (2)		44,714		164,180
Casino Group companies (3)		-		976
Controlling entity		-		672
Total		84,720		209,607

(1)

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

	September 30, 2024		December 31, 2023
Puntos Colombia S.A.S. (a)		39,960		43,733
Compañía de Financiamiento Tuya S.A.		46		44
Sara ANV S.A.		-		2
Total accounts payable to joint ventures		40,006		43,779

(a)

Represents the balance arising from points (accumulations) issued.

(2)

The balance of accounts payable by each subsidiary and by each concept:

The balance of payables by each subsidiary is as follows:

	September 30, 2024		December 31, 2023
Éxito Industrias S.A. (a)		17,414		137,005
Logística, Transporte y Servicios Asociados S.A.S.		15,104		16,559
Transacciones Energéticas S.A.S. E.S.P.		4,341		3,223
Patrimonios Autónomos		4,305		3,576
Almacenes Éxito Inversiones S.A.S.		3,277		3,483
Marketplace Internacional Exito y Servicios S.A.S.		190		317
Éxito Viajes y Turismo S.A.S.		83		17
Total accounts payable to subsidiaries		44,714		164,180

(a)

Decrease corresponds mainly to payments of accounts payable from previous years.

The balance payable to subsidiaries by concept is as follows:

	September 30, 2024		December 31, 2023
Purchase of assets and inventories		16,801		134,424
Transportation service		15,104		14,858
Energy service		4,324		3,218
Mobile recharge collection service		3,007		3,453
Lease of property		1,746		2,510
Purchase of tourist trips		83		17
Other services received		3,649		5,700
Total accounts payable to subsidiaries		44,714		164,180

(3)

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

	September 30, 2024		December 31, 2023
Casino Services		-		885
International Retail and Trade Services IG		-		91
Total Casino Group companies		-		976

Note 9.5. Lease liabilities with related parties

The balance of lease liabilities with related parties is as follows:

	September 30, 2024		December 31, 2023
Subsidiaries (Patrimonios Autónomos - Stand-alone trust funds) (Note 14.2)		465,399		459,763
Current		56,825		49,934
Non-Current		408,574		409,829

Note 9.6. Collections on behalf of third parties with related parties

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

	September 30, 2024		December 31, 2023
Subsidiaries (1)		126,662		34,088
Joint ventures (2)		17,968		26,506
Total		144,630		60,594

(1)

Represents cash collected from subsidiaries as part of the in-house cash program (Note 24).

(2)

Mainly represents collections received from customers related to the use of Tarjeta Éxito card, owned by Compañía de Financiamiento Tuya S.A. (Note 24).

Note 10. Inventories, net and cost of sales

Note 10.1. Inventories, net

The balance of inventories is as follows:

	September 30, 2024		December 31, 2023
Inventories (1)		2,229,440		1,922,045
Inventories in transit		68,753		17,750
Raw materials		41,180		28,358
Real estate project inventories (2)		22,641		18,003
Materials, spares, accessories and consumable packaging		6,811		7,738
Production in process		-		93
Total inventories		2,368,825		1,993,987

(1)

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

Balance at December 31, 2022			9,969
Loss recognized during the period (Note 10.2.)			6,477
Balance at September 30, 2023			16,446

Balance at December 31, 2023			17,947
Loss recognized during the period (Note 10.2.)			10,560
Balance at September 30, 2024			28,507

(2)

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

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

Note 10.2. Cost of sales

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

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
Cost of goods sold (1)		10,177,778			9,878,967			3,482,972			3,354,147
Trade discounts and purchase rebates		(1,706,529	)		(1,620,061	)		(598,047	)		(560,215	)
Logistics costs (2)		424,087			388,785			138,398			136,325
Damage and loss		136,143			129,241			57,640			46,244
Loss recognized during the period (Note 10.1)		10,560			6,477			4,934			3,040
Total cost of sales		9,042,039			8,783,409			3,085,897			2,979,541

(1)

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

(2)

The detail is shown below:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Employee benefits		241,040		225,853		80,625		77,464
Services		127,899		112,262		39,188		41,295
Depreciations and amortizations		49,940		46,560		16,654		15,886
Upload and download operators		3,946		3,126		1,481		1,083
Leases		1,262		984		450		597
Total logistics costs		424,087		388,785		138,398		136,325

Note 11. Financial assets

The balance of financial assets is shown below:

	September 30, 2024		December 31, 2023
Financial assets measured at fair value through other comprehensive income (1)		10,658		10,676
Derivative financial instruments (2)		5,752		-
Financial assets measured at fair value through profit or loss		418		472
Derivative financial instruments designated as hedge instruments (3)		26		2,378
Total financial assets		16,854		13,526
Current		5,778		2,378
Non-Current		11,076		11,148

(1)

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

	September 30, 2024		December 31, 2023
Cnova N.V.		9,222		9,222
Fideicomiso El Tesoro etapa 4A y 4C 448		1,206		1,206
Associated Grocers of Florida, Inc.		113		113
Central de abastos del Caribe S.A.		71		71
La Promotora S.A.		32		50
Sociedad de acueducto, alcantarillado y aseo de Barranquilla S.A. E.S.P.		14		14
Total financial assets measured at fair value through other comprehensive income		10,658		10,676

(2)

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

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

Nature of

risk hedged

Hedged item

Rate of

hedged item

Average rates
for hedge
instruments

Fair value

Forward

Exchange rate

Foreign currency liabilities

USD / COP
EUR / COP

1 USD / $4,441.68
1 EUR / $4,552.33

5,752

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

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

(3)

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

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

Nature of

risk hedged

Hedged item

Rate of hedged item

Average rates for hedge instruments

Fair value

Forward

Exchange rate

Loans and borrowings

USD / COP

1 USD / $4,200.51

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

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

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

Nature of

risk hedged

Hedged item

Range of
rates for

hedged item

Range of
rates for
hedge

instruments

Fair value

Swap

Interest rate

Loans and borrowings

IBR 3M

9.0120

2,378

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

		Less than 1 month				From 1 to 3 months				From 3 to 6 months				From 6 to 12 months				More than 12 months				Total
Swap			999				-				870				509				-				2,378

At September 30, 2024 and at December 31, 2023, there are no restrictions or liens on financial assets that restrict their sale.

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

Note 12. Property, plant and equipment, net

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

	September 30, 2024			December 31, 2023
Land		442,358			445,269
Buildings		953,789			960,056
Machinery and equipment		897,908			881,732
Furniture and fixtures		553,450			539,865
Assets under construction		6,144			6,139
Improvements to third-party properties		457,293			457,570
Vehicles		7,506			7,584
Computers		296,570			293,597
Other property, plant and equipment		289			289
Total property, plant and equipment, gross		3,615,307			3,592,101
Accumulated depreciation		(1,731,433	)		(1,598,509	)
Total property, plant and equipment, net		1,883,874			1,993,592

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			Improvements to third party properties			Vehicles			Computers			Other property, plant and equipment		Total
Balance at December 31, 2022		447,733			944,782			827,612			518,827			10,156			429,942			8,724			277,754			16,050		3,481,580
Additions		-			15,623			66,448			27,742			269			23,458			-			21,822			-		155,362
(Disposals and derecognition)		-			-			(22,024	)		(7,747	)		(395	)		(873	)		(1,136	)		(5,458	)		-		(37,633	)
(Decrease) from transfers (to) other balance sheet accounts - tax assets		-			-			(10,895	)		(3,608	)		(391	)		(553	)		-			(2,946	)		-		(18,393	)
(Decrease) from transfers (to) other balance sheet accounts – inventories		(2,464	)		(2,198	)		-			-			-			-			-			-			-		(4,662	)
Increase from transfers from other balance sheet accounts – intangibles		-			-			63			-			-			-			-			1,283			-		1,346
Balance at September 30, 2023		445,269			958,207			861,204			535,214			9,639			451,974			7,588			292,455			16,050		3,577,600

Balance at December 31, 2023		445,269			960,056			881,732			539,865			6,139			457,570			7,584			293,597			289		3,592,101
Additions		-			-			35,527			21,125			171			9,783			110			5,332			-		72,048
(Disposals and derecognition)		(151	)		-			(14,697	)		(4,249	)		(48	)		(9,632	)		(188	)		(1,536	)		-		(30,501	)
(Decrease) from transfers (to) other balance sheet accounts - tax assets		-			-			(4,647	)		(3,291	)		(118	)		(428	)		-			(823	)		-		(9,307	)
(Decrease) from transfers (to) other balance sheet accounts - inventories		(2,760	)		(6,267	)		(7	)		-			-			-			-			-			-		(9,034	)
Balance at September 30, 2024		442,358			953,789			897,908			553,450			6,144			457,293			7,506			296,570			289		3,615,307

Accumulated depreciation	Buildings			Machinery and equipment			Furniture and fixtures			Improvements to third party properties			Vehicles			Computers			Other property, plant and equipment		Total
Balance at December 31, 2022		228,805			462,032			337,282			227,500			7,591			152,918			6,373		1,422,501
Depreciation		21,249			53,206			38,974			25,814			474			25,009			591		165,317
(Disposals and derecognition)		-			(17,213	)		(6,695	)		(806	)		(1,016	)		(4,886	)		-		(30,616	)
Other minor movements		(660	)		-			-			-			-			-			-		(660	)
Balance at September 30, 2023		249,394			498,025			369,561			252,508			7,049			173,041			6,964		1,556,542

Balance at December 31, 2023		256,273			512,902			382,109			258,768			7,126			181,327			4		1,598,509
Depreciation		21,494			51,257			34,321			26,615			232			25,105			-		159,024
(Disposals and derecognition)		-			(11,976	)		(3,801	)		(6,635	)		(183	)		(1,527	)		-		(24,122	)
(Decrease) from transfers (to) other balance sheet accounts - Inventories		(1,977	)		(1	)		-			-			-			-			-		(1,978	)
Balance at September 30, 2024		275,790			552,182			412,629			278,748			7,175			204,905			4		1,731,433

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 the Company 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 Company which concluded that there are no contractual or legal obligations at acquisition.

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

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

Note 12.1 Additions to property, plant and equipment for cash flow presentation purposes

	January 1 to September 30
	2024			2023
Additions		72,048			155,362
Additions to trade payables for deferred purchases of property, plant and equipment		(109,857	)		(217,320	)
Payments for deferred purchases of property, plant and equipment		146,834			290,929
Acquisition of property, plant and equipment in cash		109,025			228,971

Note 13. Investment properties, net

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

The net balance of investment properties is shown below:

	September 30, 2024			December 31, 2023
Land		43,087			43,087
Buildings		29,576			29,576
Constructions in progress		850			850
Total cost of investment properties		73,513			73,513
Accumulated depreciation		(8,772	)		(8,123	)
Impairment		(62	)		(62	)
Total investment properties, net		64,679			65,328

The movements in the accumulated depreciation during the period presented is as follows:

Accumulated depreciation	Buildings
Balance at December 31, 2022		7,258
Depreciation expenses		649
Balance at September 30, 2023		7,907

Balance at December 31, 2023		8,123
Depreciation expenses		649
Balance at September 30, 2024		8,772

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

At September 30, 2024 and at December 31, 2023, the Company 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.

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

Note 14. Leases

Note 14.1 Right of use asset, net

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

	September 30, 2024			December 31, 2023
Right of use asset		3,340,428			3,203,928
Accumulated depreciation		(1,852,290	)		(1,647,077	)
Total right of use asset, net		1,488,138			1,556,851

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

Cost
Balance at December 31, 2022	2,929,731
Increase from new contracts	27,333
Remeasurements from existing contracts (1)	193,285
Derecognition and disposal (2)	(14,467	)
Others	30,634
Balance at September 30, 2023	3,166,516

Balance at December 31, 2023	3,203,928
Increase from new contracts	19,119
Remeasurements from existing contracts (1)	149,635
Derecognition and disposal (2)	(31,690	)
Others	(564	)
Balance at September 30, 2024	3,340,428

Accumulated depreciation
Balance at December 31, 2022	1,341,788
Depreciation	215,700
Derecognition and disposal (2)	(13,513	)
Others	34,812
Balance at September 30, 2023	1,578,787

Balance at December 31, 2023	1,647,077
Depreciation	236,903
Derecognition and disposal (2)	(31,690	)
Balance at September 30, 2024	1,852,290

(1)

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

(2)

Mainly results from the early termination of building lease contracts.

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

	September 30, 2024		December 31, 2023
Buildings		3,339,318		3,196,471
Vehicles		1,110		2,251
Equipment (a)		-		5,206
Total		3,340,428		3,203,928

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

	September 30, 2024		December 31, 2023
Buildings		1,851,460		1,641,125
Vehicles		830		1,288
Equipment (a)		-		4,664
Total		1,852,290		1,647,077

(a)

Decrease by termination of the contracts.

Depreciation expense by class of underlying asset is shown below:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Buildings		236,002		214,154		79,315		73,635
Vehicles		361		146		72		(543	)
Equipment		540		1,400		-		1,046
Total depreciation		236,903		215,700		79,387		74,138

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

At September 30, 2024, the average remaining term of lease contracts is 11.20 years (11.50 years as at December 31, 2023), which is also the average remaining period over which the right of use asset is depreciated.

Note 14.2 Lease liabilities

The balance of lease liabilities is shown below:

	September 30, 2024		December 31, 2023
Lease liabilities (1)		1,716,135		1,771,142
Current		288,702		290,080
Non-Current		1,427,433		1,481,062

(1)

Includes $465,399 (December 31, 2023- $459,763) of lease liabilities with related parties (Note 9.5).

The movement in lease liabilities is as shown:

Balance at December 31, 2022	1,787,096
Additions	27,333
Accrued interest (Note 31)	96,934
Remeasurements	193,285
Terminations	(5,062	)
Payments of lease liabilities	(206,279	)
Interest payments on lease liabilities	(95,164	)
Balance at September 30, 2023	1,798,143

Balance at December 31, 2023	1,771,142
Additions	19,119
Accrued interest (Note 31)	111,063
Remeasurements	149,635
Terminations	(1,354	)
Payments of lease liabilities	(221,908	)
Interest payments on lease liabilities	(111,562	)
Balance at September 30, 2024	1,716,135

Below are the future lease liability payments at September 30, 2024:

Up to one year	331,930
From 1 to 5 years	1,101,273
More than 5 years	853,611
Minimum lease liability payments	2,286,814
Future financing	(570,679	)
Total minimum net lease liability payments	1,716,135

Note 15. Other intangible assets, net

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

	September 30, 2024			December 31, 2023
Trademarks		86,433			86,427
Computer software		241,928			239,493
Rights		20,491			20,491
Other		22			22
Total cost of other intangible assets		348,874			346,433
Accumulated amortization		(170,151	)		(156,087	)
Total other intangible assets, net		178,723			190,346

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

Cost	Trademarks (1)		Computer software			Rights		Other		Total
Balance at December 31, 2022		81,131		232,398			20,491		22		334,042
Additions		5,296		16,058			-		-		21,354
Transfers to other balance sheet accounts – property, plant and equipment		-		(1,346	)		-		-		(1,346	)
Other minor		-		7			-		-		7
Balance at September 30, 2023		86,427		247,117			20,491		22		354,057

Balance at December 31, 2023		86,427		239,493			20,491		22		346,433
Additions		6		8,496			-		-		8,502
(Disposals and derecognition)		-		(6,061	)		-		-		(6,061	)
Balance at September 30, 2024		86,433		241,928			20,491		22		348,874

Accumulated amortization	Computer software			Total
Balance at December 31, 2022		142,838			142,838
Amortization		18,897			18,897
Balance at September 30, 2023		161,735			161,735

Balance at December 31, 2023		156,087			156,087
Amortization		19,743			19,743
Disposals and derecognition		(5,679	)		(5,679	)
Balance at September 30, 2024		170,151			170,151

(1)

Represents Surtimax trademark in amount of $17,427 acquired upon the merger with Carulla Vivero S.A., Super Inter trademark acquired upon the business combination with Comercializadora Giraldo Gómez y Cía. S.A. in amount of $63,704, Taeq trademark acquired in 2023 in amount of $5,296 and Finlandek trademark acquired in 2024 in amount of $6.

The trademarks have an indefinite useful life. The Company 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. The Company 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.

Note 16. Goodwill

The balance of goodwill is as follows:

	September 30, 2024		December 31, 2023
Carulla Vivero S.A.		827,420		827,420
Súper Ínter		453,649		453,649
Cafam		122,219		122,219
Others		49,789		49,789
Total goodwill		1,453,077		1,453,077

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

Note 17. Investments accounted for using the equity method

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

Company	Classification	September 30, 2024		December 31, 2023
Spice Investment Mercosur S.A.	Subsidiary		2,002,237		1,958,360
Onper Investment 2015 S.L.	Subsidiary		1,075,028		602,306
Patrimonio Autónomo Viva Malls	Subsidiary		1,010,117		1,022,196
Compañía de Financiamiento Tuya S.A.	Joint venture		278,368		220,079
Éxito Industrias S.A.S.	Subsidiary		188,036		225,768
Logística, Transporte y Servicios Asociados S.A.S.	Subsidiary		19,650		19,996
Puntos Colombia S.A.S.	Joint venture		15,601		9,986
Almacenes Éxito Inversiones S.A.S.	Subsidiary		7,395		5,859
Marketplace Internacional Éxito y Servicios S.A.S.	Subsidiary		5,794		6,263
Transacciones Energéticas S.A.S. E.S.P.	Subsidiary		5,106		4,290
Éxito Viajes y Turismo S.A.S.	Subsidiary		5,094		6,728
Fideicomiso Lote Girardot	Subsidiary		3,850		3,850
Patrimonio Autónomo Iwana	Subsidiary		2,682		2,814
Sara ANV S.A.	Joint venture		991		2,292
Depósito y Soluciones Logísticas S.A.S.	Subsidiary		410		409
Gestión y Logistica S.A.	Subsidiary		120		170
Total investments accounted for using the equity method			4,620,479		4,091,366

There are no restrictions on the capability of investments accounted for using the equity method to transfer funds to the Company in the form of cash dividends, or loan repayments or advance payments.

The Company has no contingent liabilities incurred related to its participation therein.

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

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

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

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

Balance at December 31, 2022	4,788,226
Capital increases (reduction), net	153,966
Share of income (Note 32)	164,153
Share in equity movements	(512,555	)
Dividends declared	(111,793	)
Balance at September 30, 2023	4,569,091

Balance at December 31, 2023	4,091,366
Capital increases (reduction), net	17,332
Share of income (Note 32)	146,570
Share in equity movements	519,954
Dividends declared	(154,743	)
Balance at September 30, 2023	4,620,479

Note 18. Non-cash transactions

During the periods ended September 30, 2024, and September 30, 2023, the Company 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 12.1 and 14, respectively.

Note 19. Loans and borrowing

The balance of loans and borrowing is shown below:

	September 30, 2024		December 31, 2023
Bank loans		1,922,415		815,518
Current		1,759,300		578,706
Non-current		163,115		236,812

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

Balance at December 31, 2022	791,098
Proceeds from loans and borrowing	1,125,000
Interest accrued (Note 31)	160,600
Repayment of loans and borrowings	(49,763	)
Payments of interest of loans and borrowings	(131,027	)
Balance at September 30, 2023	1,895,908

Balance at December 31, 2023 (1)	815,518
Proceeds from loans and borrowing (2)	1,197,515
Interest accrued (Note 31)	153,637
Repayment of loans and borrowings (3)	(111,846	)
Payments of interest of loans and borrowings	(132,409	)
Balance at September 30, 2024	1,922,415

(1)

The balance at December 31, 2023 mainly includes $108,969 of a bilateral credit taken on March 27, 2020, $136,727 of a bilateral credit taken on June 3, 2020 and the extension of a bilateral credit with three new bilateral credits in amounts of $202,663; $126,478 y $114,053 taken on March 26, 2021 as well as $101,280 and $25,348 of anew bilateral credits taken on August 28, 2023.

(2)

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

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

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

(3)

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

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

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

Year	Total
2025		79,193
2026		47,343
2027		14,873
>2028		21,706
		163,115

As of September 30, 2024, the Company has not available unused credit lines.

Covenants

Under loans and borrowing contracts, the Company is subject to comply with the following financial covenants, as long as the Company has payment obligations arising from the contracts executed on March 27, 2020, the Company is committed to maintain a leverage financial ratio of less than 2.8x. Such ratio will be measured annually on April 30 or, if not a working day, the next working day, based on the audited separate financial statements of the Company for each annual period.

As at December 31, 2023, the Company complied with its covenants.

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

Note 20. Employee benefits

The balance of employee benefits is shown below:

	September 30, 2024		December 31, 2023
Defined benefit plans		20,926		19,424
Long-term benefit plan		1,945		1,770
Total employee benefits		22,871		21,194
Current		4,669		2,992
Non-Current		18,202		18,202

Note 21. Provisions

The balance of provisions is shown below:

	September 30, 2024		December 31, 2023
Restructuring		28,197		5,125
Legal proceedings (1)		13,054		14,442
Taxes other than income tax		-		242
Other		13,229		8,096
Total provisions		54,480		27,905
Current		42,194		16,406
Non-Current		12,286		11,499

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

(1)

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

	September 30, 2024		December 31, 2023
Labor legal proceedings		9,401		8,031
Civil legal proceedings		3,653		6,411
Total legal proceedings		13,054		14,442

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		12,695			3,578			10,457			7,451			34,181
Increase		5,271			-			21,024			3,756			30,051
Payments		(1,358	)		-			(27,839	)		(4,765	)		(33,962	)
Reversals (not used)		(2,103	)		(3,336	)		(1,265	)		(372	)		(7,076	)
Balance at September 30, 2023		14,505			242			2,377			6,070			23,194

Balance at December 31, 2023		14,442			242			5,125			8,096			27,905
Increase		4,875			-			54,398			16,765			76,038
Payments		(725	)		-			(29,640	)		(8,702	)		(39,067	)
Reversals (not used)		(4,793	)		(242	)		(1,686	)		(3,675	)		(10,396	)
Other transfers		(745	)		-			-			745			-
Balance at September 30, 2024		13,054			-			28,197			13,229			54,480

Note 22. Trade payables and other payable

	September 30, 2024		December 31, 2023
Payables to suppliers of goods		2,201,217		2,024,389
Payables and other payable - agreements (1)		351,866		1,561,620
Withholding tax payable (2)		223,739		42,537
Payables to other suppliers		220,008		252,212
Employee benefits		178,712		166,428
Purchase of assets (3)		53,053		87,623
Dividends payable (4)		52,700		2,315
Tax payable		3,373		9,033
Other		16,657		35,515
Total trade payables and other payable		3,301,325		4,181,672
Current		3,280,292		4,144,324
Non-Current		21,033		37,348

(1)

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

	September 30, 2024		December 31, 2023
Payables to suppliers of goods		294,927		1,428,380
Payables to other suppliers		56,939		133,240
Total payables and other payable – agreements		351,866		1,561,620

(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 is basically for payment in amount of $20,530 from Clearpath contract and a payment in amount of $14,040 from other contracts.

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

Additionally, the Company enter into agreements with some financial institutions in Colombia, which grant an additional payment period for these anticipated receivables of the suppliers. The terms under such agreements are not unique to the Company but are based on market practices in Colombia applicable to other players in the market that don’t legally modify the nature of the commercial transactions.

(4)

The increase corresponds to the dividends declared in 2024.

Note 23. Income tax

Note 23.1. Tax regulations applicable to the Company

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.

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

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

Tax credits

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

Excess presumptive income over ordinary income may be offset against ordinary net income assessed within the following five (5) years.

At September 30, 2024, the Company has accrued $61,415 (at December 31, 2023 - $61,415) excess presumptive income over net income.

The movement of the Company excess presumptive income over net income during the reporting period is shown below:

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

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

The movement of tax losses at the Company during the reporting period is shown below:

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

Finality of tax returns

The general finality of income tax returns is 3 years, and for taxpayers required to file transfer pricing information and returns giving rise to loss and tax offsetting is 5 years.

For 2024 and until 2026, if there is a 35% increase in the net income tax with respect to the net income tax of the previous period, the finality of the tax returns will be six months; if there is a 25% increase in the net income tax with respect to the net income tax of the previous period, the finality of the tax returns will be twelve months.

The income tax return for 2023, 2022, 2021 and 2020 showing a balance receivable is open to review for 5 years as of filing date; the income tax return for 2019 showing tax losses and a balance receivable is open to review for 5 years as of filing date; the income tax return for 2018, where tax losses and balances receivable were assessed, are open to review for 6 years as of filing date.

Tax advisors and Company management are of the opinion that no additional taxes payable will be assessed, other than those carried at September 30, 2024.

Note 23.2. Current tax assets and liabilities

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

Current tax assets:

	September 30, 2024		December 31, 2023
Income tax credit receivable		470,026		274,411
Tax discounts applied		143,971		133,608
Industry and trade tax advances and withholdings		56,721		70,904
Tax discounts from taxes paid abroad		17,404		17,257
Total current tax assets		688,122		496,180

Current tax liabilities

	September 30, 2024		December 31, 2023
Industry and trade tax payable		70,055		96,829
Tax on real estate		5,009		3,620
Total current tax liabilities		75,064		100,449

Note 23.3. Income tax

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

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
(Loss) profit before income tax		(196,344	)		(48,402	)		(53,867	)		(56,815	)
Add
IFRS adjustments with no tax effects (1)		30,807			(115,316	)		131,729			(12,560	)
Non-deductible expenses		13,955			18,247			6,654			4,897
Tax on financial transactions		6,884			6,596			1,508			1,549
Provisions and receivables write-offs		5,363			3,599			3,191			3,599
Special deduction for donation to food banks and others		4,274			(765	)		1,498			1,034
ICA deduction paid after the presentation of the income		1,229			(162	)		-			-
Fines, penalties and litigation		584			1,712			136			1,277
Taxes taken on and revaluation		477			576			236			283
Net income - recovery of depreciation of assets sold		250			1,492			200			261
Reimbursement deduction of income-producing fixed assets for sale of assets		-			101			-			-
Less
Tax-exempt dividends received from subsidiaries		(68,456	)		(12,620	)		(64,214	)		(10,000	)
Recovery of costs and expenses		(3,410	)		(16,856	)		(72	)		265
Deduction from hiring of handicapped employees		(1,912	)		(1,858	)		(637	)		(619	)
Profit sale of fixed assets declared occasional gain		(1,681	)		(21,781	)		(509	)		(557	)
Non-deductible taxes		(528	)		(359	)		28			(3	)
30% additional deduction on salaries paid to apprentices		-			(193	)		-			(64	)
Net (loss)		(208,508	)		(185,989	)		25,881			(67,453	)
Exempt income		57,599			38,239			25,264			-
Liquid (loss)		(266,107	)		(224,228	)		617			(67,453	)
Income tax rate		35	%		35	%		35	%		35	%
Subtotal current income tax (expense)		-			-			-			-
(Expense) tax on casual profits		(9	)		(389	)		(9	)		-
Adjustment in respect of current income tax of prior periods		(1,554	)		100			-			325
(Expense) tax paid abroad		-			(2,677	)		-			(2	)
Total current income tax (expense)		(1,563	)		(2,966	)		(9	)		323

(1)

IFRS adjustments with no tax effects are:

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
Other accounting expenses with no tax effects		345,943			315,554			115,268			107,276
Accounting provisions		104,047			62,164			45,567			28,613
Untaxed dividends of subsidiaries		68,456			50,859			64,214			10,000
Exchange difference, net		63,107			(60,136	)		29,626			(3,165	)
Other accounting not for tax purposes (revenue), net		9,351			24,295			12,125			30,474
Taxed actuarial estimation		1,294			1,642			540			547
Taxed leases		(215,834	)		(184,556	)		(70,448	)		(54,348	)
Net results using the equity method		(146,570	)		(164,153	)		(45,338	)		(54,328	)
Non-accounting costs for tax purposes		(79,211	)		(57,712	)		(8,044	)		(37,534	)
Recovery of provisions		(58,496	)		(26,387	)		(17,839	)		(19,255	)
Excess personnel expenses for tax purposes over accounting purposes		(41,445	)		(39,571	)		11,950			(8,250	)
Excess tax depreciation over accounting depreciation		(19,835	)		(37,252	)		(5,892	)		(12,564	)
Non-deductible taxes		-			(63	)		-			(26	)
Total		30,807			(115,316	)		131,729			(12,560	)

The components of income tax income recorded in the income statement are as follows:

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
Deferred income tax gain (Note 23.4)		106,576			58,617			19,143			24,807
Adjustment in respect of current income tax of prior periods		(1,554	)		100			-			325
(Expense) tax on casual profits		(9	)		(389	)		(9	)		-
(Expense) tax paid abroad		-			(2,677	)		-			(2	)
Total income tax		105,013			55,651			19,134			25,130

Note 23.4. Deferred tax

	September 30, 2024								December 31, 2023
	Deferred tax assets		Deferred tax liabilities			Deferred tax, net			Deferred tax assets		Deferred tax liabilities			Deferred tax, net
Lease liability		600,647		-			600,647			619,900		-			619,900
Tax losses		352,255		-			352,255			259,118		-			259,118
Tax credits		61,449		-			61,449			61,449		-			61,449
Excess presumptive income		21,495		-			21,495			21,495		-			21,495
Trade payables and other payables		9,715		-			9,715			11,389		-			11,389
Investment property		-		(43,687	)		(43,687	)		-		(41,499	)		(41,499	)
Buildings		-		(217,708	)		(217,708	)		-		(138,744	)		(138,744	)
Goodwill		-		(124,877	)		(124,877	)		-		(217,687	)		(217,687	)
Right of use asset		-		(518,359	)		(518,359	)		-		(542,196	)		(542,196	)
Other		110,551		(14,804	)		95,747			113,543		(16,108	)		97,435
Total		1,156,112		(919,435	)		236,677			1,086,894		(956,234	)		130,660

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

	January 1 to September 30					July 1 to September 30
	2024			2023		2024		2023
Gain from deferred tax recognized in income		106,576			58,617		19,143		24,807
(Expense) gain from deferred tax recognized in other comprehensive income		(559	)		4,339		884		(304	)
Total movement of net deferred tax		106,017			62,956		20,027		24,503

Temporary differences related to investments in subsidiaries, associates and joint ventures, for which no deferred tax liabilities have been recognized at September 30, 2024 amounted to $1,478,141 (at December 31, 2023 - $971,259).

Note 23.5. Income tax consequences related to payments of dividends

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

Note 24. Derivative instruments and collections on behalf of third parties

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

	September 30, 2024		December 31, 2023
Collections on behalf of third parties (1)		167,527		132,776
Derivative financial instruments (2)		432		11,299
Derivative financial instruments designated as hedge instruments (3)		130		5,488
Total derivative instruments and collections on behalf of third parties		168,089		149,563

(1)

Collections on behalf of third parties includes amounts received for services where the Company acts as an agent, such as travel agency sales, card collections, money collected for subsidiaries as part of the in-house cash program and payments and banking services provided to customers. Include $144,630 (at December 31, 2023 - $60,594) with related parties (Note 9.6).

(2)

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

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

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

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

(3)

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

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

Nature of

risk hedged

Hedged item

Rate of hedged item

Average rates for hedge instruments

Fair value

Forward

Exchange rate

Loans and borrowings

USD/COP

1 USD / $4,200.51

130

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

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

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

Nature of

risk hedged

Hedged item

Rate of hedged item

Average rates for hedge instruments

Fair value

Forward

Exchange rate

Trade payables

USD/COP

1 USD / $4,204.54

5,488

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

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

Note 25. Other liabilities

The balance of other liabilities is shown below:

	September 30, 2024		December 31, 2023
Deferred revenues (1)		124,479		200,205
Advance payments under lease agreements and other projects		3,398		2,353
Advances for the sale of inventory of real estate projects (2)		3,320		-
Repurchase coupon		287		239
Instalments received under “plan resérvalo”		159		160
Total other liabilities		131,643		202,957
Current		128,767		200,604
Non-Current		2,876		2,353

(1)

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

The Company considers deferred revenues as contractual liabilities. The movement of deferred revenue and the related revenue recognized during the reporting periods, is shown below:

	Deferred Revenue
Balance at December 31, 2022		143,074
Additions		1,343,788
Revenue recognized		(1,379,212	)
Balance at September 30, 2023		107,650

Balance at December 31, 2023		200,205
Additions		4,392,491
Revenue recognized		(4,468,217	)
Balance at September 30, 2024		124,479

(2)

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

Note 26. Shareholders’ equity

Capital and premium on placement of shares

At September 30, 2024, and at December 31, 2023, the Company authorized capital is represented in 1.590.000.000 common shares with a nominal value of $3.3333 colombian pesos each.

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

The premium on placement of shares represents the surplus paid over the par value of the shares. Pursuant to Colombian legal regulations, this balance may be distributed as profits upon winding-up of the company, or upon capitalization of this value. 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 the Company.

Reserves

Reserves are appropriations made by the Company´s 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 payments of future dividend.

Other accumulated comprehensive income

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

	September 30, 2024								September 30, 2023									December 31, 2023
	Gross value			Tax effect		Net value			Gross value			Tax effect			Net value			Gross value			Tax effect		Net value
Measurement from financial instruments designated at fair value through other comprehensive income		(4,752	)		-		(4,752	)		(5,401	)		-			(5,401	)		(4,493	)		-		(4,493	)
Remeasurement on defined benefit plans		(5,059	)		1,793		(3,266	)		(652	)		334			(318	)		(5,059	)		1,793		(3,266	)
Translation exchange differences		(2,308,669	)		-		(2,308,669	)		(1,862,795	)		-			(1,862,795	)		(2,288,677	)		-		(2,288,677	)
(Loss) on hedge of net investment in foreign operations		(18,977	)		-		(18,977	)		(18,977	)		-			(18,977	)		(18,977	)		-		(18,977	)
Gain from cash-flow hedge		10,353			2,052		12,405			9,768			(189	)		9,579			8,756			2,611		11,367
Total other accumulated comprehensive income		(2,327,104	)		3,845		(2,323,259	)		(1,878,057	)		145			(1,877,912	)		(2,308,450	)		4,404		(2,304,046	)

Note 27. Revenue from contracts with customers

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

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Retail sales (1)		10,923,636		10,759,100		3,710,405		3,618,404
Service revenue (2)		287,768		264,018		97,466		88,073
Other revenue (3)		40,236		44,424		7,519		12,013
Total revenue from contracts with customers		11,251,640		11,067,542		3,815,390		3,718,490

(1)

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

This amount corresponds the following items:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Retail sales, net of sales returns and rebates		10,920,786		10,711,892		3,710,405		3,618,404
Sale of inventories of real estate project (a)		2,850		47,208		-		-
Total retail sales		10,923,636		10,759,100		3,710,405		3,618,404

(a)

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

(2)

Revenues from services and rental income comprise:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Distributors		61,526		64,794		20,449		19,921
Advertising		55,787		61,508		19,982		21,971
Lease of real estate		41,968		41,570		14,536		12,870
Commissions		40,116		12,388		13,098		4,463
Lease of physical space		38,537		29,606		14,099		11,052
Administration of real estate		16,202		15,364		5,006		4,542
Banking services		15,370		16,474		4,649		5,947
Transport		9,112		8,554		3,381		2,748
Money transfers		5,673		6,963		1,057		2,183
Other services		3,477		6,797		1,209		2,376
Total service revenue		287,768		264,018		97,466		88,073

Other revenue relates to:

	January 1 to September 30				July 1 to September 30
	2024		2023		2024			2023
Marketing events		11,954		14,384		4,217			4,506
Collaboration agreements (a)		7,895		6,251		2,419			564
Leverages of assets		4,510		4,170		1,431			2,292
Royalty revenue		3,016		2,798		566			1,661
Financial services		2,549		2,502		778			741
Fee real estate projects		1,601		1,371		386			271
Recovery of other liabilities		1,930		4,055		229			52
Technical assistance		1,363		1,144		450			418
Use of parking spaces		897		1,327		266			445
Recovery of provisions		-		-		(3,500	)		-
Other		4,521		6,422		277			1,063
Total other revenue		40,236		44,424		7,519			12,013

(a)

Represents revenue from the following collaboration agreements:

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

Note 28. Distribution, administrative and selling expenses

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

	January 1 to September 30				July 1 to September 30
	2024		2023		2024			2023
Employee benefits (Note 29)		615,419		616,249		203,862			217,130
Depreciation and amortization		344,393		331,990		114,402			111,690
Taxes other than income tax		172,324		167,044		49,355			46,807
Fuels and power		141,327		141,475		44,765			47,356
Repairs and maintenance		118,150		114,014		33,597			39,443
Advertising		70,878		73,907		24,145			26,516
Services		64,448		72,204		16,469			24,675
Security services		64,336		62,297		21,806			18,635
Commissions on debit and credit cards		58,166		59,785		19,489			19,745
Professional fees		51,001		51,187		16,748			16,568
Administration of trade premises		47,352		42,854		15,699			14,513
Cleaning services		40,986		38,110		13,181			12,247
Leases		37,770		42,370		12,650			12,441
Transport		37,623		31,711		12,715			10,641
Insurance		27,979		29,785		8,252			10,568
Expected credit loss expense (Note 7.1)		20,819		11,014		11,133			3,804
Commissions		10,757		12,526		3,288			4,220
Outsourced employees		10,686		11,718		2,656			3,720
Packaging and marking materials		8,427		10,626		3,005			3,857
Cleaning and cafeteria		6,664		6,991		2,103			2,256
Other commissions		6,012		5,788		2,001			1,674
Stationery, supplies and forms		5,367		4,214		2,032			1,571
Provision expenses for legal proceedings		4,875		5,271		3,120			2,156
Other provision expenses		4,304		3,756		1,262			968
Legal expenses		4,117		5,072		1,073			1,702
Seguros Éxito collaboration agreement		3,324		481		-			-
Ground transportation		3,021		3,239		937			1,069
Travel expenses		2,684		9,899		986			2,867
Autos Éxito collaboration agreement		-		918		(166	)		307
Other		212,793		178,133		74,357			64,307
Total distribution, administrative and selling expenses		2,196,002		2,144,628		714,922			723,453
Distribution expenses		1,459,262		1,380,698		472,500			457,492
Administrative and selling expenses		121,321		147,681		38,560			48,831
Employee benefit expenses		615,419		616,249		203,862			217,130

Note 29. Employee benefit expenses

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

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Wages and salaries		520,271		519,079		172,982		182,982
Contributions to the social security system		7,975		7,850		2,333		2,689
Other short-term employee benefits		30,153		30,890		9,985		10,681
Total short-term employee benefit expenses		558,399		557,819		185,300		196,352

Post-employment benefit expenses, defined contribution plans		45,977		43,913		14,914		15,263
Post-employment benefit expenses, defined benefit plans		2,006		1,875		599		555
Total post-employment benefit expenses		47,983		45,788		15,513		15,818

Termination benefit expenses		1,016		736		520		554
Other long-term employee benefits		183		116		79		59
Other personnel expenses		7,838		11,790		2,450		4,347
Total employee benefit expenses		615,419		616,249		203,862		217,130

The cost of employee benefit include in cost of sales is shown in Note 10.2.

Note 30. Other operating revenues (expenses) and other (losses) gains, net

Other operating revenues

	January 1 to September 30				July 1 to September 30
	2024		2023		2024		2023
Reversal of allowance for expected credit losses (Note 7.1)		14,060		9,855		7,419		3,183
Recovery employee liabilities		7,498		-		-		-
Recovery of provisions for legal proceedings		4,793		2,103		1,146		795
Recovery of other provisions		3,675		372		3,499		37
Other indemnification (1)		3,581		2,021		1,008		644
Recovery of restructuring expenses		1,686		1,265		1		468
Insurance indemnification		1,291		2,371		241		1,807
Recovery of costs and expenses from taxes other than income tax		1,184		1,315		-		(1	)
Recovery of provisions from taxes other than income tax		242		3,336		1		(1	)
Total other operating revenue		38,010		22,638		13,315		6,932

(1)

Includes indemnities paid by Rappi S.A.S. for losses from the turbo operation in amount of $2,097.

Other operating expenses

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
Restructuring expenses		(54,398	)		(21,024	)		(24,407	)		(5,012	)
Other provisions (1)		(12,461	)		-			(7,266	)		-
Other (2)		(13,883	)		(38,030	)		(337	)		(19,365	)
Total other operating expenses		(80,742	)		(59,054	)		(32,010	)		(24,377	)

(1)

Corresponds to store and shops close plan.

(2)

Corresponds to:

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
Fees for the reporting process in the New York and Sao Paulo stock exchanges		(11,948	)		(32,923	)		(408	)		(16,773	)
Fees for the projects for the implementation of norms and laws		(1,134	)		(3,735	)		71			(1,720	)
Others		(801	)		(1,372	)		-			(872	)
Total		(13,883	)		(38,030	)		(337	)		(19,365	)

Other (losses) gains, net:

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
(Loss) from write-off of property, plant and equipment and intangible		(4,486	)		(5,254	)		(412	)		(665	)
Gain from the early termination of lease contracts		1,354			388			237			123
Others		(2	)		-			(2	)		-
Total other (losses), net		(3,134	)		(4,866	)		(177	)		(542	)

Note 31. Financial income and cost

The amount of financial income and cost is as follows:

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
Gain from exchange differences		33,870			131,044			896			7,854
Gain from fair value changes in derivative financial instruments		16,052			1,131			(5,272	)		832
Gain from liquidated derivative financial instruments		13,598			35,730			9,622			3,569
Interest income on cash and cash equivalents (Note 6)		1,968			10,480			16			3,173
Interest from investment in finance leases		302			320			97			104
Other financial income		1,932			3,922			560			680
Total financial income		67,722			182,627			5,919			16,212

Interest expense on loan and borrowings (Note 19)		(153,637	)		(160,600	)		(52,084	)		(62,446	)
Interest expense on lease liabilities (Note 14.2)		(111,063	)		(96,934	)		(36,383	)		(33,804	)
(Loss) from exchange differences		(57,225	)		(84,820	)		(5,506	)		121
Factoring expenses		(26,108	)		(48,519	)		(4,196	)		(8,979	)
Loss from liquidated derivative financial instruments		(22,426	)		(65,806	)		(1,417	)		(27,789	)
Commission expenses		(4,128	)		(4,767	)		(635	)		(877	)
Loss from fair value changes in derivative financial instruments		(431	)		(28,226	)		571			10,130
Other financial expenses		(3,351	)		(3,733	)		(1,173	)		(1,220	)
Total financial cost		(378,369	)		(493,405	)		(100,823	)		(124,864	)
Net financial result		(310,647	)		(310,778	)		(94,904	)		(108,652	)

Note 32. Share of income in subsidiaries and joint ventures

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

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
Spice Investments Mercosur S.A.		144,852			167,841			36,649			39,649
Patrimonio Autónomo Viva Malls		75,410			71,491			33,132			28,664
Éxito Industrias S.A.S.		17,066			14,096			6,402			4,613
Logística, Transportes y Servicios Asociados S.A.S.		6,155			2,838			2,893			985
Puntos Colombia S.A.S.		5,615			1,258			1,633			(398	)
Almacenes Éxito Inversiones S.A.S.		5,036			2,287			1,846			949
Éxito Viajes y Turismo S.A.S.		2,608			3,067			947			708
Transacciones Energéticas S.A.S. E.S.P.		816			(302	)		94			(124	)
Depósitos y Soluciones Logísticas S.A.S.		1			198			3			16
Gestión y Logística S.A.		(50	)		(24	)		(65	)		(4	)
Patrimonio Autónomo Iwana		(99	)		(86	)		(17	)		(7	)
Marketplace Internacional Éxito y Servicios S.A.S.		(469	)		(64	)		(81	)		26
Sara ANV S.A.		(1,301	)		(222	)		(424	)		(180	)
Onper Investments 2015 S.L.		(38,134	)		(22,660	)		(18,265	)		3,277
Compañía de Financiamiento Tuya S.A.		(70,936	)		(75,565	)		(19,409	)		(23,846	)
Total		146,570			164,153			45,338			54,328

Note 33. Earnings per share

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

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

The calculation of basic earnings per share for all years presented is as follows:

In financial income for the period:

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

In total comprehensive income:

	January 1 to September 30						July 1 to September 30
	2024			2023			2024			2023
Net profit (loss) attributable to the shareholders		(110,544	)		(903,761	)		(157,848	)		(349,836	)
Weighted average of the number of ordinary shares attributable to earnings per share (basic)		1.297.864.359			1.297.864.359			1.297.864.359			1.297.864.359
Basic and diluted earnings (loss) per share (in Colombian pesos)		(85.17	)		(696.35	)		(121.62	)		(269.55	)

Note 34. Impairment of assets

No impairment on financial assets were identified at September 30, 2024 and at December 31, 2023, except on trade receivables and other account receivables (Note 7).

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

Note 35. Fair value measurement

	September 30, 2024				December 31, 2023
	Carrying amount		Fair value		Carrying amount		Fair value
Financial assets
Equity investments (Note 11)		10,658		10,658		10,676		10,676
Derivative financial instruments forwards (Note 11)		5,752		5,752		-		-
Financial assets measured at fair value through profit or loss (Investments in private equity funds (Note 11)		418		418		472		472
Derivative swap contracts denominated as hedge instruments (Note 11)		26		26		2,378		2,378
Non-financial assets
Investment property (Note 13)		64,679		162,617		65,328		162,617
Investment property held for sale (Note 39)		2,645		4,505		2,645		4,505
Financial liabilities
Loans and borrowings (Note 19)		1,922,415		1,924,988		815,518		815,866
Derivative financial instruments forwards (Note 24)		432		432		11,299		11,299
Forward contracts denominated as hedge instruments (Note 24)		130		130		5,488		5,488

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

Equity investments	Level 2	Market quote prices	The fair value of such investments is determined as reference to the prices listed in active markets if companies are listed; in all other cases, the investments are measured at the deemed cost as reported in the opening balance sheet, considering that the effect is immaterial and that carrying out a measurement using a valuation technique commonly used by market participants may generate costs higher than the value of benefits.	N/A

	Hierarchy level	Valuation technique	Description of the valuation technique	Significant input data
Assets
Investment property	Level 2	Comparison or market method	This technique involves establishing the fair value of goods from a survey of recent offers or transactions for goods that are similar and comparable to those being appraised.	N/A

Investment property	Level 2	Discounted cash flows method	This technique provides the opportunity to identify the increase in revenue over a previously defined period of the investment. Property value is equivalent to the discounted value of future benefits. Such benefits represent annual cash flows (both, positive and negative) over a period, plus the net gain arising from the hypothetical sale of the property at the end of the investment period.	Discount rate (12% - 17%) Vacancy rate (0% - 58.94%) Terminal capitalization rate (8.25% - 9.50%)

Investment property	Level 2	Realizable-value method	This technique is used whenever the property is suitable for urban movement, applied from an estimation of total sales of a project under construction, pursuant to urban legal regulations in force and in accordance with the final saleable asset market.	Realizable value

Investment property	Level 2	Replacement cost method	The valuation method consists in calculating the value of a brand-new property, built at the date of the report, having the same quality and comforts as that under evaluation. Such value is called replacement value; then an analysis is made of property impairment arising from the passing of time and the careful or careless maintenance the property has received, which is called depreciation.	Physical value of building and land.

Non-current assets classified as held for trading	Level 2	Realizable-value method	This technique is used whenever the property is suitable for urban development, applied from an estimation of total sales of a project under construction, pursuant to urban legal regulations in force and in accordance with the final saleable asset market.	Realizable Value

	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)

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.

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

Note 36. Contingencies

Contingent Assets

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

Contingent Liabilities

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

(a)

The following proceedings are underway, seeking that the Company be exempted from paying the amounts claimed by the complainant entity:

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

Nullity of Official Revision Liquidation GGI-FI-LR-50716-22 dated November 22, 2022, through which the Special Industrial and Port District of Barranquilla modifies 2019 industry and trade tax declaration by establishing a higher tax value and accuracy penalty, and the nullity of Resolution GGI-DT-RS-282-2023 dated October 27, 2023, which resolves the reconsideration appeal, in the amount of $3,766 (December 31, 2023 - $-).

Nullity of the Official Revision Liquidation GGI-FI-LR-50712-22 dated November 2, 2022, through which it modifies 2018 industry and trade tax declaration by establishing a higher tax value and accuracy penalty, and the nullity of Resolution GGI.DT-RS-282-2023 dated October 27, 2023, which resolves the reconsideration appeal, in the amount of $3,285 (December 31, 2023 - $-)

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

Nullity of the Official Revision Liquidation GGI-FI-LR-50720-22 dated December 6, 2022, through which it modifies the 2020 industry and trade tax declaration by establishing a higher tax value and accuracy penalty, and the nullity of Resolution GGI-DT-RS-329-2023 dated December 4, 2023, which resolves the Reconsideration Appeal, in the amount of $2,652 (December 31, 2023 - $-).

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

(b)

Guarantees:

The Company granted a bank collateral on behalf PriceSmart Colombia S.A.S., valid from June 20, 2024, to June 20, 2025, for guarantee the payment for the purchase of merchandise (goods and supplies), in amount of $4,000.

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

The Company granted a financial collateral on behalf its subsidiary Transacciones Energéticas S.A.S. E.S.P. for $- (December 31, 2023 - $3,000) to cover a potential default of its obligations for the charges for the use of local distribution and regional transmission systems to the market and to the agents where the service is provided.

As required by some insurance companies and as a requirement for the issuance of compliance bonds, during 2024 the Company, 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 the Company acts as joint and several debtors of Patrimonio Autónomo Viva Barranquilla		Seguros Generales Suramericana S.A.

Note 37. Dividends declared and paid

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

Note 38. Seasonality of transactions

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

Note 39. Assets held for sale

The Company 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 the Company. Consequently, certain investment property was classified as assets held for sale.

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

		September 30, 2024				December 31, 2023
Investment property			2,645				2,645

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 40. Financial risk management policy

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

Note 41. Subsequent events

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

Almacenes Éxito S.A.

Certification by the Companie’s Legal Representative and Head Accountant

Envigado, November 12, 2024

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

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

All economic events achieved by the Company during the period ended September 30, 2024 and June 30, 2023, have been recognized in the interim separated financial statements.

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

All items have been recognized at proper values.

All economic events affecting the Company have been properly classified, described and disclosed in the interim separated financial statements.

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

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

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

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

Exhibit 99.3

Grupo Éxito recorded consolidated revenues of $5.2 trillion pesos in the third quarter of 2024, with a growth of 6.6%, excluding exchange rate effect, compared to the same period of the previous year.

Grupo Éxito’s consolidated recurring EBITDA totaled $342 billion pesos, with a margin of 6.5%, growing 4.1% versus the previous year, driven by Colombia’s and Uruguay’s operations, which grew EBITDA by 10.9% and 22.3% respectively.

Revenues in Colombia reached $3.9 trillion pesos, growing at 2.8% compared to the same period of the previous year, with a positive trend compared to the growth of previous quarters.

Uruguay increased its revenues by 5.1% in local currency. Meanwhile, amid a series of macroeconomic adjustments to address high inflation that have affected consumption, Argentina grew revenues by 82.1% in local currency.

During the third quarter, consolidated expenses improved by 42 basis points compared to the same period of the previous year, as a result of efficiencies implemented across the region.

Grupo Éxito is making progress in its brand unification strategy in Colombia. At the end of the third quarter, 24 stores have been converted to the Éxito and Carulla brands, at the end of 2024 there will be around 30 stores.

Grupo Éxito achieved to maintain prices increase below the country’s food inflation at 0.9 percentage points, aiming to ease Colombians’ inflationary pressures, as a result of its strategy’s strengthening centered on providing savings to customers.

Viva Envigado became the largest shopping and business center in the country with 159,000 meters² of leasable area, after the opening of IKEA at the shopping center.

●

Omnichannel sales in Colombia, Uruguay and Argentina grew by 5.8% driven by food categories. In Colombia it represented a15% share of the country’s total sales and 5.9 million orders were registered.

●

The real estate business continued to be an important growth driver for Grupo Éxito in the region. In Colombia it increased its recurring revenue by 12.5% and in Argentina 156.5%, in local currency.

●

Revenues in Uruguay grew by 5.1% in local currency as a result of the good commercial dynamism and the performance of the 32 Fresh Market stores, representing 59.6% share of the total sales of that the country’s operation.

●

In Argentina, revenues grew by 82.1%, excluding exchange rate effect, as a result of the macroeconomic adjustments implemented in the country: although inflation reached its lowest level in the last twelve months, landing at 209%, a deaccelerated trend in consumption continues.

●

In a challenged context for household economies, Grupo Éxito collaborates with its suppliers offering more than 1,000 products with “Precio Insuperable” (Unbeatable Price), of which its majority are part of the basic food basket, with the lowest prices in the sector so Colombian families can find savings alternatives that allow them to lighten their pockets.

●

Six years in a row, Grupo Éxito is positioned among the 10 most sustainable companies in the world in the food retail industry, according to the CSA Sustainability Index (Corporate Sustainability Assessment). This international recognition highlights the company’s commitment to the development of responsible practices throughout the value chain, promoting the social, environmental, and economic development of the communities with which it works.

Consolidated results of Grupo Éxito (Colombia, Uruguay and Argentina)

Grupo Éxito’s consolidated operating revenues during the third quarter of the year reached $5.2 trillion pesos, which grew by 6.6%, excluding the exchange rate effect, as a result of the growth of sales in the countries where it operates. To highlight the best performance of the year in Colombia’s operation and the operation, contribution of the complementary businesses, mainly by the real estate business.

Colombia represented 75% of Grupo Éxito’s operating revenues, which grew by 2.8% compared to the same period of the previous year: The contribution to the result of the food categories was driven by fresh products which grew by 4.4% in the country. Omnichannel sales reached a share in retail sales of 14.7% along of the year. Recurring revenues from the real estate business increased 9.9% in the same period.

The operations in Uruguay and Argentina reached revenues of $1.3 trillion pesos and represented 25% of the company’s consolidated revenues, amid a stable political and economic context in Uruguay and challenging macroeconomic and inflationary pressures in Argentina.

Grupo Éxito’s consolidated recurring EBITDA showed a positive performance (+8.7%, excluding the exchange rate effect) and reached $342,181 million pesos in the third quarter, as a result of the better sales performance and expense efficiency in the region. To highlight the result in Colombia with sales growth of 2.5%, the best quarter of the year, and a decrease in expenses (-1.8% compared to the third quarter of last year). Uruguay and Argentina also presented efficiencies and strict control that allowed their expenses to grow below the inflation reported in those countries.

“We are implementing a strong commercial strategy with two emphases: first, to improve the efficiency of our brands, and second, to generate value for our customers by improving our offering. We are also continuing with cost reduction initiatives through process optimization, store profitability per square meter, and the design and implementation of a more agile and efficient structure.

Thanks to the commitment and effort of our work teams and suppliers, this quarter was our best result of the year. We are confident this is the beginning of a gradual and consistent recovery. At Grupo Calleja, we remain committed to providing our customers with the best alternatives to make their daily purchases at our points of sale in Colombia, Uruguay, and Argentina, thus contributing to the dignity of our citizens’ lives.” expressed Carlos Calleja, president of Grupo Éxito.

Note: figures expressed in millions of Colombian pesos

Colombia presented the best quarterly result of the year, thanks to the performance of the food category and the strict expense control.

The revenues from the operation in Colombia reached $3.9 trillion pesos in the third quarter of the year, presenting a growth of 2.8% compared to the same period last year. Sales increased 2.5% driven by growth in the food category (+3.0%) and the positive performance of the fresh category in the Éxito segment, which grew by 10.6%.

Omnichannel sales continue to strengthen and represented 15% of retail sales in the country. In the complementary businesses, real estate is highlighted, with its recurring revenue increasing by 12.5%.

Along the year, revenues in Colombia reached more than $11.5 trillion pesos, growing by 1.8% compared to the same period of the previous year and represented 74% of Grupo Éxito’s consolidated revenues.

During the third quarter, recurring EBITDA grew by 10.9% and reached $250,722 million pesos, with a margin of 6.4% over revenues, compared to 5.9% in the same period of the previous year. This result was driven by revenue growth and the progress of the action plan, which allowed operating expenses to decrease despite inflationary pressures and the annual increase in the minimum wage. Throughout the year, recurring EBITDA reached $658,486 million pesos and a margin over revenues of 5.7%, which reflected the improvement in sales performance, the strengthening of the commercial strategy and strict expense control.

The Colombian operation highlights:

●

The ratification and consistency of a strong commercial strategy amid a challenging economic context with two main focuses: one aimed at improving efficiency in banners and generating value for customers through experience, and the other, aimed at offering value through offer and prices.

○

Gradual banner unification under Éxito and Carulla with the conversion of 24 stores that have grown their sales by 12.7%.

○

Improvement of assortment in stores across the regions of the country, with around 2,000 more references per store of more than 80 brands.

○

Implementation of Exito Wow and Carulla FreshMarket levers to have 18 stores intervened by the end of the year.

○

An extensive portfolio with high and low promotional activations throughout the year.

○

Renewal of “días temáticos” (thematic days) transversal to all banners: “Martes del campo”, “Miércoles de carnes frescas” and “Viernes de celebración” in which special discounts are offered in these categories of fruits and vegetables, meats and liquors.

○

Strengthening products with “Precio Insuperable” (Unbeatable Price) as a savings and providing alternative for the pockets of Colombians with a portfolio of more than 1,000 private label and national brand products leading in the country, which have a sales growth of 14.3%.

●

Omnichannel sales reached more than $565 billion pesos in the third quarter and represented 15% of the company’s sales in Colombia, driven by 5.1% growth in food sales and a recovery in the non-food category that grew by 3.0%. The following performance highlights are emphasized:

○

The food category, which reached a share of 13.4% of the total sales of this category.

○

Orders through different digital channels, which grew 16% compared to the third quarter of the previous year and achieved 5.9 million orders.

○

Sales through the Éxito and Carulla apps, which grew by 28% reaching $46 billion pesos and 180,000 orders.

○

The Misurtii app, which increased by 18% in sales, reaching $30.6 billion pesos and 34,000 orders.

●

The real estate business presented a solid contribution to revenue performance; the occupancy rate at 97.3%.

○

Its recurring revenue grew by 12.5% compared to the third quarter of the previous year.

○

IKEA opened for the first time in Antioquia in Viva Envigado, the largest shopping and business center in Colombia. The strategic location and connectivity with the main roads of the city made Viva Envigado the ideal place for IKEA.

“Revenues in Colombia reached $3.9 trillion pesos this quarter, growing 2.8% compared to the same period of the previous year, the best growth of the year. Sales through electronic and direct channels continued to strengthen and represented 15% of sales in the country. In a challenging macroeconomic environment that has brought with it a slowdown in consumption, Grupo Éxito continues to work with determination to strengthen its commercial strategy while being empathetic with the moment that Colombians are going through. With initiatives such as “Precio Insuperable” (Unbeatable Price), assortment expansion and brand unification, Grupo Éxito Colombia gained 1.2 percentage points of market share in the same meters during the third quarter of 2024.

Viva Envigado consolidated its position as the largest shopping and business center in the country with 159,000 meters² of leasable area, following the arrival of IKEA in this shopping center. The real estate business continued to contribute solidly to revenue performance; the occupancy rate in its commercial spaces was 97.3%.

We continue working to maintain the preference of our clients and to fulfill our higher purpose: Nutrimos de Oportunidades a Colombia (Nourishing Colombia with Opportunities).” stated Carlos Mario Giraldo, general manager of Grupo Éxito.

True to its higher purpose: Nutrimos de Oportunidades a Colombia (Nourishing Colombia with Opportunities), Grupo Éxito continues its work for the development of the country through initiatives such as sustainable trade, support for national production, strengthening the commercialization of agricultural products from the substitution of illicit crops for productive crops and social investment. Some figures for the third quarter of 2024:

●

Fundación Éxito provided supplies for 20 breastfeeding rooms to 10 municipalities (Facatativá, Zipaquirá, Madrid and Soacha in Cundinamarca; Samacá, Motativa, Chita and Tinjacá in Boyacá; Fresco in Tolima and Norosí in Bolívar).

●

Grupo Éxito promoted local and direct purchasing, reaffirming its commitment to the source: supporting Colombian farmers and producers. During the third quarter of 2024, more than 85% of the purchase of fruits and vegetables was local, which directly benefits Colombian farmers. In addition, 93% of private label textiles are made in the country by Colombian hands.

●

The company also announced its involvement in the National Drug Policy “Sembrando vida, desterramos el narcotráfico” (Sowing life, we banish drug trafficking), to strengthen the local purchase of agricultural products from the substitution of illicit crops for productive crops. Since the signing of the agreement on August 15, 2024, around 130 thousand units of plnatains have been purchased from the “Asociación de Productores Agropecuarios de la Cuenca del Curvaradó” (Asopradcur) (Association of Agricultural Producers of the Curvaradó Basin), located in Belén de Bajirá and from the “Asociación de Productores y Transformadores de Plátano de Restrepo Valle” (Agroforza) (Association of Producers and Processors of Plátano from Restrepo Valle, located in Valle del Cauca. Associates receive, in less than eight days, a fair payment without intermediaries. In this way, Grupo Éxito contributes to economic stability and generates opportunities for communities that have historically been affected by the armed conflict in the country.

The operation in Uruguay continues to drive the results of Grupo Éxito

Sales in Uruguay increased at 5% in local currency during the third quarter of 2024 and 5.7% during the first nine months of 2024. This growth reflects the good result of commercial activities, the growth of the non-food category (+10.2% versus the same period of the previous year) and the performance of the 32 Fresh Market stores that operate in the country, which participated with 59.6% of Uruguay’s sales in the quarter and 60% in the first nine months of the year.

The recurring EBITDA margin in Uruguay at 10.4% during the quarter, the highest in Grupo Éxito, and the performance reflected good commercial dynamism and expense efficiency.

In Argentina, quarterly sales grew by 79% in local currency

Operating revenues were affected by the government’s measures to contain inflation, which reached 209%. Although this indicator has begun to slow down in recent months, the drop in product demand continues. Thus, in this context, revenues grew by 82.1% in local currency. In the first nine months of the year, the 12 Cash & Carry stores participated with 15.2% of sales in Argentina, while the real estate business in that country grew by 169.6%, posting occupancy levels at 94.7%.

The recurring EBITDA margin in Argentina for the third quarter of 2024 was -1.8% and reflected a lower gross margin due to slowdown in consumption for the country.

Exhibit 99.4

Almacenes Éxito S.A.

Consolidated Financial Results 3Q24

Envigado, Colombia, November 13, 2024 - Almacenes Éxito S.A. (´Grupo Éxito´ or ´the Company´) (BVC: ÉXITO / ADR: EXTO / BDR: EXCO32) announced its results for the third quarter and first nine months ended September 30, 2024 (3Q24 and 9M24). All figures 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.

Recurring EBITDA shows a changing trend vs 1H24, growing +4.1% driven by top line growth across the region in LC and internal efficiencies on the cost/expenses structure.

Key Business Highlights

Financial Highlights

●

Consolidated Net Revenue reached COP $5.2 B during 3Q24, an increase of 2.2% in COP, affected by the negative FX effect (+6.6% when excluding) and driven by the best sales performance in Colombia and resilient performance in international operation in local currency (Uru +5.0%, Arg +79%)

●

Gross Profit reached COP $1.3 B during 3Q24 (+0.5% in COP, +6.3% excluding the FX effect) to a 24.5% margin (-40 bps), reflecting strong commercial strategy in Colombia and inflationary pressures in Argentina.

●

Recurring EBITDA¹ reached COP $342,181 M during 3Q24 to a 6.5% margin (+12 bps) and reflected a better trend versus 1H24 driven by Colombia and Uruguay operation growing at +10.9% and +28.6% in LC, respectively.

●

Net Result with a loss of COP $34,733 M during 3Q24. Positive contribution of retail operations from Colombia and Uruguay partially offsetting operational performance in Argentina, affected by macro and consumer head winds, and the higher non-recurring expenses by the restructuring process in Colombia.

●

EPS² of COP -$26.8 per common share in the third quarter compared to COP -$24.4 in 3Q23.

Operating Highlights

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Consolidated CAPEX as of 9M24 reached COP $247,657 M, 73% focussed on expansion (retail and real estate), innovation, omni-channel, and digital transformation activities.

●

LTM store expansion³: 51 stores (Col 44, Uru 6, Arg 1) to a total of 635 stores, 1.04 M sqm. Expansion strategy in Colombia focused on store conversions to Éxito and Carulla banners.

●

Omni-channel sales grew by 5.8% at consolidated level and reached a 11.8% share on total sales (Col 15%, Uru 3.1%, Arg 2.3%) during the third quarter of 2024.

(1)

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

(2)

EPS considers the weighted average number of outstanding shares (IAS 33), corresponding to 1,297,864,359 shares. (3) Expansion from openings, reforms, conversions, and refurbishments.

Corporate Governance

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On July 9, shareholders received the second installment of dividend payment in Colombia equivalent to COP $7,571,445,337, in accordance with the profit distribution proposal approved by the General Shareholders' Meeting at its ordinary meeting held on March 21, 2024.

●

On September 13, the role of Director of Investor Relations is assumed within the financial vice presidency, after Maria Fernanda Moreno left the Company.

●

On September 30, the Board of Directors approved the appointment of Luz Maria Ferrer, with nearly 20 years of experience within the company, as a Vice-President of Commercial and Supply of the Company.

Consolidated Income Statement

Note: Consolidated data include results from Colombia, Uruguay and Argentina, eliminations, and the FX effect of -4.1% at Net Revenue and -4.2% at Recurring EBITDA during 3Q24 and of -7.2% and -6.0%, respectively, during 9M24. 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 (IAS 33), corresponding to 1,297,864,359 shares.

II.

Net Revenue Performance

Consolidated Net Revenue grew by 2.2% (+6.6% when excluding FX effect) to COP $5.2 B during 3Q24 and decreased by -0.7% (+6.9% when excluding FX effect) to COP $15.6 B during the first-nine-months of 2024 compared to the same periods of last year.

Consolidated Retail Sales grew by 1.7% (+6.2% excluding FX effect) and totalled COP $4.9 B during 3Q24, while SSS grew by +6.2%. Performance reflected retail sales growth in local currencies in Uruguay (+5.0% excluding FX effect) and Argentina (+79% excluding FX effect). In Colombia, retail sales had the best quarter so far, growing +2.5% during 3Q24, benefited by food performance and non-food mild recovery.

Consolidated Retail Sales decreased by -1.1% (+6.7% excluding FX effect) and totalled COP $14.9 B during the first-nine-months of 2024 and SSS grew by 5.5% compared to the same period of last year.

Omni-channel continued contributing to sales performance and grew +5.8% during the quarter. Omni-channel share on sales was 11.8% during 3Q24. The LTM store expansion¹ of 51 stores (Col 44, Uru 6, Arg 1) also contributed to Retail Sales performance.

Consolidated Other Revenue increased by 11.5% (+15.2% excluding FX) during the 3Q24 and grew 7.6% (+13.1% excluding FX) during the first nine-months of 2024, thanks to the performance of the Real estate business.

Notes: Data in COP at consolidated level includes a -4.9% FX effect in Uruguay at Net Revenue and -44.6% in Argentina, during 3Q24, and -11.5% FX effect in Uruguay and -62.9% in Argentina, respectively during 9M24, calculated with the closing exchange rate. (1) Expansion from openings, reforms, conversions, and refurbishments.

Colombia: During the third quarter of 2024, Net Revenue posted a positive performance with +2.8% growth compared with the same period of last year. Totalled COP $3.9 billion, as a result of the best quarterly performance of the year at Net sales level which grew by +2.5% to COP $3.7 billion and SSS at +2.5%. Food category (+3.0%) continues to be the driving force behind the improvement in performance, as well as the contribution of omni-channel (15.0% share) on the result, and the non-food category presented a level of recovery with +1.2% growth. The Colombia operation represented over 74% of the consolidated Net Sales during 3Q24.

During the first nine months of the year, Net Revenue grew by 1.8% compared with the same period of last year and +2.3% (when excluding the higher non-recurring base from development fees of real estate and property sales), boosted by sales recovery and contribution of complementary business. Net sales totalled COP $10.9 billion (+1.5%) with LFL levels of 1.1% and reflected the positive performance of food category along the year (+3.8%) and the solid omni-channel performance (+41 bps, 14.7% share). The Colombia operation represented over 73% of consolidated Net Sales during 9M24.

YTD Retail Sales showed a modest positive performance despite macroeconomic challenges in the country. Inflation continued its downward trend, dropped to 5.81% from 10.99% y/y and food inflation to 2.73% vs 10.47% y/y, however the Internal food inflation was 0.9 p.p. below the national level. Unemployment rose to 9.66% in Sept-24 (vs 9.25% y/y) and consumption continued affected. Consumer Confidence Index decreased to -16% (+1.9 points vs September 2023) because of an improved economic expectation in a year (+0.9 points) and a better perception of the current economic situation (+3.4 points), the consumer is more inclined to acquire durable goods, real estate and vehicles than last year.

Note: SSS in local currency, include the effect of conversions and exclude the calendar effect of -1.46% in 3Q24 and -0.52% in 9M24 in Colombia (-1.81% and -0.80% in Éxito, -0.45% and 0.32% in Carulla and -0.25% and 0.35% in LC segments, respectively in 3Q24 and 9M24. (1) The segment includes Retail Sales from Surtimax, Super Inter and Surtimayorista brands, allies, institutional and third-party sellers, and the sale of property development projects (inventory) of none during 3Q24 and 3Q23 and COP $2.8K during 9M24 vs $47.2K in 9M23.

Other Revenue grew 9.0% during 3Q24 and 8.4% during 9M24, boosted by complementary businesses, highlighting the contribution of recurring income from the Real Estate (+9.9% during 9M24).

The Éxito segment represented approximately 69% of the sales mix in Colombia during 3Q24 and 68% in 9M24. The segment´s quarterly performance was driven mainly by the fresh category, at double digit growth (+10.6%) with red meat growing +21.1% during the quarter, reinforcing the commercial strategy focused on providing savings to customers with thematic days in this category. The 32 Éxito WOW stores also contributed to results and represented a 35% share on the segment´s sales, as well as the non-food recovery at +1.7% in 3Q24 and 2 stores opened and 10 converted along the year.

The Carulla segment represented approximately 18% of the sales mix in Colombia during 3Q24 and 17% in 9M24. During the quarter, the segment presented a high single digit growth (+9.0%), driven by the double-digit growth in Medellin, Cali and the Coffee regions and food category at +9.7% mainly by FMCG +10.1% vs 3Q23 and, as well as omni-channel share of 28.9% on retail sales in 3Q24 and +21.9% vs 3Q23. The 31 Fresh Market stores represented a 62% share on the segment´s sales during the quarter. The segmented opened one store and converted 14 stores along the year.

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 approximately 15% of the sales mix in 9M24. The segment´s performance was favoured by the positive performance of a +2.5% FMCG growth in B2B during 3Q24, Misurtii’s sales growing +18% vs 3Q23 and Surtimax and Super Inter banners decreasing at double digit, reinforcing the store portfolio optimization focus on Éxito and Carulla banners.

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 4.3% versus 3Q23 and reached COP $565,000 M. Share on Retail Sales reached 15% (vs 14.7% in 3Q23), boosted by the growth of the food category (+5.1%, 13.4% share on food sales). Non-food category shows a recovery sign, grew 3.0% (19% share on non-food sales). During 9M24, omni-channel sales reached COP$1.6 B (+4.4%, 14.7% share on Retail Sales) versus 9M23, boosted by food sales (+11%, share 13.3%).

Main KPI’s outcome during 3Q24 and the nine-months of 2024 when compared to the same period of last year, were as follows:

Orders: reached 5.9 M (+16% in 3Q24) and 17.3 M (+24%) during 9M24.

E-commerce sales: reached COP $201,000 M during 3Q24 and COP $649,000 during 9M24.

MiSurtii sales: reached COP $30,600 M (+18%) and grew sales by 46% to COP $78,700 M, 115,000 orders (+3%) during 9M24.

Apps: sales of over COP $46,000 M (+28%) and reached COP $130,000 M (+35%) during 3Q24 and 9M24 respectively; 549,000 orders (+42%) reached during 9M24.

Rappi deliveries grew by 20% during 3Q24 and 28% during 9M24.

Marketplace sales: increased by 9.5% during 3Q24 and decreased by -5.3% during 9M24.

Turbo: orders grew 23% during 3Q24 and reached a 59.3% share on sales through Rappi.

Uruguay: Uruguay contributed with 18.7% of consolidated Retail Sales during 3Q24. Last-12-month inflation as of September was of 5.32% (vs 3.87% in September 2023) and the food component grew by 5.95% during the last-12-months. The Uruguay operation grew its Retail Sales by 5.0% and by 3.7% in terms of SSS, in local currency. The performance was benefitted by a sound political and economic environment, the contribution from the 32 Fresh Market stores (+5.4% growth vs 3Q23; 59.6% share on total sales) and the trend of the non-food category (+10.2%) driven by commercial activities and the redefinition of Textile in Géant.

During 9M24, net sales and SSS grew by 5.7% and 3.9%, respectively, versus the same period from last year, with a calendar effect adjustment of 0.2%, benefited by the tourism season and evolution of the Fresh Market format (+4.6%, share of 60%).

The operation in Uruguay reported market share gains of 0.4 p.p. to 48.8% in terms of SSS as of September, according to Scentia, driven by: (i) the solid sales performance of all banners and (ii) the contribution of the 32 Fresh Market stores.

Note: SSS in local currency, include the effect of conversions and the calendar effect of -0.52% during 3Q24 and 0.2% in 9M24.

Argentina: The operation in Argentina contributed near to 7% on Consolidated Retail Sales and results in Colombian Pesos included a -44.6% FX effect during 3Q24.

Net Revenue in Argentina was COP $374,579 M (+82.1% in local currency) and Retail Sales were COP $353,603 M (+79% in local currency and +83.7% in SSS) during 3Q24. Last-12-month inflation as of September was of 209% according to INDEC, which compares to the 138.3% level reported during the same period last year. Retail sales grew below inflation due to lagged consumption and an unfavourable macroeconomic context. During 9M24, net sales and SSS grew, in local currency, 141.9% and 136.7% respectively, versus the same period last year, with a calendar effect adjustment of -1.11%, affected by high devaluation during this year.

To highlight during 3Q24: (i) the performance of the Cash and Carry format (12 MiniMayorista stores, 13.7% share on sales), (ii) omni-channel performance (+32.6%, 2.3% share), and (iii) higher income of real estate (+156.5% in local currency) from improved commercial trends and strong occupancy levels (94.7%).

Note: SSS in local currency, include the effect of conversions and the calendar effect of -0.4% during 3Q24 and -1.11% in 9M24.

III.

Operating Performance

Note: The Colombia perimeter includes Almacenes Éxito S.A. and its subsidiaries. Consolidated data in COP includes the FX effect (-4.1% at top line and -4.2% at Recurring EBITDA in 3Q24 and -7.2% and -6.0% in 9M24, respectively. Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non-recurring operational income (expense).

Consolidated Gross Profit increased by 0.5% (+6.3% excluding FX) during 3Q24 and margin reached 24.5% (-40 bps) as percentage of Net Revenue, compared to the same period last year, reflected strong commercial strategy and gradual recovery mainly in Colombia and by real estate contribution. Gross margin in 9M24 continued with pressures from price investments and costs, landed at 25.1% and +6.5% growth excluding the FX effect.

●

Gross Profit in Colombia grew by 0.9% to a margin of 21.1% (-41 bps) during 3Q24 as percentage of Net Revenue. The sales recovery and the complementary business contribution compensated the commercial strategy and the price investment. 9M24 gross profit decreased 1.4% to a margin of 21.5% (-71 bps) as percentage of Net Revenue reducing the 1H24 gap.

●

Gross Profit in Uruguay increased by 1.7% during 3Q24 (+6.9% in local currency) and margin rose to 36.3% (+62 bps) as percentage of Net Revenue. The results reflected solid sales evolution driven by promotional events, added to efficiencies in logistic costs, supplier negotiation and cost control. During the 9M24, Gross Profit grew by 8.1% in local currency to a margin of 36.4% (+76 bps vs last year) at same level of the margin presented in 1H24.

●

Gross Profit in Argentina reduced by 5.4% during 3Q24 (+70.7% in local currency) to a 30.3% margin (-202 bps) as a percentage of Net Revenue. Gross profit continued affected by the context amidst price competition, inflationary pressures and lower consumption, the mix effect, and a higher share of the C&C format (13.7% for 3Q24). Gross Profit grew 130.5% in local currency during 9M24 to a margin of 31.7% (-170 bps) as a percentage of Net Revenue.

Consolidated Recurring EBITDA¹ reached COP $342,181 M during 3Q24 (+4.1%; +8.7% when excluding FX) compared to the same period last year and margin was 6.5% (+12 bps) as percentage of Net Revenue. Performance during the quarter reflected a recovery across the region driven by Colombia and Uruguay operation growing at +10.9% and +28.6% in LC, respectively. Third quarter results showed a positive trend compared to levels during 1H24 due to better performance of SG&A. During 9M24 Recurring EBITDA reached COP $986,225 M to a 6.3% margin.

Note: (1) Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non-recurring operational income (expense)

Colombia: Recurring EBITDA increased 10.9% during 3Q24 compared to the same period last year and margin was 6.4% (+46 bps) as percentage of Net Revenue. SG&A decreased by 1.8%, despite inflation and the double-digit minimum wage increase, thanks to internal efficiency plans on cost and expense’s structure. 3Q24 levels showed a better trend vs 1H24 aided by the savings plans and early positive results from commercial activities. Recurring EBITDA reduced by 9.8% during 9M24 compared to the same period last year and margin was 5.7% (-73 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 increased 22.3% (+28.6% in local currency) during 3Q24 compared to the same period last year, to a 10.4% margin (+190 bps) as percentage of Net Revenue reflecting efficiencies on SG&A (+84 bps). Recurring EBITDA decreased 2.7% (+10% in local currency) during 9M24 compared to the same period last year, to a 11.1% margin (+43 bps) as percentage of Net Revenue. 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, -1.8% margin (-781 bps) as percentage of Net Revenue in 3Q24. During 9M24 compared to the same period last year, margin decreased -373 bps to a -0.2% as percentage of Net Revenue.

IV.

Group Net Result

Quarterly result reflected a positive contribution of retail operations from Colombia and Uruguay from sales performance and cost and expense control, partially offset by inflationary and macroeconomic pressures, as well as consumer headwinds in Argentina.

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 net financial result, non-recurring expenses, and minority interest.

The Company reported a net loss of COP $34,733 M during the 3Q24, an improved trend vs the first two quarters, thanks to a better performance of SG&A from the savings plan, the positive variation from associates and the outcome of commercial actions in Colombia and Uruguay.

Note: Consolidated data include results from Colombia, Uruguay and Argentina, eliminations, and the FX effect (-4.1% at Net Revenue and -4.2% at recurring EBITDA in 3Q24).

As of 9M24, the Company reported a net loss of COP $91,331 M, derived from:

●

Lower operating contribution from consumption deceleration, inflationary pressures on cost/expenses and FX impacts, especially in the first half of the year, and

●

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

Note: Consolidated data include results from Colombia, Uruguay and Argentina, eliminations, and the FX effect (-7.2% at Net Revenue and -6.0% at recurring EBITDA in 9M24).

Earnings per Share (EPS)

●

Diluted EPS was COP -$26.8 per common share in 3Q24 compared to the COP -$24.4 reported in the same quarter last year. Diluted EPS was COP -$70.4 per common share during the first 9 months of the year, compared to the COP $5.6 reported in 9M23.

CapEx and Expansion

CapEx

●

Consolidated Capital Expenditures during 9M24 reached COP $247,657 M, of which 73% 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 the last-twelve-months, Grupo Éxito totalled 51 stores from openings, reforms, conversions, and refurbishments (44 in Colombia, 6 in Uruguay and 1 in Argentina). The Company totalled 635 food retail stores, geographically diversified as follows: 509 stores in Colombia, 99 in Uruguay and 27 in Argentina, and consolidated selling area reached 1.04 M square meters. The store count did not include the 2,668 allies (+1,876 LTM) in Colombia.

●

In line with the company's strategy, aiming for efficiencies to increase profitability, during the third quarter of 2024, 5 stores were closed in Colombia.

VI.

Cash and debt at holding¹ level

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

Free cash flow² affected by the operational result despite improvement in working capital and optimization of investments.

●

Net Financial debt impacted by operational performance reflected macroeconomic headwinds and slowdown in consumption. Higher extraordinary dividends base effect and tax variation due to delay of tax credit refunds.

Partially offset by:

●

Effective working capital strategy, higher inventory levels to support the commercial strategy and effective management of accounts payables looking to maximize net profit.

●

Efforts to improve efficiencies have focused on optimization of investments to prioritize cash availability.

VII.

Conclusions

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A solid commercial strategy to boost sales in Colombia. Focus on banners efficiencies and customer experience and aiming to generate savings for the clients.

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Best quarterly sales performance in Colombia driven by i. food category (+3.0%), above food inflation ii. Non-food category showing signs of recovery (+1.2%) during 3Q24.

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Recurring EBITDA showed trend improvement versus 1H24 across the region growing at +4.1% (+8.7% excluding FX) during 3Q24.

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During 3Q24 SG&A consolidated reduced 42 bps vs last year, reflecting strict cost control and actions plans implemented mainly in Colombia.

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Strong real estate performance with Viva Malls, the leading shopping center operator in Colombia with 579,609 sqm of GLA and +10.5 M visitors per month. Recurring EBITDA grew 12.3% in 9M24.

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Solid results in Uruguay, the most profitable operation of the Group presented a double-digit growth in EBITDA during 3Q24 in LC driven by consistent performance of Fresh Market stores and cost/expenses efficiencies.

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Results in Argentina impacted by macroeconomic adjustments to address high inflation. Resilient real estate performance with occupancy levels of 94,7%.

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Solid omni-channel performance in Colombia (15% share on sales) boosted by food sales (+5.1%, 13.4% share on sales) and reaching +5.9 M orders during 3Q24.

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Tuya with the best NPL index since 1Q2023 reflects the actions taken to improve risk portfolio and shows a changing trend in clients´ paying behavior and capacity.

VIII.

Conference Call and Webcast

Almacenes Éxito S.A.

(BVC: EXITO/ NYSE: EXTO / B3: EXCO32)

Will host a conference and cordially invites you to discuss the Company´s Third Quarter 2024 Results Conference Call

Date: Wednesday, November 13, 2024

Time: 9:00 a.m. Eastern Time

9:00 a.m. Colombia Time

Presenting for Grupo Exito:

Juan Carlos Calleja, Chief Executive Officer

Carlos Mario Giraldo, General Manager Colombia

Ivonne Windmuller, Chief Financial Officer | IRO

To access this call, please click here: Join Microsoft Teams Meeting

Almacenes Éxito S.A. will report its Third Quarter 2024 Earnings on Tuesday, November 12, 2024, after the market closes.

3Q24 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

Upcoming Financial Publications

Fourth Quarter | FY 2024 Earnings Release – TBC

IX.

Appendices

Notes:

●

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.

●

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

●

All margins calculated as percentage of Net Revenue.

●

Percentages represent relative proportions, and as such they cannot be directly added or subtracted from each other because they are not absolute numeric values.

Glossary:

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

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

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

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

●

GLA: Gross Leasable Area.

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GMV: Gross Merchandise Value.

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Holding: Almacenes Éxito results without Colombian and international subsidiaries.

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

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Retail Sales: sales related to the retail business.

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

●

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

●

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

●

SSS: same-store-sales levels, including the effect of store conversions and excluding the calendar effect.

Consolidated Income Statement

Income Statement and CAPEX by Country

Notes: Consolidated results from Colombia, Uruguay and Argentina, eliminations and the FX effect of -4.1% and -7.2% at Net Revenue in 3Q24 and 9M24, and -4.2% and -6.0%at Recurring EBITDA, respectively. Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non-recurring operational income (expense). The Colombia perimeter includes the consolidation of Almacenes Éxito S.A. and its subsidiaries in the country. Data in COP includes a -4.1% FX effect in Uruguay at Net Revenue and at Recurring EBITDA in 3Q24 and -11.5% in9M24 and -44.6% and -62.9% in Argentina, respectively, calculated with the closing exchange rate

Consolidated Balance Sheet

Note: Consolidated data include figures from Colombia, Uruguay, and Argentina.

Consolidated Cash Flow

Note: Consolidated data include figures from Colombia, Uruguay, and Argentina.

Almacenes Éxito¹ Income Statement

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).

Almacenes Éxito¹ Balance Sheet

(1)

Holding: Almacenes Éxito Results without Colombian or international subsidiaries.

Debt by country, currency, and maturity

Note: The Colombia perimeter includes the consolidation of Almacenes Éxito S.A. and its subsidiaries in the country. 1) Debt without contingent warranties and letters of 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: 9.25%; other collections included, and positive hedging valuation not included. (3) Debt at the nominal amount.

Stores and Selling Area

Note: The store count does not include the 2,668 allies in Colombia.

Accounts reconciliation

Exchange Rates effects on results

Note: Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non-recurring operational income (expense). Consolidated data in COP includes a -4.9% FX effect in Uruguay at Net Revenue and at Recurring EBITDA and -44.6% in Argentina, respectively during 3Q24 and a -11.5% FX effect in Uruguay at Net Revenue and at Recurring EBITDA and -62.9% in Argentina, respectively during 9M24 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.

Free Cash Flow Effects on Results

Recurring EBITDA and Adjusted EBITDA

Note: Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non-recurring operational income (expense). Data in COP includes a -4.9% FX effect in Uruguay at Net Revenue and at Recurring EBITDA and -44.6% in Argentina, respectively during 3Q24 and a -11.5% FX effect in Uruguay at Net Revenue and at Recurring EBITDA and -62.9% in Argentina, respectively during 9M24 calculated with the closing exchange rate

Recurring Income of the Real Estate Business

Net Revenue and Recurring EBITDA of Viva Malls in Colombia

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

Note on Forward-Looking Statements

This document contains certain forward-looking statements based on data, assumptions, and estimates, that the Company believes are reasonable; however, it is not historical data and should not be interpreted as guarantees of its future occurrence. The words “anticipates”, “believes”, “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.

‘The Issuers Recognition -IR granted by the Colombian Stock Exchange is not a certification about the quality of the securities listed at the BVC nor the solvency of the issuer’.

IR and PR contacts

Ivonne Windmuller.
Chief Financial Officer | IRO
+57 (604) 6049696 Ext 306560
iwindmuller@grupo-exito.com
Cra 48 No 32 B Sur 139, Envigado, Colombia

Claudia Moreno B.

PR and Communications Director

+(57) 604 96 96 ext. 305174

claudia.moreno@grupo-exito.com

Cr 48 No. 32B Sur – 139 – Envigado, Colombia

Company Description

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 officially 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 hiperlibertad.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 2023, consolidated Net Revenue reached COP $21.1 billion driven by strong retail execution, successful omni-channel strategy in the region and innovation in retail models. The Company operated 649 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.

Exhibit 99.5

Grupo Éxito Financial Results 3Q24 November 13, 2024 “ The Issuers Recognition - IR granted by the Colombian Stock Exchange is not a certification about the quality of the securities listed at the BVC nor the solvency of the issuer”.

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

Agenda ▪ Words from our CEO, Mr. Carlos Calleja ▪ Sustainability Strategy ▪ 3Q24 Financial and Highlights Operating ▪ 3Q24 Financial Performance ▪ Conclusions and Q&A session 3

Words from our CEO Mr. Carlos Calleja

Sustainability Strategy

Zero Malnutrition Sustainable Trade My Planet Governance & Integrity Healthy lifestyle ESG initiatives to generate value: economic growth, social development and environmental protection • 15 , 448 children benefited in nutrition and complementary programs for a total of 49 , 982 children served during the year . • 59 , 312 food package donated to children and their family . For an accumulated total of 115 , 705 package for the year • We are present in 32 departments and 195 municipalities, 59 additional municipalities compared to what achieved in 1Q24 • 85 . 46 % of our fruit and vegetables were purchased locally for a cumulative figure of 88 . 55 % for the year • 93.03% of our textile garments were acquired locally • 4 , 452 tons of recyclable material collected in the operation, and 185 tons of recyclable material collected from our customers • For a cumulative total of the year of 13 , 732 tons collected in the operation and 770 tons collected from our customers Our people • 31,975 collaborators accessed employee benefits ESG Follow UP Strategy 6 • 6,568 employees trained in business ethics, laundering and personal data protection and money terrorist financing risk management. • Commercialization of organic lettuce through the Terrazas Verdes program in Medellín, Cali and Bogotá • 278 healthy living PLUS own brand and 1,722 healthy living PLUS national brand. • 223 health promotion activities for our employees, focused on physical, mental and occupational health, with the active participation of 3,765 employees

7 Operating and Financial Highlights

• 3Q Retail Sales growth in LC : Col 2.5%, Uru +5.0%, Arg +79%. • Top Line 9M: - 0.7%, +6.9% excluding FX • Gross Profit : +0.5% to 24.5% margin during 3Q, - 3.6% to 25.1% 9M, reflecting strong commercial strategy 3Q, - 11.3% 9M) • Recurring EBITDA 3 : (+4.1% reflected efforts on expenses • 3Q SG&A Consolidated reduced 42 bps from internal efficiencies • Net result affected in 34 bps by non - recurring restructuring expenses in Colombia • Free cash flow affected by the operational result despite improvement in working capital and optimization of investments Recurring EBITDA 3 COP $342,181 M (+4.1%, 6.5% margin; +8.7 excluding FX ) Net Revenue COP $5.2 B (+2.2% y/y, +6.6% excluding FX) Notes: (1) Consolidated results from Colombia, Uruguay and Argentina, eliminations and the FX effect of - 4.1% at Net Revenue and - 4.2% at Recurring EBITDA during 3Q24 and of - 7.2% and - 6%, respectively, during 9M24. (2) Excluding FX. (3) Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non - recurring operational income (expense).. (4) LTM expansion from openings, reforms, conversions and remodellings. SSS 2 +6.2% Financial Highlights Corporate Governance • Second dividend payment in Colombia COP $ 7 , 571 M • The Board of Directors approved the appointment of Luz Maria Ferrer as the Vice - President of Commercial and Supply of the Company . she has nearly 20 years of experience in the Company • The role of Director of Investor Relations is assumed within the financial vice presidency, Maria Fernanda Moreno left the Company on September 13 . Net loss COP $34,733 M 8 3Q24 Consolidated highlights 1 Recurring EBITDA shows a changing trend vs 1H24, growing +4.1% driven by top line growth across the region in LC and internal efficiencies on the cost/expenses structure 4 Investment & expansion • Omni - channel performance : » Sales +5.8% in 3Q24 | +5.9% in 9M24 » Share 3Q24: 11.8% (Col 15%, Uru 3.1% and Arg 2.3%) » Efforts on efficiencies, including the closure of unprofitable stores to boost profitability ( 5 stores in 3Q24 in Col) • Capex of COP $247,657M during 9M24 73% 4 • allocated to expansion Expansion strategy focused on conversions to Éxito • and Carulla banners LTM store expansion : 51 stores ( Col 44, Uru 6, Arg 1) 635 stores 1.04 M sqm (0.5%) Operating Highlights

9 Financial Performance

• CPI: 5.32% LT - September (vs 3.87% y/y), 5.95% food inflation • Retail Sales and SSS in LC : +5.0%, +3.7% in 3Q24, (+5.7%,+3.9% 9M) boosted by: x Stable political and economic context x Non - food category (+10.2%) driven performance of commercial activities by good and redefinition of Textile in Géant x 32 Fresh Market stores (+5.4% growth vs 3Q23; +50 bps above regular stores, 59.6% share on total sales) • CPI : 5 . 81 % LT - Sep (vs 10 . 99 % y/y) ; National retail sales - 2 . 2 % LTM - to - aug • Internal food inflation was 0.9 p.p. below the national level of 2 . 73 % • Food category : grew + 3 . 0 % in 3 Q 24 above inflation driven by fresh (+ 4 . 4 % ) • Éxito Segment Retail Sales and SSS : + 4 . 7 % , + 4 . 7 % in 3 Q 24 boosted by good performance in food category (FMGC + 5 . 2 % , Fresh + 10 . 6 % 3 Q 24 ) • Non - food category : + 1 . 2 % in 3 Q 24 shows a level of recovery driven by entertainment (+ 4 . 3 % ) • Other revenue growth (+ 9 . 0 % ) driven by complementary businesses performance (+ 14 . 75 % ) and Real Estate ( 12 . 5 % ) during 3 Q 24 • CPI: 209% LT - September (vs 271% LT - June) , 217,2% food inflation • Necessary macroeconomic adjustments to address high inflation have impacted sales growth • Retail Sales and SSS in LC: +79%, +83.7% in 3Q24 (+142%,+136.7% 9M) • Real estate: +156.5% in LC during 3Q24 (occupancy levels of 94.7%) • C&C format: share of the 15.2% on total sales during 9M24 Notes: Data in COP includes a - 4.9% FX effect in Uruguay at Net Revenue and at Recurring EBITDA and - 44.6% in Argentina, respectively during 3Q24, calculated with the closing exchange rate and - 11.5% FX effect in Uruguay at Net Revenue and at Recurring EBITDA and - 62.9% in Argentina, respectively during 9M24. SSS in local currency, include the effect of conversions and exclude the calendar effect - 1.46% during 3Q24 and - 0.52% during 9M24 in Colombia ( - 1.81% and - 0.8% in Éxito, - 0.45% and 0.32% in Carulla and - 0.25% and 0.35% in LC segments, respectively in 3Q24 and 9M24), - 0.52% in Uruguay and - 0.4% in Argentina during 3Q24, and 0.16% in Uruguay and - 1.11% in Argentin 1 a 0 during 9M24. Colombia Argentina Uruguay % Var 3Q23 3Q24 in COP M 2.5% 3,618,518 3,709,367 Retail Sales 9.0% 195,754 213,456 Other Revenue 2.8% 3,814,272 3,922,823 Net Revenue % var exc. FX % Var 3Q23 3Q24 5.0% (0.2%) 936,993 935,228 21.4% 15.5% 8,865 10,236 5.1% (0.0%) 945,858 945,464 % var exc. FX % Var 3Q23 3Q24 79.0% (0.8%) 356,605 353,603 156.5% 42.1% 14,763 20,976 82.1% 0.9% 371,368 374,579 % var exc. FX % Var 3Q23 3Q24 6.2% 1.7% 4,912,100 4,997,762 15.2% 11.5% 219,377 244,667 6.6% 2.2% 5,131,477 5,242,429 Best sales performance in 3Q24, with positive figures across all countries in local currency (+6.6% growth excluding FX) Colombia Uruguay % Var 9M23 9M24 in COP M 1.5% 10,754,318 10,913,143 Retail Sales 8.4% 583,472 632,551 Other Revenue 1.8% 11,337,790 11,545,694 Net Revenue % var exc. FX % Var 9M23 9M24 5.7% (6.5%) 3,135,046 2,931,578 16.9% 3.4% 27,212 28,146 5.8% (6.4%) 3,162,258 2,959,724 % var exc. FX % Var 9M23 9M24 141.9% (10.3%) 1,161,952 1,042,048 169.6% (0.0%) 45,466 45,456 142.9% (9.9%) 1,207,418 1,087,504 % var exc. FX % Var 9M23 9M24 6.7% (1.1%) 15,050,693 14,886,333 13.1% 7.6% 656,058 706,152 6.9% (0.7%) 15,706,751 15,592,485 Argentina Top line performance Consolidated Colombia Uruguay Argentina Consolidated

Strategic focus in Colombia Focus on strengthening Éxito and Carulla banners by enhancing of assortment and adding value to the customer experience Improvement of assortment +9% growth food sales evolution 3 - years plan to convert stores to the main banners in Colombia +30% Increase in SKUs available on - the - shelf 4.63% share of new SKU on FMGC sales +2,095 average new products included by store Massification of the assortment to all regions of the country “Efficient operation under the most beloved and relevant brands” 24 stores converted YTD (potential of 150 stores) Banner Unification +12.7% sales evolution Innovative levers “The best levers from Wow and Fresh to other stores” “Cocina del Mercado” 8 Carulla stores intervened during 3Q2024

+16% Average same - day sales increase 8.5 M Units since implementation “Martes del campo” +33% Average same - day sales increase 3.5 M Units since implementation “Viernes de celebración” Strategic focus in Colombia Commercial strategy centered on providing savings to customers Unbeatable prices 10.5% share on total sales +53% sales growth of National Brands SKU +14.3% sales growth +1,000 products offered at the lowest price in the market Thematic days High and Low +39% Average same - day sales increase 5.0 M Units since implementation “Miércoles de carnes frescas” “Better price perception in key buying moments” " Special price day” promo event to all banners

Strategic focus in Colombia Strategic focus on cost - expenses initiatives and process optimizations Savings Captured Main Activities Other optimization levers x Focus on improving shrinkage levels x Systemic negotiations with key suppliers x A leaner operating structure COP $103,000 M in savings captured during 3Q24 COP $228,000 M in savings already captured during 9M24 x Restructuring plan x Efficiencies in logistics x Reduction of energy consumption x IT contract renegotiation SG&A growth, Over the first nine months of 2024, remained below inflation (5.81%) 2.2% - 1.8% SG&A decrease in 3Q24, moving forward to a leaner operation to improve agility and profitability

High single digit growth: • Food +9.7% mainly by FMCG + 10 . 1 % vs 3 Q 23 • Omnichannel share of 28 . 9 % on retail sales in 3 Q 24 and + 21 . 9 % vs 3 Q 23 • 31 Fresh Market stores represented a 62% share on the segment ǲ s sales during 3Q24 • One opening and 14 conversions store during 9M24 • Fresh sales + 10 . 6 % driven by red meat at + 21 . 1 % in 3 Q 24 • Non - food sales recovery at + 1 . 7 % in 3 Q 24 • Sales of 32 Éxito WOW stores represented 35 % on the segment’s sales during 3 Q 24 • Two openings and 10 conversions during 9 M 24 3Q24 Performance by segment Food category continues to be the driving force behind the improvement in performance, mainly by fresh at double digit growth in Éxito segment 14 Notes : SSS in local currency, include the effect of conversions and exclude the calendar effect of - 1 . 46 % in 3 Q 24 and - 0 . 52 % in 9 M 24 in Colombia ( - 1 . 81 % and - 0 . 80 % in Éxito, - 0 . 45 % and 0 . 32 % in Carulla and - 0 . 25 % and 0 . 35 % in LC segments, respectively in 3 Q 24 and 9 M 24 . ( 1 ) The segment includes Retail Sales from Surtimax, Super Inter and Surtimayorista brands, allies, institutional and third - party sellers, and the sale of property development projects (inventory) of none during 3 Q 24 and 3 Q 23 and COP $ 2 . 8 K during 9 M 24 vs $ 47 . 2 K in 9 M 23 . Éxito Carulla Low - cost & Other 1 : • B2B presented positive performance mainly by FMCG (+2.5%) during 3Q24 • Misurtii’s sales grew +18% vs 3Q23 • Surtimax and Super Inter banners decreased at double digit reinforcing the store portfolio optimization focus on Éxito and Carulla banners 9M24 Low - cost & Other (1) - 8.5% 7.8% 1.4% 1.1% - 6.0% 7.7% 1.8% 1.5% 1,631,013 1,891,094 7,391,036 10,913,143 3Q24 Low - cost & Other (1) Variations - 16.5% 9.2% 4.7% 2.5% SSS - 13.6% 9.0% 4.7% 2.5% Total 502,410 658,905 2,548,052 3,709,367 Total MCOP

(1) Include .com, marketplace, home delivery, Shop&Go, Click&Collect, digital catalogues and B2B virtual; the base was adjusted with new channels included: SOC and Midescuento 17 M Orders (+24%) 14.7% Share on Retail Sales 9M24 COP $1.6 B In Retail Sales (+4.4%) 5.9 M Orders (+16%) 3Q24 15% Share on Retail Sales Omni - channel 1 performance YTD Omni - channel share increased +41 bps to 14.7% driven by the food category (+11% growth, 13.3% share on sales) 15 COP $565,000 M In Retail Sales (+4.3%) Highlights • Sales non - food: +3.0% in 3Q24 showing slight signs of recovery. • Share on non - food sales 18.2% during 9M24 • Apps: 3Q24 COP $46,176 M (+28%) 9M24 COP $130,900 M (+35%) Orders 9M24 549,000 (+42%) • Misurtii app: 3Q24 COP $30,600 M (+18%) 9M24 COP $78,700 M (+46%) Orders 9M24 115,000 (+3.2%) 13.4% Share on Food Sales 1,064,018 1,046,456 1,247,970 1,563,476 1,631,968 12.6% 12.2% 12.0% Omni - channel sales and share on sales 14.3% 14.7% 9M 20 9M 21 9M 22 9M 23 9M 24

Real Estate performance 9M24 Viva Envigado, the largest shopping and business center in Colombia with 159,000 sqm and attracting 2.7 million visitors per month (1) Viva Malls is a JV with Fondo Inmobiliario Colombia (FIC) in which Grupo Éxito has 51% stake and consolidates the business; Viva Malls has a lower Recurring EBITDA margin when compared to calculation of pure real estate players as net revenue does not includes the adjustment of cost and expenses according to IFRS 15 and the property tax payment accrued in January. 16 I K E A R e a l E s t a t e B u s i n e s s • 18,362 sqm of store • Opened October 9th • 2 Commercial levels Sustainability, functionality, design, quality and price 806,179 sqm of GLA (33 assets ) Occupancy rate 97.3% (vs. 96.7% y/y) Recurring revenues from rental and fees (+8,2% consol, +9.9% Col during 9M24) V i v a M a l l s 1 579,609 sqm of GLA (17 assets) Occupancy rate 98.2% Real estate business unit in Colombia including Viva Malls J a r d í n N ó m a d a - V i v a E n v i g a d o • Opened September 26th • 2,180 sqm of GLA • 5,000 sqm of GBA • 24 Operating brands • +130 coworking spaces A sustainable, innovative, and pioneering concept in the region Guaranteed income from leases and stable cash flow VM grew revenue by 9.3% during 9M24 and Recurring EBITDA by 12.3% (+168 bps) at consolidated level y/y % Var 9M23 9M24 In MCOP 9.3% 284,854 311,468 Net Revenue 12.3% 178,694 200,608 Recurring EBITDA 168 bps 62.7% 64.4% Recurring EBITDA Margin

Operating Performance Consolidated Recurring EBITDA shows a recovery across the region driven by Colombia and Uruguay operation growing at +10.9% and +28.6% in LC, respectively Colombia Uruguay Note: The Colombia perimeter includes Almacenes Éxito S.A. and its subsidiaries. Data in COP includes a - 4.9% FX effect in Uruguay at Net Revenue and at Recurring EBITDA and - 44.6% in Argentina, respectively, during 3Q24, a n d 17 of - 11.5% and - 62.9%, respectively during 9M24. (1) Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non - recurring operational income (expense). • GP : sales recovery and complementary business contribution compensated the commercial dynamic . • Recurring EBITDA 1 : along the quarter SG&A decreased (88 bps) despite inflation and wages increases, from internal efficiency plans. • GP : solid sales evolution driven by promotional events, added to efficiencies in logistic costs, supplier negotiation and cost control . • Recurring EBITDA 1 : the most profitable operation of the Group presented a double - digit growth driven by cost and expenses efficiencies ( 84 bps) • GP : context continued affected by price competition, inflationary pressures and lower consumption, the mix effect and a higher share of the C&C format ( 13 . 7 % for 3 Q 24 ) • Recurring EBITDA 1 : affected by lower sales evolution and lower gross margins as well as higher SG&A . • GP : reflecting strong commercial strategy and gradual recovery mainly in Colombia offset by real estate contribution • Recurring EBITDA 1 : grew at 8.7% excl. FX vs 3Q23 as a result of expenditures efficiencies, which allowed SG&A reduced by 42 bps and a resilient performance across the region . Consolidated Colombia Argentina Uruguay % Var 3Q23 3Q24 in COP M 2.8% 3,814,272 3,922,823 Net Revenue 0.9% 822,127 829,413 Gross profit (41) bps 21.6% 21.1% Gross Margin (1.8%) (735,015) (721,471) Total Expense 88 bps (19.3%) (18.4%) Expense/Net Rev 10.9% 226,065 250,722 Recurring EBITDA 46 bps 5.9% 6.4% Recurring EBITDA Margin % var exc. FX % Var 3Q23 3Q24 5.1% 6.9% (0.0%) 1.7% 945,858 337,803 945,464 343,559 62 bps 35.7% 36.3% 2.1% (2.9%) (277,916) (269,815) 84 bps (29.4%) (28.5%) 28.6% 22.3% 80,267 98,161 190 bps 8.5% 10.4% % Var 9M24 9M23 in COP M 1.8% 11,545,694 11,337,790 Net Revenue (1.4%) 2,487,219 2,523,252 Gross profit (71) bps 21.5% 22.3% Gross Margin 2.2% (2,257,609) (2,208,014) Total Expense (8) bps (19.6%) (19.5%) Expense/Net Rev (9.8%) 658,486 729,790 Recurring EBITDA (73) bps 5.7% 6.4% Recurring EBITDA Margin % var exc. FX % Var 9M23 9M24 5.8% 8.1% (6.4%) (4.4%) 3,162,258 1,125,621 2,959,724 1,076,055 76 bps 35.6% 36.4% 8.7% (3.9%) (851,417) (818,584) (73) bps (26.9%) (27.7%) 10.0% (2.7%) 338,403 329,386 43 bps 10.7% 11.1% % var exc. FX % Var 3Q24 3Q23 % var exc. FX % Var 3Q23 3Q24 6.6% 6.3% 2.2% 0.5% 5,242,429 5,131,477 1,286,381 1,279,870 82.1% 70.7% 0.9% (5.4%) 371,368 119,940 374,579 113,409 (40) bps 24.5% 24.9% (202) bps 32.3% 30.3% 5.9% 0.2% (1,119,088) (1,117,064) 121.6% 22.7% (104,133) (127,802) 42 bps (21.3%) (21.8%) . (608) bps (28.0%) (34.1%) 8.7% 4.1% 342,181 328,709 NA NA 22,377 (6,702) 12 bps 6.5% 6.4% (781) bps 6.0% (1.8%) % var % Var 9M24 9M23 % var % Var 9M23 9M24 exc. FX exc. FX 6.9% (0.7%) 15,592,485 15,706,751 142.9% (9.9%) 1,207,418 1,087,504 6.5% (3.6%) 3,908,038 4,052,217 130.5% (14.5%) 403,344 344,764 (74) bps 25.1% 25.8% (170) bps 33.4% 31.7% 11.1% 0.1% (3,448,190) (3,443,027) 161.6% (3.0%) (383,596) (371,997) (19) bps (22.1%) (21.9%) (244) bps (31.8%) (34.2%) (5.6%) (11.3%) 986,225 1,111,385 NA NA 43,192 (1,647) (75) bps 6.3% 7.1% (373) bps 3.6% (0.2%) Argentina

Highlights Net loss during 3Q24 reflected: o Positive contribution of retail operations from Colombia and Uruguay from sales performance and cost and expense control partially offset by : o Operating performance in Argentina affected by macro and consumer head winds, and o Higher non - recurring expenses explained by the restructuring process in Colombia o Positive variation of TUYA share of profit explained by lower provisions due to improvement in non - performance loans Net loss during 9M24 reflected: o Operating performance affected by lagged consumption and inflationary pressures on SG&A and FX impacts o Higher non - recurring expenses explained by the restructuring process in Colombia Note: Consolidated data include results from Colombia, Uruguay and Argentina, eliminations, and the FX effect of - 4.1% at Net Revenue and - 4.2% at recurring EBITDA during 3Q24, and of - 7.2% and - 6.0%, respectively, during 9M24. 18 Net Group Share Result Positive operating performance during 3Q24 offset by higher non - recurring expenses in Colombia

3Q24 Leverage and Cash at holding level 1 Free cash flow 2 affected by the operational result despite improvement in working capital and optimization of investments Net Financial debt impacted by: » Operational performance reflected macroeconomic » » headwinds and slowdown in consumption Higher extraordinary dividends base effect and Tax variation due to delay of tax credit refunds. Partially offset by: Effective working capital strategy , higher inventory levels to support the commercial strategy and effective management of accounts payables looking to maximize net profit » Efforts to improve efficiencies have focused on optimization of investments to prioritize cash availability Leverage and cash highlights » Variation 3Q23 - LTM 3Q24 - LTM in thousand million COP - 10.8% 880 785 EBITDA 11.7% (392) (438) Lease liabilities amortizations & interests - 30.5% 365 254 Operational results before WK Note : Numbers expressed in long scale, COP billion represent 1 , 000 , 000 , 000 , 000 . ( 1 ) Holding : Almacenes Éxito S . A results without Colombia o r 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 . 19 0.7 0.5 - 1.9 - 1.9 - 1.2 - 1.4 2023 - 3 2024 - 3 Cash (& other assets) Gross debt (financial liabilities & warranties) Net financial debt 8.3% (152) (165) Free cash flow before investments - 35.0% 256 166 Dividends received - 99.0% 103 1 Free cash flow Change in Tax Change in working capital CapEx (275) 33 (178) (11) 26 (532) 2436.4% 30.1% - 66.6%

20 Conclusions

21 A solid commercial strategy to boost sales in Colombia. Focus on banners efficiencies and customer experience and aiming to generate savings for the clients Best quarterly sales performance in Colombia driven by i. food category (+3.0%), above food inflation ii. Non - food category showing signs of recovery (+1.2%) during 3Q24 Recurring EBITDA showed trend improvement versus 1H24 across the region growing at +4.1% (+8.7% excluding FX) during 3Q24 During 3Q24 SG&A consolidated reduced 42 bps vs last year, reflecting strict cost control and actions plans implemented mainly in Colombia Strong real estate performance with Viva Malls, the leading shopping center operator in Colombia with 579,609 sqm of GLA and +10.5 M visitors per month. Recurring EBITDA grew by 12.3% in 9M24 Solid results in Uruguay, the most profitable operation of the Group presented a double - digit growth in EBITDA during 3Q24 in LC driven by consistent performance of Fresh Market stores and cost/expenses efficiencies Results in Argentina impacted by macroeconomic adjustments to address high inflation. Resilient real estate performance with occupancy levels of 94,7% Solid omni - channel performance in Colombia (15% share on sales) boosted by food sales (+5.1%, 13.4% share on sales) and reaching +5.9 M orders during 3Q24 Tuya with the best NPL index since 1Q2023 reflects the actions taken to improve risk portfolio and shows a changing trend in clients ǲ paying behavior and capacity 3Q24 Financial & Operating Conclusions 3Q24 results reflected the improvement operational performance mainly in Colombia and Uruguay

Appendices 22

Notes and Glossary Notes: • Numbers are expressed in long scale, COP billion represent 1,000,000,000,000. • Growth and variations are expressed in comparison to the same period last year, except when stated otherwise. • Sums and percentages may reflect discrepancies due to rounding of figures. • All margins are calculated as percentage of Net Revenue. • Percentages represent relative proportions, and as such they cannot be directly added or subtracted from each other because they are not absolute numeric values. Glossary: • • • • • • • • • • Colombia results: consolidation of Almacenes Éxito S.A. and its subsidiaries in the country. • Consolidated results: Almacenes Éxito results, Colombian and international subsidiaries in Uruguay and Argentina. • Adjusted EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization plus Associates & Joint Ventures results. • EPS: Earnings Per Share calculated on an entirely diluted basis. • Financial Result: impacts of interests, derivatives, financial assets/liabilities valuation, FX changes and other related to cash, debt, and other financial assets/liabilities. • Free cash flow (FCF) = Net cash flows used in operating activities plus Net cash flows used in investing activities plus Variation of collections on behalf of third parties plus Lease liabilities paid plus Interest on lease liabilities paid (using variations for the last 12 M for each line); the cash flow has been re - expressed to be aligned with the financial statements. GLA: Gross Leasable Area. GMV: Gross Merchandise Value. Holding: Almacenes Éxito results without Colombian and international subsidiaries. Net Revenue: Total Revenue related to Retail Sales and Other Revenue. Retail Sales: sales related to the retail business. Other Revenue: revenue related to complementary businesses (real estate, insurance, travel, etc.) and other revenue. Recurring EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization Operating Profit adjusted by other non - recurring operational income (expense). Recurring Operating Profit (ROI): Gross Profit adjusted by SG&A expense and D&A. SSS: same - store - sales levels, including the effect of store conversions and excluding the calendar effect. 23

Ownership Structure Note: Ownership structure as of September 30, 2024. 24

Management Team Carlos Mario Giraldo General Manager Colombia Jean Christophe Tijeras General Manager Uruguay Ramón Quagliata General Manager Argentina 25 Juan Carlos Calleja CEO Grupo Éxito

Consolidated Income Statement Notes : Consolidated results from Colombia, Uruguay and Argentina, eliminations and the FX effect o( 4 . 1 % at Net Revenue and - 4 . 2 at Recurring EBITDA during 3 Q 24 and . 7 . 2 % and - 6 . 0 % in 9 M 24 , respectively ( 1 ) 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 t 2 o 6 1 , 297 , 864 , 359 shares .

Income Statement and CapEx by Country Notes : Consolidated results from Colombia, Uruguay and Argentina, eliminations and the FX effect o( 4 . 1 % at Net Revenue and - 4 . 2 at Recurring EBITDA during 3 Q 24 and . 7 . 2 % and - 6 . 0 % in 9 M 24 , respectively . Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non - recurring operational income (expense) . The Colombia perimeter includes the consolidation of Almacenes Éxito S . A . and its subsidiaries in the country . Data in COP includes a - 4 . 9 % FX effect in Uruguay at Net Revenue and at Recurring EBITDA in 3 Q 24 and - 11 . 5 % in 9 M 24 and - 44 . 6 % and - 62 . 9 % in Argentina, respectively, calculated with the closing exchange rate . 27

Consolidated Balance Sheet Note: Consolidated data include figures from Colombia, Uruguay and Argentina. 28

Consolidated Cash Flow Note: Consolidated data include figures from Colombia, Uruguay and Argentina. 29

Holding Income Statement 1 (1) Holding: Almacenes Éxito Results without Colombia subsidiaries Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non - recurring operational income (expense). 30

Holding Balance Sheet 1 (1) Holding: Almacenes Éxito Results without Colombia subsidiaries. 31

Debt by country and maturity Note : The Colombia perimeter includes the consolidation of Almacenes Éxito S . A . and its subsidiaries in the country . 1 ) Debt without contingent warranties and letters of credits . ( 2 ) Holding gross debt issued 100 % in Colombian Pesos with an interest rate below IBR 3 M + 2 . 0 % , debt at the nominal amount . IBR 3 M (Indicador Bancario de Referencia) – Market Reference Rate : 9 . 25 % ; other collections included, and positive hedging valuation not included . ( 3 ) Debt at the nominal amount . 32 Consolidated Argentina Uruguay Colombia Holding (2) 30 Sep 2024, (millions of COP) 2,213,418 52,314 334,815 1,826,289 1,927,389 Short - term debt 311,553 - 148,439 163,114 163,114 Long - term debt 2,524,971 52,314 483,254 1 ,989,403 2,090,503 Total gross debt (1) (2) 881,278 24,255 219,510 637,513 486,282 Cash and cash equivalents (1 ,643,693) (28,059) (263,744) (1 ,351 ,890) (1 ,604,222) Net debt Net debt breakdown by country 30 - sep - 24 Maturity Date Nature of interest rate Nominal amount 30 Sep 2024, (millions of COP) 25,000 November 2024 Fixed 25,000 Short Term - Bilateral 100,000 November 2024 Fixed 100,000 Short Term - Bilateral 400,000 February 2025 Floating 400,000 Revolving credit facility - Bilateral 100,000 February 2025 Fixed 100,000 Short Term - Bilateral 132,515 February 2025 Floating 132,515 Short Term - Bilateral 65,000 March 2025 Floating 65,000 Short Term - Bilateral 135,000 April 2025 Fixed 135,000 Mid Term - Bilateral 150,000 April 2025 Floating 200,000 Long Term - Bilateral 200,000 April 2025 Floating 200,000 Revolving credit facility - Bilateral 300,000 June 2025 Floating 300,000 Revolving credit facility - Bilateral 72,498 March 2026 Floating 290,000 Long Term - Bilateral 103,645 March 2027 Floating 190,000 Long Term - Bilateral 100,050 March 2030 Floating 150,000 Long Term - Bilateral 1 ,883,708 2,287,515 Total gross debt (3) Holding Gross debt by maturity

Store number and Retail Sales area Note: The store count does not include the 2,668 allies in Colombia. Argentina 88,082 15 Libertad 14,872 12 Mayorista 102,954 27 Total Argentina 1 ,039,719 635 TOTAL 33 Uruguay 41,838 66 Devoto 35,934 30 Disco 16,411 2 Geant 330 1 Six or Less 94,513 99 Total Uruguay Banner by country Store number Sales area (sqm) Colombia 623,980 204 Exito 89,089 123 Carulla 24,743 67 Surtimax 51,518 54 Super Inter 52,923 61 Surtimayorista 842,252 509 Total Colombia

Accounts Reconciliations Note : Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non - recurring operational income (expense) . Data in COP includes a - 4 . 9 % FX effect in Uruguay at Net Revenue and at Recurring EBITDA and - 44 . 6 % in Argentina, respectively during 3 Q 24 and a - 11 . 5 % FX effect in Uruguay at Net Revenue and at Recurring EBITDA and - 62 . 9 % in Argentina, respectively during 9 M 24 calculated with the closing exchange rate . FX impacts are calculated as a devaluation between currencies resulting in a percentage . Percentages represent relative proportions, and as such they cannot be directly added or subtracted from each other because they are not absolute numeric values . 34 Free Cash Flow Effects on Results E x c h d a i o n m g a e Rates Effects o I n g n é s R esults FX effect Growth in COP Growth in LC Net Revenue - 4.9% 0.0% 5.1% Uruguay - 44.6% 0.9% 82.1% Argentina - 4.1% 2.2% 6.6% Consolidated FX effect Growth in COP Growth in LC Recurring EBITDA - 4.9% 22.3% 28.6% Uruguay - 44.6% - 130.0% - 154.1% Argentina - 4.2% 4.1% 8.7% Consolidated FX effect Growth in COP Growth in LC Net Revenue - 11.5% - 6.4% 5.8% Uruguay - 62.9% - 9.9% 142.9% Argentina - 7.2% - 0.7% 6.9% Consolidated FX effect Growth in COP Growth in LC Recurring EBITDA - 11.5% - 2.7% 10.0% Uruguay - 62.9% NA NA Argentina - 6.0% - 11.3% - 5.6% Consolidated 3Q24 9M24

Accounts Reconciliations Recurring EBITDA and Adjusted EBITDA Note : Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non - recurring operational income (expense) . Data in COP includes a - 4 . 9 % FX effect in Uruguay at Net Revenue and at Recurring EBITDA and - 44 . 6 % in Argentina, respectively during 3 Q 24 and a - 11 . 5 % FX effect in Uruguay at Net Revenue and at Recurring EBITDA and - 62 . 9 % in Argentina, respectively during 9 M 24 calculated with the closing exchange rate . 35 9M23 9M24 3Q23 3Q24 in COP M 549,223 378,425 136,517 135,034 Operating Income (EBIT) 59,967 81,423 26,289 32,259 Non - Recurring Income/(Expense) 79,132 82,394 26,267 28,303 Cost D&A 423,063 443,983 139,636 146,585 Expense D&A 1 ,111 ,385 986,225 328,709 342,181 Recurring EBITDA 9M23 9M24 3Q23 3Q24 in COP M 549,223 378,425 136,517 135,034 Operating Income (EBIT) (74,529) (66,622) (24,424) (18,200) Associates & Joint Ventures Results 79,132 82,394 26,267 28,303 Cost D&A 423,063 443,983 139,636 146,585 Expense D&A 976,889 838,180 277,996 291 ,722 Adjusted EBITDA 9M23 9M24 3Q23 3Q24 in COP M 549,223 378,425 136,517 135,034 Operating Income (EBIT) 79,132 82,394 26,267 28,303 Cost D&A 423,063 443,983 139,636 146,585 Expense D&A 1 ,051 ,418 904,802 302,420 309,922 EBITDA

Accounts Reconciliations Recurring Income of the Real Estate Business in Colombia Net Revenue and Recurring EBITDA of Viva Malls in Colombia 36 Note: Recurring EBITDA refers to Earnings Before Interest, Taxes, Depreciation, and Amortization adjusted by other non - recurring operational income (expense). 9M23 9M24 3Q23 3Q24 in COP M 135,343 154,559 60,007 69,738 Operating Income (EBIT) 433 584 (12) - Non - Recurring Income/(Expense) 42,918 45,465 14,347 15,225 Expense D&A 178,694 200,608 74,342 84,963 Recurring EBITDA Var 9M23 9M24 Var 3Q23 3Q24 Consolidated - 2.5% 71,318 69,530 4.9% 22,087 23,169 Income from concessionaires 26.2% 35,350 44,596 12.4% 13,244 14,884 Income from building administration 7.5% 225,165 242,093 12.0% 76,193 85,319 Income from property rent 12.1% 76,685 85,926 34.8% 26,495 35,726 Income from rent of other spaces 8.2% 408,518 442,145 15.3% 138,019 159,098 Revenues real estate 0.0% 0 0 0.0% 0 0 Non recurring concessionaires fees ( - ) 8.2% 408,518 442,145 15.3% 138,019 159,098 Recurring revenues real estate - 100.0% 7,383 0 0.0% 0 0 Non recurring concessionaires fees - 94.0% 47,208 2,850 0.0% 0 0 Sales of real estate projects - 3.9% 463,109 444,995 15.3% 138,019 159,098 Total revenues real estate

Ivonne Windmuller. Chief Financial Officer | IRO +57 (604) 6049696 Ext 306560 iwindmuller@grupo - exito.com Cra 48 No 32 B Sur 139, Viva Envigado Medellín, Colombia www.grupoexito.com.co exitoinvestor.relations@grupo - exito.com • “The Issuers Recognition - IR granted by the Colombian Stock Exchange is not a certification about the quality of the securities listed at the BVC nor the solvency of the issuer”.