# EDGAR Filing Document

**Accession Number:** 0001957146
**File Stem:** 0001213900-25-077068
**Filing Date:** 2025-8
**Character Count:** 394639
**Document Hash:** f01c2cddd3c1d878b191411a0c876029
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-077068.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0001213900-25-077068

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250814

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250815

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Almacenes Exito S.A.
- **CENTRAL INDEX KEY:** 0001957146
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-VARIETY STORES [5331]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** F8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41736
- **FILM NUMBER:** 251222513

**BUSINESS ADDRESS:**
- **STREET 1:** CARRERA 48 # 32 B SUR 139.
- **CITY:** ENVIGADO, ANTIOQUIA,
- **STATE:** F8
- **ZIP:** 00000
- **BUSINESS PHONE:** 57-604-604-9696

**MAIL ADDRESS:**
- **STREET 1:** CARRERA 48 # 32 B SUR 139.
- **CITY:** ENVIGADO, ANTIOQUIA,
- **STATE:** F8
- **ZIP:** 00000

**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 August 2025**

**Commission File Number: 001-41736**

**Almacenes Éxito S.A.**

(Exact Name as Specified in its Charter)

**N/A**

(Translation of registrant's name into English)

**Carrera 48 No. 32B Sur - 139**

**Avenida Las Vegas**

**Envigado, Colombia**

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)<br>**Form 20-F:** ☒ Form 40-F: ☐

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
| 99.1 | [Material Fact (English translation).](ea025327101ex99-1_almacenes.htm) |

---

**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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: August 14, 2025 |  |  |
|  | Almacenes Éxito S.A. | Almacenes Éxito S.A. |
|  | By: | /s/ Fernando Carbajal Flores |
|  | Name: | Fernando Carbajal Flores |
|  | Title: | Chief Financial Officer |

---

**FORWARD-LOOKING STATEMENTS**

This document may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

Envigado, August 14, 2025

**DISCLOSURE OF THE QUARTERLY PERIODIC REPORT** 

***("OTHER EVENTS")***

Almacenes Éxito S.A. (the "Company") informs its shareholders and the market that, in accordance with the provisions of Article 5.2.4.2.3 of Decree 151 of 2021, and in External Circulars 031 of 2021 and 012 of 2022, of the Financial Superintendence of Colombia ("SFC"), the Company is filing its periodic report for the second quarter of 2025.

The report is attached below.

![](ex99-1_002.jpg)

![](ex99-1_003.jpg)

 **INDEX**

---

| | | |
|:---|:---|:---|
| **1** | **GENERAL INFORMATION** | **1** |
|  | 1.1 Issuer's basic identification data | 1 |
|  | 1.2 Issuance of outstanding securities | 1 |
| **2** | **FINANCIAL INFORMATION** | **1** |
|  | 2.1 Financial Statements | 1 |
|  | 2.2 Financial Analysis | 1 |
|  | 2.3. Material changes in the financial statements | 5 |
| **3** | **OPERATIONAL PERFORMANCE** | **6** |
|  | 3.1 Main operations | 6 |
| **4.** | **RISKS AND RISK MANAGEMENT** | **12** |
|  | 4.1 Market Risk updates | 12 |
|  | 4.2 Update of other risks | 13 |
| **5.** | **SOCIAL, ENVIRONMENTAL AND CLIMATE ISSUES** | **15** |
|  | 5.1 Monitoring of social and environmental issues, including climate issues | 15 |
|  | 5.2 Material changes | 18 |
| **6** | **CORPORATE GOVERNANCE** | **19** |
|  | 6.1 Material changes in the Corporate Governance structure | 19 |
| **7** | **ANNEX** | **21** |
|  | 7.1 Glossary | 21 |
|  | 7.2 Financial Statements | 24 |

---

![](ex99-1_004.jpg)

i

![](ex99-1_003.jpg)

1 GENERAL INFORMATION

&nbsp;&nbsp;&nbsp;&nbsp;1.1 Issuer's basic identification data

● Corporate name: Almacenes Éxito S.A.

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

&nbsp;&nbsp;&nbsp;&nbsp;1.2 Issuance of outstanding securities

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

As of March 31, 2025, the number of subscribed shares was 1,344,720,453, of which 1,297,864,359 were outstanding and 46,856,094 had been repurchased.

2 FINANCIAL INFORMATION

&nbsp;&nbsp;&nbsp;&nbsp;2.1 Financial Statements

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

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

&nbsp;&nbsp;&nbsp;&nbsp;2.2 Financial Analysis

**Consolidated Net Revenue** grew by +5.8% when excluding FX effect (+2.6% in COP) to COP $5.2 T during 2Q25, 89% of the growth contribution came from Colombia, highlighting the non-food category (+11.3%), following by Uruguay and Argentina with the remaining 11%. In 1H25 consolidated Net revenue reported COP $10.6 T with a growth at +4.7% excluding FX effect and +2.5% in COP.

**Consolidated Retail Sales** reached COP $5.0 T in 2Q25, reflecting mid-single-digit growth of +5.6% excluding FX effects. For the first half of the year (1H25), sales totalled COP $10.1 T, with a growth of +4.7% excluding FX effects, and +2.4% and +2.5% in COP for 2Q25 and 1H25, respectively. In terms of growth for SSS for 2Q25 was +6.8% and +6.1 for 1H25. Performance explained by: (i) the outcome of the successful commercial strategies implemented in Colombia, allowing a retail sales growth of +4.8% in 1H25, (ii) consistent mid-single digit growth in local currency in Uruguay (+4.7% in 1H25 in local currency), (iii) low performance in Argentina impacted by lower consumption and stores portfolio optimization, and (iv) the contribution of LTM store expansion**<sup>1</sup>** of 36 stores (Col 35 and Uru 1).

![](ex99-1_004.jpg)

![](ex99-1_003.jpg)

**Consolidated Other Revenue** increased by +9.3% excluding FX effect (+6.6% in COP) during the 2Q25 and +4.9% excluding FX effect (+3.4% in COP) in 1H25, driven by the contribution of the Real estate business in Colombia and Argentina.

**Colombia:** As of the first half of 2025, Colombia's economic environment remained challenging with signs of stabilization. Total inflation declined to 4.8% at the end of June from 7.2% y/y, as well as the deaccelerated food inflation to 4.3% as of June 2025 from 5.3% interannual, while the Internal food inflation was 0.10 p.p. below the national level. Although consumer confidence remained cautious and households prioritizing essential expenditures with an index rising to 2.2 p.p. from 12.7 p.p. at June 2024. In response to receding inflation, the central bank lowered the interest rate to 9.25% in 2Q25, as a more moderated monetary stance.

During the second quarter of 2025 the operation in Colombia contributed to 76% of consolidated **Net revenue**, which grew by +6.8%, to COP $4.0 trillion, continuing the positive trend seen since the second half of last year.

**Net Sales** totalled COP $3.7 trillion (+6.9%) and SSS (+8.2%), explained by recovery of non-food category (+11.3%) mainly from double-digit growth in big ticket items, omni-channel contribution with an increased 13.9% share (+20pbs) vs 2Q24 and growing in comparable terms by +8.2%, food sales performance grew above inflation (+5.3%) with fresh category +7.5% and FMCG +4.3%. 35 stores were opened, converted and reformed in the last 12 months. The first semester of the year reached COP $7.6 trillion in sales (+4.8%) and grew +6.4% in SSS.

The Éxito's banner stores represented 69% of the sales mix in Colombia, Carulla's stores represented 19% and the low-cost & others<sup>1</sup> which includes Super Inter, Surtimax and Surtimayorista banners, allies, institutional sales, third-party sellers, the sale of property development projects (inventory) and other, represented 12% of the sales mix in 2Q25 and 1H25.

**Omni-channel** sales in Colombia (including websites, marketplace, home delivery, Shop&Go, Click&Collect, digital catalogues and B2B virtual and Midescuento), grew 8.2% versus 2Q24 and reached COP $526,933 M. Share on Retail Sales reached 13.9% (vs 13.7% in 2Q24 in comparable terms excluding ISOC channel), boosted by the growth of the non-food category (+5.9%, 14.2% share on non-food sales) and in food category performance (+9.2%, 13.8% share on food sales).

Main KPI´s outcome during 2Q25 when compared to the same period of last year in comparable terms excluding ISOC channel from the basis, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Orders: reached 6.3 M (+8.7%) during 2Q25.

o E-commerce sales:
reached COP $178,954M during 2Q25 (+7.8%).

![](ex99-1_004.jpg)

![](ex99-1_003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o MiSurtii sales: reached COP $15,400 M continued the decreasing trend at double-digit.

o Apps: sales of over COP $42,500 M (+5.3%) and reached to 151,317 orders during 2Q25.

o Rappi deliveries grew by 12.8% during 2Q25.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Marketplace sales: decreased by -15.5% during 2Q25 and totalled
more than 1,332 sellers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Turbo: orders grew by 17.5% during 2Q25 and reached a 65.9%
share on sales through Rappi (a leading Latin American last-mile delivery platform) in the first quarter of the year.

● **Other Revenue** increased by 5.5% during 2Q25, explained by complementary businesses contribution, mainly by the recurring income from the Real Estate (+12.6% vs 2Q24), as well as Logistic, Mobile and Travel businesses performance.

**Uruguay:** Uruguay contributed with 20% of consolidated Retail Sales during 2Q25. Last-12-month inflation as of June was of 4.6% (vs 4.9% in June 2024) and the food component grew by 4.2% during the last-12-months.

Net sales and SSS grew +4.1% and +5.1% respectively in local currency, driven by the contribution from the 33 Fresh Market stores (+6.0% growth vs 2Q25; 61.3% share on total sales during the second quarter), with a stable political and economic environment. The first semester of 2025 grew +4.7% and +5.4% for net sales and SSS in local currency respectively.

The operation in Uruguay reported market share gains of 0.3 p.p. to 41.9% in terms of SSS as of June, according to Scanntech, driven by: (i) the solid sales performance of all banners and (ii) the contribution of the 33 Fresh Market stores.

**Argentina:** The operation in Argentina contributed 4.7% on Consolidated Retail Sales and results in Colombian Pesos included a -35.9% FX effect in net revenues during 2Q25.

Net Revenue in Argentina was COP $250,143 M (-4.2% in local currency) and Retail Sales were COP $234,430 M (-6.8% in local currency and -5.7% in SSS) during 2Q25. Last-12-month inflation as of June was of 39.4% according to INDEC, which compares to the 271.5% rate reported during the same period last year. Retail sales were affected by lagged consumption and underperforming stores closures. The first semester registered a Net sales and SSS growth of +3.2% and +4.6% respectively when excluding FX effects.

During 2Q25 real state had a resilient performance (+67.2% growth in local currency) from improved commercial trends and strong occupancy levels. The Real estate during the semester grew above inflation to +78.8% in local currency.

![](ex99-1_004.jpg)

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**Operating Performance** 

**Consolidated Gross Profit** increased by 6.8% excluding FX effect (+2.8% in COP) during 2Q25 and margin reached 25.6% (+4 bps) as percentage of Net Revenue, compared to the same period from last year, margin improvement in Colombia thanks to advances in the commercial strategy and shrinkage levels control that added to a stable margin in Uruguay, helped to compensate the margin deterioration in Argentina. As for the 1H25, margin landed at 25.6% and Gross Profit grew by 6.6% excluding FX effect.

● **Gross Profit in Colombia** grew by 9.7% to a margin of 22.6% (+59 bps) during 2Q25 as percentage of Net Revenue. Improvement driven by a balance between sales growth and sustainable profit margins added to logistics costs reduction. Gross Profit grew by 6.8% to a margin of 22.2% (+44 bps) as a percentage of Net Revenue during 1H25.

● **Gross Profit in Uruguay** increased by 4.0% excluding FX effect (+3.5% in COP) during 2Q25 and margin as a percentage of net revenues was 36.4% due to revenue growth that allowed cost dilution and tighter shrinkage control. During the 1H25, Gross Profit grew by 7.6% in local currency to a margin of 37.3% (+95 bps vs last year).

● **Gross Profit in Argentina** decreased by -9.8% during 2Q25 in local currency to a 30.3% margin (-190 bps) as a percentage of Net Revenue. The deterioration reflects lower consumption trend and macroeconomic adjustments. Gross profit grew 1.4% in local currency during 1H25 to a margin of 31.1% (-135 bps) as a percentage of Net Revenue.

**Consolidated Recurring EBITDA<sup>1</sup>** reached COP $452,242 M during 2Q25, double-digit growth of +32.8% excluding FX effect (+32.3% in COP) compared to the same period last year, expenses dilution and margin improvement contributed to a +195 bps increase in recurring EBITDA<sup>1</sup> margin reaching 8.7% as percentage of Net Revenue. Expenditure efficiencies across the region allowed a decrease in SG&A (-7.1% in COP) and an improvement in margin as percentage of Net Revenue (+212bp), despite the inflation, index and wages pressures of the year.

**Colombia:** Recurring EBITDA grew by +50.8% during 2Q25 and the margin was 8.8% (+257 bps) as percentage of Net Revenue. SG&A decreased by -6.0%, as response of successful action plans implemented aiming to stabilize a leaner structure and to reduce expenditure.

In 1H25, Colombia reached COP $575,295 M (+41.1% vs 1H24) with a margin of 7.2% (186 bps) as percentage of Net Revenue. SG&A decreased by -4.0%, despite inflation and the high single digit minimum wage increase (+9.5% for 2025), thanks to efficiency plans on cost and expense's structure

**Uruguay:** Recurring EBITDA grew by +10.4% in local currency (+9.9% in COP) during 2Q25 compared to the same period last year, to a 11.9% margin (+64 bps) as percentage of Net Revenue, reflecting a consistent sales growth and efficiencies on SG&A (+74 bps). Recurring EBITDA increased 19.9% in local currency (+17.5% in COP) during 1H25 compared to the same period last year, to a 13.1% margin (+165 bps) as percentage of Net Revenue. Uruguay operation continued as the most profitable business unit of the group.

![](ex99-1_004.jpg)

![](ex99-1_003.jpg)

**Argentina:** Recurring EBITDA reflected a top line affected by lower consumption, and inflationary pressures, -6.1% margin as percentage of Net Revenue in 2Q25. Recurring EBITDA was negative during 1H25 with a margin of -4.2% as percentage of Net Revenue.

**Group Net Result**

The Company reported a net result of COP $146,865 M with a 2.8% margin during the 2Q25 compared with a loss of COP -$18,735 in 2Q24. For the first half of the year, net result totalled COP $240,012 M and 2.3% of margin in 1H25, compared with a loss of COP -$56,598 in the first semester last year.

The result is explained by (i) the operational outcome in Colombia and Uruguay that totally offset the low performance in Argentina; (ii) lower non-recurring expenses from the restructuring process and closing of non-profitable stores in the basis; (iii) lower financial costs; and (iv) contribution from joint ventures mainly driven by the positive result of Tuya.

**Earnings per Share (EPS)**

Diluted EPS was COP $113.2 per common share in 2Q25 compared to the COP $-14.4 reported in the same quarter last year.

**Net Financial debt:** 

● Cash position supported by the improved operational results.

● Gross debt remained in line with the same period last year, a 9% reduction compared to Q3 2024, when the Company recorded its highest debt level last year.

● Net financial debt remains stable with a net Debt / EBITDA ratio of 0.9x, reflecting strong operational performance and efficient cash generation during the second quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. Material changes in the financial statements

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

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**3 OPERATIONAL PERFORMANCE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Main operations

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

**General Corporate Information**

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

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

Overview

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

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

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

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

![](ex99-1_004.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Unification of brands:** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Assortment expansion:** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Savings levers:** 

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

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

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

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

![](ex99-1_004.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **"Megaofertas":** Discounts on family basket
products every weekend of the fortnight.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Savings basket:** Discounts on products for market adjustment
on non-fortnightly weekends.

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

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

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

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

**Operating Segments**

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

**Colombia**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Éxito: revenues from retailing activities, with stores
under the banner Éxito.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Carulla: revenues from retailing activities, with stores under
the banner Carulla.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Low cost and others: revenues from retailing and other activities
from stores under the banners Surtimax, Súper Inter, Surti Mayorista and B2B format.

![](ex99-1_004.jpg)

![](ex99-1_003.jpg)

 **Argentina**

Revenues and services from retailing activities in Argentina, with stores under the banners *Libertad* and *Libertad Fan* We also have "*Mini Mayorista Libertad*" stores, a nearby proposal for customers looking for the best price per volume on basic products, and the "F*resh Market Libertad*", a new supermarket format that prioritizes the offer of top-quality fresh products and own elaboration.

 **Uruguay**

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

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

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

**Other Businesses and Services**

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

**Puntos Colombia**

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

 **Tuya**

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

 **Insurance**

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

![](ex99-1_004.jpg)

![](ex99-1_003.jpg)

**Viajes Éxito**

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

 **Móvil**

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

**Money Transfers** 

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

**Real Estate Business Units**

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

**Our Products**

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

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

**Industry and Competitive Position**

**The Colombian Retail Sector**

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

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

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

In this context, Grupo Éxito Colombia gained 0.9 percentage points of same-store market share during the first quarter of 2025. Regarding the main cities of the country, market share growth was reflected as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Bogotá: +1.2pp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Barranquilla: +0.6pp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Medellín: +1.5pp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Cali: +2.5pp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Cartagena: +0.4pp.

**The Uruguayan Retail Sector**

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

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

**The Argentinian Retail Sector**

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

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

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

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

 **Investments**

● Consolidated Capital Expenditures during 2Q25 reached COP $34,766 M, of which 72.9% 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. For the first half of the year, total CAPEX amounted to COP $81,065 M.

**Food Retail Expansion**

● As of 2Q25, Grupo Exito totalled 36 stores from openings, reforms, conversions, and refurbishments (35 in Colombia and 1 in Uruguay). The Company totalled 592 retail stores, geographically diversified as follows: 483 stores in Colombia, 89 in Uruguay and 20 in Argentina, and consolidated selling area reached 1,008 M square meters. The store count did not include the 1.962 allies (+134 LTM) in Colombia.

● In line with the company's strategy, aiming for efficiencies to increase profitability, during the second quarter of the year 2025, 5 underperforming stores were closed in Colombia, 3 in Uruguay and 4 in Argentina.

4. RISKS AND RISK MANAGEMENT

&nbsp;&nbsp;&nbsp;&nbsp;4.1 Market Risk updates

**Market risk**

The purpose of market risk management is to manage and control exposure changes in exchange rates.

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**Currency risk**

Éxito Group's exposure to exchange rate risk is attached to passive transactions in foreign currency associated with long-term debt liabilities, when they exist, and with Éxito Group's operating activities (whenever revenue and expenses are denominated in a currency other than the functional currency).

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

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

At June 30, 2025 Group hedged almost 100% of their purchases and liabilities in foreign currency.

During the second quarter of 2025, there were no material changes in market risks.

&nbsp;&nbsp;&nbsp;&nbsp;4.2 Update of other risks

Based on ongoing monitoring and analysis of the Company's external and internal environment, in light of trends in the political, economic, social, technological, environmental, and legal spheres, and considering the dynamics of the sector and its impact on business operations, during the second quarter of 2025, no new risks were identified, nor were there any material changes in the level of exposure to the risks previously reported in the first quarter report of this year.

The company continues to focus its efforts on monitoring and continuously managing the following priority strategic risks: Social Risk, Macroeconomic Risk, and Information Security Risk.

However, it is important to note that Social Strategic Risk required more intensive management during the second quarter of 2025 as a result of certain social and territorial dynamics in Colombia. This situation required active and coordinated intervention under the Risk Management System and Business Continuity Management System frameworks in order to anticipate adverse scenarios, activate preventive measures, and preserve operational stability.

The following are the updated triggers for Strategic Social Risk, as well as the main management strategies implemented during the second quarter of 2025 to mitigate the probability and negative impacts:

**Social Risk – Triggering factors:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Growing insecurity on national roads.

o Calls for national
strikes and social protests in different regions of the country.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Socioeconomic, generational, and technological inequality.

o Social
discontent and misinformation.

o Ideological polarization, mass misinformation, and urban and rural social unrest.

o The migration crisis
and its impact on access to social services and employment.

**Social Risk – Notable management during the period:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Activation of business continuity management protocols in
response to roadblocks, demonstrations, and riots, prioritizing the safety of people and assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Strengthening of territorial and social environment analysis,
with a focus on identifying early warning signs of risk, to facilitate preventive decision-making and ensure supply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Review of coverage and protection through the corporate insurance
portfolio.

About macroeconomic strategic risk, the Company maintains a permanent focus on the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Control of expenditure and working capital action plans to
preserve cash flow efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Implementation of interest rate hedging strategies for debt
and foreign currency obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Active liquidity management, ensuring the availability of
resources and advancing the process of renegotiating interest rates on credit lines to optimize financing conditions.

In addition, seeking to alleviate the current inflationary impact on consumers, the company has a commercial strategy leveraged by a) Unbeatable prices on private label and national brands, b) Savings options for consumers through the launch of the "ImPRECIOnantes" strategy, c) Promotional events across all brands, d) Weekly theme days for key product categories.

Finally, during the second quarter of 2025, the company maintained constant monitoring of Information Security Risk, given the ongoing evolution of cyber and technological threats. Ethical hacking tests continued to be carried out, access and authentication controls were strengthened, and the Security Operation Center (SOC) continued to operate uninterrupted, with 24/7 monitoring. These actions made it possible to anticipate vulnerabilities, protect critical business information, and ensure operational continuity in an increasingly exposed digital environment.

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5. SOCIAL, ENVIRONMENTAL AND CLIMATE ISSUES

&nbsp;&nbsp;&nbsp;&nbsp;5.1 Monitoring of social and environmental issues, including
climate issues

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

To integrate this vision of sustainability into our operations, the company has a sustainability policy structured around six (6) strategic challenges declared by the company, which are managed and monitored in an integral manner:

![](ex99-1_005.jpg)

For each of the strategic sustainability pillars, the key monitoring indicators related to the second quarter of 2025 (2Q-2025) are presented below:

---

| | |
|:---|:---|
| ![](ex99-1_006.jpg) | &nbsp;&nbsp;**Zero malnutrition:** In conjunction with Fundación Éxito, the company is working towards its goal of contributing to the eradication of chronic malnutrition in Colombia by 2030.<br>By the second quarter of 2025, the company achieved: |

---

![](ex99-1_007.jpg)

![](ex99-1_004.jpg)

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The above, obtaining an accumulated during 2025 of:

● 53,742 children were benefited, of whom 38,000 children benefited from nutrition programs and 15,742 benefited from complementary services.

● 72,870 food packages were donated to children and their families.

● We were present in 32 departments and 166 municipalities.

---

| | |
|:---|:---|
| ![](ex99-1_008.jpg) | &nbsp;&nbsp;**Sustainable trade:** The company works to cultivate local and direct purchasing opportunities and foster fair trade practices that promote the integral development of our partners and suppliers.<br>By the second quarter of 2025, the company achieved: |

---

![](ex99-1_009.jpg)

The above, obtaining an accumulated during 2025, as follows:

● 95.62% of our marketed textile products were purchased locally.

● 92.1% of our fruits and vegetables were purchased from local suppliers, of which 86.72% were purchased directly.

---

| | |
|:---|:---|
| ![](ex99-1_010.jpg) | &nbsp;&nbsp;**My planet:** The company works to maximize the positive impact on the environment and works to reduce, mitigate and compensate the negative impacts of its operations on the environment, as well as to contribute to the generation of environmental awareness among the different stakeholders. |

---

![](ex99-1_004.jpg)

![](ex99-1_003.jpg)

By the second quarter of 2025, the company achieved:

● Collect 4,498 tons of recyclable material in the operation.

![](ex99-1_011.jpg)

The above, obtaining a cumulative figure during 2025 of 9,130 tons collected in the operation.

---

| | |
|:---|:---|
| ![](ex99-1_012.jpg) | **Healthy lifestyle:** The company works to mobilize customers, employees and suppliers towards healthier and more balanced lifestyles through a portfolio of products and services that enable them to generate healthy lifestyles.<br>By the second quarter of 2025, the company managed to commercialize: |

---

● **5,710** healthy living PLUS national brand.

● **504** vegetable protein PLUS.

● **437** healthy living PLUS own brand.

● **370** own-brand healthy living PLUS (Taeq).

● **16** organic PLUS.

![](ex99-1_013.jpg)

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Additionally, during the second quarter of 2025:

![](ex99-1_014.jpg)

---

| | |
|:---|:---|
| ![](ex99-1_015.jpg) | &nbsp;&nbsp;**Our people:** The company works to attract, cultivate and retain the best talent; promote diversity, inclusion and social dialogue.<br>By the second quarter of 2025, the company achieved: |

---

![](ex99-1_016.jpg)

---

| | |
|:---|:---|
| ![](ex99-1_017.jpg) | &nbsp;&nbsp;**Governance & Integrity:** The company works to build relationships of trust within a framework of integrated performance, under high standards of corporate governance, ethics, transparency and respect for human rights.<br>By the second quarter of 2025, the company achieved: |

---

![](ex99-1_018.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;5.2 Material changes

There were no material changes in the company's ESG strategy for the period April 2025 to June 2025.

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6 CORPORATE GOVERNANCE

&nbsp;&nbsp;&nbsp;&nbsp;6.1 Material changes in the Corporate Governance structure

● **Changes in shareholding composition:** 

As reported to shareholders and the market through the relevant information mechanism on May 8, 2025, once the monthly management report from the administrator of the Company's dematerialized common share issue was received as of April 30, 2025, changes in Éxito's shareholding composition exceeding 5% of its capital were identified, for which reason the new resulting shareholding composition was reported through the report on the 25 main shareholders.

The change in the Company's shareholding composition was a result of the departure of JPMorgan Chase Bank NA FBO Holders Of DR ÉXITO ADR as depositary of its American Depositary Shares ("ADRs") program following its termination and the reduction of Itaú Unibanco S.A.'s stake. - BDR Program as depositary of its BDR program following the announcement of the start of the voluntary discontinuation process on April 17, 2025. This change was mainly reflected in the arrival of the following shareholders:

● College Retirement Equities Fund with a 3.77% stake

● Nuveen Emerging Markets Equity Fund with a 2.04% stake

● Inversiones Odisea with a 0.82% stake

● Lappe Family Trust with a 0.31% stake.

The transfers of the aforementioned shares were carried out through BDR cancellation transactions and legal transactions within the Colombian Stock Exchange (BVC) at market prices.

● **Other corporate governance matters:** 

In line with the delisting and deregistration process of the Company's American Depositary Shares ("ADS"):

● <u>January 8, 2025</u> was the last day of trading of the ADSs on the NYSE.

● <u>On January 21, 2025</u>, the termination of the ADS program became effective.

● <u>On May 5, 2025,</u> the Company reported that JPMorgan Chase Bank N.A. ("JPMorgan") announced that it sold the shares underlying the Company's American Depositary Receipts ("ADS").

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Regarding the discontinuation process of the Company's Brazilian Depositary Receipts Level II ("BDRs"):

● <u>On February 14, 2025</u> the Company reported on the approval granted by the Board of Directors to the discontinuation of the BDRs program, this process is subject to approvals by the B3 and the Comissão de Valores Mobiliários of the Federative Republic of Brazil ("CVM").

● <u>On April 17, 2025</u> the Company informed that B3 S.A. - Brasil, Bolsa, Balcão and the CVM approved the procedures and conditions for the voluntary discontinuation of the BDRs program.

● On <u>May 23, 2025</u>, the Company announced that, in accordance with the initial notice published on April 17, 2025, as of May 27, 2025, the Sale Procedure would commence with respect to those BDR holders who did not express their preference to retain the underlying Shares.

● On <u>May 29, 2025</u>, the Company reported that on May 27, 2025, once the Sale Procedure had begun, all 30,833,744 common shares of the Company underlying the BDRs subject to said procedure had been traded.

● On <u>June 3, 2025</u>, the Company reported the average price obtained from the sale of the remaining float in Brazil and the payment date to BDR holders.

● On <u>June 12, 2025</u>, the Company reported that it had filed a voluntary request with the CVM to cancel its BDR Program.

● On <u>July 16, 2025</u>, the Company reported that the CVM approved the cancellation of the sponsored BDR Program.

● On <u>August 4, 2025</u>, the Company reported that the CVM approved the cancellation of the Company's registration as a Category "A" foreign issuer.

Finally, as reported to shareholders and the market through the relevant information mechanism, on <u>June 25, 2025</u>, the dividends decreed by the General Shareholders' Meeting were paid in a single installment, equivalent to $27,397,916,618.

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---

| | |
|:---|:---|
| 7 | ANNEX |

---

&nbsp;&nbsp;&nbsp;&nbsp;7.1 Glossary

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

● **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.

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

● **GLA:** Gross Leasable Area.

● **GMV:** Gross Merchandise Value.

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

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

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

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

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

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

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

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

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

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

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

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

● **Sales**: sales related to the retail business.

![](ex99-1_004.jpg)

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

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

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

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

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

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

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

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

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

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

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

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 **Notes:**

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

● 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.

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

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;7.2 Financial Statements

**Almacenes Éxito S.A.** 

**Condensed consolidated financial statements for interim periods** 

**As of June 30, 2025, and December 31, 2024, and for the six-month and three-month periods ended June 30, 2025, and 2024** 

**Almacenes Éxito S.A.** 

**Condensed Consolidated Statement of Financial Position for Interim Periods** 

As of June 30, 2025, and December 31, 2024

(Amounts expressed in millions of Colombian pesos)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **June 30,<br> 2025** | **December 31,<br> 2024** |
| **Current assets** |  | | |
| Cash and cash equivalents | 7 | 1314864 | 1345710 |
| Trade receivables and other receivables | 8 | 479414 | 659699 |
| Prepayments | 9 | 16665 | 33654 |
| Receivables from related parties | 10 | 45611 | 37670 |
| Inventories, net | 11 | 2755662 | 2818786 |
| Financial assets | 12 | 357 | 4525 |
| Tax assets | 24 | 678611 | 553916 |
| Assets held for sale | 41 | 2645 | 2645 |
| **Total current assets** |  | **5293829** | **5456605** |
| **Non-current assets** |  |  |  |
| Trade receivables and other receivables | 8 | 9460 | 10459 |
| Prepayments | 9 | 10004 | 11210 |
| Receivables from related parties | 10 | 950 |  |
| Financial assets | 12 | 13797 | 15141 |
| Deferred tax assets | 24 | 250141 | 253085 |
| Property, plant and equipment, net | 13 | 4118432 | 4261625 |
| Investment property, net | 14 | 1780695 | 1828326 |
| Rights of use asset, net | 15 | 1745583 | 1728352 |
| Other intangible assets, net | 16 | 380193 | 400714 |
| Goodwill | 17 | 3278921 | 3297086 |
| Investments accounted for using the equity method | 18 | 315966 | 291554 |
| Other assets |  | 398 | 398 |
| **Total non-current assets** |  | **11904540** | **12097950** |
| **Total assets** |  | **17198369** | **17554555** |
| **Current liabilities** |  |  |  |
| Loans, borrowings, and other financial liability | 20 | 2155287 | 1984727 |
| Employee benefits | 21 | 4358 | 4055 |
| Provisions | 22 | 20364 | 47327 |
| Payables to related parties | 10 | 39587 | 43757 |
| Trade payables and other payables | 23 | 3927911 | 4408479 |
| Lease liabilities | 15 | 287579 | 299456 |
| Tax liabilities | 24 | 90846 | 119210 |
| Other financial liabilities | 25 | 125689 | 60481 |
| Other liabilities | 26 | 171956 | 230068 |
| **Total current liabilities** |  | **6823577** | **7197560** |
| **Non-current liabilities** |  |  |  |
| Loans, borrowings, and other financial liability | 20 | 166470 | 273722 |
| Employee benefits | 21 | 30899 | 34776 |
| Provisions | 22 | 13592 | 14068 |
| Trade payables and other payables | 23 | 1680 | 22195 |
| Lease liabilities | 15 | 1703697 | 1684788 |
| Deferred Tax Liabilities | 24 | 245300 | 304235 |
| Tax liabilities | 24 | 5851 | 7321 |
| Other liabilities | 26 | 349 | 378 |
| **Total non-current liabilities** |  | **2167838** | **2341483** |
| **Total liabilities** |  | **8991415** | **9539043** |
| **Equity** |  |  |  |
| Issued share capital | 27 | 4482 | 4482 |
| Reserves | 27 | 1518855 | 1491467 |
| Other equity components | 27 | 5361694 | 5192563 |
| Equity Attributable to Non-Controlling Interests |  | 1321923 | 1327000 |
| **Total equity** |  | **8206954** | **8015512** |
| **Total liabilities and equity** |  | **17198369** | **17554555** |

---

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

**Almacenes Éxito S.A.**

**Condensed Consolidated Statement of profit or loss for Interim Periods** 

For the six-month and three-month periods ended June 30, 2025, and 2024

(Amounts expressed in millions of Colombian pesos)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **January 1 to<br> June 30, <br> 2025** | **January 1 to<br> June 30, <br> 2025** | **April 1 to<br> June 30, <br> 2025** | **April 1 to<br> June 30, <br> 2024** |
| **Continuing operations** |  |  | | | |
| Revenue from contracts with customers | 28 | 10613111 | 10350056 | 5208469 | 5074917 |
| Cost of sales | 11 | (7894555) | (7728399) | (3872686) | (3775213) |
| **Gross profit** |  | **2718556** | **2621657** | **1335783** | **1299704** |
| Distribution, administrative and selling expenses | 29 | (2266451) | (2364585) | (1065667) | (1159446) |
| Other operating revenue | 31 | 31208 | 39112 | 19740 | 27444 |
| Other operating expenses | 31 | (2973) | (51346) | (845) | (20506) |
| Other (loss) income, net | 31 | 15986 | (947) | 8973 | 967 |
| **Operating profit** |  | **496326** | **243391** | **297984** | **148163** |
| Financial income | 32 | 95909 | 142927 | 49664 | 40150 |
| Financial cost | 32 | (284326) | (340665) | (161109) | (155178) |
| Share of profit (loss) in associates and joint ventures | 18 | 24413 | (48422) | 14343 | (26362) |
| **Profit (loss) before income tax from continuing operations** |  | **332322** | **(2769)** | **200882** | **6773** |
| Income tax (expense) | 24 | 411 | 29993 | 4127 | 28431 |
| **Profit for the year** |  | **332733** | **27224** | **205009** | **35204** |
| **Profit (Loss) Attributable to:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Owners of the Parent** |  | **240012** | **(56598)** | **146865** | **(18735)** |
| &nbsp;&nbsp;&nbsp;Non-Controlling Interests |  | 92721 | 83822 | 58144 | 53939 |
| **Profit for the Period** |  | **332733** | **27224** | **205009** | **35204** |
| **Earnings per share (\*)** |  |  |  |  |  |
| **Basic earnings per share (\*):** |  |  |  |  |  |
| Basic Earnings (Loss) per Share from Continuing Operations Attributable to owners of the Parent | 33 | 184.93 | (43.61) | 113.16 | (14.44) |

---

---

| | |
|:---|:---|
| (\*) | Amounts expressed in Colombian pesos. |

---

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

**Almacenes Éxito S.A.** 

**Condensed Consolidated Statement of Comprehensive Income for Interim Periods** 

For the six-month and three-month periods ended June 30, 2025, and 2024

(Amounts expressed in millions of Colombian pesos)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **January 1 to<br> June 30,<br> 2025** | **January 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| **Net profit for the period** |  | **332733** | **27224** | **205009** | **35204** |
| **Other comprehensive income** |  |  |  |  |  |
| **Components of other comprehensive income that will not be reclassified to profit and loss, net of taxes** |  |  |  |  |  |
| (Loss) from financial instruments designated at fair value through other comprehensive income | 27 | (102) | (577) | 9 | (181) |
| **Total other comprehensive income that will not be reclassified to period results, net of taxes** |  | **(102)** | **(577)** | **9** | **(181)** |
| **Components of other comprehensive income that may be reclassified to profit and loss, net of taxes** |  |  |  |  |  |
| Gain (loss) from translation exchange differences (1) | 27 | (204916) | 145276 | (75657) | 77404 |
| Gain (Loss) on Exchange Differences from Conversion of the Put Option (2) | 27 | (1904) | (33950) | (7449) | (14171) |
| Gain (loss) from cash flow hedge | 27 | 1484 | 2683 | (364) | (214) |
| **Total other comprehensive income that may be reclassified to profit or loss, net of taxes** |  | **(205336)** | **114009** | **(83470)** | **63019** |
| **Total other comprehensive income** |  | **(205438)** | **113432** | **(83461)** | **62838** |
| **Total comprehensive income** |  | **127295** | **140656** | **121548** | **98042** |
| **Total Comprehensive Income Attributable to:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owners of the Parent |  | 33025 | 47304 | 59639 | 39853 |
| &nbsp;&nbsp;&nbsp;Non-Controlling Interests |  | 94270 | 93352 | 61909 | 58189 |

---

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

(2) This corresponds to the exchange differences arising from the
conversion to the reporting currency of the Put Option on the subsidiary Grupo Disco Uruguay S.A.

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

**Almacenes Éxito S.A.** 

**Condensed Consolidated Statement of Changes in Equity for Interim Periods** 

As of June 30, 2025 and 2024

(Amounts expressed in millions of Colombian pesos)

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to the shareholders of the parent** | **Attributable to the shareholders of the parent** | **Attributable to the shareholders of the parent** | **Attributable to the shareholders of the parent** | **Attributable to the shareholders of the parent** | **Attributable to the shareholders of the parent** | **Attributable to the shareholders of the parent** | **Attributable to the shareholders of the parent** | **Attributable to the shareholders of the parent** | **Attributable to the shareholders of the parent** | **Attributable to the shareholders of the parent** | **Attributable to the shareholders of the parent** | | | |
|  | **Issued Capital** | **Share Premium** | **Treasury Shares** | **Legal reserve** | **Occasional reserve** | **Reserves for acquisition of treasury shares** | **Reserve<br> for future dividend distribution** | **Other reserves** | **Total reserves** | **Other comprehensive income** | **Retained earnings** | **Hyperinflation and other components of equity** |<br>**Total** |<br>**Non- controlling interest** |<br>**Total equity** |
|  | Note 27 | Note 27 | Note 27 | Note 27 | Note 27 | Note 27 | Note 27 | Note 27 | Note 27 | Note 27 | Note 27 | | | | |
| **Balance as of December 31, 2023** | **4482** | **4843466** | **(319490** | 7857 | 509918 | 418442 | 155412 | 339496 | **1431125** | **(2304046)** | **534333** | **1910807** | **6100677** | **1321132** | **7421809** |
| Declared dividend (Note 37) | - |  |  |  | (65529) |  |  |  | (65529) |  |  |  | (65529) | (82460) | (147989) |
| Net Result | - |  |  |  |  |  |  |  |  |  | (56598) |  | (56598) | 83822 | 27224 |
| Other comprehensive income, excluding the adjustment for the conversion of the put option | - |  |  |  |  |  |  |  |  | 137852 |  |  | 137852 | 9530 | 147382 |
| Appropriation to reserves | - |  |  |  | 141707 |  |  | (15709) | 125998 |  | (125998) |  |  |  |  |
| Changes in interest in the ownership of subsidiaries that do not result in change of control | - |  |  |  |  |  |  |  |  |  |  | 10 | 10 | (5024) | (5014) |
| Inflation effect of the subsidiary Libertad S.A. | - |  |  |  |  |  |  |  |  |  |  | 486751 | 486751 |  | 486751 |
| Changes in the fair value of the *put* option on non-controlling interests, including related conversion adjustments (Note 20) | - |  |  |  |  |  |  |  |  | (33950) |  | (15782) | (49732) | (9281) | (59013) |
| Other movements | - |  |  |  |  |  |  | (105) | (105) |  | (358) |  | (463) |  | (463) |
| **Balance as of June 30, 2024** | **4482** | **4843466** | **(319490** | 7857 | 586096 | 418442 | 155412 | 323682 | **1491489** | **(2200144)** | **351379** | **2381786** | **6552968** | **1317719** | **7870687** |
| **Balance as of December 31, 2024** | **4482** | **4843466** | **(319490** | **7857** | **586096** | **418442** | **155412** | **323660** | **1491467** | **(2307004)** | **464211** | **2511380** | **6688512** | **1327000** | **8015512** |
| Declared dividend (Note 37) | - |  |  |  | (27398) |  |  |  | (27398) |  |  |  | (27398) | (86125) | (113523) |
| Net Result | - |  |  |  |  |  |  |  |  |  | 240012 |  | 240012 | 92721 | 332733 |
| Other comprehensive income, excluding the adjustment for the conversion of the put option | - |  |  |  |  |  |  |  |  | (205083) |  |  | (205083) | 1549 | (203534) |
| Appropriation to reserves | - |  |  |  | 54786 |  |  |  | 54786 |  | (54786) |  |  |  |  |
| Changes in interest in the ownership of subsidiaries that do not result in change of control | - |  |  |  |  |  |  |  |  |  |  | 8 | 8 | (1197) | (1189) |
| Inflation effect of the subsidiary Libertad S.A. | - |  |  |  |  |  |  |  |  |  |  | 139071 | 139071 |  | 139071 |
| Changes in the fair value of the *put* option on non-controlling interests, including related conversion adjustments (Note 20) | - |  |  |  |  |  |  |  |  | (1904) |  | 51040 | 49136 | (12025) | 37111 |
| Other movements | - |  |  |  |  |  |  |  |  |  | 773 |  | 773 |  | 773 |
| **Balance as of June 30, 2025** | **4482** | **4843466** | **(319490** | **7857** | **613484** | **418442** | **155412** | **323660** | **1518855** | **(2513991)** | **650210** | **2701499** | **6885031** | **1321923** | **8206954** |

---

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

**Almacenes Éxito S.A.**

**Condensed Consolidated Statement of Cash Flows for Interim Periods** 

For the periods ended June 30, 2025 and 2024 (Amounts expressed in millions of Colombian pesos)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** |
| **Operating activities** |  | | |
| **Profit for the year** |  | **332733** | **27224** |
| **Adjustments to reconcile profit for the year** |  |  |  |
|  | 24 | 35577 | 50562 |
| Current income tax |  |  |  |
| Deferred tax | 24 | (35988) | (80555) |
| Interest, loans and lease expenses | 32 | 158664 | 190798 |
| Losses (gain) due to difference in unrealized exchange (1) |  | (31314) | 29318 |
| (Gain) loss from changes in fair value of derivative financial instruments | 32 | 9636 | (20322) |
| Expected credit loss, net | 8.1 | 1018 | 6363 |
| (Gain) Impairment of property, plant and equipment and investment property, net | 11.1 | (10963) | 6264 |
| Reversal of impairment of property, plant and equipment, investment properties, and right-of-use assets | 13; 14; 15 | (6737) |  |
| Employee benefit provisions | 21 | (396) | 1122 |
| Provisions and reversals | 22 | (103) | 32800 |
| Depreciation of property, plant and equipment, right of use asset and investment property | 13; 14; 15 | 316545 | 318551 |
| Amortization of other intangible assets | 16 | 15320 | 16276 |
| Result from the Application of the Equity Method |  | (24413) | 48422 |
| (Gains) losses on disposals and retirements of non-current assets |  | (9356) | 4056 |
| Other Non-Cash Adjustments |  | 68342 | 239 |
| **Cash generated from operating activities before changes in working capital** |  | **818565** | **631118** |
| Decrease in trade receivables and other receivables |  | 152199 | 127691 |
| Decrease in prepayments |  | 16353 | 19739 |
| Decrease (increase) in receivables from related parties |  | (7941) | 11380 |
| (Increase)decrease in inventories |  | 8303 | (312924) |
| Decrease in tax assets |  | 30856 | 28257 |
| (Decrease) in Employee Benefits |  | (3209) | (575) |
| Payments and Decreases of Provisions | 22 | (23061) | (35429) |
| (Decrease) in trade payables and other accounts payable |  | (389438) | (723394) |
| (Decrease) in accounts payable to related parties |  | (4170) | (3590) |
| Decrease in tax liabilities |  | (39556) | (34137) |
| (Decrease) in other liabilities |  | (57161) | (67211) |
| Income tax, net |  | (184219) | (185457) |
| **Net cash flows (used in) from operating activities** |  | **317521** | **(544532)** |
| **Investing activities** |  |  |  |
| Contributions to Joint Ventures |  | (950) | (67015) |
| Acquisition of Property, Plant and Equipment | 13.1 | (74076) | (139973) |
| Acquisition of investment property | 14 | (5250) | (13668) |
| Acquisition of other intangible assets | 16 | (1739) | (9926) |
| Proceeds of the sale of property, plant and equipment |  | 11432 | 3902 |
| **Net cash flows (used in) investing activities** |  | **(70583)** | **(226680)** |
| **Financing activities** |  |  |  |
| Proceeds from financial assets |  | 1338 | (245) |
| (Payments of) payments received from collections on behalf of third parties |  | 59846 | (26779) |
| Proceeds from Financial Liabilities | 20 | 544150 | 1087244 |
| Payments of loans and borrowings | 20 | (425025) | (140107) |
| Payments of interest of loans and borrowings | 20 | (104986) | (90587) |
| Lease liabilities paid | 15.2 | (146003) | (140759) |
| Interest in lease liabilities paid | 15.2 | (77574) | (75249) |
| Dividends Paid | 37 | (121747) | (81636) |
| Payments to Non-Controlling Interests |  | (1189) | (5014) |
| **Net cash flows (used in) provided by financing activities** |  | **(271190)** | **526868** |
| **Net decrease (increase) in cash and cash equivalents** |  | **(24252)** | **(244344)** |
| **Effects of Changes in Exchange Rates** |  | **(6594)** | **18643** |
| **Cash and cash equivalents at the beginning of period** | **7** | **1345710** | **1508205** |
| **Cash and cash equivalents at the end of period** | **7** | **1314864** | **1282504** |

---

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

(1) Some figures in the June 2024 financial statements have been
disaggregated, providing users with greater detail. The Company's management considered that these figures do not influence the economic
decisions made by users regarding the financial statements issued in 2025.

**Note 1. General information**

Almacenes Éxito S.A. was incorporated in accordance with Colombian laws on March 24, 1950; its headquarters are located at Carrera 48 No 32 B Sur - 139, Envigado, Colombia. The Company's duration is set to expire on December 31, 2150. Hereinafter, Éxito and its subsidiaries will be referred to as Grupo Éxito.

The Company has been listed on the Colombia Stock Exchange (BVC) since 1994 and is under the supervision of the Financial Superintendence of Colombia; In April 2023, Almacenes Éxito S.A. obtained registration as a foreign issuer at the Brazilian Securities and Exchange Commission (CVM). In August 2023, Almacenes Éxito S.A. obtained registration as a foreign issuer at the United States Securities and Exchange Commission (SEC).

The issuance of the condensed consolidated financial statements for the interim periods as of June 30, 2025, was authorized by the Board of Directors of the Parent Company, as evidenced in the minutes of the mentioned body dated August 12, 2025.

Grupo Éxito's corporate purpose primarily consists of:

- Acquiring, storing, transforming, and generally distributing and selling under any commercial modality, including financing, all kinds of goods and products, both domestic and foreign, wholesale and retail, through physical or virtual means.

Providing complementary services such as granting credits for the acquisition of goods, offering insurance, conducting money transfers and remittances, providing mobile phone services, selling travel and tour packages, repairing and maintaining movable goods, conducting procedures, and selling energy.

- Leasing commercial premises, receiving or granting the lease or other mere tenancy rights to sales spaces or business areas within its commercial establishments intended for the distribution of goods or products and the provision of complementary services.

- Establishing, financing, or promoting companies or businesses with other natural or legal persons whose purpose is the production of objects, goods, articles, or the provision of services related to the operation of commercial establishments.

Acquiring real estate, building commercial premises for establishing stores, shopping centers, or other suitable places for the distribution of goods, without prejudice to the fact that, with a rational land utilization approach, it may sell floors or premises, lease them, or exploit them in another convenient manner, as well as investing in real estate, promoting, and executing real estate projects of any kind and in any form of real estate.

Applying funds for investment purposes to acquire shares, bonds, commercial papers, and other freely traded securities in the market for taking advantage of fiscal incentives established by law, as well as making temporary investments in liquid securities for temporary productive use; conducting firm factoring operations with its own resources, constituting guarantees on its movable or immovable assets, and executing financial transactions that allow it to acquire funds or other assets

- Distributing liquid petroleum derivatives as a wholesaler and retailer through service stations, alcohol, biofuels, compressed natural gas and any other fuel applied to the automotive, industrial, fluvial, maritime, and air sectors in all their forms.

From January 22, 2024, as of June 30, 2025, the immediate parent company of the Company is Cama Commercial Group Corp., which holds 86.84% (direct) stake in the Company's share capital. Cama Commercial Group Corp. is controlled by Clarendon Worldwide S.A., which in turn is controlled by Fundación El Salvador del Mundo, ultimately controlled by Francisco Javier Calleja Malaina.

A business group situation is registered with the Chamber of Commerce of Aburrá Sur by the company Almacenes Éxito S.A.

**Note 1.1. Stock ownership in the subsidiaries included in the unaudited condensed consolidated interim financial statements.** 

Below is detailed stock ownership in the subsidiaries included in the consolidated financial statements as of June 30, 2025, and December 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Main Activity** | **Direct<br> Controlling<br> Entity** | <br> **Segment** | **Country** | **Stock ownership of direct controlling entity** | **Direct Ownership** | **Direct and Indirect**<br> **Ownership** | **Non- controlling**<br> **interest** |
| **Directly owned entities** |  |  |  |  |  |  |  |  |
| Almacenes Éxito Inversiones S.A.S. | Incorporation of companies / Provision of telecommunications networks and services | Almacenes Éxito S.A. | Colombia | Colombia | 100.00% | n/a | 100.00% | 0.00% |
| Logística, Transporte y Servicios Asociados S.A.S. | Provision of national and international cargo transportation services. | Almacenes Éxito S.A. | Colombia | Colombia | 100.00% | n/a | 100.00% | 0.00% |
| Marketplace Internacional Éxito y Servicios S.A.S. Liquidada (a) | Provision of platform access services / Electronic commerce. | Almacenes Éxito S.A. | Colombia | Colombia | 100.00% | n/a | 100.00% | 0.00% |
| Depósitos y Soluciones Logísticas S.A.S. | Storage of goods under customs control. | Almacenes Éxito S.A. | Colombia | Colombia | 100.00% | n/a | 100.00% | 0.00% |
| Fideicomiso Lote Girardot | Acquisition of ownership rights to the property in the name of the Company. | Almacenes Éxito S.A. | Colombia | Colombia | 100.00% | n/a | 100.00% | 0.00% |
| Transacciones Energéticas S.A.S. E.S.P. | Marketing of electrical energy. | Almacenes Éxito S.A. | Colombia | Colombia | 100.00% | n/a | 100.00% | 0.00% |
| Éxito Industrias S.A.S. | Activities with all kinds of textile goods / Operation of e-commerce platforms. | Almacenes Éxito S.A. | Colombia | Colombia | 97.95% | n/a | 97.95% | 2.05% |
| Éxito Viajes y Turismo S.A.S. | Exploitation of activities related to tourism. | Almacenes Éxito S.A. | Colombia | Colombia | 51.00% | n/a | 51.00% | 49.00% |
| Gestión Logística S.A. | Provision of general services, as well as purchase and sale of furniture and real estate. | Almacenes Éxito S.A. | Colombia | Panama | 100.00% | n/a | 100.00% | 0.00% |
| Patrimonio Autónomo Viva Malls | Direct or indirect acquisition of property rights over galleries and shopping centers. | Almacenes Éxito S.A. | Colombia | Colombia | 51.00% | n/a | 51.00% | 49.00% |
| Spice Investment Mercosur S.A. | Making general investments. | Almacenes Éxito S.A. | Uruguay | Uruguay | 100.00% | n/a | 100.00% | 0.00% |
| Onper Investment 2015 S.L. | Securities management and administration activities. | Almacenes Éxito S.A. | Argentina | Spain | 100.00% | n/a | 100.00% | 0.00% |
| Patrimonio Autónomo Iwana | Development of the operation of the Iwana Shopping Center. | Almacenes Éxito S.A. | Colombia | Colombia | 51.00% | n/a | 51.00% | 49.00% |
| **Indirectly owned entities** |  |  |  |  |  |  |  |  |
| Patrimonio Autónomo Centro Comercial Viva Barranquilla | Development and maintenance of the operation of the Viva Barranquilla Shopping Center. | Patrimonio Autónomo <br>Viva Malls | Colombia | Colombia | 90.00% | 51.00% | 45.90% | 54.10% |
| Patrimonio Autónomo Viva Laureles | Development of the operation of the Viva Laureles Shopping Center. | Patrimonio Autónomo Viva Malls | Colombia | Colombia | 80.00% | 51.00% | 40.80% | 59.20% |
| Patrimonio Autónomo Viva Sincelejo | Development of the operation of the Viva Sincelejo Shopping Center. | Patrimonio Autónomo Viva Malls | Colombia | Colombia | 51.00% | 51.00% | 26.01% | 73.99% |
| Patrimonio Autónomo Viva Villavicencio | Development of the operation of the Viva Villavicencio Shopping Center. | Patrimonio Autónomo Viva Malls | Colombia | Colombia | 51.00% | 51.00% | 26.01% | 73.99% |
| Patrimonio Autónomo San Pedro Etapa II | Development of the operation of the San Pedro Shopping Center Stage II. | Patrimonio Autónomo Viva Malls | Colombia | Colombia | 51.00% | 51.00% | 26.01% | 73.99% |
| Patrimonio Autónomo Viva Palmas | Development, hosting and maintaining the operation of the Viva Palmas Shopping Center. | Patrimonio Autónomo Viva Malls | Colombia | Colombia | 51.00% | 51.00% | 26.01% | 73.99% |
| Geant Inversiones S.A. | Investment holding company. | Spice Investment Mercosur S.A. | Uruguay | Uruguay | 100.00% | 100.00% | 100.00% | 0.00% |
| Larenco S.A. | Investment holding company. | Spice Investment Mercosur S.A. | Uruguay | Uruguay | 100.00% | 100.00% | 100.00% | 0.00% |
| Lanin S.A. | Investment holding company. | Spice Investment Mercosur S.A. | Uruguay | Uruguay | 100.00% | 100.00% | 100.00% | 0.00% |
| Grupo Disco Uruguay S.A. | Investment holding company. | Spice Investment Mercosur S.A. | Uruguay | Uruguay | 76.65% | 100.00% | 76.65% | 23.35% |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Main Activity** | **Direct<br> Controlling<br> Entity** | **Segment** | **Country** | **Stock<br> ownership<br> of direct<br> controlling<br> entity** | **Direct Ownership** | **Direct and<br> Indirect**<br> **Ownership** | **Non- controlling**<br> **interest** |
| Devoto Hermanos S.A. | Retail marketing through supermarket chains. | Lanin S.A. | Uruguay | Uruguay | 100.00% | 100.00% | 100.00% | 0.00% |
| Mercados Devoto S.A. | Retail marketing through supermarket chains. | Lanin S.A. | Uruguay | Uruguay | 100.00% | 100.00% | 100.00% | 0.00% |
| Costa y Costa S.A. | Self-service supermarket. | Lanin S.A. | Uruguay | Uruguay | 100.00% | 100.00% | 100.00% | 0.00% |
| Modasian S.R.L. | Self-service supermarket. | Lanin S.A. | Uruguay | Uruguay | 100.00% | 100.00% | 100.00% | 0.00% |
| 5 Hermanos Ltda. | Self-service food products. | Mercados Devoto S.A. | Uruguay | Uruguay | 100.00% | 100.00% | 100.00% | 0.00% |
| Sumelar S.A. | Self-service food products. | Mercados Devoto S.A. | Uruguay | Uruguay | 100.00% | 100.00% | 100.00% | 0.00% |
| Tipsel S.A. | Self-service food products. | Mercados Devoto S.A. | Uruguay | Uruguay | 100.00% | 100.00% | 100.00% | 0.00% |
| Tedocan S.A. | Self-service food products. | Mercados Devoto S.A. | Uruguay | Uruguay | 100.00% | 100.00% | 100.00% | 0.00% |
| Ardal S.A. | Self-service of various products. | Mercados Devoto S.A. | Uruguay | Uruguay | 100.00% | 100.00% | 100.00% | 0.00% |
| Hipervital S.A.S. | Self-service supermarket. | Devoto Hermanos S.A. | Uruguay | Uruguay | 100.00% | 100.00% | 100.00% | 0.00% |
| Lublo | Self-service supermarket. | Devoto Hermanos S.A. | Uruguay | Uruguay | 100.00% | 100.00% | 100.00% | 0.00% |
| Supermercados Disco del Uruguay S.A. | Retail marketing through supermarket channels | Grupo Disco Uruguay <br> S.A. | <br>Uruguay | Uruguay | 100.00% | 76.65% | 76.65% | 23.35% |
| Ameluz S.A. | Self-service supermarket. | Grupo Disco Uruguay S.A. | <br>Uruguay | Uruguay | 100.00% | 76.65% | 76.65% | 23.35% |
| Fandale S.A. | Investment holding company. | Grupo Disco Uruguay S.A. | <br>Uruguay | Uruguay | 100.00% | 76.65% | 76.65% | 23.35% |
| Odaler S.A. | Self-service supermarket. | Grupo Disco Uruguay S.A. | <br>Uruguay | Uruguay | 100.00% | 76.65% | 76.65% | 23.35% |
| La Cabaña S.R.L. | Self-service supermarket. | Grupo Disco Uruguay S.A. | <br>Uruguay | Uruguay | 100.00% | 76.65% | 76.65% | 23.35% |
| Ludi S.A. | Self-service supermarket. | Grupo Disco Uruguay S.A. | <br>Uruguay | Uruguay | 100.00% | 76.65% | 76.65% | 23.35% |
| Hiper Ahorro S.R.L. | Self-service supermarket. | Grupo Disco Uruguay S.A. | <br>Uruguay | Uruguay | 100.00% | 76.65% | 69.15% | 23.35% |
| Maostar S.A. | Self-service supermarket. | Grupo Disco Uruguay S.A. | <br>Uruguay | Uruguay | 50.01% | 76.65% | 38.33% | 61.67% |
| Semin S.A. | Self-service supermarket. | Supermercados Disco del Uruguay S.A. | <br>Uruguay | Uruguay | 100.00% | 76.65% | 76.65% | 23.35% |
| Randicor S.A. | Self-service supermarket. | Supermercados Disco del Uruguay S.A. | <br>Uruguay | Uruguay | 100.00% | 76.65% | 76.65% | 23.35% |
| Ciudad del Ferrol S.C. | Self-service supermarket. | Supermercados Disco del Uruguay S.A. | <br>Uruguay | Uruguay | 98.00% | 76.65% | 75.12% | 24.88% |
| Setara S.A. | Self-service supermarket. | Odaler S.A. | Uruguay | Uruguay | 100.00% | 76.65% | 76.65% | 23.35% |
| Mablicor S.A. | Self-service supermarket. | Fandale S.A. | Uruguay | Uruguay | 51.00% | 76.65% | 39.09% | 60.91% |
| Vía Artika S. A. | Investment holding company. | Onper Investment 2015 S.L. | Argentina | Uruguay | 100.00% | 100.00% | 100.00% | 0.00% |
| Gelase S. A. | Investment holding company. | Onper Investment 2015 S.L. | Argentina | Belgium | 100.00% | 100.00% | 100.00% | 0.00% |
| Libertad S.A. | Supermarket and wholesale store operations | Onper Investment <br> 2015 S.L. | Argentina | Argentina | 100.00% | 100.00% | 100.00% | 0.00% |
| Spice España de Valores Americanos S.L. | Investment holding company. | Vía Artika S.A. | Argentina | Spain | 100.00% | 100.00% | 100.00% | 0.00% |

---

a) On April 11, 2025, the General Shareholders' Meeting approved
the liquidation of Marketplace Internacional Éxito y Servicios S.A.S. Liquidada, and this was recorded in the Company's Certificate
of Existence and Legal Representation on May 15, 2025.

**Nota 1.2. Subsidiaries with Significant Non-Controlling Interest** 

As of June 30, 2025, and December 31, 2024, the following are the subsidiaries with significant non-controlling interests:

---

| | | |
|:---|:---|:---|
|  | **Percentage of equity interest held by non-controlling interests** | **Percentage of equity interest held by non-controlling interests** |
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Patrimonio Autónomo Viva Palmas | 73.99% | 73.99% |
| Patrimonio Autónomo Viva Sincelejo | 73.99% | 73.99% |
| Patrimonio Autónomo Viva Villavicencio | 73.99% | 73.99% |
| Patrimonio Autónomo San Pedro Etapa II | 73.99% | 73.99% |
| Patrimonio Autónomo Viva Laureles | 59.20% | 59.20% |
| Patrimonio Autónomo Centro Comercial Viva Barranquilla | 54.10% | 54.10% |
| Patrimonio Autónomo Iwana | 49.00% | 49.00% |
| Éxito Viajes y Turismo S.A.S. | 49.00% | 49.00% |
| Patrimonio Autónomo Viva Malls | 49.00% | 49.00% |
| Grupo Disco Uruguay S.A. | 23.35% | 30.85% |

---

**Note 2. Preparation bases and other material accounting policies**

The consolidated financial statements as of December 31, 2024, and the condensed consolidated financial statements for the interim periods as of June 30, 2025, and for the interim periods ended June 30, 2025, and June 30, 2024; have been prepared in accordance with the International Financial Reporting Standards (IFRS) authorized by the International Accounting Standards Board (IASB) and established in Colombia through Law 1314 of 2009, regulated by Decree 2420 of 2015, "Single Regulatory Decree for Accounting and Financial Reporting Standards and Information Assurance," along with the other amending decrees.

The condensed consolidated financial statements for the interim periods ended June 30, 2025, and June 30, 2024, are presented in accordance with IAS 34 and should be read in conjunction with the separate financial statements as of December 31, 2024, which were presented in accordance with IAS 1 and do not include all the information required for separate financial statements presented in accordance with this IAS. The notes to these condensed interim consolidated financial statements do not provide non-significant updates to the information provided in the notes to the consolidated financial statements as of December 31, 2024. Notes have been included to explain events and transactions that are relevant to an understanding of the changes in Grupo Éxito's financial position and operating performance since December 31, 2024, and to update the information presented in the consolidated financial statements as of December 31, 2024.

The Condensed consolidated financial statements for interim periods have been prepared on the historical cost basis, except for derivative financial instruments and financial instruments measured at fair value, as well as non-current assets and disposal group of assets measured at the lowest between their carrying amount and their fair value less their cost of sale.

Grupo Éxito has prepared the financial statements on the basis that it will continue as a going concern.

**Note 3. Basis of Consolidation**

All significant transactions and balances between subsidiaries have been eliminated upon consolidation, and non-controlling interests, representing the ownership interests of third parties in the subsidiaries, have been recognized and presented separately within consolidated equity.

The consolidated financial statements include the financial statements of Almacenes Éxito S.A. and all its subsidiaries. Subsidiaries are entities (including special purpose entities) over which control is exercised directly or indirectly. Special purpose entities refer to autonomous trusts established for a defined purpose or limited duration. The list of subsidiaries is provided in Note 1.

Control is the ability to direct the relevant activities, such as the financial and operating policies of the investee (subsidiary). Control exists when the investor has power over the investee, is exposed to variable returns from its involvement with it and has the ability to affect those returns. In general, it is presumed that most voting rights results in control. To support this presumption, and when Almacenes Éxito S.A. holds less than the majority of voting rights or similar rights in an investee, the Almacenes Éxito S.A considers all relevant facts and circumstances to assess whether it has power over the investee.

When assessing whether Almacenes Éxito S.A. controls a subsidiary, the existence and effect of currently exercisable potential voting rights are considered. Subsidiaries are consolidated from the date control is transferred and are excluded from consolidation from the date control ceases.

Transactions that involve a change in ownership interest without a loss of control are recognized in equity. Cash flows or payments to non-controlling interests arising from changes in ownership interests that do not result in a loss of control are classified as financing activities in the statement of cash flows.

In transactions that involve a loss of control, the entire interest in the subsidiary is derecognized, any retained interest is recognized at its fair value, and the resulting gain or loss from the transaction is recognized in profit or loss, including the corresponding items from other comprehensive income. Cash flows arising from the acquisition or loss of control of a subsidiary are classified as investing activities in the statement of cash flows.

When a subsidiary is held for sale or its operations are discontinued, but control is still retained, its assets and liabilities are classified as assets held for sale and presented on a single line in the statement of financial position. The results of discontinued operations are presented separately in the consolidated income statement.

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

For the consolidation of the financial statements, all subsidiaries apply the same policies and accounting principles adopted by Almacenes Éxito S.A.

The assets, liabilities, revenues, and expenses of the subsidiaries, as well as the foreign currency revenues and expenses of Almacenes Éxito S.A., have been converted into Colombian pesos using observable exchange rates in the market at the period-end date and the average exchange rate for the period, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Closing rates (\*)** | **Closing rates (\*)** | **Average rates (\*)** | **Average rates (\*)** |
|  | **June 30,<br> 2025** | **December 31,**<br> **2024**  | **June 30,<br> 2025** | **December 31,** <br> **2024**  |
| US Dollar | 4069.67 | 4409.15 | 4196.15 | 4071.35 |
| Uruguayan Peso | 101.84 | 100.98 | 99.03 | 101.25 |
| Argentinian Peso | 3.42 | 4.28 | 3.82 | 4.46 |
| Euro | 4777.22 | 4565.71 | 4590.12 | 4403.73 |

---

(\*) Expressed in Colombian Pesos.

**Nota 4. Accounting policies** 

The condensed consolidated financial statements for the interim periods as of June 30, 2025, have been prepared using the same accounting policies, measurements, and bases applied in the preparation of the consolidated financial statements as of December 31, 2024, which are duly disclosed in the consolidated financial statements presented at the end of that year, except for the standards, new interpretations and amendments applicable from January 1, 2025.

The adoption of the new standards effective from January 1, 2025, as mentioned in Note 5.1, did not result in significant changes to these accounting policies compared to those used in the preparation of the consolidated financial statements as of December 31, 2024, and no significant impacts were observed upon adoption.

**Nota 5. Regulatory changes**

**Nota 5.1. Standards and Interpretations issued by the International Accounting Standards Board -IASB applicable to the Group** 

---

| | | | |
|:---|:---|:---|:---|
| **Standard** |  | **Description** | **Impact** |
| Amendment to IAS 21 – Lack of Convertibility<br>|  | This Amendment, which modifies IAS 21 – The Effects of Changes in Foreign Exchange Rates, aims to establish accounting requirements when a currency is not exchangeable for another currency, specifying the exchange rate to be used and the information to be disclosed in the financial statements.<br>The Amendment will enable companies to provide more useful information in their financial statements and assist investors by addressing an issue that was not previously covered under accounting requirements for the effects of exchange rate fluctuations.<br>| This amendment had no impact on the financial statements. |
|  | This amendment had no impact on the financial statements. |  |  |

---

**Nota 5.2. New standards and Interpretations Issued, not yet effective** 

---

| | | |
|:---|:---|:---|
| **Standard** | **Description** | **Impact** |
| IFRS 18 - Presentation and Disclosure in the Financial Statements | This standard replaces IAS 1 - Presentation of Financial Statements, transferring many of its requirements without any changes<br>Its objective is to assist investors in analyzing the financial performance of companies by providing more transparent and comparable information to make better investment decisions. It introduces three sets of new requirements:<br>a. Improvement of the comparability of the income statement: Currently, there is no specific structure for the income statement. Companies choose the subtotals they wish to include, declaring an operating result, but the method of calculating it varies from one company to another, which reduces comparability. The standard introduces three defined categories of income and expenses (operations, investment, and financing) to improve the structure of the income statement, and requires all companies to present new defined subtotals<br>b. Greater transparency of performance measures defined by management: Most companies do not provide enough information for investors to understand how performance measures are calculated and how they relate to the subtotals in the income statement. The standard requires companies to disclose explanations regarding specific performance measures related to the income statement, referred to as management-defined performance measures.<br>| It is estimated that no significant impacts will arise from the application of this IFRS. |

---

---

| | | |
|:---|:---|:---|
| **Standard** | **Description** | **Impact** |
|  | <br> c. A more useful grouping of information in the financial statements: Investor analysis is hindered if the disclosed information is too summarized or too detailed. The standard provides more detailed guidance on how to organize the information and its inclusion in the primary financial statements or in the notes. |  |
| IFRS 19 - Subsidiaries without Public Accountability: Disclosures | It allows companies to simplify the reporting systems and processes, thus reducing the costs of preparing the financial statements of subsidiaries, while maintaining the usefulness of those financial statements for their users.<br>Subsidiaries that apply IFRS for SMEs or national accounting standards when preparing their financial statements often maintain two sets of accounting records because the requirements of these standards differ from those of IFRS.<br>This standard will address these challenges in the following ways:<br>- Allowing subsidiaries to maintain a single set of accounting records to meet the needs of both their parent company and the users of their financial statements.<br>- Reducing disclosure requirements and adapting them to the needs of the users of their financial statements<br>A subsidiary applies IFRS 19 if and only if:<br>a. It does not account publicly (generally, it is not listed on the stock exchange and is not a financial institution); and<br>b. The subsidiary's immediate or ultimate parent produces consolidated financial statements that are publicly available and comply with IFRS. | It is estimated that no significant impacts will arise from the application of this IFRS. |
| Amendment to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments | This Amendment clarifies the classification of financial assets with environmental, social, and corporate governance characteristics and similar features. According to the characteristics of the contractual cash flow, there is confusion as to whether these assets should be measured at amortized cost or at fair value.<br>With these modifications, the IASB has introduced additional disclosure requirements to improve transparency for investors regarding investments in equity instruments designated at fair value through other financial instruments and comprehensive income with contingent features; for example, aspects related to environmental, social, and corporate governance affairs.<br>Additionally, these Amendments clarify the requirements for derecognition of financial assets or liabilities through electronic payment systems. The modifications clarify the date when a financial asset or liability is derecognized.<br>The IASB also developed an accounting policy allowing the derecognition of a financial liability before the cash is delivered on the settlement date if the following criteria are met: (a) the entity cannot withdraw, stop, or cancel the payment instructions; (b) the entity cannot access the cash that will be used for the payment instruction; and (c) there is no significant risk with the electronic payment system. | It is estimated that no significant impacts will arise 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<br>The amendments issued include clarifications, cross-referencing adjustments of standards, outdated references, changes in illustrative examples, and revisions to certain paragraph words. The aim is to enhance the comprehensibility of these standards and avoid ambiguities in their interpretation. | It is estimated that no significant impacts will arise from the application of these improvements. |

---

---

| | | |
|:---|:---|:---|
| **Standard** | **Description** | **Impact** |
| Amendment to IFRS 9 and IFRS 7 – Contracts referencing electricity that depends on nature. | In this amendment, the IASB makes some modifications to the disclosures that companies must make when using electricity contracts that depend on nature as hedging instruments. Key aspects of this amendment include:<br>- Clarifying the application of the own-use requirements.<br>- Allowing hedge accounting when these contracts are used as hedging instruments.<br>- Adding new disclosure requirements that enable investors to understand the effect of these contracts on a company's financial performance and cash flows. | It is estimated that no significant impacts will arise from the application of these amendments. |
| IFRS S1 - General requirements for sustainability-related financial disclosures. | The objective of IFRS S1 - General requirements for sustainability- related financial disclosures, is to require an entity to disclose information about all sustainability-related risks and opportunities that could reasonably be expected to affect the entity's cash flow, its access to financing, or cost of capital in the short, medium, or long term. These risks and opportunities are collectively referred to as 'sustainability-related risks and opportunities that could reasonably be expected to affect the entity's outlook.' The information is expected to be useful to the primary users of financial reports with general purpose when making decisions about providing resources to the entity. | The Management is evaluating the impacts of the application of this IFRS. |
| IFRS S2 - Climate-related Disclosures. | The objective of IFRS S2 - Climate-related Disclosures is to require an entity to disclose information about all climate-related risks and opportunities that could reasonably be expected to affect the entity's cash flow, its access to financing, or cost of capital in the short, medium, or long term (collectively referred to as 'climate-related information'). The information is expected to be useful to the primary users of financial reports with general purpose when making decisions about providing resources to the entity. | The Management is evaluating the impacts of the application of this IFRS. |

---

**Note 6. Significant events**

<u>Discontinuation of the BDR program</u>

On February 14, 2025, the Company informs the market and the holders of Level II sponsored Depositary Receipts, backed by issued shares ("BDRs"), that B3 S.A. – Brazil, Bolsa, Balcão and the CVM have approved the procedures and conditions for the voluntary discontinuation of the BDR program ("BDR Program").

On July 16, 2025, the Company submitted a request to the Brazilian Securities and Exchange Commission ("CVM") for the cancellation of its registration as a Category "A" foreign issuer (the "BDR Program").

On August 4, 2025, the Company informed the market that the CVM had approved the cancellation of its registration as a Category "A" foreign issuer (the "BDR Program").

<u>Withdrawal of ADS (American Depositary Shares)</u>

On January 8, 2025, the last day of trading of the ADS on the New York Stock Exchange ("NYSE") took place. The Company also notified its depositary, JPMorgan Chase Bank N.A., of the termination of the ADS program, which became effective on January 21, 2025. As a result, the last trading day of the Company's ADS was January 17, 2025.

A change in the Company's shareholding structure occurred as a result of the withdrawal of JPMorgan Chase Bank N.A. FBO Holders of DR ÉXITO ADR as the depositary of its American Depositary Shares ("ADRs") program following its termination.

**Note 7. Cash and cash equivalents**

The balance of cash and cash equivalents is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Cash in hand and at banks | 1052262 | 1153057 |
| Certificates of deposit and securities (1) | 136331 | 156469 |
| High liquidity funds (2) | 95501 | 16954 |
| Funds | 1491 | 1434 |
| Bonds |  | 17784 |
| Other cash equivalents | 29279 | 12 |
| **Total cash and cash equivalents** | **1314864** | **1345710** |

---

(1) The balance consists of Fixed-term Deposits 104,254, Treasury
Bonds (TES) $23,088, and Investment in Certificates (CDT) $8,989.

(2) The balance is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Fiducolombia S.A. | 33932 | 13820 |
| Credicorp Capital | 18107 | 125 |
| BBVA Asset S.A. | 18053 | 233 |
| Fondo de Inversión Colectiva Abierta Occirenta | 11099 | 604 |
| Corredores Davivienda S.A. | 10031 | 1984 |
| Fiduciaria Bogota S.A. | 4273 | 188 |
| Skandia Fiduciaria S.A. | 6 |  |
| **Total high liquidity funds** | **95501** | **16954** |

---

The increase corresponds to new fiduciary rights to be used in Grupo Éxito's operations.

As of June 30, 2025, the Company recorded returns generated from cash in banks and cash equivalents amounting to $15,021 (June 30, 2024 - $18,325), which were recognized as financial income, as detailed in Note 32.

As of June 30, 2025, and December 31, 2024, cash and cash equivalents are not subject to any restrictions or encumbrances that limit their availability.

**Note 8. Trade receivables and other receivables**

The balance of trade receivables and other receivables is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Trade receivables (Note 8.1) | 297198 | 467400 |
| Other accounts receivable (Note 8.2) | 191676 | 202758 |
| **Total trade receivables and other receivables** | **488874** | **670158** |
| **Current** | **479414** | **659699** |
| **Non-Current** | **9460** | **10459** |

---

**Nota 8.1. Trade receivables**

The balance of trade receivables is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Trade receivables | 254975 | 419384 |
| Rentals and dealers | 33799 | 42741 |
| Sale of real-estate project inventories (1) | 10852 | 10800 |
| Employee funds and lending | 4980 | 4626 |
| Allowance for expected credit loss | (7408) | (10151) |
| **Total trade receivables** | **297198** | **467400** |

---

(1) The balance corresponds to the long-term sale of the Copacabana
real estate project

An impairment test is performed at each reporting period-end. The measurement rates are based on the days overdue for groupings of various customer segments with similar loss patterns (such as product type and customer rating, among others). The calculation reflects the result of a reasonable and sustainable weighted probability based on available information at the reporting date, considering past events and current conditions. Generally, trade receivables and other receivables are written off if they are overdue for more than one year.

The expected credit loss provision is recognized as an expense in the period's results. During the period ended June 30, 2025, the net effect of portfolio impairment on operational results corresponds to an expense of $1,018 (June 30, 2024 - expense of $6,363).

The movement provision of the expected credit loss during the period was as follows:

---

| | |
|:---|:---|
| **Balance as of December 31, 2023** | **9663** |
| Additions (Note 29) | 15505 |
| Reversal of allowance for expected credit losses (Note 31) | (9142) |
| Write-off of receivables | (2617) |
| Effect of exchange difference from translation into presentation currency | (8) |
| **Balance as of June 30, 2024** | **13401** |
| **Balance as of December 31, 2024** | **10151** |
| Additions (Note 29) | 11477 |
| Reversal of allowance for expected credit losses (Note 31) | (10459) |
| Other reclassifications | (1411) |
| Write-off of receivables | (2043) |
| Effect of exchange difference from translation into presentation currency | (307) |
| **Balance as of June 30, 2025** | **7408** |

---

**Note 8.2. Other receivables** 

The balance of other accounts receivable is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Business agreements (1) | 93436 | 77190 |
| Recoverable taxes | 29990 | 29294 |
| Loans or advances to employees | 12897 | 34894 |
| Money remittances | 12308 | 8857 |
| Sale of property, plant, and equipment (2) | 7330 | 389 |
| Long-term receivables | 7121 | 3405 |
| Maintenance fees | 2413 | 2711 |
| Money transfer services | 1266 | 1575 |
| Other receivables (3) | 24915 | 44443 |
| **Total other receivables** | **191676** | **202758** |

---

(1) The variation mainly corresponds to the increase in the receivable
from the Family Compensation Fund (Cafam) related to family subsidies for $10,431. Additionally, there was an increase in the accounts
receivable from the Colombia Real Estate Private Equity Fund due to the renegotiation of several lease payments, amounting to $5,294.

(2) The increase mainly corresponds to the sale of the Country lot
in Bogotá for $6,986.

(3) It Corresponds mainly to accounts receivable from seizures,
gift card issuance, and shopping mall management fees.

**Trade receivables and other receivables by age** 

The details by age of trade receivables and other receivables, excluding impairment, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Period** | **Total** | **Less than 30<br> days** | **Between<br> 31 and 60 <br>days** | **Between<br> 61 and 90<br> days** | **More than<br> 90 days** |
| June 30, 2025 | 496282 | 464051 | 4638 | 1635 | 25958 |
| December 31, 2024 | 680309 | 630243 | 4105 | 2255 | 43706 |

---

**Note 9. Prepayments**

The balance of prepayments is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Lease payments (1) | 10560 | 12441 |
| Maintenance | 5178 | 7040 |
| Insurance (2) | 4676 | 18479 |
| Advertising | 2822 | 1968 |
| Other prepayments | 3433 | 4936 |
| **Total prepayments** | **26669** | **44864** |
| **Current** | **16665** | **33654** |
| **Non-current** | **10004** | **11210** |

---

(1) It corresponds to the leases paid in advance of the following
real estate:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Almacén Carulla Castillo Grande | 6276 | 7104 |
| Almacén Éxito San Martín | 2737 | 2856 |
| Proyecto Arábica |  | 36 |
| Various shops | 1547 | 2445 |
| **Total leases** | **10560** | **12441** |

---

(2) The decrease corresponds to the completion of the amortization
of the Parent Company's multi-risk insurance policy, which was valid until June 2025.

**Note 10. Related parties**

The following companies are considered related parties, with whom no transactions have been carried out as of the date of presentation of these financial statements:

- 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.;

- Cama Commercial Group. Corp.;

**Note 10.1. Significant agreements** 

Transactions with related parties primarily refer to transactions between Grupo Éxito and its joint ventures, and other related entities, and were accounted for substantially in accordance with the prices, terms, and conditions agreed upon between the parties under normal market conditions, and no free or compensated services were provided. The agreements are detailed below:

- Puntos Colombia S.A.S.: Agreement on terms and conditions for the redemption and accumulation of points under its loyalty program, among other services

Compañía de Financiamiento Tuya S.A.: Partnership agreements to promote (i) the sale of products and services offered by Grupo Éxito through credit cards, (ii) the use of these credit cards inside and outside Grupo Éxito's stores, and (iii) the use of other financial services agreed upon between the parties within Grupo Éxito's stores.

- Sara ANV S.A.: Agreement on terms and conditions for the provision of services.

**Note 10.2. Transactions with related parties** 

Transactions with related parties refer to revenue from the sale of goods and other services, as well as costs and expenses related to the purchase of goods and services received.

As mentioned in Note 1, as of June 30, 2025, the parent company of the entity is Cama Commercial Group Corp.

The value of income from transactions with related parties is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Joint ventures (1) | 24907 | 27825 | 10616 | 11888 |
| Other related parties (2) | 721 |  | 424 |  |
| **Total** | **25628** | **27825** | **11040** | **11888** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,**<br> **2025** | **April 1 to<br> June 30,**<br> **2024** |
| **Compañía de Financiamiento Tuya S.A.** | | | | |
| Recovery of commercial activations | 19388 | 20995 | 7634 | 8419 |
| Yields from bonds, coupons, and energy | 2660 | 3233 | 1530 | 1892 |
| Real estate leases | 2068 | 2165 | 1056 | 1082 |
| Services | 178 | 441 | 81 | 145 |
| **Total** | **24294** | **26834** | **10301** | **11538** |
| **Puntos Colombia S.A.S.** |  |  |  |  |
| Services | 346 | 609 | 187 | 203 |
| **Sara ANV S.A.** |  |  |  |  |
| Personnel payroll reimbursement | 267 | 382 | 128 | 147 |
| **Total** | **24907** | **27825** | **10616** | **11888** |

---

(2) The revenue corresponds to the sale of goods to the company
Calleja S.A. de C.V.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Joint ventures (1) | 60273 | 57079 | 29640 | 28280 |
| Key management personnel (2) | 26762 | 57711 | 11774 | 14039 |
| Members of the Board | 88 | 443 | 51 | 40 |
| Other related parties | 14 |  |  |  |
| **Total** | **87137** | **115233** | **41465** | **42359** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to<br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| **Compañía de Financiamiento Tuya S.A.** |  |  |  |  |
| Commissions on means of payment | 4648 | 6007 | 2092 | 2750 |
| **Puntos Colombia S.A.S.** |  |  |  |  |
| Cost of customer loyalty program | 55625 | 51072 | 27548 | 25530 |
| **Total** | **60273** | **57079** | **29640** | **28280** |

---

(2) The transactions between the Company and key management personnel,
including legal representatives and/or administrators, mainly correspond to the employment relationship established between the parties.

The compensation for key management personnel is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Short-term employee benefits | 26136 | 57128 | 11533 | 13763 |
| Post-employment benefits | 626 | 583 | 241 | 276 |
| **Total** | **26762** | **57711** | **11774** | **14039** |

---

**Note 10.3. Receivables from related parties** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Receivables** | **Receivables** | **Other non-financial assets** | **Other non-financial assets** |
|  | **June 30,<br> 2025** | **December 31,<br> 2024** | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Joint ventures (1) | 45206 | 37664 | 950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Other related parties (2) | 405 | 6 |  |  |
| **Total** | **45611** | **37670** | **950** | **-** |
| **Current** | **45611** | **37670** | **-** | **-** |
| **Non-current** | **-** | **-** | **950** | **-** |

---

(1) The balances correspond to the following joint ventures and
the following items:

- Receivables:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| **Compañía de Financiamiento Tuya S.A.** | | |
| Commercial activations, services, and coupon collection | 550 | 3350 |
| Other services | 14634 | 1301 |
| **Total** | **15184** | **4651** |
| **Puntos Colombia S.A.S.** |  |  |
| Redemption of points | 29931 | 32960 |
| **Sara ANV S.A.** |  |  |
| Other services | 91 | 53 |
| **Total** | **45206** | **37664** |

---

- Other non-financial assets:

The balance of $950 as of June 30, 2025, corresponds to payments made to Sara ANV S.A. for the subscription of shares.

(2) The balance corresponds to Calleja S.A. de C.V. for the purchase
of goods.

**Note 10.4. Payables to related parties** 

The balance of payables to related parties is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Joint ventures (1) | 39587 | 43757 |

---

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

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Puntos Colombia S.A.S (a) | 39236 | 43725 |
| Compañía de Financiamiento Tuya S.A. | 351 | 32 |
| **Total** | **39587** | **43757** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) It corresponds to the issuance of points (accumulations) issued.

**Note 10.5. Lease liabilities with related parties** 

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

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Joint Ventures (1) | 28213 | 11973 |

---

(1) It corresponds to collections received from third parties for
the use of the 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:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Inventories, net (1) | 2624235 | 2700309 |
| Inventories in transit | 68693 | 42892 |
| Raw materials | 34430 | 42090 |
| Materials, spares, accessories and consumable packaging | 14579 | 16542 |
| Real estate project inventories (2) | 13716 | 16941 |
| Production in process | 9 | 12 |
| **Total inventories, net** | **2755662** | **2818786** |

---

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

---

| | |
|:---|:---|
| **Balance as of December 31, 2023** | **19583** |
| Loss recognized during the period (Note 11.2.) | 7473 |
| Reversal of loss recognized during the period (Note 11.2.) | (1209) |
| Effect of exchange difference from translation into presentation currency | (47) |
| **Balances as of June 30, 2024** | **25800** |
| **Balance as of December 31, 2024** | **31114** |
| Reversal of loss recognized during the period (Note 11.2.) | (10963) |
| Effect of exchange difference from translation into presentation currency | (504) |
| **Balances as of June 30, 2025** | **19647** |

---

(2) For 2025, it corresponds to the Éxito Occidente real
estate project for $11,584 (December 31, 2024 - $14,809) and the Éxito La Colina real estate project for $2,132 (December 31,
2024 - $2,132).

As of June 30, 2025, and December 31, 2024, the inventories are free from restrictions or encumbrances that limit their marketability or realizability.

**Note 11.2. Cost of sales** 

The information related to the cost of sales, impairment, and the losses and reversals of impairment recognized in inventories is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Cost of goods sold (1) | 8908419 | 8671954 | 4365619 | 4247431 |
| Trade discounts and purchase rebates | (1466551) | (1411753) | (726401) | (705472) |
| Logistics costs (2) | 326895 | 335963 | 162537 | 162449 |
| Damage and loss | 136755 | 125971 | 70422 | 67758 |
| (Gain) loss recognized during the period (Note 11.1) | (10963) | 6264 | 509 | 3047 |
| **Total cost of sales** | **7894555** | **7728399** | **3872686** | **3775213** |

---

(1) For the quarter ended June 30, 2025, it includes $15,272 of
depreciation and amortization costs (June 30, 2024 - $14,415).

(2) The balance is composed of the following items:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Employee benefits | 186539 | 186747 | 93340 | 95048 |
| Services | 80299 | 99847 | 39600 | 44069 |
| Depreciations and amortizations | 40162 | 39676 | 19982 | 20931 |
| Leases | 6844 | 2538 | 3391 | 1242 |
| Maintenance and repair | 3208 | 2983 | 1543 | 1604 |
| Packaging and marking material | 2945 | 2798 | 1288 | 1463 |
| Upload and download operators | 2869 | 2770 | 1446 | 1293 |
| Fuels | 1724 | 1491 | 869 | 1046 |
| Insurance | 314 | 301 | 148 | 130 |
| Other minors | 1991 | (3188) | 930 | (4377) |
| **Total logistics costs** | **326895** | **335963** | **162537** | **162449** |

---

**Note 12. Financial assets**

The balance of financial assets is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Financial assets measured at fair value through other comprehensive income (1) | 13415 | 14739 |
| Financial assets measured at fair value through profit or loss | 411 | 458 |
| Derivative financial instruments (2) | 328 | 4469 |
| **Total financial assets** | **14154** | **19666** |
| **Current** | **357** | **4525** |
| **Non-current** | **13797** | **15141** |

---

(1) Financial assets measured at fair value through other comprehensive
income correspond to equity investments that are not held for trading. The details of these investments are as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Bond investments | 11978 | 13302 |
| Fideicomiso El Tesoro etapa 4A y 4C 448 | 1206 | 1206 |
| Associated Grocers of Florida, Inc. | 113 | 113 |
| Central de abastos del Caribe S.A. | 71 | 71 |
| La Promotora S.A. | 33 | 33 |
| 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** | **13415** | **14739** |

---

(2) The derivatives are related to foreign exchange *forwards*.
The fair values of these instruments are determined using valuation models commonly used by market participants.

As of June 30, 2025, it corresponds to the following operations:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nature of<br> risk hedged** | **Hedged item** | **Rate of <br> hedged item** | **Average rates for hedged**<br> **instruments** | **Notional<br> amount** | **Fair value** |
| *Forward* | Exchange rate | Foreign currency liability | &nbsp;&nbsp;&nbsp;&nbsp;USD / COP EUR / COP | 1 USD / $4,241.84 <br>1 EUR / $4,797.09 | &nbsp;&nbsp;&nbsp;MUSD / $3.451 MEUR / $2.370 | 328 |

---

The details of the maturity dates of these instruments as of June 30, 2025, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than<br> 1 month** | **Between 1 and 3**<br> **months** | **Between 3 and 6**<br> **months** | **Between 6 and 12**<br> **months** | **More than<br> 12 months** | **Total** |
| *Forward* | 152 | 143 | 33 |  |  | 328 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nature of<br> risk hedged** | **Hedged item** | **Rate of<br> hedged item** | **Average rates for hedged**<br> **instruments** | **Notional<br> amount** | **Fair value** |
| *Forward* | Exchange rate | Foreign currency liability | USD / COP EUR / COP | 1 USD / $4,409.15 <br>1 EUR / $4,580.67 | MUSD / $30.477 MEUR / $0.900 | 4469 |

---

The details of the maturity dates of these instruments as of December 31, 2024, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than<br> 1 month** | **Between 1 and 3**<br> **months** | **Between 3 and 6**<br> **months** | **Between 6 and 12**<br> **months** | **More than<br> 12 months** | **Total** |
| *Forward* | 2234 | 2160 | 75 |  |  | 4469 |

---

As of June 30, 2025, and December 31, 2024, financial assets have no restrictions or liens that limit their negotiability or realization, except for judicial deposits related to the subsidiaries Libertad S.A. and Grupo Disco del Uruguay S.A. in the amount of $30 (December 31, 2024 – $55), included under the line item 'Financial assets measured at fair value through profit or loss'.

As of June 30, 2025, and December 31, 2024, no impairment in value was observed in any of the assets.

**Note 13. Property, plant and equipment, net**

The balance of property, plant, and equipment, net is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Land | 1276965 | 1297769 |
| Buildings | 2329772 | 2356882 |
| Machinery and equipment | 1295414 | 1286429 |
| Furniture and fixtures | 821368 | 821603 |
| Assets under construction | 66918 | 52703 |
| Installations | 223497 | 221036 |
| Improvements to third-party properties | 797950 | 799085 |
| Vehicles | 30475 | 31973 |
| Computers | 424406 | 429005 |
| Others | 289 | 289 |
| **Total property, plant and equipment, gross** | **7267054** | **7296774** |
| Accumulated depreciation | (3144686) | (3024319) |
| Impairment | (3936) | (10830) |
| **Total property, plant and equipment, net** | **4118432** | **4261625** |

---

The movements in the cost of property, plant, and equipment, its accumulated depreciation and its impairment during the presented period are as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cost** | **Land** | **Buildings** | **Machinery and equipment** | **Furniture and fixtures** | **Assets under construction** | **Installations** | **Improvements to third-party properties** | **Vehicles** | **Computers** | **Others** | **Total** |
| **Balance as of December 31, 2023** | **1145625** | **2149905** | **1204968** | **751496** | **48456** | **183485** | **768322** | **23148** | **389756** | **289** | **6665450** |
| Additions | 1817 | 2699 | 26033 | 12976 | 26066 | 2590 | 7157 | 110 | 7370 |  | 86818 |
| (Decrease) increase from movements between property, plant and equipment accounts |  | (1914) | 2902 | 3075 | (9825) | 2376 | 324 | 2916 | 146 |  |  |
| (Disposals and derecognition) | (152) |  | (13386) | (3139) | (655) | (527) | (8692) | (10) | (1217) |  | (27778) |
| Effect of exchange differences on translation into presentation currency | 13602 | 19887 | 9130 | 10320 | 2955 | 13838 | 22871 | (299) | 3250 |  | 95554 |
| (Decreases) from transfers to other balance sheet accounts – intangibles |  |  |  |  | (1520) |  |  |  |  |  | (1520) |
| (Decrease) from transfers to (from) other balance sheet accounts - tax assets |  |  | (3040) | (1126) | (106) |  | (408) |  | (574) |  | (5254) |
| Other changes |  |  |  |  | 673 |  |  | 455 |  |  | 1128 |
| Inflation adjustments | 119814 | 161606 | 24081 | 21535 |  |  |  | 5006 | 29360 |  | 361402 |
| **Balance as of June 30, 2024** | **1280706** | **2332183** | **1250688** | **795137** | **66044** | **201762** | **789574** | **31326** | **428091** | **289** | **7175800** |
| **Balance as of December 31, 2024** | **1297769** | **2356882** | **1286429** | **821603** | **52703** | **221036** | **799085** | **31973** | **429005** | **289** | **7296774** |
| Additions |  | 2139 | 18223 | 4023 | 21512 | 1894 | 3692 | 119 | 2005 |  | **53607** |
| Increase (decrease) from movements between property, plant and equipment accounts |  | 261 | 2777 | 1456 | (5625) | 1479 | (355) |  | 7 |  | **-** |
| (Disposals and derecognition) |  | (1058) | (7045) | (2725) | (239) | (2824) | (6946) | (7) | (2185) |  | **(23029)** |
| Effect of exchange differences on translation into presentation currency | (56923) | (76300) | (10205) | (9063) | (3831) | 1912 | 2772 | (3770) | (12101) |  | **(167509)** |
| (Decreases) from transfers to other balance sheet accounts | (251) |  |  |  |  |  |  |  |  |  | **(251)** |
| Increase by transfer from Investment Property |  | 94 |  |  |  |  |  |  |  |  | **94** |
| (Decrease) from transfers to (from) other balance sheet accounts - tax assets |  |  | (1958) | (390) | (192) |  | (298) |  | (71) |  | **(2909)** |
| Inflation adjustments | 36370 | 47754 | 7193 | 6464 | 2590 |  |  | 2160 | 7746 |  | **110277** |
| **Balance as of June 30, 2025** | **1276965** | **2329772** | **1295414** | **821368** | **66918** | **223497** | **797950** | **30475** | **424406** | **289** | **7267054** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Accumulated depreciation** | **Land** | **Buildings** | <br>**Machinery**<br> **and equipment** | <br>**Furniture**<br> **and fixtures** | **Assets under construction** | **Installations** | **Improvements to third-party**<br> **properties** | **Vehicles** | **Computers** | **Other property, plant and**<br> **equipment** | **Total** |
| **Balance as of December 31, 2023** |  | **575427** | **702416** | **552182** |  | **105595** | **372997** | **17920** | **264134** | **4** | **2590675** |
| Depreciation |  | 26243 | 45738 | 28443 |  | 6095 | 20328 | 641 | 19001 |  | 146489 |
| (Disposals and withdrawals) |  |  | (10520) | (1824) |  | (323) | (5694) | (10) | (1213) |  | (19584) |
| Effect of exchange differences on translation into presentation currency |  | 5454 | 6101 | 9219 |  | 8096 | 8401 | (231) | 2623 |  | 39663 |
| Other minor changes |  | 184 |  |  |  |  |  | 130 | 70 |  | 384 |
| Inflation adjustments |  | 67496 | 19840 | 16584 |  |  |  | 6695 | 24080 |  | 134695 |
| **Balance as of June 30, 2024** |  | **674804** | **763575** | **604604** |  | **119463** | **396032** | **25145** | **308695** | **4** | **2892322** |
| **Balance as of December 31, 2024** |  | **713606** | **801441** | **628114** |  | **120286** | **405383** | **26582** | **328903** | **4** | **3024319** |
| Depreciation |  | 26333 | 45545 | 26775 |  | 7065 | 18695 | 523 | 18112 |  | **143048** |
| (Disposals and withdrawals) |  | (104) | (4686) | (2555) |  | (1124) | (1806) | (7) | (2180) |  | **(12462)** |
| Effect of exchange differences on translation into presentation currency |  | (31567) | (8513) | (6704) |  | 1201 | 1081 | (3057) | (11475) |  | **(59034)** |
| Other minor changes |  | 10 |  |  |  |  |  |  | 162 |  | **172** |
| Inflation adjustments |  | 24968 | 7038 | 6140 |  |  |  | 2485 | 8012 |  | **48643** |
| **Balance as of June 30, 2025** |  | **733246** | **840825** | **651770** |  | **127428** | **423353** | **26526** | **341534** | **4** | **3144686** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Impairment losses** | **Land** | **Buildings** | **Machinery and equipment** | **Furniture and fixtures** | <br>**Assets under construction**  | **Installations** | **Improvements to third-party properties** | **Vehicles** | **Computers** | **Other property, plant and equipment** | **Total** |
| **Balance as of December 31, 2023** |  |  |  |  |  |  | **5010** |  |  |  | **5010** |
| Effect of exchange differences on translation into presentation <br>currency |  |  |  |  |  |  | 373 |  |  |  | 373 |
| **Balance as of June 30, 2024** |  |  |  |  |  |  | **5383** |  |  |  | **5383** |
| **Balance as of December 31, 2024** |  |  |  |  |  |  | **10830** |  |  |  | **10830** |
| (Reversals) Impairment losses |  |  |  |  |  |  | (6794) |  |  |  | (6794) |
| Effect of exchange differences on translation into presentation <br>currency |  |  |  |  |  |  | (100) |  |  |  | (100) |
| **Balance as of June 30, 2025** |  |  |  |  |  |  | **3936** |  |  |  | **3936** |

---

The assets under construction are represented by those assets in the process of construction, assembly, or installation that are not yet in the expected condition for use by Grupo Éxito's management, and on which the costs directly attributable to the construction process continue to be capitalized, when they are eligible assets.

Within the cost of property, plant, and equipment, no balances of estimates for dismantling costs or similar are included, as Grupo Éxito's evaluation and analysis have determined that there are no contractual or legal obligations requiring these estimates at the time of acquisition.

As of June 30, 2025, and December 31, 2024, property, plant, and equipment are free from restrictions or encumbrances that limit their realizability or marketability, and there are no contractual commitments for the acquisition, construction, or development of property, plant, and equipment.

As of June 30, 2025, and December 31, 2024, property, plant, and equipment do not have residual values affecting their depreciable amounts.

As of June 30, 2025, and December 31, 2024, Grupo Éxito holds insurance policies covering the risk of loss on these assets.

Information on impairment testing is presented in Note 34.

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

---

| | | |
|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** |
| Additions | 53607 | 86818 |
| Financing of property, plant, and equipment – Additions | (76962) | (130887) |
| Financing of property, plant, and equipment – Payments | 97431 | 184042 |
| **Acquisition of property, plant and equipment in cash** | **74076** | **139973** |

---

**Note 14. Investment properties, net**

Grupo Éxito's investment properties consist of commercial premises and land held to generate rental income from operating lease contracts or future appreciation in their value.

The balance of investment properties, net, is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Land | 283716 | 286701 |
| Buildings | 1927066 | 1952221 |
| Constructions in progress | 11303 | 18012 |
| **Total cost of investment properties** | **2222085** | **2256934** |
| Accumulated depreciation | (433433) | (420651) |
| Impairment | (7957) | (7957) |
| **Total investment properties, net** | **1780695** | **1828326** |

---

The movements in the cost of investment properties and in the accumulated depreciation during the presented period are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cost** | **Land** | **Buildings** | **Constructions**<br> **in progress** | **Total** |
| **Balance as of December 31, 2023** | **263172** | **1671190** | **22613** | **1956975** |
| Additions |  | 365 | 13303 | 13668 |
| Increase (decrease) from transfers between investment properties |  | 8092 | (8092) |  |
| (Disposals and withdrawals) |  |  | (575) | (575) |
| Effect of exchange differences on the translation into presentation currency | 3264 | (6701) | (24) | (3461) |
| Inflation adjustments | 18224 | 200824 | 515 | 219563 |
| **Balance as of June 30, 2024** | **284660** | **1873770** | **27740** | **2186170** |
| **Balance as of December 31, 2024** | **286701** | **1952221** | **18012** | **2256934** |
| Additions |  | 72 | 5178 | 5250 |
| (Decrease) from transfers from property, plant and equipment |  |  | (94) | (94) |
| Increase (decrease) from transfers between investment properties |  | 11699 | (11699) |  |
| Effect of exchange differences on the translation into presentation currency | (8516) | (98889) | (252) | (107657) |
| Inflation adjustments | 5531 | 61963 | 158 | 67652 |
| **Balance as of June 30, 2025** | **283716** | **1927066** | **11303** | **2222085** |

---

---

| | |
|:---|:---|
| **Accumulated depreciation** | **Buildings** |
| **Balance as of December 31, 2023** | **295673** |
| Depreciation | 16823 |
| Reclassifications from (to) other balance sheet accounts. | (138) |
| Effect of exchange differences on the translation into presentation currency | (1931) |
| Inflation adjustments | 68403 |
| **Balance as of June 30, 2024** | **378830** |
| **Balance as of December 31, 2024** | **420651** |
| Depreciation | 17311 |
| Effect of exchange differences on the translation into presentation currency | (33313) |
| Inflation adjustments | 28784 |
| **Balance as of June 30, 2025** | **433433** |

---

As of June 30, 2025, and December 31, 2024, investment properties are free from restrictions or encumbrances that limit their realizability or marketability.

As of June 30, 2025, and December 31, 2024, Grupo Éxito has no commitments for the acquisition, construction, or development of investment properties. Additionally, there is no third-party compensation for damaged or lost investment properties.

Note 35 presents the fair values of the investment properties, which were based on valuations performed annually by an independent third party.

**Note 15. Leases**

**Note 15.1. Right-of-use assets, net** 

The balance of right-of-use assets, net, is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Right-of-use assets | 3755338 | 3626895 |
| Accumulated depreciation | (1998343) | (1883078) |
| Impairment | (11412) | (15465) |
| **Total right-of-use assets, net** | **1745583** | **1728352** |

---

The movements in the cost of right-of-use assets and in their accumulated depreciation during the presented period are as follows:

---

| | |
|:---|:---|
| **Cost** | |
| **Balance as of December 31, 2023** | **2980106** |
| Increase from new contracts | 68505 |
| Remeasurements from existing contracts (1) | 462114 |
| Derecognition, reversal and disposal (2) | (29580) |
| Effect of exchange differences on the translation into presentation currency | 48085 |
| Other changes | (387) |
| **Balance as of June 30, 2024** | **3528843** |
| **Balance as of December 31, 2024** | **3626895** |
| Increase from new contracts | 5204 |
| Remeasurements from existing contracts (1) | 149057 |
| Derecognition, reversal and disposal (2) | (33493) |
| Effect of exchange differences on the translation into presentation currency | 7675 |
| **Balance as of June 30, 2025** | **3755338** |

---

---

| | |
|:---|:---|
| **Accumulated depreciation** | |
| **Balance as of December 31, 2023** | **1612996** |
| Depreciation | 155239 |
| Disposals and withdrawals (2) | (28555) |
| Effect of exchange differences on the translation into presentation currency | 17561 |
| Other changes | (147) |
| **Balance as of June 30, 2024** | **1757094** |
| **Balance as of December 31, 2024** | **1883078** |
| Depreciation | 156186 |
| (Decrease) from new measurements (1) | (7587) |
| Disposals and withdrawals (2) | (36172) |
| Effect of exchange differences on the translation into presentation currency | 2838 |
| **Balance as of June 30, 2025** | **1998343** |

---

---

| | |
|:---|:---|
| **Impairment loss** | |
| **Balance as of December 31, 2023** | **5857** |
| Disposals and withdrawals (2) | (15) |
| Effect of exchange differences on the translation into presentation currency | 436 |
| **Balance as of June 30, 2024** | **6278** |
| **Balance as of December 31, 2024** | **15465** |
| Impairment loss | 57 |
| Disposals and withdrawals (2) | (4126) |
| Effect of exchange differences on the translation into presentation currency | 16 |
| **Balance as of June 30, 2025** | **11412** |

---

(1) It is primarily due to the extension of lease terms, indexations,
and modifications in the leases.

(2) It is primarily due to the early termination of lease contracts.

The balance of the cost of right-of-use assets by underlying asset class is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Buildings | 3728895 | 3600071 |
| Vehicles | 14027 | 14711 |
| Land | 12416 | 12113 |
| **Total** | **3755338** | **3626895** |

---

The balances of accumulated depreciation of right-of-use assets by underlying asset class are as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Buildings | 1985426 | 1869479 |
| Vehicles | 8433 | 9669 |
| Land | 4484 | 3930 |
| **Total accumulated depreciation** | **1998343** | **1883078** |

---

The depreciation expense by underlying asset class is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Buildings | 154262 | 152195 | 75041 | 76746 |
| Vehicles | 1418 | 2114 | 703 | 1041 |
| Land | 506 | 388 | 259 | 197 |
| Equipment |  | 542 |  | 237 |
| **Total depreciation expense** | **156186** | **155239** | **76003** | **78221** |

---

Grupo Éxito is not exposed to future cash outflows from extension options and termination options. Additionally, there are no residual value guarantees, restrictions, or obligations imposed by leases.

As of June 30, 2025, the average remaining term of the lease contracts is 13 years (December 31, 2024 – 11 years), which is also the average remaining depreciation term of the right-of-use assets.

**Note 15.2. Lease liabilities** 

The balance of the lease liability is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,<br> 2025** | **June 30,<br> 2025** | **December 31,**<br> **2024** | **December 31,**<br> **2024** |
| Lease liabilities |  | 1991276 |  | 1984244 |
| **Current** |  | **287,579** |  | **299,456** |
| **Non-current** |  | **1,703,697** |  | **1,684,788** |

---

The movements in the lease liability are as follows:

---

| | |
|:---|:---|
| **Balance as of December 31, 2023** | **1567959** |
| Increase due to new contracts | 68505 |
| Accrued interest (Note 32) | 74099 |
| Remeasurements from existing contracts | 462114 |
| Write-off, reversal, and disposal | (2202) |
| Payment of lease liabilities | (140759) |
| Interest payments on lease liabilities | (75249) |
| Effect of exchange differences on the translation into presentation currency | 35023 |
| **Balance as of June 30, 2024** | **1989490** |
| **Balance as of December 31, 2024** | **1984244** |
| Increase due to new contracts | 5204 |
| Accrued interest (Note 32) | 76591 |
| Remeasurements from existing contracts | 156644 |
| Write-off, reversal, and disposal | (1686) |
| Payment of lease liabilities | (146003) |
| Interest payments on lease liabilities | (77574) |
| Effect of exchange differences on the translation into presentation currency | (6144) |
| **Balance as of June 30, 2025** | **1991276** |

---

Below are the future lease liability payments as of June 30, 2025:

---

| | |
|:---|:---|
| Up to one year | 395659 |
| From 1 to 5 years | 1018640 |
| More than 5 years | 1239843 |
| **Minimum installments for lease liabilities (\*)** | **2654142** |
| Future financing (expenses) | (662866) |
| **Total minimum net installments for lease liabilities** | **1991276** |

---

---

| | |
|:---|:---|
| (\*) | This amount includes principal and interest. |

---

**Note 16. Other intangible assets, net**

The balance of other intangible assets, net is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Trademarks | 295811 | 302322 |
| Computer software | 212849 | 223864 |
| Rights | 27061 | 27471 |
| Others | 146 | 156 |
| **Total cost of other intangible assets** | **535867** | **553813** |
| Accumulated amortization | (155674) | (153099) |
| **Total other intangible assets, net** | **380193** | **400714** |

---

The changes in the cost of intangible assets and in accumulated amortization during the reported period are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cost** | **Trademarks(1)** | **Computer software** | **Rights** | **Other** | **Total** |
| **Balance as of December 31, 2023** | **250879** | **278893** | **23385** | **90** | **553247** |
| Additions | 6 | 9920 |  |  | 9926 |
| Transfers from other balance sheet accounts – property, plant and equipment. |  | 1520 |  |  | 1520 |
| (Disposals and derecognition) |  | (6060) |  |  | (6060) |
| Effect of exchange differences on the translation into presentation currency | 6688 | 2496 | (109) | (3) | 9072 |
| Inflation adjustments | 39488 |  | 2312 | 55 | 41855 |
| **Balance as of June 30, 2024** | **297061** | **286769** | **25588** | **142** | **609560** |
| **Balance as of December 31, 2024** | **302322** | **223864** | **27471** | **156** | **553813** |
| Additions |  | 1739 |  |  | 1739 |
| (Disposals and derecognition) |  | (13089) |  |  | (13089) |
| Effect of exchange differences on the translation into presentation currency | (18498) | 335 | (1401) | (27) | (19591) |
| Inflation adjustments | 11987 |  | 991 | 17 | 12995 |
| **Balance as of June 30, 2025** | **295811** | **212849** | **27061** | **146** | **535867** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Accumulated amortization** | **Computer<br> software** | **Rights** | **Others** | **Total** |
| **Balance as of December 31, 2023** | **185455** | **1354** | **69** | **186878** |
| Amortization | 16186 | 90 |  | 16276 |
| Effect of exchange differences on the translation into presentation currency | 1946 | (51) | (3) | 1892 |
| Inflation adjustments |  | 1560 | 55 | 1615 |
| (Disposals and derecognition) | (5679) |  |  | (5679) |
| Other changes |  | (90) |  | (90) |
| **Balance as of June 30, 2024** | **197908** | **2863** | **121** | **200892** |
| **Balance as of December 31, 2024** | **149181** | **3783** | **135** | **153099** |
| Amortization | 15158 |  | 162 | 15320 |
| Effect of exchange differences on the translation into presentation currency | 308 | (759) | (28) | (479) |
| Transfers |  |  | (162) | (162) |
| Inflation adjustments |  | 968 | 17 | 985 |
| (Disposals and derecognition) | (13089) |  |  | (13089) |
| **Balance as of June 30, 2025** | **151558** | **3992** | **124** | **155674** |

---

(1) The balance of trademarks is shown below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Operating segment** | **Brand** | **Useful life** | **June 30,<br> 2025** | **June 30,<br> 2025** | **December 31,<br> 2024** | **December 31,<br> 2024** |
| Uruguay | Miscellaneous | Indefinite |  | 119653 |  | 118634 |
| Argentina | Libertad | Indefinite |  | 89725 |  | 97255 |
| Colombia | Miscellaneous | Indefinite |  | 86433 |  | 86433 |
|  |  |  |  | **295,811** |  | **302,322** |

---

Trademarks and rights have an indefinite useful life. Grupo Éxito considers that there is no foreseeable limit to the period over which these assets are expected to generate net cash inflows; therefore, they are not amortized.

As of June 30, 2025, and December 31, 2024, the other intangible assets do not have any restrictions or encumbrances that limit their realization or marketability. Additionally, there are no commitments to the acquisition or development of intangible assets.

**Note 17. Goodwill**

The balance of goodwill is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Spice Investment Mercosur S.A. | 1487707 | 1477494 |
| Retail trade Colombia | 1454094 | 1454094 |
| Libertad S.A. | 338137 | 366515 |
| **Total goodwill** | **3279938** | **3298103** |
| Impairment loss Colombia | (1017) | (1017) |
| **Total goodwill, net** | **3278921** | **3297086** |

---

Grupo Éxito has evolved in its operational management, adopting a comprehensive approach to retail business instead of analyzing each brand separately. As of December 31, 2024, cash flows, revenues, and costs are managed in an integrated manner, prioritizing the overall performance of each business line, which has led to a change in accounting estimates. The management, aligned with the new parent entity, has transitioned to performance reporting based on business lines, such as retail and real estate, rather than extensive segmentation by brand or store. As a result, the retail business will be consolidated into a single UGE encompassing all brands for Colombia.

Changes in goodwill are shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Cost** | **Impairment<br> loss** | **Net** |
| **Balance as of December 31, 2023** | **3081639** | **(1017)** | **3080622** |
| Effect of exchange differences on the translation into presentation currency | 78783 |  | 78783 |
| Inflation adjustments | 148814 |  | 148814 |
| **Balance as of June 30, 2024** | **3309236** | **(1017)** | **3308219** |
| **Balance as of December 31, 2024** | **3298103** | **(1017)** | **3297086** |
| Effect of exchange differences on the translation into presentation currency | (63337) |  | (63337) |
| Inflation adjustments | 45172 |  | 45172 |
| **Balance as of June 30, 2025** | **3279938** | **(1017)** | **3278921** |

---

Goodwill has an indefinite useful life due Grupo Éxito's intended use of it, therefore, it is not amortized.

**Note 18. Investments accounted for using the equity method**

The balance of investments accounted for using the equity method is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Classification** | **June 30,**<br> **2025** | **December 31,<br> 2024** |
| Compañía de Financiamiento Tuya S.A. | Joint venture | 291511 | 271627 |
| Puntos Colombia S.A.S. | Joint venture | 23227 | 17691 |
| Sara ANV S.A. | Joint venture | 1228 | 2236 |
| **Total investments accounted for using the equity method** |  | **315966** | **291554** |

---

There are no restrictions on the ability of joint ventures to transfer funds in the form of cash dividends, or the reimbursement of loans or advances made.

It has no contingent liabilities incurred in connection with its interest in them.

Grupo Éxito has no implicit obligations assumed on behalf of investments accounted for using the equity method, arising from losses that exceed the investment held, except as mentioned in Note 22.

Investments are not subject to any restrictions or encumbrances that affect the investment held.

The corporate objects, other corporate information, and financial information of the investments accounted for using the equity method were properly disclosed in the consolidated financial statements presented at the end of 2024.

The movement of investments accounted for using the equity method during the reported period is as follows:

---

| | |
|:---|:---|
| **Balance as of December 31, 2023** | **232558** |
| Capitalizations and/or (returns), net | 91250 |
| Share of income (Note 18.1) | (48422) |
| **Balance as of June 30, 2024** | **275386** |
| **Balance as of December 31, 2024** | **291554** |
| Share of income (Note 18.1) | 24413 |
| Share in equity movements | (1) |
| **Balance as of June 30, 2025** | **315966** |

---

**Note 18.1. Share of profit (loss) of joint ventures**

The result of the share in the profits and losses of joint ventures is composed as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Compañía de Financiamiento Tuya S.A. | 19885 | (51527) | 10988 | (27753) |
| Puntos Colombia S.A.S. | 5536 | 3982 | 3803 | 1887 |
| Sara ANV S.A. | (1008) | (877) | (448) | (496) |
| **Total** | **24413** | **(48422)** | **14343** | **(26362)** |

---

**Note 19. Non-cash transactions**

During the quarters ended on June 30, 2025, and June 30, 2024, Grupo Éxito had non-cash additions to property, plant, and equipment, and right-of-use assets, which were not included in the statement of cash flows, presented in Notes 13.1 and 15, respectively.

**Note 20. Loans and borrowings**

The balance of loans and borrowings is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Bank loans | 1998726 | 1895118 |
| Put option on non-controlling interests (1) | 313665 | 350776 |
| Letters of credit | 9366 | 12555 |
| **Total loans and borrowings** | **2321757** | **2258449** |
| **Current** | **2155287** | **1984727** |
| **Non-current** | **166470** | **273722** |

---

(1) This represents the liability related to the put option on part
of the non-controlling interest in Grupo Disco Uruguay S.A. Grupo Éxito holds a 23.35% non-controlling interest in Grupo Disco
Uruguay S.A. (December 31, 2024 – 23.35%), of which 15.66% (December 31, 2024 – 15.66%) is subject to a put option held by
non-controlling shareholders. This put option is exercisable by the holders at any time until its expiration on June 30, 2025. As of
June 30, liability was measured at fair value, which corresponds to the amount agreed upon by the parties to transfer liability under
current market conditions.

To guarantee compliance with the obligation assumed by Grupo Éxito under this assignment, a non-possessory pledge was established over the Series B shares of Grupo Disco Uruguay S.A., which are owned by Spice Investment Mercosur S.A., as listed in share certificate number 1 and representing 25% of the voting capital of Grupo Disco Uruguay S.A. This pledged guarantee does not transfer the voting rights or the right to receive dividends associated with the pledged shares, which remain under the ownership of Spice Investment Mercosur S.A. This pledge replaces the one granted in previous years over the same share certificate.

The movements of loans and borrowings during the reported period are as follows:

---

| | |
|:---|:---|
| **Balance as of December 31, 2023** | **1266205** |
| Proceeds from loans and borrowings | 1087244 |
| Changes in the fair value of the put option recognized in equity | 59013 |
| Interest accrued | 116699 |
| Translation difference | 695 |
| Payments of loans and borrowings | (140107) |
| Payments of interest on loans and borrowings | (90587) |
| **Balance as of June 30, 2024** | **2299162** |
| **Balance as of December 31, 2024 (1)** | **2258449** |
| Proceeds from loans and borrowings (2) | 544150 |
| Changes in the fair value of the put option recognized in equity | (37111) |
| Interest accrued | 99620 |
| Translation difference | (13340) |
| Payments of loans and borrowings (3) | (425025) |
| Payments of interest on loans and borrowings | (104986) |
| **Balance as of June 30, 2025** | **2321757** |

---

(1) As of December 31, 2024, the balance corresponds to:

$60,271 from the bilateral credit agreement signed on March 27, 2020, $138,395 from the bilateral credit agreement signed on June 3, 2020; three bilateral credits of $153,592, $89,069, and $95,211 signed on March 26, 2021; as well as $100,136 from the bilateral credit agreement signed on August 28, 2023; $25,259 from the bilateral credit agreement signed on August 30, 2023; four revolving bilateral credits of $30,609, $71,269, $71,111, and $233,890 signed on February 18, 2022; $104,257 from the revolving bilateral credit agreement signed on February 25, 2022; $100,396 from the bilateral credit agreement signed on February 12, 2024; $137,997 from the bilateral credit agreement signed on August 6, 2024; $67,262 from the bilateral credit agreement signed on August 29, 2024; and $203,123 from the bilateral credit agreement signed on October 28, 2024, by the parent company.

Put option contract of Spice Investments Mercosur S.A. for $350,776 with the non-controlling interest holders of the subsidiary Grupo Disco Uruguay S.A.

From the subsidiary Spice Investments Mercosur S.A. and its subsidiaries, loans amounting to $145,050 and letters of credit for $12,555.

From the subsidiary Libertad S.A., loans amounting to $68,221.

(2) The Parent requested disbursements of $50,000 from the bilateral
credit agreement signed on February 7, 2025, and $35,000 from the bilateral credit agreement signed on February 21, 2025; $83,400 from
the bilateral credit agreement signed on April 28, 2025; $95,000 from the bilateral credit agreement signed on May 2, 2025; and $100,000
from the bilateral credit agreement signed on May 15, 2025.

During the period ended June 30, 2025, the subsidiary Libertad S.A. requested disbursements amounting to $73,880.

During the period ended June 30, 2025, the subsidiary Spice Investments Mercosur S.A. and its subsidiaries requested disbursements amounting to $78 and letters of credit for $56,792.

(3) During the quarter ended June 30, 2025, the Parent paid $12,084
under the bilateral credit agreement signed on March 27, 2020; $25,000 under the bilateral credit agreements signed on August 30, 2023;
$50,000 under the bilateral credit agreement signed on August 6, 2024; and $100,000 under the bilateral revolving credit agreement signed
on February 25, 2022; $17,271 and $91,725 from two bilateral credit agreements signed on March 26, 2021, and $50,000 from the bilateral
credit agreement signed on April 15, 2025.

During the period ended June 30, 2025, the subsidiary Spice Investments Mercosur S.A. and its subsidiaries repaid loans amounting to $14,551 and letters of credit for $59,420.

During the period ended June 30, 2025, the subsidiary Libertad S.A. repaid loans amounting to $4,974.

These loans are measured at amortized cost using the effective interest rate method; transaction costs are not included in the measurement, as none were incurred.

As of June 30, 2025, the weighted average nominal interest rate on bank loans is below RBI (Reference Banking Index) +2%.

As of June 30, 2025, the Company has no unused credit lines.

The following are the annual maturities of outstanding non-current loans and borrowings as of June 30, 2025, discounted to present value (amortized cost):

---

| | |
|:---|:---|
| **Year** | **Total** |
| 2026 | 151053 |
| 2027 | 15397 |
| 2028 | 20 |
|  | **166470** |

---

*<u>Covenants</u>*

Under the credit and loan agreements, Grupo Éxito is required to comply with the following financial *covenants*: while there are outstanding payment obligations of Almacenes Éxito S.A. arising from the contracts signed on March 27, 2020, it must maintain a maximum leverage financial ratio (adjusted recurring EBITDA and gross financial liabilities) of 2.8x. This ratio will be measured annually on April 30, or the following business day if April 30 is a non-business day, based on the separate and audited annual financial statements of Almacenes Éxito S.A.

As of December 31, 2024, the *covenants* were complied with.

Additionally, under the same credit and loan agreements, Grupo Éxito is required to comply with certain non-financial *covenants*, which were also met as of December 31, 2024.

**Note 21. Employee benefits**

The balance of employee benefits is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Defined benefit plans | 33468 | 37155 |
| Long-term benefit plan | 1789 | 1676 |
| **Total employee benefits** | **35257** | **38831** |
| **Current** | **4358** | **4055** |
| **Non-current** | **30899** | **34776** |

---

**Note 22. Provisions**

The balance of provisions is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Legal proceedings (1) | 18864 | 18629 |
| Restructuring (2) | 8315 | 28955 |
| Taxes other than income taxes | 41 | 54 |
| Others (3) | 6736 | 13757 |
| **Total provisions** | **33956** | **61395** |
| **Current** | **20364** | **47327** |
| **Non-current** | **13592** | **14068** |

---

As of June 30, 2025, and December 31, 2024, the Company has no provisions for onerous contracts recorded.

(1) Provisions for legal proceedings are recognized to cover the
estimated probable losses against Grupo Éxito due to labor, administrative, regulatory and civil litigations, which are calculated
based on the best estimate of the outflow required to settle the obligation as of the date of preparation of the financial statements.
There is no individual material proceeding included in these provisions.

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Labor legal proceedings | 14585 | 14153 |
| Civil legal proceedings | 4279 | 4476 |
| **Total legal proceedings** | **18864** | **18629** |

---

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

(3) The balance of other provisions corresponds to:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | &nbsp;&nbsp;**December 31,**<br> **2024** |
| Store closures | 3579 | 10036 |
| Urban improvements | 2215 | 2215 |
| Shrinkage for *VMI* merchandise | 451 | 1018 |
| Other minor provisions in the Colombian subsidiaries | 276 | 220 |
| Other minor provisions in Libertad S.A. | 215 | 268 |
| **Total others** | **6736** | **13757** |

---

The balances and movements presented in the provisions are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Legal**<br> **proceedings**  | **Taxes other** <br> **than income tax**  | **Restructuring**  | **Others** | **Total** |
| **Balance as of December 31, 2023** | **19736** | **297** | **5180** | **8462** | **33675** |
| Increases | 3035 |  | 31791 | 8447 | 43273 |
| Payments | (1185) |  | (26618) | (7626) | (35429) |
| Reversals (not used) | (4862) | (241) | (1688) | (3682) | (10473) |
| Other reclassifications | (4) |  |  |  | (4) |
| Effect of exchange differences on the translation into presentation currency | 259 | (2) |  | (6) | 251 |
| **Balance as of June 30, 2024** | **16979** | **54** | **8665** | **5595** | **31293** |
| **Balance as of December 31, 2024** | **18629** | **54** | **28955** | **13757** | **61395** |
| Increase | 5469 |  | 1747 | 2745 | 9961 |
| Uses | (104) |  | (7494) |  | (7598) |
| Payments | (1359) |  | (11265) | (2839) | (15463) |
| Reversals (not used) | (3189) |  |  | (6875) | (10064) |
| Other reclassifications |  |  | (1747) |  | (1747) |
| Effect of exchange differences on the translation into presentation currency | (582) | (13) | (1881) | (52) | (2528) |
| **Balance as of June 30, 2025** | **18864** | **41** | **8315** | **6736** | **33956** |

---

**Note 23. Trade payables and other payables**

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Payables to suppliers of goods | 2436352 | 3056293 |
| Payables and other payables - agreements (1) | 478331 | 501603 |
| Payables to other suppliers | 308984 | 335518 |
| Labor liabilities | 286748 | 303365 |
| Withholding tax payable (2) | 239097 | 74504 |
| Tax payable | 79349 | 70365 |
| Dividends payable (3) | 45965 | 9249 |
| Purchase of assets (4) | 30674 | 53405 |
| Others | 24091 | 26372 |
| **Total trade payables and other payables** | **3929591** | **4430674** |
| **Current** | **3927911** | **4408479** |
| **Non-current** | **1680** | **22195** |

---

(1) The details of payables and other payables - agreements are
shown below:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Payables to suppliers of goods | 429626 | 447726 |
| Payables to other suppliers | 48705 | 53877 |
| **Total payables and other payable - agreements** | **478331** | **501603** |

---

In Colombia, invoice factoring transactions are initiated by the suppliers, who, at their sole discretion, choose the banks that will advance the financial resources before the invoice due dates, in accordance with the terms and conditions negotiated with Grupo Éxito.

The Company cannot direct a bank of its preference or financial relationship to the supplier, nor reject the execution of the transactions, as the legislation guarantees the supplier the right to freely transfer the title to any bank via endorsement.

Additionally, Grupo Éxito enters into agreements with certain financial institutions in Colombia that provide an extended payment period for these discounted invoices from its suppliers. The terms of these agreements are not exclusive to Grupo Éxito, as they are based on market practices in Colombia applicable to other companies which legally do not alter the nature of the commercial transaction.

(2) The increase corresponds to withholding tax filings and other
taxes pending payment, which will be offset against the income tax credit balance from the 2024 tax return.

(3) The increase corresponds to dividends declared in 2025.

(4) The reduction mainly corresponds to payments made in the first
quarter of the year to third parties from whom furniture and fixed assets were acquired.

**Note 24. Income tax**

**Note 24.1. Tax regulations applicable to Grupo Éxito and its Colombian subsidiaries** 

<u>Income tax rate applicable to Éxito and its Colombian subsidiaries</u>

a. For the taxable years 2025 and 2024, the corporate income tax
rate is 35%. Beginning with the 2023 taxable year, the minimum tax rate calculated on financial profit may not be lower than 15%; if
it is, it must be increased by the necessary percentage points to reach the stated effective rate.

b. As of the 2021 taxable year, the base to assess the income tax
under the presumptive income model is 0% of the net equity held on the last day of the immediately preceding taxable period.

c. Since 2007, comprehensive inflation adjustments have been eliminated
for tax purposes.

d. Since 2007, the occasional earnings tax for legal entities has
been reactivated, calculated on the total profit obtained by the taxpayers under this concept during the taxable year. As of 2023, the
rate is 15%.

e. The tax rate on dividends distributed to individual residents
in Colombia is 15% when the amount distributed exceeds 1,090 UVT (equivalent to $54 in 2025), when such dividends have been taxed at
the corporate level that distributes them, and the related profits were generated from the 2017 taxable year onward. For domestic corporations,
the applicable tax rate is 10% when such dividends have been taxed at the corporate level that distributes them, and the related profits
were generated from the 2017 taxable year onward. For non-resident individuals and foreign companies, the applicable tax rate is 20%
when such dividends have been taxed at the corporate level that distributes them, and the related profits were generated from the 2017
taxable year onward. When the profits generating the dividends have not been taxed at the level of the distributing company, the tax
rate applicable to shareholders is 35% for both 2025 and 2024

f. The Company has adopted accounting under the International Financial
Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as its tax basis, with certain exceptions related
to revenue realization, recognition of costs and expenses, and the purely accounting effects of the opening balance sheet upon adoption
of these standards.

g. The financial transactions tax is a permanent tax. 50% of this
tax is deductible, if it is properly certified.

h. 100% of taxes, fees, and contributions that have been effectively
paid during the taxable year, or period are deductible, provided they are related to economic activity and accrued within the same year
or period, including membership fees paid to trade associations.

i. Payments related to employee education contributions are deductible,
provided they meet the following conditions: (a) they are allocated to scholarships or forgivable education loans established for the
benefit of employees; (b) payments are made to programs or care centers for employees' children; and (c) payments are made to institutions
providing primary, secondary, technical, technological, or higher education.

j. VAT paid on the acquisition, development, construction, or importation
of productive real fixed assets is creditable against income tax.

k. The withholding tax rate on income for payments abroad will
be 0% for services such as consulting, technical services, and technical assistance provided by parties that are tax residents in countries
with which a double taxation treaty has been signed and to whom the Most Favored Nation Clause applies, and 10% for those to whom the
Most Favored Nation Clause does not apply.

l. The withholding tax rate on income for payments abroad is 20%
for services such as consulting, technical services, technical assistance, fees, royalties, leases, and compensation, and 35% for management
or executive services.

m. The withholding tax rate on income for payments abroad to third
parties located in non-cooperative jurisdictions, low or no taxation areas, and preferential tax regimes is 35%.

n. Starting in 2024, the withholding tax rate on income for payments
abroad to providers with Significant Economic Presence (SEP) who opt for the withholding mechanism is 10%.

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

p. The annual adjustment percentage for the cost of movable and
immovable property classified as fixed assets as of December 31, 2024, is 10.97%.

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

<u>Tax credits of Almacenes Éxito S.A. and its Colombian subsidiaries</u>

According to the tax provisions in effect from 2017, the maximum period for offsetting 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 taxable income determined within the following five (5) years.

The losses of companies cannot be transferred to the shareholders. Tax losses arising from income that is not taxable or occasional gains, as well as costs and deductions that are not causally related to the generation of taxable income, may not be offset against the taxpayer's taxable income under any circumstances.

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

The movement of excess presumptive income over net taxable income of Almacenes Éxito S.A. during the period is as follows:

---

| | |
|:---|:---|
| **Balance as of December 31, 2023** | **61415** |
| Offsetting of excess presumptive income against net income for the prior period | (600) |
| Offsetting of excess presumptive income against net income for the period | (60815) |
| **Balance as of December 31, 2024** | **-** |
| Movement of excess presumptive income against net income for the period |  |
| **Balance as of June 30, 2025** | **-** |

---

As of June 30, 2025, Almacenes Éxito S.A. has tax losses amounting to $699,023 (December 31, 2024 – $704,357).

The movement of Almacenes Éxito S. A's tax losses during the reported period is as follows:

---

| | |
|:---|:---|
| **Balance as of December 31, 2023** | **740337** |
| Tax loss (profit) generated during the period | (35980) |
| **Balance as of December 31, 2024** | **704357** |
| Tax loss (profit) generated during the period | (5334) |
| **Balance as of June 30, 2025** | **699023** |

---

(b) The movement in the tax losses of the Colombian subsidiaries
for the reporting periods is shown below:

---

| | |
|:---|:---|
| **Balance as of December 31, 2023** | **33769** |
| Marketplace Internacional Éxito y Servicios S.A.S (i) | 364 |
| Transacciones Energéticas S.A.S. E.S.P. (i) | (1477) |
| **Balance as of December 31, 2024** | **32656** |
| Marketplace Internacional Éxito y Servicios S.A.S (i) | 38 |
| Transacciones Energéticas S.A.S. E.S.P. (ii) | (489) |
| **Balance as of June 30, 2025** | **32205** |

---

(i) Deferred tax assets have not been recognized for these tax losses
due to uncertainty regarding the generation of taxable profits as of the reporting date.

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

**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 2025 (25% in 2024).

Argentina applies a 30% income tax rate in 2025 (30% in 2024).

**Nota 24.3. Current tax assets and liabilities** 

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

<u>Current tax assets:</u>

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Income tax credit receivable by Almacenes Éxito S.A. and its Colombian subsidiaries | 388891 | 250872 |
| Tax discounts applied by Almacenes Éxito S.A. and its Colombian subsidiaries | 154931 | 151893 |
| Current income tax assets of subsidiary Onper Investment 2015 S.L. | 53181 | 41388 |
| Tax discounts of Almacenes Éxito from taxes paid abroad | 5573 | 5562 |
| Advance income tax payments from Colombian subsidiaries | 5032 | 2611 |
| Current income tax assets of subsidiary Spice Investments Mercosur S.A. |  | 3 |
| **Total income tax asset** | **607608** | **452329** |
| Industry and trade tax advances and withholdings of Almacenes Éxito S.A. and its Colombian subsidiaries | 44870 | 78567 |
| Other current tax assets of subsidiary Spice Investment Mercosur S.A. | 26105 | 22982 |
| Other current tax assets of subsidiary Onper Investment 2015 S.L. | 28 | 38 |
| **Total asset for other taxes** | **71003** | **101587** |
| **Total current tax assets** | **678611** | **553916** |

---

<u>Current tax liabilities:</u>

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Income tax payable from certain Colombian subsidiaries | 9558 |  |
| Income tax liabilities of subsidiary Spice Investments Mercosur S. A | 2743 |  |
| **Total income tax liabilities** | **12301** | **-** |
| Industry and trade tax payable from Almacenes Éxito S.A. and its Colombian subsidiaries | 60656 | 105467 |
| Tax on real estate of Almacenes Éxito S.A. and its Colombian subsidiaries | 14731 | 7832 |
| Taxes of subsidiary Onper Investment 2015 S.L. other than income tax | 3127 | 5558 |
| Taxes of subsidiary Spice Investments Mercosur S.A. other than income tax | 31 | 353 |
| **Total liabilities for other taxes** | **78545** | **119210** |
| **Total current tax liabilities** | **90846** | **119210** |

---

**Note 24.4. Income tax**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1<br> to June 30,<br> 2025** | **January 1 to<br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| **Profit (loss) before income tax** | **332322** | **(2769)** | **200882** | **6773** |
| **Plus** |  |  |  |  |
| Non-deductible expenses | 18974 | 7948 | 9345 | (3616) |
| Financial transactions tax | 4087 | 5710 | 2316 | 2094 |
| Recovery of accounts receivable | 126 | 2661 | (246) | 651 |
| Others (2) | 1987 | 4239 | 1787 | 3886 |
| **Minus** |  |  |  |  |
| IFRS adjustments with no tax impact (1) | (236764) | (103133) | (116909) | (31114) |
| Effect of the accounting results of foreign subsidiaries | (32249) | (106757) | (6194) | (54920) |
| Non-taxable dividends received from subsidiaries | (21090) | (4242) |  |  |
| Others (2) | (4786) | (6355) | (1740) | (2855) |
| **(Loss) Net income** | **62607** | **(202698)** | **89241** | **(79101)** |
| Tax-exempt income | **-** | **32335** | **-** | **32335** |
| **(Loss) Net income before compensations** | **62607** | **(235033)** | **89241** | **(111436)** |
| Compensations | (24232) | (1052) | (23901) | (434) |
| **(Loss)Total Net income after compensations** | **38375** | **(236085)** | **65340** | **(111870)** |
| **(Net) loss of the parent company and certain Colombian subsidiaries** | **(136)** | **(267108)** | **43200** | **(128775)** |
| **Net income of certain Colombian subsidiaries** | **38473** | **31029** | **22100** | **16900** |
| **Taxable net income** | **38473** | **31029** | **22100** | **16900** |
| Income tax rate | 35% | 35% | 35% | 35% |
| **Subtotal (expense) current income tax** | **(13466)** | **(10860)** | **(7735)** | **(5915)** |
| **Adjustment with respect to current income tax from previous years** | **(148)** | **(1776)** | **(148)** | **(1198)** |
| **Minor adjustments** | **-** | **-** | **-** | **-** |
| **Total (expense) income and complementary tax expense of the parent company and some Colombian subsidiaries** | **(13614)** | **(12636)** | **(7883)** | **(7113)** |
| **Total (current tax expense) of foreign subsidiaries** | **(21963)** | **(37926)** | **(4022)** | **(10875)** |
| **Total (income and complementary tax expense), current** | **(35577)** | **(50562)** | **(11905)** | **(17988)** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Other accounting expenses with no tax impact (\*) | 235792 | 230960 | 115475 | 112391 |
| Non-taxable dividends from subsidiaries | 21090 | 4242 |  |  |
| Accounting provisions | 17745 | 57184 | 9257 | 39503 |
| Higher accounting depreciation over fiscal depreciation, net | 4899 |  | 3118 | (4593) |
| Taxable actuarial calculation | 1084 | 756 | 542 | 541 |
| Results under the equity method, net | (243044) | (101231) | (124925) | (41214) |
| Taxable leases | (139189) | (145386) | (67943) | (72605) |
| Non-accounting fiscal costs | (48109) | (71853) | (20211) | (48782) |
| Recovery of provisions | (40642) | (40657) | (15367) | (34935) |
| Higher fiscal depreciation over accounting depreciation | (22268) | (14625) | (10159) | (3062) |
| Other non-taxable accounting (income) expenses, net | (17366) | (2773) | (7616) | (778) |
| Net exchange differences | (4934) | 33645 | 1444 | 33266 |
| Excess of fiscal personnel expenses over accounting expenses | (1820) | (53395) | (524) | (10846) |
| Non-deductible taxes | (2) |  |  |  |
| **Total** | **(236764)** | **(103133)** | **(116909)** | **(31114)** |

---

(\*) It corresponds to the differences associated with the tax treatment of leases under IFRS 16.

(2) The 'others' category corresponds to:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Fines, sanctions, and lawsuits | 1306 | 467 | 1152 | 234 |
| Special deduction for donations to Food Banks and others | 432 | 2172 | 432 | 2172 |
| Taxes assumed and valuation | 211 | 322 | 165 | 252 |
| Deduction for ICA tax paid after the income tax filing | 38 | 1228 | 38 | 1228 |
| Taxable income - recovery of depreciation on sold fixed assets |  | 50 |  |  |
| **Total** | **1987** | **4239** | **1787** | **3886** |
| Recovery of costs and expenses | (2010) | (3354) | (407) | (812) |
| Deduction for hiring personnel with disabilities | (1765) | (1275) | (883) | (637) |
| Non-deductible taxes | (593) | (554) | (89) | (284) |
| Profit (loss) from the sale of fixed assets declared as occasional income | (304) | (1172) | (304) | (1122) |
| Additional 30% deduction for voluntary apprentice wages | (114) |  | (57) |  |
| **Total** | **(4786)** | **(6355)** | **(1740)** | **(2855)** |

---

The components of the income tax expense recognized in the statement of profit or loss are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Deferred tax gain (Nota 24.5) | 35988 | 80555 | 16032 | 46419 |
| Current income tax (expense) | (35429) | (48786) | (11757) | (16790) |
| Adjustment in respect of current income tax of prior periods | (148) | (1776) | (148) | (1198) |
| **Total income tax (expense)** | **411** | **29993** | **4127** | **28431** |

---

**Note 24.5. Deferred tax**

The composition of deferred tax assets and liabilities, net, for the three jurisdictions in which Grupo Éxito operates, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,<br> 2025** | **June 30,<br> 2025** | **December 31,<br> 2024** | **December 31,<br> 2024** |
|  | **Deferred tax<br> assets** | **Deferred tax<br> liabilities** | **Deferred tax assets** | **Deferred tax<br> liabilities** |
| Colombia | 145971 |  | 156927 |  |
| Uruguay | 104170 |  | 96158 |  |
| Argentina |  | (245300) |  | (304235) |
| **Total** | **250141** | **(245300)** | **253085** | **(304235)** |

---

The breakdown of deferred tax assets and liabilities at the consolidated level by item is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,<br> 2025** | **June 30,<br> 2025** | **December 31,<br> 2024** | **December 31,<br> 2024** |
|  | **Deferred tax assets** | **Deferred tax assets** | **Deferred tax assets** | **Deferred tax assets** |
| Tax losses | 247454 |  | 246525 |  |
| Tax credits | 60098 |  | 60098 |  |
| Other provisions | 10161 |  | 16735 |  |
| Employee benefits provisions | 6278 |  | 9812 |  |
| Inventories | 616 | (954) | 13082 |  |
| Investment property |  | (142927) |  | (169051) |
| Goodwill |  | (217728) |  | (217715) |
| Property, plant, and equipment | 166563 | (235184) | 214759 | (268924) |
| Leases | 638288 | (535508) | 633397 | (531670) |
| Others | 60638 | (52954) | 43645 | (101843) |
| **Total** | **1190096** | **(1185255)** | **1238053** | **(1289203)** |

---

The movement of deferred tax, net, in the income statement and the statement of comprehensive income is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to**<br> **June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Profit from deferred tax recognized in income | 35988 | 80555 | 16032 | 46419 |
| Effect of the translation of the deferred tax recognized in other comprehensive income (1) | 20152 | (112564) | 16761 | (39784) |
| Adjustment related to current income tax from previous periods | (148) | (1776) | (148) | (1198) |
| (Expense) income from derivative financial instruments designated as hedging instruments and others (Other comprehensive income) |  | (1443) |  | 117 |
| **Total movement of net deferred tax** | **55992** | **(35228)** | **32645** | **5554** |

---

(1) This effect is included in the 'Foreign currency translation
difference in Other Comprehensive Income' line, which arises from the translation at the closing exchange rate of deferred tax
assets and liabilities of foreign subsidiaries (Note 27).

As of June 30, 2025, the value of temporary differences related to investments in joint ventures, for which no deferred tax has been recognized, amounted to $134,936 (December 31, 2024 - $153,568)

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

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

There are no income tax consequences associated with the payment of dividends by Grupo Éxito to its shareholders in 2025 and 2024.

**Note 25. Other financial liabilities**

The balance of the other financial liabilities is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Collections on behalf of third parties (1) | 118337 | 59029 |
| Derivative financial instruments (2) | 6668 | 1174 |
| Derivative financial instruments designated as hedge instruments (3) | 684 | 278 |
| **Total other financial liabilities** | **125689** | **60481** |

---

(1) The income received on behalf of third parties include amounts
for which Grupo Éxito acts as an agent, such as travel agency sales and banking services provided to clients. This includes $28,213
(December 31, 2024 – $11,973), with related parties (see Note 10.5). Because the balance in this line item is immaterial
to the financial statements, the Group has decided not to apply the amortized cost method. Under normal circumstances, such liabilities
would be measured at amortized cost, using the effective interest rate method.

(2) The fair values of these instruments are determined using valuation
models commonly used by market participants.

As of June 30, 2025, it corresponds to the following operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Nature of risk hedged** | **Hedged item** | **Notional amount** | **Fair value** |
| *Forward* | Exchange rate | Foreign currency liability | MUSD / $42.500 MEUR / $1.270 | 6668 |

---

The breakdown of the maturity dates of these instruments as of June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative** | **Less than<br> 3 months** | **Between<br> 3 and 6 months** | **Between<br> 6 and 12 months** | **More than<br> 12 months** | **Total** |
| *Forward* | 5865 | 803 | – |  | 6668 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Nature of risk hedged** | **Hedged item** | **Notional amount** | **Fair value** |
| *Forward* | Exchange rate | Foreign currency liability | MUSD / $16.600 MEUR / $4.020 | 1174 |

---

The breakdown of the maturity dates of these instruments as of December 31, 2024 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative** | **Less than<br> 3 months** | **Between <br> 3 and 6 months** | **Between<br> 6 and 12 months** | **More than<br> 12 months** | **Total** |
| *Forward* | 922 | 252 | – |  | 1174 |

---

(3) Derivatives designated as hedging instruments are related to
foreign exchange forwards. The fair values of these instruments are determined using valuation models commonly used by market participants.

As of June 30, 2025, the following operations were in place:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Nature of risk hedged** | **Hedged item** | **Rate of hedged item** | **Average rates for hedged instruments** | **Amount hedged** | **Fair value recognized in other comprehensive income** | **Fair value recognized in the income statement** | **Fair value** |
| *Forward* | Exchange rate | Trades payable and other payables – Purchase of assets (Note 23) | USD/COP | 1 USD / $4,206.00 | 5.2MUSD | 407 | – | 684 |

---

The breakdown of the maturity dates of these hedging instruments as of December 31, 2024, is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than 1 month** | **Between 1 and 3 months** | **Between 3 and 6 months** | **Between 6 and 12 months** | **More than 12 months** | **Total** |
| *Forward* | 684 | – |  | – |  | 684 |

---

As of December 31, 2024, the following operations were in place:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Nature of risk hedged** | **Hedged item** | **Rate of hedged item** | **Average rates for hedged instruments** | **Amount hedged** | **Fair value recognized in other comprehensive income** | **Fair value recognized in the income statement** | **Fair value** |
| *Forward* | Exchange rate | Trades payable and other payables – Purchase of assets (Note 23) | USD/COP | 1 USD $4,466.19 | 5.2MUSD | 5210 | – | 278 |

---

The breakdown of the maturity dates of these hedging instruments as of December 31, 2024, is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than<br> 1 month** | **Between<br> 1 and 3 months** | **Between<br> 3 and 6 months** | **Between<br> 6 and 12 months** | **More than 12 months** | **Total** |
| *Forward* | 278 | – |  | – |  | 278 |

---

The Group has documented the hedge effectiveness tests by assessing that:

- The existence of the economic relationship between the hedged item and the hedging instrument

- The effect of credit risk does not dominate,

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

**Note 26. Other liabilities**

The balance of other liabilities is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Deferred revenue (1) | 120500 | 179448 |
| Customer loyalty programs | 47810 | 46217 |
| Advance payments under lease agreements and other projects (2) | 3041 | 3689 |
| Advance payments for fixed assets sold (3) | 850 | 832 |
| Repurchase coupon | 104 | 100 |
| Instalments received under "plan resérvalo" |  | 160 |
| **Total other liabilities** | **172305** | **230446** |
| **Current** | **171956** | **230068** |
| **Non-current** | **349** | **378** |

---

(1) It mainly corresponds to payments received for the future sale
of products through payment methods, property leases, and strategic alliances.

Grupo Éxito considers customer loyalty programs and deferred revenue as a contractual liability. The movement of these liabilities during the reporting period is as follows:

---

| | | |
|:---|:---|:---|
|  | **Deferred Revenues** | **Customer loyalty programs** |
| **Balance as of December 31, 2023** | **208126** | **43990** |
| Additions | 1575 | 7507 |
| Revenue recognized | (69753) | (6690) |
| Effect of exchange difference from translation into presentation currency | 197 | 3273 |
| **Balance as of June 30, 2024** | **140145** | **48080** |
| **Balance as of December 31, 2024** | **179448** | **46217** |
| Additions | 3775388 | 9531 |
| Revenue recognized | (3833147) | (8231) |
| Effect of exchange difference from translation into presentation currency | (1189) | 293 |
| **Balance as of June 30, 2025** | **120500** | **47810** |

---

(2) This mainly corresponds to advances received under lease agreements
at Patrimonios Autónomos, as well as the Locatel contract amount still pending amortization as an income from commercial space
premiums.

(3) This corresponds to the advance received for the sale of the
La Colina land for $832, and the advance for the sale of Montería Centro for $18.

**Note 27. Shareholders' equity**

<u>Capital and premium on placement of shares</u>

As of June 30, 2025, and December 31, 2024, the authorized capital of Almacenes Éxito S.A is represented by 1,590,000,000 ordinary shares with a nominal value of $3.3333 Colombian pesos each.

As of June 30, 2025, and December 31, 2024, the number of subscribed shares is 1,344,720,453, and the number of treasury shares reacquired is 46,856,094.

The rights granted over the shares correspond to the right to vote and voice for each share. No privileges have been granted on the shares, nor are there any restrictions on them. Additionally, there are no stock option agreements on Almacenes Éxito S. A's shares.

The share premium represents the excess paid over the nominal value of the shares. According to Colombian legal regulations, this balance may be distributed at the time of the liquidation of the company or capitalized. Capitalization is understood as the transfer of a portion of this premium to a capital account because of a dividend distribution paid in shares of Almacenes Éxito S.A.

 <u>Reserves</u>

Reserves are appropriations made by Almacenes Éxito S.A.'s General Shareholders' Assembly from the results of previous periods. In addition to the legal reserve, this includes the occasional reserve, reserve for the repurchase of shares, and reserve for future dividends.

<u>Legal Reserve:</u> According to Article 452 of the Colombian Commercial Code and Article 51 of Almacenes Éxito S.A.'s Articles of Association, corporations must establish a legal reserve equal to at least 50% of the subscribed capital. For this, 10% of the net income for each year must be appropriated to the legal reserve until the minimum percentage is reached. Once the 50% threshold is achieved, it will be at the discretion of the General Shareholders' Assembly whether to continue increasing the legal reserve. However, if it decreases, it will be mandatory to appropriate 10% of the net income each year until the reserve reaches the specified limit again.

- <u>Occasional reserve:</u> An occasional reserve established by the General Shareholders' Meeting.

- <u>Reserve for the repurchase of shares:</u> An occasional reserve established by the General Shareholders' Meeting for the purpose of repurchasing shares.

<u>Other Comprehensive Income Accumulated</u>

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30,<br> 2025** | **June 30,<br> 2025** | **June 30,<br> 2025** | **June 30,<br> 2024** | **June 30,<br> 2024** | **June 30,<br> 2024** | **December 31,<br> 2024** | **December 31,<br> 2024** | **December 31,<br> 2024** |
|  | **Gross value** | **Tax effect** | **Net value** | **Gross value** | **Tax effect** | **Net value** | **Gross value** | **Tax effect** | **Net value** |
| (Loss) from financial instruments designated at fair value through other comprehensive income | (17633) |  | (17633) | (17010) |  | (17010) | (17531) |  | (17531) |
| Remeasurement loss on defined benefit plans | (3483) | 1544 | (1939) | (5052) | 1844 | (3208) | (3483) | 1544 | (1939) |
| Translation exchange differences | (2531565) |  | (2531565) | (2212057) |  | (2212057) | (2324745) |  | (2324745) |
| Gain from cash-flow hedge | 13634 | 1423 | 15057 | 12882 | 1168 | 14050 | 12150 | 1423 | 13573 |
| (Loss) on hedge of net investment in foreign operations | (18977) |  | (18977) | (18977) |  | (18977) | (18977) |  | (18977) |
| **Total other comprehensive income** | **(2558024)** | **2967** | **(2555057)** | **(2240214)** | **3012** | **(2237202)** | **(2352586)** | **2967** | **(2349619)** |
| **Other comprehensive income of non - controlling interests** |  |  | **(41066)** |  |  | **(37058)** |  |  | **(42615)** |
| **Other comprehensive income of the parent** |  |  | **(2513991)** |  |  | **(2200144)** |  |  | **(2307004)** |

---

**Note 28. Revenue from contracts with customers**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Retail sales (1) (Note 40) | 10135835 | 9888571 | 4971246 | 4852467 |
| Service revenue (2) (Note 40) | 450881 | 421794 | 225999 | 215613 |
| Other revenue (3) (Note 40) | 26395 | 39691 | 11224 | 6837 |
| **Total revenue from contracts with customers** | **10613111** | **10350056** | **5208469** | **5074917** |

---

(1) Retail sales correspond to the sale of merchandise and inventory
from real estate projects, net of returns and sales allowances.

The value corresponds to the following concepts:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Retail sales, net of sales returns and rebates | 10132035 | 9885721 | 4971246 | 4852467 |
| Sale of real estate project inventories (a) | 3800 | 2850 |  |  |
| **Total retail sales** | **10135835** | **9888571** | **4971246** | **4852467** |

---

(a) As of June 30, 2025, it corresponds to the sale of 18.72% of
the Éxito Occidente real estate project for $3,800. As of June 30, 2024, it corresponds to the sale of 14.04% of the Éxito
Occidente real estate project for $2,850.

(2) Service revenue corresponds to the following concepts:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Real estate related income | 182924 | 156774 | 93190 | 80360 |
| Leases | 60110 | 50200 | 31334 | 28497 |
| Distributors | 45893 | 46361 | 22709 | 23307 |
| Administration of real estate | 33533 | 29712 | 16961 | 14850 |
| Advertising | 31620 | 37541 | 16086 | 19304 |
| Telephone | 26786 | 23070 | 13727 | 11748 |
| Commissions (a) | 24577 | 35007 | 6537 | 15399 |
| Transport | 23112 | 19747 | 11911 | 10171 |
| Banking services | 6361 | 10721 | 3578 | 5674 |
| Money transfers | 3558 | 4616 | 1844 | 2097 |
| Others | 12407 | 8045 | 8122 | 4206 |
| **Total service revenue** | **450881** | **421794** | **225999** | **215613** |

---

(a) The decrease is mainly due to the collection from Tuya S.A.
for discounts granted for the use of the card. In addition, there is also a reduction in commission income related to the betting business.

(3) Other revenue corresponds to the following concepts:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Marketing events | 8314 | 7720 | 3443 | 3692 |
| Collaboration agreements (a) | 3387 | 5476 | 1609 | 1732 |
| Asset utilizations | 2514 | 4129 | 773 | 1764 |
| Financial Services | 1715 | 1773 | 805 | 674 |
| Royalty revenue | 1036 | 2452 | 268 | 1294 |
| Real estate projects | 916 |  | 502 |  |
| Use of parking spaces | 664 | 631 | 334 | 476 |
| Recovery of other liabilities | 71 | 2156 | 28 | 378 |
| Technical advisory | 24 | 43 | 11 | 16 |
| Recovery of provisions |  | 3500 |  |  |
| Recovery of labor liabilities |  |  |  | (7977) |
| Others | 7754 | 11811 | 3451 | 4788 |
| **Total other revenue** | **26395** | **39691** | **11224** | **6837** |

---

(a) It corresponds to the participation in the following collaboration
agreements, which consist of contracts to carry out projects or activities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Redeban S.A. | 3008 | 2582 | 1500 | 1134 |
| Éxito Media | 354 | 1098 | 84 | 508 |
| Alianza Sura | 22 | 378 | 22 | 86 |
| Moviired S.A.S. | 3 | 18 | 3 | 4 |
| Renting Colombia S.A. |  | 1400 |  |  |
| **Total collaboration agreements** | **3387** | **5476** | **1609** | **1732** |

---

**Note 29. Distribution, administrative and selling expenses**

The value of distribution, administration, and sales expenses by nature are:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Employee benefits (Note 30) | 824553 | 856726 | 404259 | 427265 |
| Depreciation and amortization | 294098 | 297398 | 144169 | 149603 |
| Taxes other than income tax | 231931 | 228847 | 73416 | 83750 |
| Fuels and power | 137487 | 141048 | 67056 | 70529 |
| Repairs and maintenance | 115532 | 137166 | 56480 | 71525 |
| Commissions on debit and credit cards | 74434 | 76810 | 35267 | 37947 |
| Services | 62290 | 61144 | 26261 | 28347 |
| Advertising | 58319 | 73997 | 27735 | 38878 |
| Security services | 54855 | 58381 | 27456 | 29416 |
| Cleaning services | 41600 | 45511 | 19998 | 22226 |
| Professional fees | 37619 | 42642 | 18705 | 22244 |
| Administration of trade premises | 28584 | 27414 | 13955 | 13925 |
| Transport | 27555 | 27433 | 13596 | 17707 |
| Packaging and marking materials | 24519 | 24896 | 12878 | 12477 |
| Outsourced employees | 22407 | 23301 | 10426 | 13527 |
| Leases | 21871 | 31453 | 9101 | 12836 |
| Insurance | 18561 | 25012 | 9094 | 12314 |
| Credit loss expense (a) | 11561 | 15809 | 5091 | 9325 |
| Legal expenses | 6709 | 3803 | 2768 | 1524 |
| Commissions | 5984 | 7160 | 2846 | 3292 |
| Cleaning and cafeteria | 5382 | 5080 | 2752 | 2483 |
| Other commissions | 5030 | 5036 | 2451 | 2364 |
| Expenses for provisions for legal proceedings | 4485 | 2969 | 1062 | 2279 |
| Stationery, supplies and forms | 3551 | 3534 | 1901 | 2005 |
| Travel expenses | 2885 | 4081 | 1425 | 2044 |
| Other provision expenses | 2745 | 3252 | 2018 | 1789 |
| Ground transportation | 1839 | 2109 | 799 | 932 |
| Éxito Media collaboration agreement | 316 |  | 294 |  |
| Seguros Éxito collaboration agreement | 73 | 3324 | 73 | 2566 |
| Autos Éxito collaboration agreement |  | 166 |  |  |
| Others | 139676 | 129083 | 72335 | 64327 |
| **Total distribution, administrative and selling expenses** | **2266451** | **2364585** | **1065667** | **1159446** |
| **Total distribution expenses** | **1264999** | **1307848** | **597744** | **654121** |
| **Total administrative and selling expenses** | **176899** | **200011** | **63664** | **78060** |
| **Employee benefit expenses** | **824553** | **856726** | **404259** | **427265** |

---

(a) This amount includes the following items:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Allowance for expected credit losses (Note 8.1) | 11477 | 15505 | 5339 | 9127 |
| Inflationary adjustments | 78 | 238 | 59 | 177 |
| Write-off of receivables | 6 | 66 | (307) | 21 |
| **Total** | **11561** | **15809** | **5091** | **9325** |

---

**Note 30. Employee benefit expenses**

The employee benefits expense presented by each significant category is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to <br> June 30,<br> 2025** | **January 1 to <br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Wages and salaries | 680331 | 705998 | 333248 | 352281 |
| Contributions to the social security system | 23514 | 25777 | 11195 | 12415 |
| Other short-term employee benefits | 26831 | 28992 | 13112 | 13530 |
| **Total short-term employee benefit expenses** | **730676** | **760767** | **357555** | **378226** |
| Post-employment benefit expenses, defined contribution plans | 70432 | 72247 | 34270 | 36528 |
| Post-employment benefit expenses, defined benefit plans | 1428 | 1407 | 818 | 793 |
| **Total post-employment benefit expenses** | **71860** | **73654** | **35088** | **37321** |
| Termination benefit expenses | 9943 | 7905 | 5016 | 4096 |
| Other personnel expenses | 11919 | 14287 | 6524 | 7537 |
| Other long-term employee benefits | 155 | 113 | 76 | 85 |
| **Total employee benefit expenses** | **824553** | **856726** | **404259** | **427265** |

---

The cost of employee benefits included in the cost of sales is shown in Note 11.2.

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

<u>Other operating revenue</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to <br> June 30,<br> 2025** | **January 1 to <br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Recovery allowance for expected credit losses (Note 8.1.) | 10459 | 9142 | 4863 | 5947 |
| Recovery of other provisions | 6875 | 182 | 6219 | 6 |
| Recovery of other liabilities | 4858 | 17378 | 3371 | 11112 |
| Other indemnification (1) | 3559 | 2573 | 1848 | 1761 |
| Recovery of costs and expenses from taxes other than income tax | 2557 | 2028 | 2517 | 1657 |
| Recovery of provisions for legal proceedings | 2205 | 4795 | 765 | 4371 |
| Insurance indemnification | 695 | 1087 | 157 | 663 |
| Recovery from restructuring processes |  | 1686 |  | 1686 |
| Reimbursement of costs and expenses for taxes |  | 241 |  | 241 |
| **Total other operating revenue** | **31208** | **39112** | **19740** | **27444** |

---

(1) It corresponds to the indemnities paid by Rappi S.A.S. for
losses from the operation with Turbo amounting to $3,287 and compensation for consequential damages in the sale of the Country Lot strip
for $272.

<u>Other operating expenses</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to <br> June 30,<br> 2025** | **January 1 to <br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Restructuring expenses | (1747) | (31791) | 249 | (15647) |
| Other provisions (1) |  | (5195) | (794) |  |
| Others (2) | (1226) | (14860) | (300) | (4859) |
| **Total other operating expenses** | **(2973)** | **(51846)** | **(845)** | **(20506)** |

---

(1) It corresponds to the store and shop closure plan as of June
2024. 48

(2) It corresponds to:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to <br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Tax on wealth | (221) | (1314) | (209) | (1358) |
| Corporate projects | (210) |  | (91) |  |
| Severance expenses | (328) |  |  |  |
| Closed stores expenses | (467) |  |  |  |
| Fees for the registration process in the New York and Sao Paulo Stock Exchanges |  | (11540) |  | (2698) |
| Fees for projects for the implementation of norms and laws |  | (1205) |  | (70) |
| Others |  | (801) |  | (733) |
| **Total others** | **(1226)** | **(14860)** | **(300)** | **(4859)** |

---

<u>Other net (loss) income</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to <br> June 30,<br> 2025** | **January 1 to <br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Gain from the early termination of lease contracts | 8491 | 1190 | 6802 | 1060 |
| Gain (loss) on sale of property, plant and equipment | 6948 | 1575 | (9) | 1539 |
| Reversal of impairment losses on assets | 6794 |  | 3743 |  |
| Gain on sale of assets | 2269 | 2917 | 2269 | 987 |
| Gain (loss) on derecognition of right-of-use assets | (57) |  | (1) |  |
| (Loss) from write-off of property, plant and equipment, intangible, property investments and other assets | (8459) | (6629) | (3831) | (2619) |
| **Total other net (loss) income** | **15986** | **(947)** | **8973** | **967** |

---

**Note 32. Financial income and expenses**

The value of financial income and expenses is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to <br> June 30,<br> 2025** | **January 1 to <br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Gain from foreign exchange differences | 72727 | 41317 | 39549 | (4863) |
| Interest income on cash and cash equivalents (Note 7) | 15021 | 18325 | 6889 | 6408 |
| Gains from valuation of derivative financial instruments | 3764 | 3976 | 2747 | 2923 |
| Gain from liquidated derivative financial instruments | 322 | 21324 | (1055) | 10052 |
| Net monetary position results, effect of the statement of profit or loss (1) |  | 47791 |  | 21377 |
| Other financial income | 4075 | 10194 | 1534 | 4253 |
| **Total financial income** | **95909** | **142927** | **49664** | **40150** |
| Interest expense on loan and borrowings | (82073) | (116699) | (37948) | (65479) |
| Interest expense on lease liabilities (Note 15.2) | (76591) | (74099) | (39039) | (37135) |
| Net monetary position result, effect in the income statement (1) | (43500) |  | (43435) |  |
| (Loss) from foreign exchange differences | (39262) | (44506) | (26011) | (8518) |
| Loss from liquidated derivative financial instruments | (16837) | (21009) | (5556) | (12030) |
| Net monetary position expense, effect of the statement of financial position | (10208) | (14656) | (4587) | (7943) |
| Loss from fair value changes in derivative financial instruments | (9958) | (1002) | (2843) | 9694 |
| Commission expenses | (2504) | (3817) | (896) | (1448) |
| *Factoring* expenses | (1558) | (54862) | 199 | (25936) |
| Other financial expenses | (1835) | (10015) | (993) | (6383) |
| **Total financial expenses** | **(284326)** | **(340665)** | **(161109)** | **(155178)** |
| **Net financial result** | **(188417)** | **(197738)** | **(111445)** | **(115028)** |

---

(1) The index used to adjust for inflation the financial statements
of the subsidiary Libertad S.A. is the Domestic Wholesale Price Index (IPIM) published by the National Institute of Statistics and Censuses
of the Republic of Argentina (INDEC). The following are the indices and conversion factors used:

---

| | | |
|:---|:---|:---|
|  | **Price index** | **Change during <br> 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 | 1754.58 | 94.8% |
| December 31, 2023 | 6603.36 | 276.4% |
| June 30, 2024 | 9940.06 | 50.5% |
| December 31, 2024 | 11034.04 | 67.1% |
| June 30, 2025 | 12044.40 | 9.2% |

---

**Note 33. Earnings per share**

The basic earnings per share are calculated based on the weighted average number of shares outstanding for each category during the year.

There were no potential dilutive ordinary shares outstanding at the end of the periods ending June 30, 2025, and June 30, 2024.

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

<u>In the results of the period:</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to** <br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| **Net profit (loss) attributable to equity holders of the parent (basic)** | **240012** | **(56598)** | **146865** | **(18735)** |
| 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 earnings (loss) per share to equity holders of the parent (in** |  |  |  |  |
| **Colombian pesos)** | **184.93** | **(43.61)** | **113.16** | **(14.44)** |

---

<u>In continuing operations:</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to** <br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| **Net profit from continuing operations (basic)** | **332733** | **27224** | **205009** | **35204** |
| Less net income from continuing operations attributable to |  |  |  |  |
| non-controlling interests | 92721 | 83822 | 58144 | 53939 |
| **Net profit (loss) from continuing operations attributable to the equity holders of the parent (basic)** | **240012** | **(56598)** | **146865** | **(18735)** |
| 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 earnings (loss) per share from continuing operations attributable to the equity holders of the parent (in Colombian pesos)** | **184.3** | **(43.61)** | **113.16** | **(14.44)** |

---

**Note 34. Impairment of assets**

As June 30, 2025, and December 31, 2024, no impairment losses were observed regarding the measurement of recoverable value of financial assets, except for those related to accounts receivable (Note 8).

As of December 31, 2024, Grupo Éxito performed its annual impairment test for its non-financial assets, which is properly disclosed in the separate financial statements presented at the close of that year.

**Note 35. Fair value measurement**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Carrying<br> amount** | **Fair<br> value** | **Carrying<br> amount** | **Fair<br> value** |
| **Financial assets** | 8688 | 8227 | 10107 | 9618 |
| Trade receivables and other accounts receivable at amortized cost | 381 | 381 | 402 | 402 |
| Investments in private equity funds | 328 | 328 | 4469 | 4469 |
| *Forward* contracts measured at fair value through income (Note 12) |  |  |  |  |
| *Forward* contracts denominated as hedge instruments (Note 12) | 11978 | 11978 | 13302 | 13302 |
| Investment in bonds through other comprehensive income (Note 12) | 1437 | 1437 | 1437 | 1437 |
| **Non-financial assets** |  |  |  |  |
| Investment property (Note 14) | 1780695 | 4380719 | 1828326 | 4492917 |
| Property, plant and equipment, and investment property held for sale (Note 41) | 2645 | 4378 | 2645 | 4378 |
| **Financial liabilities** |  |  |  |  |
| Loans and borrowings (Note 20) | 2008092 | 2006921 | 1907673 | 1906048 |
| Put option (Note 20) | 313665 | 313665 | 350776 | 350776 |
| Forwards contracts denominated as hedge instruments (Note 25) | 684 | 684 | 278 | 278 |
| Forward contracts measured at fair value through income (Note 25) | 6668 | 6668 | 1174 | 1174 |
| **Non-financial liabilities** |  |  |  |  |
| Customer loyalty liability (Note 26) | 47810 | 47810 | 46217 | 46217 |

---

To estimate fair values, the methods and assumptions detailed below were used:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hierarchy level** | **Valuation<br> technique** | **Description of the valuation<br> technique** | **Significant input data** |
| **Assets** |  |  |  |  |
| Loans at amortized cost | Level 2 | Discounted cash flows method | Future cash flows are discounted to present value using the market rate for loans with similar conditions as of the measurement date, in accordance with the maturity dates. | 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 pre-close value for the day divided by the total number of fund units at the close of operations on that day. The valuation of the assets is carried out daily by the fund manager. | N/A |
| *Forward* contracts measured at fair value through income | Level 2 | Colombian Peso- US Dollar *forward* | The difference between the agreed *forward* rate and the forward rate on the valuation date corresponding to the remaining term of the derivative financial instrument is established and discounted to its present value using a zero-coupon interest rate. To determine the forward rate, the average of the closing *bid* and *ask* quotations is used. | 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.<br>Number of days between valuation date and maturity date. Zero-coupon interest rate. |
| Equity investments | Level 2 | Quoted market prices | The fair values of these investments are determined by reference to quoted prices published in active markets where the companies are traded; in other cases, the investments are measured at the attributed cost determined in the opening balance, considering that the effect is not material and that performing a measurement using a valuation technique commonly used by market participants may incur higher costs than the benefits themselves. | N/A |
| Investment in bonds | Level 2 | Discounted cash flows method | Future cash flows are discounted to present value using the market rate for loans with similar conditions as of the measurement date, in accordance with the maturity dates. | 12-month CPI + basic points negotiated |
| Investment property | Level 2 | Comparison or market method | A technique that consists of establishing the fair value of properties based on the study of recent offers or transactions of assets similar and comparable to the object of valuation. | N/A |
| Investment property | Level 3 | Discounted cash flows method | A technique that provides the opportunity to identify income growth over a predetermined period for the investment. The value of the property is equivalent to the discounted value of future benefits. These benefits represent the annual cash flow (both positive and negative) over the period, plus the net gain derived from the hypothetical sale of the property at the end of the investment period. | Discount rate (11,25% – 19,49%)<br> Vacancy rate (0% - 45,40%)<br> Capitalization rate (7,75% - 9,75%) |
| Investment property | Level 2 | Residual method | Technique used when the land has urban development potential, based on estimating the total sales value of a construction project, in accordance with current urban planning regulations and the market for the final sellable property. | Residual value |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hierarchy level** | **Valuation<br> technique** | **Description of the valuation<br> technique** | **Significant input data** |
| **Assets** |  |  |  |  |
| Investment property | Level 2 | Replacement cost method | The valuation method consists of calculating the value of a newly built property, as of the reporting date, with the same quality and features as the one being valued. This value is referred to as the replacement cost. Then, the loss in value the property has experienced over time due to wear and tear or its level of maintenance—either diligent or neglected—is assessed, which is referred to as depreciation. | Physical value of building and land. |
| Non-current assets classified as held for trading | Level 2 | Residual method | Technique used when the land has urban development potential, based on estimating the total sales value of a construction project, in accordance with current urban planning regulations and the market for the final sellable property. | Residual value |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hierarchy level** | **Valuation<br> technique** | **Description of the valuation<br> technique** | **Significant input data** |
| **Liabilities** |  |  |  |  |
| Financial liabilities measured at amortized cost | Level 2 | Discounted cash flows method | Future cash flows are discounted to present value using the market rate for loans with similar conditions as of the measurement date, in accordance with the maturity dates. | Reference Banking Index (RBI) + Negotiated basis points. LIBOR rate + Negotiated basis points |
| Forward contracts measured at fair value through profit or loss | Nivel 2 | Colombian Peso - US Dollar<br> *Forward* | The difference between the agreed *forward* rate and the *forward* rate on the valuation date corresponding to the remaining term of the derivative financial instrument is established and discounted to its present value using a zero-coupon interest rate. To determine the *forward* rate, the average of the closing *bid* and *ask* quotations is used. | 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.<br>Number of days between valuation date and maturity date. Zero-coupon interest rate. |
| Customer loyalty liability | Level 3 | Market value | The loyalty liability is periodically updated based on the average market value of the point over the past 12 months and the effect of the expected redemption rate, determined at each transaction with the customer. | &nbsp;&nbsp;&nbsp; Number of points redeemed, expired and issued. Point value.<br>Expected redemption rate |
| Lease liabilities | Level 2 | Discounted cash flows method | Future cash flows from lease contracts are discounted to present value using the market rate for loans under similar conditions at the lease commencement date, in accordance with the minimum non-cancellable period. | Reference Banking Index (RBI) + basis points in accordance with risk profile |
| Put option | Put option | Market value | It is measured at fair value, which corresponds to the agreed-upon amount between the parties for transferring the liability under current market conditions. | As of June 30, 2025, the value of the put option is recognized based on the share purchase agreements entered into between the parties. |

---

Changes in the hierarchies may occur if new information becomes available, if previously used information is no longer available, if changes improve the valuation techniques, or if market conditions change.

No transfers between level 1 and level 2 hierarchies occurred during the period ended June 30, 2025.

**Note 36. Contingencies**

<u>Contingent assets</u>

As of June 30, 2025, Grupo Éxito does not have any significant contingent assets that need to be disclosed.

<u>Contingent liabilities</u>

The following are the contingent liabilities as of June 30, 2025, and December 31, 2024:

(a) The following legal proceedings are being carried out with
the aim of ensuring that Grupo Éxito does not pay the amounts claimed by the plaintiff:

Administrative discussion with the DIAN (National Directorate of Customs of Colombia) for $42,872 (December 31, 2024 - $42,210) related to the notification of special requirement 112382018000126 dated September 17, 2018, through which the income tax return for 2015 was proposed to be amended. In September 2021, Almacenes Éxito S.A. received a new notification from the DIAN confirming its proposal. However, external advisors consider the process as a contingent liability.

Nullity of resolution N°2024008001 dated August 5, 2024, imposes a sanction for failing to declare ICA for 2020 to 2022 annually, as the declarations were submitted bimonthly, and resolution N°0034 dated November 8, 2024, for $4,175 (December 31, 2024 - $4,175).

Nullity of the Official Revision Settlement GGI-FI-LR-50716-22 dated November 22, 2022, through which the Special Industrial and Port District of Barranquilla modifies the 2019 industry and commerce tax declaration, establishing a higher tax amount and a penalty for inaccuracy, and the nullity of resolution GGI-DT-RS-282-2023 dated October 27, 2023, through which the reconsideration appeal is resolved, for $2,877 (December 31, 2024 - $3,790).

Nullity of the Official Revision Settlement GGI-FI-LR-50712-22 dated November 2, 2022, through which the 2018 industry and commerce tax declaration is modified, establishing a higher tax amount and a penalty for inaccuracy, and the nullity of resolution GGI.DT-RS-282-2023 dated October 27, 2023, through which the reconsideration appeal is resolved, for $3,309 (December 31, 2024 - $3,342).

Nullity of the penalty resolution from September 2020, which ordered the reimbursement of the balance in favor liquidated in the income tax for the 2015 tax year, for $2,876 (December 31, 2024 - $2,734).

Nullity of the Official Review Settlement GGI-FI-LR-50720-22 from December 6, 2022, which modifies the 2020 industry and commerce tax declaration, establishing a higher tax amount and a penalty for inaccuracy, and the nullity of the resolution GGI-DT-RS-329-2023 from December 4, 2023, which resolves the reconsideration appeal, for $2,757 (December 31, 2024 - $2,664).

Nullity of the Official Assessment Settlement 00019-TS-0019-2021 from February 24, 2021, through which the Department of Atlántico assessed the Security and Citizen Coexistence Rate for the taxable period from February 2015 to November 2019, and the nullity of Resolution 5-3041-TS0019-2021 from November 10, 2021, through which the reconsideration appeal is resolved, for $1,285 (December 31, 2024 - $1,226).

(b) Guarantees:

Almacenes Éxito S.A provided a guarantee to its subsidiary Almacenes Éxito Inversiones S.A.S. to cover potential defaults on its obligations. As of June 30, 2025, the value amounts to $3,967 (as of December 31, 2024, $3,967).

Almacenes Éxito S.A. provided a bank guarantee until July 10, 2025, to the third-party Bacninh Manufacture and Trading CO., LTD., to ensure the payment for the purchase of goods (products and supplies) amounting to $89.

Almacenes Éxito S.A. a bank guarantee until August 10, 2025, to the third-party SINOGLAS, to ensure the payment for the purchase of goods (products and supplies) amounting to $621.

The subsidiary Éxito Viajes y Turismo S.A.S. provided a guarantee in favor of JetSmart Airlines S.A.S. for $400 to ensure compliance with the payment obligations associated with the airline ticket sales contract (December 31, 2024: $400).

The subsidiary Éxito Viajes y Turismo S.A.S. is involved in a consumer protection lawsuit, which is being defended under the provisions of Article 4 of Decree 557 issued by the Ministry of Commerce, Industry, and Tourism, applicable since the declaration of the sanitary emergency on March 12, 2020, for an amount of $841 corresponding to 178 proceedings.

- The subsidiary Transacciones Energéticas S.A.S. E.S.P. provided guarantees to the following third parties to secure the payment of charges for the use of the regional transmission system and the local electricity distribution system:

---

| | |
|:---|:---|
| **Third-party** | **Value $** |
| Enel Colombia S.A. E.S.P. | 1215 |
| XM Compañía de Expertos en Mercados S.A. E.S.P. | 602 |
| Empresas Públicas de Medellin E.S.P. | 501 |
| Emcali S.A. E.S.P. | 241 |
| Central hidroelétrica de Caldas S.A. E.S.P. | 119 |
| Caribemar de la Costa S.A.S. E.S.P. | 116 |
| Empresa de energía del Quindio S.A. E.S.P. | 96 |
| AIR-E S.A. E.S.P. | 71 |
| Empresa de Energía de Pereira S.A. E.S.P. | 40 |
| Eletrificadora del Caquetá S.A. E.S.P. | 34 |
| Celsia Colombia S.A. E.S.P. | 31 |
| Empresa de energía de Boyacá S.A. E.S.P. | 30 |
| Electrificadora del Meta S.A. E.S.P. | 26 |
| Centrales elétricas del Norte de Santander S.A E.S.P. | 23 |
| Electrificadora de Santander S.A. E.S.P. | 17 |
| Centrales eléctricas de Nariño S.A. E.S.P. | 4 |

---

At the request of certain insurance companies and as a requirement for the issuance of performance bonds, during 2025 some subsidiaries and Almacenes Éxito S.A., acting as joint debtor for some of its subsidiaries, have provided certain guarantees to these third parties. The guarantees granted are detailed below:

---

| | | |
|:---|:---|:---|
| **Type of guarantee** | **Description and detail of the guarantee** | **Insurance company** |
| Open promissory note | Performance bond. Éxito acts as joint debtor of Patrimonio Autónomo Viva Barranquilla. | Seguros Generales Suramericana S.A. |
| Open promissory note | Performance bond granted by Exito Industrias S.A.S. | Seguros Generales Suramericana S.A. |
| Open promissory note | Performance bond granted by Éxito Viajes y Turismo S.A.S. | Berkley International Seguros Colombia S.A. |
| Open promissory note | Performance bond granted by Éxito Viajes y Turismo S.A.S. | Seguros Generales Suramericana S.A. |
| Open promissory note | Performance bond granted by Transacciones Energéticas S.A.S. E.S.P. | Seguros Generales Suramericana S.A. |
| Open promissory note | Performance bond granted by Logística, Transporte y Servicios Asociados | Seguros Generales Suramericana S.A. S.A.S. |

---

These contingent liabilities, due to their possible nature, are not recognized in the statement of financial position; they are only disclosed in the notes to the financial statements.

**Note 37. Dividends declared and paid**

At the General Shareholders' Meeting of the Company held on March 27, 2025, a dividend of $27,398 was declared, equivalent to an annual dividend of $21.11 Colombian pesos per share. The amount paid during the period ended June 30, 2025, amounted to $27,407.

The dividends declared and paid during the period ended June 30, 2025, to the owners of the non-controlling interests of the subsidiaries are as follows:

---

| | | |
|:---|:---|:---|
|  | **Dividends<br> declared** | **Dividends<br> paid** |
| Patrimonio Autónomo Viva Malls | 56316 | 20404 |
| Grupo Disco Uruguay S.A. | 12632 | 50723 |
| Patrimonio Autónomo Viva Villavicencio | 6168 | 5868 |
| Patrimonio Autónomo Centro Comercial | 3609 | 3438 |
| Éxito Viajes y Turismo S.A.S. | 3534 | 3534 |
| Patrimonio Autónomo Viva Laureles | 1426 | 1228 |
| Patrimonio Autónomo Centro Comercial Viva Barranquilla | 1311 | 1157 |
| Patrimonio Autónomo Viva Sincelejo | 738 | 761 |
| Patrimonio Autónomo Viva Palmas | 391 | 273 |
| Almacenes Éxito Inversiones S.A.S. |  | 6954 |
| **Total** | **86125** | **94340** |

---

At the General Shareholders' Meeting of Almacenes Éxito S.A. held on March 21, 2024, a dividend of $65,529 was declared, equivalent to an annual dividend of $50.49 Colombian pesos per share. The amount paid during the year ending December 31, 2024, amounted to $65,502.

The dividends declared and paid during the annual period ended December 31, 2024, to the owners of the non-controlling interests of the subsidiaries are as follows:

---

| | | |
|:---|:---|:---|
|  | **Dividends <br> declared** | **Dividends<br> paid** |
| Patrimonio Autónomo Viva Malls | 121977 | 144979 |
| Grupo Disco Uruguay S.A. | 22506 | 22246 |
| Patrimonio Autónomo Viva Villavicencio | 11739 | 11817 |
| Patrimonio Autónomo Centro Comercial | 6327 | 6636 |
| Éxito Viajes y Turismo S.A.S. | 4075 | 4075 |
| Patrimonio Autónomo Centro Comercial Viva Barranquilla | 3092 | 3066 |
| Patrimonio Autónomo Viva Laureles | 3003 | 2980 |
| Patrimonio Autónomo Viva Sincelejo | 1388 | 1578 |
| Éxito Industrias S.A.S. | 1136 | 1136 |
| Patrimonio Autónomo San Pedro Etapa I | 818 | 413 |
| Patrimonio Autónomo Viva Palmas | 811 | 949 |
| **Total** | **176872** | **199875** |

---

**Note 38. Seasonality of transactions**

Grupo Éxito's operating and cash flow cycles show a certain seasonality in the operational and financial results, as well as in the financial indicators related to liquidity and working capital, with a concentration during the first and last quarters of each year, , mainly due to the Christmas and holiday season and the "Special Price Days" event, which is the second most important promotional event of the year. The management monitors these indicators to ensure that risks do not materialize, and for those that could materialize, it implements action plans in a timely manner. Additionally, it monitors these indicators to ensure they remain within industry standards.

**Note 39. Financial risk management policy**

As of December 31, 2024, Grupo Éxito adequately disclosed its capital and financial risk management policies in the consolidated financial statements presented at the end of that year. No changes have been made to these policies during the six-months period ended June 30, 2025.

**Note 40. Operating segments**

The three reportable segments of Grupo Éxito, which meet the definition of operating segments, are the following:

<u>Colombia:</u>

- Revenues and services from the commercial activity in Colombia, with stores under the brands Éxito, Carulla, Surtimax, Súper Inter, Surti Mayorista, and the B2B format.

<u>Argentina:</u>

- Revenues and services from the commercial activity in Argentina, with stores under the brands Libertad y Mayorista.

<u>Uruguay:</u>

- Revenues and services from the commercial activity in Uruguay, with stores under the brands Disco, Devoto, and Géant.

Retail sales by each of the segments are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to<br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| **Operating segment** | | | | |
| Colombia | 7553023 | 7203776 | 3742444 | 3500431 |
| Argentina | 534071 | 688445 | 234430 | 392729 |
| Uruguay | 2048741 | 1996350 | 994372 | 959307 |
| **Total consolidated sales** | **10135835** | **9888571** | **4971246** | **4852467** |

---

The following is additional information by operating segment:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** | **For the period ended June 30, 2025** |
|  | **Colombia** | **Argentina (1)** | **Uruguay (1)** | **Total** | **Eliminations (2)** | **Total** |
| Retail sales | 7553023 | 534071 | 2048741 | 10135835 |  | 10135835 |
| Service revenue | 399763 | 32894 | 18224 | 450881 |  | 450881 |
| Other revenue | 23176 |  | 3219 | 26395 |  | 26395 |
| Gross profit | 1769778 | 176319 | 772459 | 2718556 |  | 2718556 |
| Operating profit | 307762 | (44330) | 232894 | 496326 |  | 496326 |
| Depreciation and amortization | 280455 | 18828 | 50248 | 349531 |  | 349531 |
| Net finance result | (138571) | (55899) | 6053 | (188417) |  | (188417) |
| Profit before income tax from continuing operations | 193604 | (100229) | 238947 | 332322 |  | 332322 |
| Tax expense | (24569) | 57716 | (32736) | 411 |  | 411 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** | **For the period ended June 30, 2024** |
|  | **Colombia** | **Argentina (1)** | **Uruguay (1)** | **Total** | **Eliminations (2)** | **Total** |
| Retail sales | 7203776 | 688445 | 1996350 | 9888571 |  | 9888571 |
| Service revenue | 383169 | 24475 | 14150 | 421794 |  | 421794 |
| Other revenue | 35926 | 5 | 3760 | 39691 |  | 39691 |
| Gross profit | 1657806 | 231355 | 732496 | 2621657 |  | 2621657 |
| Operating profit | 69344 | (9936) | 183983 | 243391 |  | 243391 |
| Depreciation and amortization | 286096 | 17895 | 47498 | 351489 |  | 351489 |
| Net finance result | (189526) | 3538 | (11750) | (197738) |  | (197738) |
| Profit before income tax from continuing operations | (168604) | (6398) | 172233 | (2769) |  | (2769) |
| Tax expense | 73977 | (13471) | (30513) | 29993 |  | 29993 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three-months period ended June 30, 2025** | **For the three-months period ended June 30, 2025** | **For the three-months period ended June 30, 2025** | **For the three-months period ended June 30, 2025** | **For the three-months period ended June 30, 2025** | **For the three-months period ended June 30, 2025** |
|  | **Colombia** | **Argentina (1)** | **Uruguay (1)** | **Total** | **Eliminations (2)** | **Total** |
| Retail sales | 3742444 | 234430 | 994372 | 4971246 |  | 4971246 |
| Service revenue | 199332 | 15713 | 10954 | 225999 |  | 225999 |
| Other revenue | 9879 |  | 1345 | 11224 |  | 11224 |
| Gross profit | 893438 | 75720 | 366625 | 1335783 |  | 1335783 |
| Operating profit | 216702 | (23336) | 104618 | 297984 |  | 297984 |
| Depreciation and amortization | 137667 | 8225 | 25676 | 171568 |  | 171568 |
| Net finance result | (68710) | (46872) | 4137 | (111445) |  | (111445) |
| Profit before income tax from continuing operations | 162335 | (70208) | 108755 | 200882 |  | 200882 |
| Tax expense | (34443) | 47390 | (8820) | 4127 |  | 4127 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three-months period ended June 30, 2024** | **For the three-months period ended June 30, 2024** | **For the three-months period ended June 30, 2024** | **For the three-months period ended June 30, 2024** | **For the three-months period ended June 30, 2024** | **For the three-months period ended June 30, 2024** |
|  | **Colombia** | **Argentina (1)** | **Uruguay (1)** | **Total** | **Eliminations (2)** | **Total** |
| Retail sales | 3500431 | 392729 | 959307 | 4852467 |  | 4852467 |
| Service revenue | 193710 | 14667 | 7236 | 215613 |  | 215613 |
| Other revenue | 4672 | 3 | 2162 | 6837 |  | 6837 |
| Gross profit | 814546 | 131054 | 354104 | 1299704 |  | 1299704 |
| Operating profit | 70392 | (7086) | 84857 | 148163 |  | 148163 |
| Depreciation and amortization | 143030 | 10517 | 24311 | 177858 |  | 177858 |
| Net finance result | (94812) | (11038) | (9178) | (115028) |  | (115028) |
| Profit before income tax from continuing operations | (50782) | (18124) | 75679 | 6773 |  | 6773 |
| Tax expense | 40168 | (2858) | (8879) | 28431 |  | 28431 |

---

(1) Non-operating companies, *holding* companies that hold
shares of the operating companies, are assigned for segment reporting purposes to the geographical area to which the operating companies
belong. In cases where the *holding* company holds investments in multiple operating companies, it is assigned to the most significant
operating company.

(2) It refers to the balances of transactions conducted between
the segments that are eliminated in the financial statement consolidation process.

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

**Note 41. Assets held for sale**

<u>Assets held for sale</u>

Grupo Éxito's management has a plan to sell certain properties in order to structure projects that will allow for better utilization of these properties, increase their potential future sale price, and generate additional resources for Grupo Éxito. As a result of this plan, some of the property, plant, and equipment, as well as some of the investment properties, have been classified as assets held for sale.

The balance of assets held for sale reflected in the statement of financial position is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,<br> 2025** | **June 30,<br> 2025** | **December 31, <br> 2024** | **December 31, <br> 2024** |
| Investment property |  | 2645 |  | 2645 |

---

It refers to the La Secreta parcel, negotiated with the buyer in 2019. As of December 31, 2024, 59.12% of the payment for the property has been received. The remainder of the asset will be delivered along with the payments for the asset, which will be received in 2025. The deed for the contribution to the trust was signed on December 1, 2020, and registered on December 30, 2020.

No income or expenses have been recognized in the results or in other comprehensive income related to the use of these assets.

**Note 42. Subsequent Events**

On August 6, 2025, the subsidiary Libertad S.A. was granted a loan in the amount of USD 35 million for a period of 5 years. For this loan, Almacenes Éxito S.A. provided a bank guarantee as part of a transaction aimed at supporting the restructuring of its debt and optimizing its financial costs.

**Almacenes Éxito S.A.**

**Condensed separate financial statements for interim periods** 

**As of June 30, 2025, and December 31, 2024, and for the six and three-month periods ended June 30, 2025, and 2024**

**Almacenes Éxito S.A.**

**Condensed Separate Statement of Financial Position for Interim Periods** 

As of June 30, 2025, and December 31, 2024,

(Amounts expressed in millions of Colombian pesos)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **June 30,<br> 2025** | **December 31, <br> 2024** |
| **Current assets** |  | | |
| Cash and cash equivalents | 6 | 789155 | 856675 |
| Trade receivables and other receivables | 7 | 246842 | 314528 |
| Prepayments | 8 | 1186 | 13694 |
| Receivables from related parties | 9 | 95330 | 53633 |
| Inventories, net | 10 | 2269565 | 2230260 |
| Financial assets | 11 | 328 | 4469 |
| Tax assets | 23 | 594369 | 495669 |
| Assets held for sale | 40 | 2645 | 2645 |
| **Total current assets** |  | **3999420** | **3971573** |
| **Non-current assets** |  |  |  |
| Trade receivables and other receivables | 7 | 11571 | 13867 |
| Prepayments | 8 | 8675 | 9622 |
| Receivables from related parties | 9 | 950 |  |
| Financial assets | 11 | 1818 | 1839 |
| Deferred tax assets | 23 | 154439 | 176378 |
| Property, plant and equipment, net | 12 | 1785916 | 1861804 |
| Investment property, net | 13 | 63744 | 64177 |
| Rights of use asset, net | 14 | 1528874 | 1525968 |
| Other intangible assets, net | 15 | 162128 | 171861 |
| Goodwill | 16 | 1453077 | 1453077 |
| Investments accounted for using the equity method | 17 | 4752412 | 4653658 |
| Other assets |  | 398 | 398 |
| **Total non-current assets** |  | **9924002** | **9932649** |
| **Total assets** |  | **13923422** | **13904222** |
| **Current liabilities** |  |  |  |
| Loans, borrowings, and other financial liability | 19 | 1708946 | 1553175 |
| Employee benefits | 20 | 4455 | 3336 |
| Provisions | 21 | 14843 | 33397 |
| Payables to related parties | 9 | 143361 | 114552 |
| Trade payables and other payable | 22 | 2963939 | 3129255 |
| Lease liabilities | 14 | 292892 | 315308 |
| Tax liabilities | 23 | 66576 | 108668 |
| Other financial liabilities | 24 | 194024 | 161672 |
| Other liabilities | 25 | 110331 | 172002 |
| **Total current liabilities** |  | **5499367** | **5591365** |
| **Non-current liabilities** |  |  |  |
| Loans, borrowings, and other financial liability | 19 | 32259 | 128672 |
| Employee benefits | 20 | 16186 | 16186 |
| Provisions | 21 | 13435 | 13843 |
| Trade payables and other payables | 22 | 1680 | 22195 |
| Lease liabilities | 14 | 1475115 | 1443071 |
| Other liabilities | 25 | 349 | 378 |
| **Total non-current liabilities** |  | **1539024** | **1624345** |
| **Total liabilities** |  | **7038391** | **7215710** |
| **Equity** |  |  |  |
| Issued share capital | 26 | 4482 | 4482 |
| Reserves | 26 | 1518855 | 1491467 |
| Other equity components |  | 5361694 | 5192563 |
| **Total equity** |  | **6885031** | **6688512** |
| **Total liabilities and equity** |  | **13923422** | **13904222** |

---

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

**Almacenes Éxito S.A.**

**Condensed Separate Statement of profit of loss for Interim Periods** 

For the six and three-month periods ended June 30, 2025, and 2024

(Amounts expressed in millions of Colombian pesos)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Continuing operations** | **Notes** | **January 1 to <br> June 30,<br> 2025** | **January 1 to <br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Revenue from contracts with customers | 27 | 7754391 | 7436250 | 3838013 | 3601660 |
| Cost of sales | 10 | (6197811) | (5956142) | (3053911) | (2883206) |
| **Gross profit** |  | **1556580** | **1480108** | **784102** | **718454** |
| Distribution, administrative and selling expenses | 28 | (1405718) | (1481080) | (669678) | (720435) |
| Other operating revenue | 30 | 22403 | 24695 | 13685 | 20338 |
| Other operating expenses | 30 | (1004) | (48732) | (884) | (17347) |
| Other (loss) income, net | 30 | 7412 | (2957) | 1089 | 803 |
| **Operating profit (loss)** |  | **179673** | **(27966)** | **128314** | **1813** |
| Financial income | 31 | 39680 | 61803 | 16615 | (255) |
| Financial cost | 31 | (200582) | (277546) | (96517) | (107844) |
| Share of profit in associates and joint ventures | 32 | 243044 | 101232 | 124925 | 41215 |
| **Profit (loss) before income tax from continuing operations** |  | **261815** | **(142477)** | **173337** | **(65071)** |
| Income tax (expense) | 23 | (21803) | 85879 | (26472) | 46336 |
| **Profit for the year** |  | **240012** | **(56598)** | **146865** | **(18735)** |
| **Earnings per share (\*)** |  |  |  |  |  |
| **Basic earnings per share (\*):** |  |  |  |  |  |
| Basic earnings per share from continuing operations | 33 | 184.93 | (43.61) | 113.16 | (14.44) |

---

---

| | |
|:---|:---|
| (\*) | Amounts expressed in Colombian pesos. |

---

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

**Almacenes Éxito S.A.**

**Condensed Separate Statement of Comprehensive Income for Interim Periods** 

For the six and three-month periods ended June 30, 2025, and 2024

(Amounts expressed in millions of Colombian pesos)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **January 1 to<br> June 30,<br> 2025** | **January 1 to<br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| **Net profit (loss) for the period** |  | **240012** | **(56598)** | **146865** | **(18735)** |
| **Other comprehensive income** |  |  |  |  |  |
| **Components of other comprehensive income that will not be reclassified to profit and loss, net of taxes** |  |  |  |  |  |
| (Loss) from financial instruments designated at fair value through other comprehensive Income | 26 | (78) | (399) | 7 | (126) |
| **Total other comprehensive income that will not be reclassified to period results, net of taxes** |  | **(78)** | **(399)** | **7** | **(126)** |
| **Components of other comprehensive income that may be and reclassified to profit loss, net of taxes** |  |  |  |  |  |
| Gain (loss) from translation exchange differences (1) | 26 | (208393) | 101618 | (86869) | 58928 |
| Gain from cash flow hedge | 26 | 1484 | 2683 | (364) | (214) |
| **Total other comprehensive income that may be reclassified to profit or loss, net of taxes** |  | **(206909)** | **104301** | **(87233)** | **58714** |
| **Total other comprehensive income** |  | **(206987)** | **103902** | **(87226)** | **58588** |
| **Total comprehensive income** |  | **33025** | **47304** | **59639** | **39853** |
| **Earnings per share** |  |  |  |  |  |
| **Basic earnings per share (\*):** |  |  |  |  |  |
| Basic earnings per share from continuing operations | 33 | 25.45 | 36.45 | 45.95 | 30.71 |

---

---

| | |
|:---|:---|
| (\*) | Amounts expressed in Colombian pesos. |

---

(1) Refers to 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 unaudited condensed separate interim financial statements.

**Almacenes Éxito S.A.** 

**Condensed Separate Statement of Changes in Equity for Interim Periods**

As of June 30, 2025, and 2024

(Amounts expressed in millions of Colombian pesos)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Issued share capital** | **Premium on the issue of shares** | **Treasury shares reacquired** | **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 equity** |
|  | (Note 26) | (Note 26) | (Note 26) | (Note 26) | (Note 26) | (Note 26) | (Note 26) | (Note 26) | (Note 26) | (Note 26) | | | |
| **Balance on December 31, 2023** | **4482** | **4843466** | **(319490)** | 7857 | 509918 | 418442 | 155412 | 339496 | **1431125** | **(2304046)** | **534333** | **1910807** | **6100677** |
| Declared dividend (Note 37) |  |  |  |  | (65529) |  |  |  | (65529) |  |  |  | (65529) |
| Net (loss) |  |  |  |  |  |  |  |  |  |  | (56598) |  | (56598) |
| Other comprehensive income |  |  |  |  |  |  |  |  |  | 137852 |  |  | 137852 |
| Appropriation to reserves |  |  |  |  | 141707 |  |  | (15709) | 125998 |  | (125998) |  |  |
| Changes in interest in the ownership of subsidiaries that do not result in change of control |  |  |  |  |  |  |  |  |  |  |  | 10 | 10 |
| Equity method on the inflationary effect of subsidiary Libertad S.A. |  |  |  |  |  |  |  |  |  |  |  | 486751 | 486751 |
| Equity method on the effect of the valuation of the put option of the subsidiary Grupo Disco del Uruguay S.A |  |  |  |  |  |  |  |  |  | (33950) |  | (15782) | (49732) |
| Other movements |  |  |  |  |  |  |  | (105) | (105) |  | (358) |  | (463) |
| **Balance on June 30, 2024** | **4482** | **4843466** | **(319490)** | 7857 | 586096 | 418442 | 155412 | 323682 | **1491489** | **(2200144)** | **351379** | **2381786** | **6552968** |
| **Balance on December 31, 2024** | **4482** | **4843466** | **(319490)** | **7857** | **586096** | **418442** | **155412** | **323660** | **1491467** | **(2307004)** | **464211** | **2511380** | **6688512** |
| Declared dividend (Note 37) |  |  |  |  | (27398) |  |  |  | (27398) |  |  |  | (27398) |
| Net profit |  |  |  |  |  |  |  |  |  |  | 240012 |  | 240012 |
| Other comprehensive income |  |  |  |  |  |  |  |  |  | (205083) |  |  | (205083) |
| Appropriation to reserves |  |  |  |  | 54786 |  |  |  | 54786 |  | (54786) |  |  |
| Changes in interest in the ownership of subsidiaries that do not result in change of control |  |  |  |  |  |  |  |  |  |  |  | 8 | 8 |
| Equity method on the inflationary effect of subsidiary Libertad S.A. |  |  |  |  |  |  |  |  |  |  |  | 139071 | 139071 |
| Equity method on the effect of the valuation of the put option of the subsidiary Grupo Disco del Uruguay S.A |  |  |  |  |  |  |  |  |  | (1904) |  | 51040 | 49136 |
| Other movements |  |  |  |  |  |  |  |  |  |  | 773 |  | 773 |
| **Balance on June 30, 2025** | **4482** | **4843466** | **(319490)** | 7857 | 613484 | 418442 | 155412 | 323660 | **1518855** | **(2513991)** | **650210** | **2701499** | **6885031** |

---

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

**Almacenes Éxito S.A.**

**Condensed Separate Statement of Cash Flows for Interim Periods** 

For the periods ended June 30, 2025, and 2024

(Amounts expressed in millions of Colombian pesos)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **January 1 to<br> June 30,<br> 2025** | **January 1 to<br> June 30,<br> 2024 (1)** |
| **Operating activities** |  | | |
| **Profit (loss) for the year** |  | **240012** | **(56598)** |
| **Adjustments to reconcile profit for the year** |  |  |  |
| Current income tax | 23 | (136) | 1554 |
| Deferred tax | 23 | 21939 | (87433) |
| Interest, loans and lease expenses | 31 | 155145 | 176233 |
| Losses (gain) due to difference in unrealized exchange (1) |  | (14468) | 22868 |
| Losses (gains) on fair valuation of derivative financial instruments | 31 | 9636 | (20322) |
| Expected credit loss, net | 7.1 | 533 | 3045 |
| Impairment of property, plant and equipment and investment property, net | 10.1 | (10731) | 5626 |
| Employee benefit provisions | 20 | 1119 | 1119 |
| Provisions and reversals | 21 | (3751) | 30735 |
| Depreciation of property, plant and equipment, right of use asset and investment property | 12; 13; 14 | 260961 | 264438 |
| Amortization of other intangible assets | 15 | 12440 | 13254 |
| Share of profit from equity method investments | 32 | (243044) | (101232) |
| (Gains) losses on disposal and retirement of property, plant and equipment, intangibles, investment properties, right- of-use assets, and other assets |  | (7411) | 3151 |
| **Operating result before changes in working capital** |  | **422244** | **256438** |
| Decrease (increase) in trade receivables and other receivables |  | 66291 | 65619 |
| Decrease (Increase) in prepayments |  | 13455 | 15366 |
| Decrease (increase) in receivables from related parties |  | (41612) | 9025 |
| (Increase)decrease in inventories |  | (28574) | (243527) |
| Decrease in tax assets |  | 33568 | 28961 |
| Payments in other provisions | 21 | (15211) | (32917) |
| (Decrease) increase in trade payables and other accounts payable |  | (155197) | (622312) |
| Increase (Decrease) in accounts payable to related parties |  | 29452 | (125588) |
| (Decrease) in tax liabilities |  | (42092) | (40598) |
| (Decrease) in other liabilities |  | (61636) | (67490) |
| Income tax, net |  | (129231) | (130483) |
| **Net cash flows (used in) from operating activities** |  | **91457** | **(887506)** |
| **Investing activities** |  |  |  |
| Contributions to and returns from subsidiaries and joint ventures |  | 43498 | 45152 |
| Acquisition of property, plant and equipment | 12.1 | (41423) | (72669) |
| Acquisition of other intangible assets | 15 | (873) | (6524) |
| Proceeds of the sale of property, plant and equipment |  | 7290 | 1797 |
| Dividends received |  | 79704 | 44186 |
| **Net cash flows provided by investing activities** |  | **88196** | **11942** |
| **Financing activities** |  |  |  |
| Cash flows from changes in ownership interests of subsidiaries that do not result in loss of control |  |  | 15 |
| Payments made for financial assets |  | 21 | 52 |
| Payments received from collections on behalf of third parties |  | 26451 | 110756 |
| Proceeds from loans and borrowings | 19 | 413400 | 1000000 |
| Payments of loans and borrowings | 19 | (346080) | (87680) |
| Payments of interest of loans and borrowings | 19 | (85980) | (76432) |
| Lease liabilities paid | 14.2 | (150876) | (147371) |
| Interest in lease liabilities paid | 14.2 | (76702) | (75014) |
| Dividends paid |  | (27407) | (7577) |
| **Net cash flows (used in) provided by financing activities** |  | **(247173)** | **716749** |
| **Net decrease (increase) in cash and cash equivalents** |  | **(67520)** | **(158815)** |
| **Cash and cash equivalents at the beginning of period** | 6 | **856675** | **980624** |
| **Cash and cash equivalents at the end of period** | 6 | **789155** | **821809** |

---

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

(1) Some figures in the June 2024 financial statements have been
disaggregated, providing users with greater detail. The Company's management considered that these figures do not influence the economic
decisions made by users regarding the financial statements issued in 2025.

**Note 1. General information**

Almacenes Éxito S.A. (hereinafter, the Company) was incorporated in accordance with Colombian laws on March 24, 1950; its headquarters are located at Carrera 48 No 32 B Sur - 139, Envigado, Colombia. The Company's duration is set to expire on December 31, 2150

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

The issuance of the condensed separate financial statements for the interim periods as of June 30, 2025, was authorized by the Board of Directors of the Parent Company, as evidenced in the minutes of the mentioned body dated August 12, 2025.

The Company's corporate purpose primarily consists of:

- Acquiring, storing, transforming, and generally distributing and selling under any commercial modality, including financing, all kinds of goods and products, both domestic and foreign, wholesale and retail, through physical or virtual means.

Providing complementary services such as granting credits for the acquisition of goods, offering insurance, conducting money transfers and remittances, providing mobile phone services, selling travel and tour packages, repairing and maintaining movable goods, conducting procedures, and selling energy.

- Leasing commercial premises, receiving or granting the lease or other mere tenancy rights to sales spaces or business areas within its commercial establishments intended for the distribution of goods or products and the provision of complementary services.

- Establishing, financing, or promoting companies or businesses with other natural or legal persons whose purpose is the production of objects, goods, articles, or the provision of services related to the operation of commercial establishments.

Acquiring real estate, building commercial premises for establishing stores, shopping centers, or other suitable places for the distribution of goods, without prejudice to the fact that, with a rational land utilization approach, it may sell floors or premises, lease them, or exploit them in another convenient manner, as well as investing in real estate, promoting, and executing real estate projects of any kind and in any form of real estate.

Applying funds for investment purposes to acquire shares, bonds, commercial papers, and other freely traded securities in the market for taking advantage of fiscal incentives established by law, as well as making temporary investments in liquid securities for temporary productive use; conducting firm *factoring* operations with its own resources, constituting guarantees on its movable or immovable assets, and executing financial transactions that allow it to acquire funds or other assets

- Distributing liquid petroleum derivatives as a wholesaler and retailer through service stations, alcohol, biofuels, compressed natural gas and any other fuel applied to the automotive, industrial, fluvial, maritime, and air sectors in all their forms.

From January 22, 2024, as of June 30, 2025, the immediate parent company of the Company is Cama Commercial Group Corp., which holds 86.84% (direct) stake in the Company's share capital. Cama Commercial Group Corp. is controlled by Clarendon Worldwide S.A., which in turn is controlled by Fundación El Salvador del Mundo, ultimately controlled by Francisco Javier Calleja Malaina

A business group situation is registered with the Chamber of Commerce of Aburrá Sur by the company Almacenes Éxito S.A.

**Note 2. Preparation bases and other material accounting policies**

The separate financial statements as of December 31, 2024, and the condensed separate financial statements for the interim periods as of June 30, 2025, and for the periods ended June 30, 2025, and June 30, 2024; have been prepared in accordance with the International Financial Reporting Standards (IFRS) authorized by the International Accounting Standards Board (IASB) and established in Colombia through Law 1314 of 2009, regulated by Decree 2420 of 2015, "Single Regulatory Decree for Accounting and Financial Reporting Standards and Information Assurance," along with the other amending decrees.

The condensed separate financial statements for the interim periods ended June 30, 2025, and June 30, 2024, are presented in accordance with IAS 34 and should be read in conjunction with the separate financial statements as of December 31, 2024, which were presented in accordance with IAS 1 and do not include all the information required for separate financial statements presented in accordance with this IAS. The notes to these condensed interim separate financial statements do not provide non-significant updates to the information provided in the notes to the separate financial statements as of December 31, 2024. Notes have been included to explain events and transactions that are relevant to an understanding of the changes in Grupo Éxito's financial position and operating performance since December 31, 2024, and to update the information presented in the separate financial statements as of December 31, 2024.

The separate financial statements have been prepared on the historical cost basis, except for derivative financial instruments and financial instruments measured at fair value, as well as non-current assets and disposal group of assets measured at the lowest between their carrying amount and their fair value less their cost of sale.

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

**Note 3. Accounting policies**

The condensed separate financial statements for the interim periods as of June 30, 2025, have been prepared using the same accounting policies, measurements, and bases applied in the preparation of the separate financial statements as of December 31, 2024, which are duly disclosed in the separate financial statements presented at the end of that year, except for the standards, new interpretations and amendments applicable from January 1, 2025.

The adoption of the new standards effective from January 1, 2025, as mentioned in Note 4.1, did not result in significant changes to these accounting policies compared to those used in the preparation of the separate financial statements as of December 31, 2024, and no significant impacts were observed upon adoption.

**Note 4. Regulatory changes**

**Note 4.1. Standards and Interpretations issued by the International Accounting Standards Board -IASB applicable to the Company** 

---

| | | |
|:---|:---|:---|
| **Standard** | **Description** | **Impact** |
| Amendment to IAS 21 – of Lack Convertibility | This Amendment, which modifies IAS 21 – The Effects of Changes in Foreign Exchange Rates, aims to establish accounting requirements when a currency is not exchangeable for another currency, specifying the exchange rate to be used and the information to be disclosed in the financial statements.<br>The Amendment will enable companies to provide more useful information in their financial statements and assist investors by addressing an issue that was not previously covered under accounting requirements for the effects of exchange rate fluctuations. | This amendment had no impact on the financial statements. |

---

**Note 4.2. New standards and Interpretations Issued, not yet effective** 

---

| | | |
|:---|:---|:---|
| **Standard** | **Description** | **Impact** |
| IFRS 18 - Presentation and Disclosure in the Financial Statements | &nbsp;&nbsp;&nbsp; This standard replaces IAS 1 - Presentation of Financial Statements, transferring many of its requirements without any changes.<br>Its objective is to assist investors in analyzing the financial performance of companies by providing more transparent and comparable information to make better investment decisions. It introduces three sets of new requirements:<br>a. Improvement of the comparability of the income statement: Currently, there is no specific structure for the income statement. Companies choose the subtotals they wish to include, declaring an operating result, but the method of calculating it varies from one company to another, which reduces comparability. The standard introduces three defined categories of income and expenses (operations, investment, and financing) to improve the structure of the income statement, and requires all companies to present new defined subtotals.<br>b. Greater transparency of performance measures defined by management: Most companies do not provide enough information for investors to understand how performance measures are calculated and how they relate to the subtotals in the income statement. The standard requires companies to disclose explanations regarding specific performance measures related to the income statement, referred to as management-defined performance measures.<br>c. A more useful grouping of information in the financial statements: Investor analysis is hindered if the disclosed information is too summarized or too detailed. The standard provides more detailed guidance on how to organize the information and its inclusion in the primary financial statements or in the notes. | IFRS 18 - Presentation and Disclosure in the Financial Statements |
| IFRS 19 - Subsidiaries without Public Accountability: Disclosures | &nbsp;&nbsp;&nbsp; It allows companies to simplify the reporting systems and processes, thus reducing the costs of preparing the financial statements of subsidiaries, while maintaining the usefulness of those financial statements for their users.<br>Subsidiaries that apply IFRS for SMEs or national accounting standards when preparing their financial statements often maintain two sets of accounting records because the requirements of these standards differ from those of IFRS.<br>This standard will address these challenges in the following ways:<br>- Allowing subsidiaries to maintain a single set of accounting records to meet the needs of both their parent company and the users of their financial statements. | It is estimated that no significant impacts will arise from the application of this IFRS. |

---

---

| | | |
|:---|:---|:---|
| **Standard** | **Description** | **Impact** |
|  | &nbsp;&nbsp;&nbsp; - Reducing disclosure requirements and adapting them to the needs of the users of their financial statements<br>A subsidiary applies IFRS 19 if and only if:<br>a. It does not account publicly (generally, it is not listed on the stock exchange and is not a financial institution); and<br>b. The subsidiary's immediate or ultimate parent produces consolidated financial statements that are publicly available and comply with IFRS. |  |
| Amendment to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments | This Amendment clarifies the classification of financial assets with environmental, social, and corporate governance characteristics and similar features. According to the characteristics of the contractual cash flow, there is confusion as to whether these assets should be measured at amortized cost or at fair value.<br>With these modifications, the IASB has introduced additional disclosure requirements to improve transparency for investors regarding investments in equity instruments designated at fair value through other financial instruments and comprehensive income with contingent features; for example, aspects related to environmental, social, and corporate governance affairs.<br>Additionally, these Amendments clarify the requirements for derecognition of financial assets or liabilities through electronic payment systems. The modifications clarify the date when a financial asset or liability is derecognized.<br>The IASB also developed an accounting policy allowing the derecognition of a financial liability before the cash is delivered on the settlement date if the following criteria are met: (a) the entity cannot withdraw, stop, or cancel the payment instructions; (b) the entity cannot access the cash that will be used for the payment instruction; and (c) there is no significant risk with the electronic payment system.<br>| It is estimated that no significant impacts will arise from the application of these amendments. |
| Annual Improvements to IFRS Standards | &nbsp;&nbsp;&nbsp; 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<br>The amendments issued include clarifications, cross-referencing adjustments of standards, outdated references, changes in illustrative examples, and revisions to certain paragraph words. The aim is to enhance the comprehensibility of these standards and avoid ambiguities in their interpretation.<br>| It is estimated that no significant impacts will arise from the application of these improvements. |

---

---

| | | |
|:---|:---|:---|
| **Standard** | **Description** | **Impact** |
| Amendment to IFRS 9 and IFRS 7 – Contracts referencing electricity that depends on nature. | &nbsp;&nbsp;&nbsp; In this amendment, the IASB makes some modifications to the disclosures that companies must make when using electricity contracts that depend on nature as hedging instruments.<br>Key aspects of this amendment include:<br>- Clarifying the application of the own-use requirements.<br>- Allowing hedge accounting when these contracts are used as hedging instruments.<br>- Adding new disclosure requirements that enable investors to understand the effect of these contracts on a company's financial performance and cash flows.<br>| It is estimated that no significant impacts will arise from the application of these amendments. |
| IFRS S1 - General requirements for sustainability-related financial disclosures. | The objective of IFRS S1 - General requirements for sustainability- related financial disclosures, is to require an entity to disclose information about all sustainability-related risks and opportunities that could reasonably be expected to affect the entity's cash flow, its access to financing, or cost of capital in the short, medium, or long term. These risks and opportunities are collectively referred to as 'sustainability-related risks and opportunities that could reasonably be expected to affect the entity's outlook.' The information is expected to be useful to the primary users of financial reports with general purpose when making decisions about providing resources to the entity. | The Management is evaluating the impacts of the application of this IFRS. |
| IFRS S2 - Climate-related Disclosures. | The objective of IFRS S2 - Climate-related Disclosures is to require an entity to disclose information about all climate-related risks and opportunities that could reasonably be expected to affect the entity's cash flow, its access to financing, or cost of capital in the short, medium, or long term (collectively referred to as 'climate-related information'). The information is expected to be useful to the primary users of financial reports with general purpose when making decisions about providing resources to the entity. | The Management is evaluating the impacts of the application of this IFRS. |

---

**Note 5. Significant events**

<u>Discontinuation of the BDR program (Forward-looking statements)</u>

On February 14, 2025, the Company informs the market and the holders of Level II sponsored American Depositary Receipts (ADRs), backed by issued shares ("BDRs"), that B3 S.A. – Brazil, Bolsa, Balcão and the CVM have approved the procedures and conditions for the voluntary discontinuation of the BDR program ("BDR Program").

On July 16, 2025, a request was submitted to the Brazilian Securities and Exchange Commission ("CVM") for the cancellation of the Company's registration as a foreign issuer, category "A," ("BDRs Program").

On August 4, 2025, the Company informed the market that the CVM had approved the cancellation of its registration as a foreign issuer in category "A" ("BDR Program").

<u>Withdrawal of ADS (American Depositary Shares)</u>

On January 8, 2025, the last day of trading of the ADS on the New York Stock Exchange ("NYSE") took place. The Company also notified its depositary, JPMorgan Chase Bank N.A., of the termination of the ADS program, which became effective on January 21, 2025. As a result, the last trading day of the Company's ADS was January 17, 2025.

A change in the Company's shareholder composition occurred as a result of the exit of JPMorgan Chase Bank NA FBO Holders of DR ÉXITO ADR as the depositary of its American Depositary Shares ("ADRs") program following its termination.

**Note 6. Cash and cash equivalents**

The balance of cash and cash equivalents is as follows:

---

| | | |
|:---|:---|:---|
|  | **Jun 30,<br> 2025** | **December 31,<br> 2024** |
| Cash in hand and at banks | 699087 | 743526 |
| High liquidity funds (1) | 65489 | 3614 |
| Certificates of deposit and securities (2) | 23088 | 108101 |
| Funds | 1491 | 1434 |
| **Total cash and cash equivalents** | **789155** | **856675** |

---

(1) The balance is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Credicorp Capital | 18107 | 125 |
| BBVA Asset S.A. | 18053 | 233 |
| Fondo de Inversión Colectiva Abierta Occirenta | 11099 | 604 |
| Corredores Davivienda S.A. | 9896 | 1917 |
| Fiduciaria Bogota S.A. | 4273 | 188 |
| Fiducolombia S.A. | 4057 | 547 |
| Skandia Fiduciaria S.A. | 4 |  |
| **Total high liquidity funds** | **65489** | **3614** |

---

The increase corresponds to new fiduciary rights to be used in the Company's operations.

(2) The balance corresponds to treasury bills (TES) $23,088.

As of June 30, 2025, the Company recorded returns generated from cash in banks and cash equivalents amounting to $2,142 (June 30, 2024 - $1,952), which were recognized as financial income, as detailed in Note 31.

As of June 30, 2025, and December 31, 2024, cash and cash equivalents are not subject to any restrictions or liens that limit their availability.

**Note 7. Trade receivables and other receivables**

The balance of trade receivables and other receivables is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Trade receivables (Note 7.1) | 113429 | 180937 |
| Other accounts receivable (Note 7.2) | 144984 | 147458 |
| **Total trade receivables and other receivables** | **258413** | **328395** |
| **Current** | **246842** | **314528** |
| **Non-Current** | **11571** | **13867** |

---

**Note 7.1. Trade receivables** 

The balance of trade receivables is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
| Trade receivables | 96123 | 162305 |
| Sale of real-estate project inventories (1) | 10852 | 10800 |
| Rentals and dealers | 4938 | 5865 |
| Net investment in leases | 4183 | 5509 |
| Employee funds and lending | 1019 | 514 |
| Allowance for expected credit loss | (3686) | (4056) |
| **Total trade receivables** | **113429** | **180937** |

---

(1) The balance corresponds to the long-term sales of the Copacabana
real estate project.

An impairment test is performed at each reporting period-end. The measurement rates are based on the days overdue for groupings of various customer segments with similar loss patterns (such as product type and customer rating, among others). The calculation reflects the result of a reasonable and sustainable weighted probability based on available information at the reporting date, considering past events and current conditions. Generally, trade receivables and other receivables are written off if they are overdue for more than one year.

The expected credit loss provision is recognized as an expense in the period's results. During the period ended June 30, 2025, the net effect of portfolio impairment on operational results corresponds to an expense of $533 (June 30, 2024 - expense of $3,045).

The movement provision of the expected credit loss during the period was as follows:

---

| | |
|:---|:---|
| **Balance as of December 31, 2023** | **4160** |
| Additions (Note 28) | 9686 |
| Reversal of allowance for expected credit losses (Note 30) | (6641) |
| Write-off of receivables | (716) |
| **Balance as of June 30, 2024** | **6489** |
| **Balance as of December 31, 2024** | **4056** |
| Additions (Note 28) | 7602 |
| Reversal of allowance for expected credit losses (Note 30) | (7069) |
| Write-off of receivables | (903) |
| **Balance as of June 30, 2025** | **3686** |

---

**Note 7.2. Other receivables** 

The balance of other accounts receivable is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
| Business agreements (1) | 87966 | 71989 |
| Recoverable taxes (2) | 16717 | 21194 |
| Money remittances | 12306 | 8858 |
| Loans or advances to employees | 11758 | 33278 |
| Sale of property, plant, and equipment (3) | 7296 | 353 |
| Money transfer services | 1266 | 1575 |
| Other receivables | 7675 | 10211 |
| **Total other receivables** | **144984** | **147458** |

---

(1) The variation mainly corresponds to the increase in the receivable from the Family Compensation Fund (Cafam)
related to family subsidies for $10,431. Additionally, there was an increase in the accounts receivable from the Colombia Real Estate
Private Equity Fund due to the renegotiation of several lease payments, amounting to $5,294.

(2) The decrease mainly corresponds to the offsetting of the VAT credit balance.

(3) The increase mainly corresponds to the sale of the Country lot in Bogotá for $6,986.

**Trade receivables and other receivables by age** 

The details by age of trade receivables and other receivables, excluding impairment, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Period** | **Total** | **Less than <br> 30 days** | **Between 31 and 60 days** | **Between 61 and 90 days** | **More than<br> 90 days** |
| June 30, 2025 | 262099 | 249391 | 727 | 97 | 11884 |
| December 31, 2024 | 332451 | 317623 | 523 | 438 | 13867 |

---

**Note 8. Prepayments**

The balance of prepayments is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
| Lease payments (1) | 9013 | 9996 |
| Insurance (2) | 610 | 11506 |
| Maintenance | 115 | 1088 |
| Other prepayments | 123 | 726 |
| **Total prepayments** | **9861** | **23316** |
| **Current** | **1186** | **13694** |
| **Non-current** | **8675** | **9622** |

---

(1) Corresponde a los arrendamientos pagados por anticipado de
los siguientes inmuebles:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
| Almacén Carulla Castillo Grande | 6276 | 7104 |
| Almacén Éxito San Martín | 2737 | 2856 |
| Proyecto Arábica |  | 36 |
| **Total leases** | **9013** | **9996** |

---

(2) The decrease is due to the completion of the amortization
of the company's multi-risk insurance policy, which was valid until June 2025

**Note 9. Related parties**

The following companies are considered related parties, with whom no transactions have been carried out as of the date of presentation of these financial statements:

- Fundación El Salvador del mundo;

- N1 Investments, Inc.;

- Clarendon Wolrwide S.A.;

- Avelan Enterprise, Ltd.; <br>

- Foresdale Assets, Ltd.;

- Invenergy FSRU Development Spain S.L.;

- Talgarth Trading Inc.;

- Cama Comercial Group. Corp.;

**Note 9.1. Significant agreements** 

Transactions with related parties primarily refer to transactions between the Company and its subsidiaries, joint ventures, and other related entities, and were accounted for substantially in accordance with the prices, terms, and conditions agreed upon between the parties. The agreements are detailed below:

- Puntos Colombia S.A.S.: Agreement on terms and conditions for the redemption and accumulation of points under its 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 inside and outside the Company's stores, and (iii) the use of other financial services agreed upon between the parties within the Company's stores.

- Sara ANV S.A.: Agreement on terms and conditions for the provision of services.

- Almacenes Éxito Inversiones S.A.S.: Acquisition of telephony plans and contract for the provision of administrative services.

- Logística Transporte y Servicios Asociados S.A.S.: Contracts for transportation services; contracts for the sale of merchandise, administrative services, and expense reimbursement.

- Transacciones Energéticas S.A.S. E.S.P.: Contracts for the provision of energy marketing services.

- Éxito Industrias S.A.S.: Contracts for property leasing and provision of services.

- Éxito Viajes y Turismo S.A.S.: Contract for expense reimbursements and administrative services.

- Patrimonio Autónomo Viva Malls: Contract for property leasing, administrative services, and expense reimbursement.

- Marketplace Internacional Éxito y Servicios S.A.S.: Software usage license and contract for the provision of "Éxito referrals" services.

**Note 9.2. Transactions with related parties** 

Transactions with related parties refer to income from the sale of goods and other services, as well as costs and expenses related to the purchase of goods and services received.

As mentioned in Note 1, as of June 30, 2025, the parent company of the entity is Cama Commercial Group Corp.

The value of income from transactions with related parties is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to <br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Subsidiaries (1) | 32553 | 31536 | 16727 | 14687 |
| Joint ventures (2) | 24457 | 27416 | 10402 | 11687 |
| Other related parties (3) | 721 |  | 424 |  |
| **Total** | **57731** | **58952** | **27553** | **26374** |

---

(1) The revenues correspond to the provision of administrative
services to Éxito Industrias S.A.S., Almacenes Éxito Inversiones S.A.S., Transacciones Energéticas S.A.S. E.S.P.,
Logística, Transporte y Servicios Asociados S.A.S., and Patrimonios Autónomos, as well as to the leasing of real estate
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 <br> June 30,<br> 2025** | **January 1 to <br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Patrimonios Autónomos | 19531 | 18341 | 10083 | 8229 |
| Almacenes Éxito Inversiones S.A.S. | 10615 | 10398 | 5390 | 5205 |
| Logística, Transporte y Servicios Asociados S.A.S. | 1284 | 1279 | 680 | 546 |
| Éxito Viajes y Turismo S.A.S. | 646 | 803 | 326 | 369 |
| Éxito Industrias S.A.S. | 413 | 612 | 215 | 301 |
| Transacciones Energéticas S.A.S. E.S.P. | 64 | 103 | 33 | 37 |
| **Total** | **32553** | **31536** | **16727** | **14687** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to <br> June 30,<br> 2025** | **January 1 to<br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| **Compañía de Financiamiento Tuya S.A.** | | | | |
| Recovery of commercial activations | 19388 | 20995 | 7634 | 8419 |
| Yields from bonds, coupons, and energy | 2660 | 3233 | 1530 | 1892 |
| Real estate leases | 2068 | 2165 | 1056 | 1082 |
| Services | 43 | 323 | 26 | 93 |
| **Total** | **24159** | **26716** | **10246** | **11486** |
| **Puntos Colombia S.A.S.** |  |  |  |  |
| Services | 31 | 318 | 28 | 54 |
| **Sara ANV S.A.** |  |  |  |  |
| Personnel payroll reimbursement | 267 | 382 | 128 | 147 |
| **Total revenue** | **24457** | **27416** | **10402** | **11687** |

---

(3) The revenue corresponds to the sale of goods to the company
Calleja S.A. de C.V.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to <br> June 30,<br> 2025** | **January 1 to <br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Subsidiaries (1) | 196371 | 193789 | 99556 | 95947 |
| Joint ventures (2) | 59435 | 56168 | 29213 | 27868 |
| Key management personnel (3) | 10381 | 39521 | 2701 | 6496 |
| Members of the Board | 88 | 443 | 51 | 40 |
| Other related parties | 14 |  |  |  |
| **Total** | **266289** | **289921** | **131521** | **130351** |

---

(1) The costs and expenses mainly correspond to purchases of merchandise and goods
for commercialization from Éxito Industrias S.A.S.; transportation services received from Logística, Transporte y Servicios
Asociados S.A.S.; leases and property management with Patrimonios Autónomos and Éxito Industrias S.A.S.; royalty expenses
for the use of trademarks with Éxito Industrias S.A.S.; the purchase of corporate plans from Almacenes Éxito Inversiones
S.A.S.; and services received, purchase of goods, and reimbursements from other subsidiaries.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to <br> June 30,<br> 2025** | **January 1 to <br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Logística, Transporte y Servicios Asociados S.A.S. | 100451 | 96183 | 51090 | 47011 |
| Patrimonios Autónomos | 54833 | 54838 | 26407 | 26534 |
| Éxito Industrias S.A.S. | 29846 | 31826 | 16425 | 16896 |
| Almacenes Éxito Inversiones S.A.S. | 9655 | 9107 | 4987 | 4618 |
| Transacciones Energéticas S.A.S. E.S.P. | 1083 | 997 | 613 | 469 |
| Marketplace Internacional Exito y Servicios S.A.S. | 434 | 686 |  | 381 |
| Éxito Viajes y Turismo S.A.S. | 69 | 152 | 34 | 38 |
| **Total** | **196371** | **193789** | **99556** | **95947** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to <br> June 30,<br> 2025** | **January 1 to<br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| **Compañía de Financiamiento Tuya S.A.** | | | | |
| Commissions on means of payment | 4648 | 6007 | 2092 | 2750 |
| **Puntos Colombia S.A.S.** |  |  |  |  |
| Cost of customer loyalty program | 54787 | 50161 | 27121 | 25118 |
| **Total costs and expenses** | **59435** | **56168** | **29213** | **27868** |

---

(3) The transactions between the Company and key management personnel, including legal
representatives and/or administrators, mainly correspond to the employment relationship established between the parties.

The compensation for key management personnel is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to <br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Short-term employee benefits | 10108 | 39138 | 2578 | 6325 |
| Post-employment benefits | 273 | 383 | 123 | 171 |
| **Total** | **10381** | **39521** | **2701** | **6496** |

---

**Note 9.3. Receivables from related parties** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Receivables** | **Receivables** | **Other non-financial assets** | **Other non-financial assets** |
|  | **June 30,<br> 2025** | **December 31,<br> 2024** | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Subsidiaries (1) | 50168 | 16123 |  |  |
| Joint ventures (2) | 44757 | 37504 | 950 |  |
| Other related parties (3) | 405 | 6 |  |  |
| **Total** | **95330** | **53633** | **950** |  |
| **Current** | **95330** | **53633** | **-** |  |
| **Non-current** | **-** | **-** | **950** |  |

---

(1) The balances correspond to the following subsidiaries and
the following items:

- The balance of receivables for each subsidiary is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
| Patrimonios Autónomos (a) | 48551 | 3746 |
| Almacenes Éxito Inversiones S.A.S. | 703 | 844 |
| Libertad S.A. | 399 | 10206 |
| Logística, Transporte y Servicios Asociados S.A.S. | 187 | 279 |
| Éxito Viajes y Turismo S.A.S. | 142 | 150 |
| Transacciones Energéticas S.A.S. E.S.P. | 120 | 35 |
| Éxito Industrias S.A.S. | 66 | 811 |
| Marketplace Internacional Exito y Servicios S.A.S. |  | 52 |
| **Total receivables subsidiaries** | **50168** | **16123** |

---

(a) Includes $37,873 (2024 - $496) of declared dividends.

- The balance of receivables from subsidiaries corresponds to the following items:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Collection of declared dividends | 37873 | 496 |
| Administrative services | 4090 | 1578 |
| Strategic direction services | 399 | 10206 |
| Expense reimbursement | 272 | 516 |
| Other services | 7534 | 3327 |
| **Total receivables subsidiaries** | **50168** | **16123** |

---

(2) The balances correspond to the following joint ventures and the following items:

- The balance of receivables for each joint venture is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| **Compañía de Financiamiento Tuya S.A.** | | |
| Commercial activations, services, and coupon collection | 550 | 3350 |
| Other services | 14592 | 1252 |
| **Total** | **15142** | **4602** |
| **Puntos Colombia S.A.S.** |  |  |
| Redemption of points | 29524 | 32849 |
| **Sara ANV S.A.** |  |  |
| Other services | 91 | 53 |
| **Total receivables** | **44757** | **37504** |

---

- Other non-financial assets:

The balance of $950 as of June 30, 2025, corresponds to payments made to Sara ANV S.A. for the subscription of shares.

(3) The balance corresponds to Calleja S.A. de C.V. for the purchase of goods.

**Note 9.4. Payables to related parties** 

The balance of payables to related parties is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br>**2024** |
| Subsidiaries (1) | 103832 | 70872 |
| Joint ventures (2) | 39529 | 43680 |
| **Total payables** | **143361** | **114552** |

---

(1) The balances correspond to the following subsidiaries and the following items:

- The balance of payables for each subsidiary is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
| Éxito Industrias S.A. | 72670 | 41428 |
| Logística, Transporte y Servicios Asociados S.A.S. | 14828 | 14162 |
| Almacenes Éxito Inversiones S.A.S. | 6781 | 4731 |
| Patrimonios Autónomos | 4758 | 5416 |
| Transacciones Energéticas S.A.S. E.S.P. | 4729 | 4821 |
| Éxito Viajes y Turismo S.A.S. | 66 | 14 |
| Marketplace Internacional Exito y Servicios S.A.S. |  | 300 |
| **Total payables subsidiaries** | **103832** | **70872** |

---

- The balance of payables to subsidiaries corresponds to the following items:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
| Purchase of assets and inventories | 62718 | 14097 |
| Transportation services | 14828 | 14070 |
| Lease of real estate | 7377 | 3746 |
| Mobile recharge collection service | 6193 | 4602 |
| Energy services | 4663 | 4794 |
| Purchase of tourist packages | 66 | 14 |
| Other services received | 7987 | 29549 |
| **Total payables subsidiaries** | **103832** | **70872** |

---

(2) The balance of payables for each joint venture is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Puntos Colombia S.A.S. (a) | 39178 | 43648 |
| Compañía de Financiamiento Tuya S.A. | 351 | 32 |
| **Total payables joint ventures** | **39529** | **43680** |

---

(a) It corresponds to the issuance of points (accumulations) issued.

**Note 9.5. Lease liabilities with related parties** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,<br> 2025** | **June 30,<br> 2025** | **December 31, <br> 2024** | **December 31, <br> 2024** |
| Subsidiaries (Note 14.2) |  | 442364 |  | 453404 |
| **Current** |  | **46,767** |  | **58,344** |
| **Non-current** |  | **395,597** |  | **395,060** |

---

The lease liability balance corresponds to the lease agreements entered with the following subsidiaries:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,<br> 2025** | **June 30,<br> 2025** | **December 31, <br> 2024** | **December 31, <br> 2024** |
| Subsidiaries (Patrimonios Autónomos) (Note 14.2) |  | 442364 |  | 453404 |

---

**Note 9.6. Other financial liabilities with related parties** 

The balance of other financial liabilities with related parties is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Subsidiaries (1) | 95774 | 126367 |
| Joint ventures (2) | 28213 | 11973 |
| **Total other financial liabilities** | **123987** | **138340** |

---

(1) It corresponds to the money collected from the subsidiaries within the 'in-house cash' centralized treasury
program (Note 24)

(2) It corresponds to collections received from third parties for the use of the 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:**

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
| Inventories, net (1) | 2164584 | 2138916 |
| Inventories in transit | 50627 | 25596 |
| Raw materials | 34414 | 42074 |
| Real estate project inventories (2) | 13716 | 16941 |
| Materials, spares, accessories and consumable packaging | 6224 | 6733 |
| **Total inventories, net** | **2269565** | **2230260** |

---

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

---

| | |
|:---|:---|
| **Balance as of December 31, 2023** | **17947** |
| Loss recognized during the period (Note 10.2.) | 5626 |
| **Balance as of June 30, 2024** | **23573** |
| **Balance as of December 31, 2024** | **28271** |
| Reversal of loss recognized during the period (Note 10.2.) | (10731) |
| **Balance as of June 30, 2025** | **17540** |

---

(2) For 2025, it corresponds to the Éxito Occidente real estate project for $11,584 (December 31, 2024
- $14,809) and the Éxito La Colina real estate project for $2,132 (December 31, 2024 - $2,132).

As of June 30, 2025, and December 31, 2024, the inventories are free from restrictions or encumbrances that limit their marketability or realizability.

**Note 10.2. Cost of sales** 

The information related to the cost of sales, impairment, and the losses and reversals of impairment recognized in inventories is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to <br> June 30,<br> 2025** | **January 1 to <br> June 30,** <br> **2024** | **April 1 to<br> June 30,** <br> **2025** | **April 1 to<br> June 30,** <br> **2024** |
| Cost of goods sold (1) | 7001765 | 6694806 | 3445968 | 3239591 |
| Trade discounts and purchase rebates | (1173655) | (1108482) | (586321) | (544032) |
| Logistics costs (2) | 277581 | 285689 | 140229 | 138243 |
| Damage and loss | 102851 | 78503 | 52644 | 46551 |
| (Gain) loss recognized during the period (Note 10.1) | (10731) | 5626 | 1391 | 2853 |
| **Total cost of sales** | **6197811** | **5956142** | **3053911** | **2883206** |

---

(1) For the period ended June 30, 2025, it includes $15,272 of depreciation and amortization costs (June 30,
2024 - $14,415).

(2) The balance is composed of the following items:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to <br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Employee benefits | 161764 | 160415 | 80866 | 79799 |
| Services | 74909 | 88711 | 39002 | 40287 |
| Depreciations and amortizations | 33771 | 33286 | 16826 | 16729 |
| Leases | 4585 | 812 | 2244 | 287 |
| Upload and download operators | 2552 | 2465 | 1291 | 1141 |
| **Total logistics costs** | **277581** | **285689** | **140229** | **138243** |

---

**Note 11. Financial assets**

The balance of financial assets is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
| Financial assets measured at fair value through other comprehensive income (1) | 1437 | 1437 |
| Financial assets measured at fair value through profit or loss | 381 | 402 |
| Derivative financial instruments (2) | 328 | 4469 |
| **Total financial assets** | **2146** | **6308** |
| **Current** | **328** | **4469** |
| **Non-current** | **1818** | **1839** |

---

(1) Financial assets measured at fair value through other comprehensive income correspond to equity investments
that are not held for trading. The details of these investments are as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
| Fideicomiso El Tesoro etapa 4A y 4C 448 | 1206 | 1206 |
| Associated Grocers of Florida, Inc. | 113 | 113 |
| Central de abastos del Caribe S.A. | 71 | 71 |
| La Promotora S.A. | 33 | 33 |
| 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** | **1437** | **1437** |

---

(2) The derivatives are related to foreign exchange *forwards*. The fair values of these instruments
are determined using valuation models commonly used by market participants.

As of June 30, 2025, it corresponds to the following operations:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nature of** <br> **risk hedged** | **Hedged item** | **Rate of** <br> **hedged item** | **Average rates for hedged** <br> **instruments** | **Notional** <br> **amount** | **Fair value** |
| *Forward* | Exchange rate | Foreign currency liability | USD / COP <br>EUR / COP | 1 USD / $4,241.84 <br>1 EUR / $4,797.09 | MUSD / $3.451 <br>MEUR / $2.370 | 328 |

---

The details of the maturity dates of these instruments as of June 30, 2025, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than <br> 1 month** | **Between 1 and 3 months** | **Between 3 and 6 months** | **Between 6 and 12 months** | **More than <br> 12 months** | **Total** |
| *Forward* | 152 | 143 | 33 |  |  | 328 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nature of** <br> **risk hedged** | **Hedged item** | **Rate of** <br> **hedged item** | **Average rates for hedged** <br> **instruments** | **Notional** <br> **amount** | **Fair value** |
| *Forward* | Exchange rate | Foreign currency liability | USD / COP <br>EUR / COP | 1 USD / $4,409.15 <br>1 EUR / $4,580.67 | MUSD / $30.477 <br>MEUR / $0.900 | 4469 |

---

The details of the maturity dates of these instruments as of December 31, 2024, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than<br> 1 month** | **Between 1 and 3 months** | **Between 3 and 6 months** | **Between 6 and 12 months** | **More than 12 months** | **Total** |
| *Forward* | 2234 | 2160 | 75 | – |  | 4469 |

---

As of June 30, 2025, and December 31, 2024, the financial assets are free from restrictions or encumbrances that limit their marketability or realizability.

As of June 30, 2025, and December 31, 2024, no impairment in value was observed in any of the assets.

**Note 12. Property, plant and equipment, net**

The balance of property, plant, and equipment, net is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Land | 442358 | 442358 |
| Buildings | 956334 | 954767 |
| Machinery and equipment | 914675 | 906455 |
| Furniture and fixtures | 566017 | 565762 |
| Assets under construction | 12366 | 6660 |
| Improvements to third-party properties | 455771 | 454096 |
| Vehicles | 7491 | 7498 |
| Computers | 293563 | 294735 |
| Others | 289 | 289 |
| **Total property, plant and equipment, gross** | **3648864** | **3632620** |
| Accumulated depreciation | (1862948) | (1770816) |
| **Total property, plant and equipment, net** | **1785916** | **1861804** |

---

The movements in the cost of property, plant, and equipment and in its depreciation during the presented period are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cost** | **Land** | **Buildings** | **Machinery and equipment** | **Furniture and fixtures** | **Assets under construction** | **Improvements to third-party properties** | **Vehicles** | **Computers** | **Others** | **Total** |
| **Balance as of December 31, 2023** | **445269** | **960056** | **881732** | **539865** | **6139** | **457570** | **7584** | **293597** | **289** | **3592101** |
| Additions |  |  | 23074 | 7617 |  | 7046 | 110 | 3699 |  | 41546 |
| (Disposals and withdrawals) | (151) |  | (12137) | (1916) | (54) | (8692) | (10) | (826) |  | (23786) |
| Decrease (Increase) from movements between property, plant and equipment accounts |  |  |  |  | (324) | 324 |  |  |  |  |
| (Decreases) by transfer to other balance sheet accounts – Tax assets |  |  | (3041) | (1127) | (106) | (408) |  | (574) |  | (5256) |
| **Balance as of June 30, 2024** | **445118** | **960056** | **889628** | **544439** | **5655** | **455840** | **7684** | **295896** | **289** | **3604605** |
| **Balance as of December 31, 2024** | **442358** | **954767** | **906455** | **565762** | **6660** | **454096** | **7498** | **294735** | **289** | **3632620** |
| Additions |  | 1567 | 14940 | 2615 | 5898 | 3694 |  | 683 |  | 29397 |
| (Disposals and withdrawals) |  |  | (4766) | (1970) |  | (1721) | (7) | (1784) |  | (10248) |
| (Decreases) by transfer to other balance sheet accounts – Tax assets |  |  | (1954) | (390) | (192) | (298) |  | (71) |  | (2905) |
| **Balance as of June 30, 2025** | **442358** | **956334** | **914675** | **566017** | **12366** | **455771** | **7491** | **293563** | **289** | **3648864** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Accumulated depreciation** | **Buildings** | **Machinery and equipment** | **Furniture and fixtures** | **Improvements to third-party properties** | **Vehicles** | **Computers** | **Others** | **Total** |
| **Balance as of December 31, 2023** | **256273** | **512902** | **382109** | **258768** | **7126** | **181327** | **4** | **1598509** |
| Depreciation | 14340 | 34269 | 23106 | 17835 | 152 | 16786 |  | 106488 |
| (Disposals and withdrawals) |  | (9807) | (1768) | (5694) | (10) | (823) |  | (18102) |
| **Balance as of June 30, 2024** | **270613** | **537364** | **403447** | **270909** | **7268** | **197290** | **4** | **1686895** |
| **Balance as of December 31, 2024** | **282916** | **565118** | **422651** | **282791** | **7222** | **210114** | **4** | **1770816** |
| Depreciation | 14301 | 33337 | 21205 | 16049 | 58 | 15866 |  | 100816 |
| (Disposals and withdrawals) |  | (4001) | (1818) | (1079) | (7) | (1779) |  | (8684) |
| **Balance as of June 30, 2025** | **297217** | **594454** | **442038** | **297761** | **7273** | **224201** | **4** | **1862948** |

---

The assets under construction are represented by those assets in the process of construction, assembly, or installation that are not yet in the expected condition for use by the Company's management, and on which the costs directly attributed to the construction process continue to be capitalized, when they are eligible assets.

Within the cost of property, plant, and equipment, no balances of estimates for dismantling costs or similar are included, as the Company's evaluation and analysis have determined that there are no contractual or legal obligations requiring these estimates at the time of acquisition.

As of June 30, 2025, and December 31, 2024, property, plant, and equipment are free from restrictions or encumbrances that limit their realizability or marketability, and there are no contractual commitments for the acquisition, construction, or development of property, plant, and equipment.

As of June 30, 2025, and December 31, 2024, property, plant, and equipment do not have residual values affecting their depreciable amounts.

As of June 30, 2025, and December 31, 2024, the Company holds insurance policies covering the risk of loss on these assets.

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

---

| | | |
|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** |
| Additions | 29397 | 41546 |
| Financing of property, plant, and equipment – Additions | (45488) | (85438) |
| Financing of property, plant, and equipment – Payments | 57514 | 116561 |
| **Acquisition of property, plant and equipment in cash** | **41423** | **72669** |

---

**Note 13. Investment properties**

The Company's investment properties consist of commercial premises and land held to generate rental income from operating lease contracts or future appreciation in their value.

The balance of investment properties, net, is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Land | 42801 | 42801 |
| Buildings | 29576 | 29576 |
| Constructions in progress | 850 | 850 |
| **Total cost of investment properties** | **73227** | **73227** |
| Accumulated depreciation | (9421) | (8988) |
| Impairment | (62) | (62) |
| **Total investment properties, net** | **63744** | **64177** |

---

The movements in the cost of investment properties and in the accumulated depreciation during the presented period are as follows:

---

| | |
|:---|:---|
| **Accumulated depreciation** | **Buildings** |
| **Balance as of December 31, 2023** | **8,123** |
| Depreciation | 434 |
| **Balance as of June 30, 2024** | **8,557** |
| **Balance as of December 31, 2024** | **8,988** |
| Depreciation | 433 |
| **Balance as of June 30, 2025** | **9,421** |

---

As of June 30, 2025, and December 31, 2024, investment properties are free from restrictions or encumbrances that limit their realizability or marketability.

As of June 30, 2025, and December 31, 2024, the Company has no commitments for the acquisition, construction, or development of investment properties. Additionally, there is no third-party compensation for damaged or lost investment properties.

Note 35 presents the fair values of the investment properties, which were based on valuations performed annually by an independent third party.

**Note 14. Leases**

**Nota 14.1. Right-of-use assets, net** 

The balance of right-of-use assets, net, is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Right-of-use assets | 3573927 | 3444970 |
| Accumulated depreciation | (2045053) | (1919002) |
| **Total right-of-use assets, net** | **1528874** | **1525968** |

---

The movements in the cost of right-of-use assets and in their accumulated depreciation during the presented period are as follows:

---

| | |
|:---|:---|
| **Cost** |  |
| **Balance as of December 31, 2023** | **3203928** |
| Increase from new contracts | 16531 |
| Remeasurements from existing contracts (1) | 133313 |
| Derecognition, reversal and disposal (2) | (28126) |
| Others | (580) |
| **Balance as of June 30, 2024** | **3325066** |
| **Balance as of December 31, 2024** | **3444970** |
| Increase from new contracts | 3233 |
| Remeasurements from existing contracts (1) | 158533 |
| Derecognition, reversal and disposal (2) | (33661) |
| Others | 852 |
| **Balance as of June 30, 2025** | **3573927** |
| **Accumulated depreciation** |  |
| **Balance as of December 31, 2023** | **1647077** |
| Depreciation | 157516 |
| Derecognition and disposal (2) | (28126) |
| **Balance as of June 30, 2024** | **1776467** |
| **Balance as of December 31, 2024** | **1919002** |
| Depreciation | 159712 |
| Derecognition and disposal (2) | (33661) |
| **Balance as of June 30, 2025** | **2045053** |

---

(1) It is primarily due to the extension of lease terms, indexations,
and modifications in the leases.

(2) It is primarily due to the early termination of lease contracts.

The balance of the cost of right-of-use assets by underlying asset class is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Buildings | 3573927 | 3444970 |
| **Total cost of right-of-use assets** | **3573927** | **3444970** |

---

The balances of accumulated depreciation of right-of-use assets by underlying asset class are as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Buildings | 2045053 | 1919002 |
| **Total accumulated depreciation of right-of-use assets** | **2045053** | **1919002** |

---

The depreciation expense by underlying asset class is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Buildings | 159712 | 156687 | 76968 | 78735 |
| Vehicles |  | 289 |  | 142 |
| Equipment |  | 540 |  | 237 |
| **Total depreciation expense** | **159712** | **157516** | **76968** | **79114** |

---

The Company is not exposed to future cash outflows from extension options and termination options. Additionally, there are no residual value guarantees, restrictions, or obligations imposed by leases.

As of June 30, 2025, the average remaining term of the lease contracts is 14 years (December 31, 2024 – 13 years), which is also the average remaining depreciation term of the right-of-use assets.

**Note 14.2 Lease liabilities** 

The balance of the lease liability is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Lease liabilities (1) | 1768007 | 1758379 |
| **Current** | **292892** | **315308** |
| **Non-current** | **1475115** | **1443071** |

---

(1) Includes $442,364 (December 31, 2024 - $453,404) of lease liability
contracted with related parties (Note 9.5).

The movements in the lease liability are as follows:

---

| | |
|:---|:---|
| **Balance as of December 31, 2023** | **1771142** |
| Increase due to new contracts | 16531 |
| Accrued interest | 74680 |
| Remeasurements from existing contracts | 133313 |
| Write-off, reversal, and disposal | (1117) |
| Payment of lease liabilities | (147371) |
| Interest payments on lease liabilities | (75014) |
| **Balance as of June 30, 2024** | **1772164** |
| **Balance as of December 31, 2024** | **1758379** |
| Increase due to new contracts | 3233 |
| Accrued interest | 77127 |
| Remeasurements from existing contracts | 158533 |
| Write-off, reversal, and disposal | (1687) |
| Payment of lease liabilities | (150876) |
| Interest payments on lease liabilities | (76702) |
| **Balance as of June 30, 2025** | **1768007** |

---

Below are the future lease liability payments as of June 30, 2025:

---

| | |
|:---|:---|
| Up to one year | 430350 |
| From 1 to 5 years | 1116084 |
| More than 5 years | 1158469 |
| **Minimum installments for lease liabilities (\*)** | **2704903** |
| Future financing (expenses) | (936896) |
| **Total minimum net installments for lease liabilities** | **1768007** |

---

---

| | |
|:---|:---|
| (\*) | This amount includes principal and interest. |

---

**Note 15. Other intangible assets, net**

The balance of other intangible assets, net is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Trademarks | 86433 | 86433 |
| Computer software | 173902 | 178249 |
| Rights | 20491 | 20491 |
| Others | 22 | 22 |
| **Total cost of other intangible assets** | **280848** | **285195** |
| Accumulated amortization | (118720) | (113334) |
| **Total other intangible assets, net** | **162128** | **171861** |

---

The changes in the cost of intangible assets and in accumulated amortization during the reported period are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cost** | **Trademarks (1)** | **Computer software** | **Rights** | **Other** | **Total** |
| **Balance as of December 31, 2023** | **86427** | **239493** | **20491** | **22** | **346433** |
| Additions | 6 | 6518 |  |  | 6524 |
| (Disposals and derecognition) |  | (6060) |  |  | (6060) |
| **Balance as of June 30, 2024** | **86433** | **239951** | **20491** | **22** | **346897** |
| **Balance as of December 31, 2024** | **86433** | **178249** | **20491** | **22** | **285195** |
| Additions |  | 873 |  |  | 873 |
| (Disposals and derecognition) |  | (7054) |  |  | (7054) |
| Other movements (a) |  | 1834 |  |  | 1834 |
| **Balance as of June 30, 2025** | **86433** | **173902** | **20491** | **22** | **280848** |

---

(a) As part of the liquidation process of the subsidiary Marketplace
Internacional Éxito y Servicios S.A.S., its technological platform "SELLER" was transferred to the Company as a return
of capital contributions.

---

| | |
|:---|:---|
| **Accumulated amortization** | **Computer software** |
| **Balance as of December 31, 2023** | **156087** |
| Amortization | 13254 |
| (Disposals and derecognition) | (5679) |
| **Balance as of June 30, 2024** | **163662** |
| **Balance as of December 31, 2024** | **113334** |
| Amortization | 12440 |
| (Disposals and derecognition) | (7054) |
| **Balance as of June 30, 2025** | **118720** |

---

(1) This corresponds to the Surtimax brand received from the merger
with Carulla Vivero S.A. for $17,427, the Súper Ínter brand acquired in the business combination with Comercializadora
Giraldo Gómez y Cía. S.A. for $63,704, the Taeq brand for $5,296 and the Finlandek brand for $6.

These brands have an indefinite useful life. The Company estimates that there is no foreseeable time limit in which these assets are expected to generate net cash inflows, therefore, they are not amortized.

The rights have an indefinite useful life. The Company estimates that there is no foreseeable time limit in which these assets are expected to generate net cash inflows, therefore, they are not amortized.

As of June 30, 2025, and December 31, 2024, the other intangible assets do not have any restrictions or encumbrances that limit their realization or marketability. Additionally, there are no commitments to the acquisition or development of intangible assets.

**Note 16. Goodwill**

The balance of goodwill is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br> **2025** | **December 31,**<br> **2024** |
| Retail trade | 1454094 | 1454094 |
| Impairment loss | (1017) | (1017) |
| **Total goodwill** | **1453077** | **1453077** |

---

The company has evolved in its operational management, adopting a comprehensive approach to retail business instead of analyzing each brand separately. As of December 31, 2024, cash flows, revenues, and costs are managed in an integrated manner, prioritizing the overall performance of each business line, which has led to a change in accounting estimates. The management, aligned with the new parent entity, has transitioned to performance reporting based on business lines, such as retail and real estate, rather than extensive segmentation by brand or store. As a result, the retail business will be consolidated into a single UGE encompassing all brands for Colombia.

Goodwill has an indefinite useful life due to the Company's intended use of it, therefore, it is not amortized.

**Note 17. Investments accounted for using the equity method**

The balance of investments accounted for using the equity method is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Classification** | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Spice Investment Mercosur S.A. | Subsidiary | 2163849 | 1969374 |
| Onper Investment 2015 S.L. | Subsidiary | 1011076 | 1131442 |
| Patrimonio Autónomo Viva Malls | Subsidiary | 999009 | 1007236 |
| Compañía de Financiamiento Tuya S.A. | Joint venture | 291432 | 271548 |
| Éxito Industrias S.A.S. | Subsidiary | 208342 | 197180 |
| Puntos Colombia S.A.S. | Joint venture | 23227 | 17691 |
| Logística, Transporte y Servicios Asociados S.A.S. | Subsidiary | 20869 | 23961 |
| Transacciones Energéticas S.A.S. E.S.P. | Subsidiary | 15995 | 4861 |
| Almacenes Éxito Inversiones S.A.S. | Subsidiary | 6800 | 9313 |
| Fideicomiso Lote Girardot | Subsidiary | 3850 | 3850 |
| Éxito Viajes y Turismo S.A.S. | Subsidiary | 3719 | 6134 |
| Patrimonio Autónomo Iwana | Subsidiary | 2576 | 2659 |
| Sara ANV S.A. | Joint venture | 973 | 1981 |
| Depósito y Soluciones Logísticas S.A.S. | Subsidiary | 420 | 414 |
| Marketplace Internacional Éxito y Servicios S.A.S. liquidated (a) | Subsidiary | 146 | 5887 |
| Gestión y Logistica S.A. | Subsidiary | 129 | 127 |
| **Total investments accounted for using the equity method** |  | **4752412** | **4653658** |

---

(a) On April 11, 2025, the General Shareholders' Meeting approved
the liquidation of Marketplace Internacional Éxito y Servicios S.A.S. Liquidated, and this was recorded in the Company's
Certificate of Incorporation and Legal Representation on May 15, 2025.

There are no restrictions on the ability of investments accounted for using the equity method to transfer funds to the Company in the form of cash dividends, or the reimbursement of loans or advances made.

The Company has no contingent liabilities incurred in connection with its interests in these investments.

The Company does not have implicit obligations acquired on behalf of investments accounted for using the equity method, resulting from losses exceeding the investment held.

The investments are not subject to any restrictions or encumbrances that affect the investment held.

The corporate objects, other corporate information, and financial information of the investments accounted for using the equity method were properly disclosed in the separate financial statements presented at the end of 2024.

The movement of investments accounted for using the equity method during the reported period is as follows:

---

| | |
|:---|:---|
| **Balance as of December 31, 2023** | **4091366** |
| Capital increases (reduction), net | (20650) |
| Share of income (Note 32) | 101232 |
| Share in equity movements | 571726 |
| Declared dividends | (59456) |
| **Balance as of June 30, 2024** | **4684218** |
| **Balance as of December 31, 2024** | **4653658** |
| Capital increases (reduction), net | (47001) |
| Share of income (Note 32) | 243044 |
| Share in equity movements | (17585) |
| Declared dividends | (79704) |
| **Balance as of June 30, 2025** | **4752412** |

---

**Note 18. Non-cash transactions**

During the periods ended on June 30, 2025, and June 30, 2024, the Company had non-cash additions to property, plant, and equipment, and right-of-use assets, which were not included in the statement of cash flows, presented in Notes 12.1 and 14, respectively.

**Note 19. Loans and borrowings**

The balance of loans and borrowings is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,<br> 2025** | **June 30,<br> 2025** | **December 31,**<br> **2024** | **December 31,**<br> **2024** |
| Bank loans |  | 1741205 |  | 1681847 |
| **Current** |  | **1,708,946** |  | **1,553,175** |
| **Non-current** |  | **32,259** |  | **128,672** |

---

The movements of loans and borrowings during the reported period are as follows:

---

| | |
|:---|:---|
| **Balance as of December 31, 2023** | **815518** |
| Proceeds from loans and borrowings | 1000000 |
| Increases from revaluations and interest | 101553 |
| Repayments of loans and borrowings | (87680) |
| Payments of interest on loans and borrowings | (76432) |
| **Balance as of June 30, 2024** | **1752959** |
| **Balance as of December 31, 2024 (1)** | **1681847** |
| Proceeds from loans and borrowings (2) | 413400 |
| Increases from revaluations and interest | 78018 |
| Repayments of loans and borrowings (3) | (346080) |
| Payments of interest on loans and borrowings | (85980) |
| **Balance as of June 30, 2025** | **1741205** |

---

(1) As of December 31, 2024, the balance corresponds to $60,271
from the bilateral credit agreement signed on March 27, 2020, $138,395 from the bilateral credit agreement signed on June 3, 2020; three
bilateral credits of $153,592, $89,069, and $95,211 signed on March 26, 2021; as well as $100,136 from the bilateral credit agreement
signed on August 28, 2023; $25,259 from the bilateral credit agreement signed on August 30, 2023; four revolving bilateral credits of
$30,609, $71,269, $71,111, and $233,890 signed on February 18, 2022; $104,257 from the revolving bilateral credit agreement signed on
February 25, 2022; $100,396 from the bilateral credit agreement signed on February 12, 2024; $137,997 from the bilateral credit agreement
signed on August 6, 2024; $67,262 from the bilateral credit agreement signed on August 29, 2024; and $203,123 from the bilateral credit
agreement signed on October 28, 2024.

(2) The Company requested disbursements of $50,000 from the bilateral
loan agreement signed on February 7, 2025; $35,000 from the bilateral loan agreement signed on February 21, 2025; $50,000 from the bilateral
loan agreement signed on April 15, 2025; $83,400 from the bilateral loan agreement signed on April 28, 2025; $95,000 from the bilateral
loan agreement signed on May 2, 2025; and $100,000 from the bilateral loan agreement signed on May 15, 2025.

(3) During the period ended June 30, 2025, the Company paid $12,084
under the bilateral loan agreement signed on March 27, 2020; $25,000 under the bilateral loan agreements signed on August 30, 2023; $50,000
under the bilateral loan agreement signed on August 6, 2024; $100,000 under the bilateral revolving credit agreement signed on February
25, 2022; $17,271 and $91,725 under two bilateral loan agreements signed on March 26, 2021; and $50,000 under the bilateral loan agreement
signed on April 15, 2025

These loans are measured at amortized cost using the effective interest rate method; transaction costs are not included in the measurement, as none were incurred.

As of June 30, 2025, the weighted average nominal interest rate on bank loans is below RBI (Reference Banking Index) +2%.

As of June 30, 2025, the Company has no unused credit lines.

The following are the annual maturities of outstanding non-current loans and borrowings as of June 30, 2025, discounted to present value (amortized cost):

---

| | |
|:---|:---|
| **Year** | **Total** |
| 2027 | 16882 |
| 2028 | 15377 |
|  | **32259** |

---

*<u>Covenants</u>*

Under the credit and loan agreements, the Company is required to comply with the following financial *covenants*: while payment obligations under the agreements signed on March 27, 2020, remain outstanding, the Company must maintain a maximum leverage ratio (adjusted recurring EBITDA and gross financial liabilities) of 2.8x. This ratio will be measured annually on April 30, or the following business day if April 30 is a non-business day, based on the Company's separate and audited financial statements for each fiscal year.

As of December 31, 2024, the *covenants* were complied with.

Additionally, under the same credit and loan agreements, the Company is required to comply with certain non-financial *covenants*, which were also met as of December 31, 2024.

**Note 20. Employee benefits**

The balance of employee benefits is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Defined benefit plans | 18889 | 17887 |
| Long-term benefit plan | 1752 | 1635 |
| **Total employee benefits** | **20641** | **19522** |
| **Current** | **4455** | **3336** |
| **Non-current** | **16186** | **16186** |

---

**Note 21. Provisions**

The balance of provisions is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Legal proceedings (1) | 13947 | 14621 |
| Restructuring (2) | 8086 | 19350 |
| Others | 6245 | 13269 |
| **Total provisions** | **28278** | **47240** |
| **Current** | **14843** | **33397** |
| **Non-current** | **13435** | **13843** |

---

As of June 30, 2025, and December 31, 2024, the Company has no provisions for onerous contracts recorded.

(1) Provisions for legal proceedings are recognized to cover the
estimated probable losses against the Company due to labor and civil litigation, which are calculated based on the best estimate of the
disbursement required to settle the obligation as of the date of preparation of the financial statements. The balance is composed of
the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Labor legal proceedings | 10349 | 10920 |
| Civil legal proceedings | 3598 | 3701 |
| **Total legal proceedings** | **13947** | **14621** |

---

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

The balances and movements presented in the provisions are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Legal proceedings** | **Taxes other than income tax** | **Restructuring** | **Others** | **Total** |
| **Balance as of December 31, 2023** | **14442** | **242** | **5125** | **8096** | **27905** |
| Increases | 1755 |  | 29991 | 8237 | 39983 |
| Payments | (565) |  | (24933) | (7419) | (32917) |
| Reversals (not used) | (3645) | (242) | (1686) | (3675) | (9248) |
| **Balance as of June 30, 2024** | **11987** | **-** | **8497** | **5239** | **25723** |
| **Balance as of December 31, 2024** | **14621** | **-** | **19350** | **13269** | **47240** |
| Increases | 2783 |  |  | 2532 | 5315 |
| Payments | (1266) |  | (11264) | (2681) | (15211) |
| Reversals (not used) | (2191) |  |  | (6875) | (9066) |
| **Balance as of June 30, 2025** | **13947** | **-** | **8086** | **6245** | **28278** |

---

**Note 22. Trade payables and other payables**

The balance of trade payables and other accounts is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Payables to suppliers of goods | 1830283 | 2165933 |
| Payables and other payables - agreements (1) | 477471 | 501291 |
| Costs and expenses payable | 242950 | 248438 |
| Withholding tax payable (2) | 211714 | 36488 |
| Labor liabilities | 119444 | 120391 |
| Tax payable | 29134 | 9494 |
| Purchase of assets (3) | 27611 | 41531 |
| Dividends payable (4) | 2361 | 2343 |
| Others | 24651 | 25541 |
| **Total trade payables and other payables** | **2965619** | **3151450** |
| **Current** | **2963939** | **3129255** |
| **Non-current** | **1680** | **22195** |

---

(1) Payables and other payables - agreements

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Payables to suppliers of goods | 428766 | 447414 |
| Payables to other suppliers | 48705 | 53877 |
| **Total payables and other payable - agreements** | **477471** | **501291** |

---

In Colombia, invoice factoring transactions are initiated by the suppliers, who, at their sole discretion, choose the banks that will advance the financial resources before the invoice due dates, in accordance with the terms and conditions negotiated with the Company.

The Company cannot direct a bank of its preference or financial relationship to the supplier, nor reject the execution of the transactions, as the legislation guarantees the supplier the right to freely transfer the title to any bank via endorsement.

Additionally, the Company enters into agreements with certain financial institutions in Colombia that provide an extended payment period for these discounted invoices from its suppliers. The terms of these agreements are not exclusive to the Company, as they are based on market practices in Colombia applicable to other companies which legally do not alter the nature of the commercial transaction.

(2) This increase corresponds to withholding tax filings and other
taxes pending payment, which will be offset against the income tax credit balance from the 2024 tax return.

(3) The reduction mainly corresponds to payments made in the first
semester of the year to third parties from whom furniture and fixed assets were acquired.

**Note 23. Income tax**

**Note 23.1. Tax regulations applicable to the Company** 

a. For the taxable years 2025 and 2024, the corporate income tax
rate is 35%. Beginning with the 2023 taxable year, the minimum tax rate calculated on financial profit may not be lower than 15%; if
it is, it must be increased by the necessary percentage points to reach the stated effective rate.

b. As of the 2021 taxable year, 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.

&nbsp;&nbsp;&nbsp;&nbsp;c. Since 2007, comprehensive inflation adjustments have been eliminated for tax purposes.

d. Since 2007, the occasional earnings tax for legal entities has
been reactivated, calculated on the total profit obtained by the taxpayers under this concept during the taxable year. As of 2023, the
rate is 15%.

e. The tax rate on dividends distributed to individual residents
in Colombia is 15% when the amount distributed exceeds 1,090 UVT (equivalent to $54 in 2025), when such dividends have been taxed at
the corporate level that distributes them, and the related profits were generated from the 2017 taxable year onward. For domestic corporations,
the applicable tax rate is 10% when such dividends have been taxed at the corporate level that distributes them, and the related profits
were generated from the 2017 taxable year onward. For non-resident individuals and foreign companies, the applicable tax rate is 20%
when such dividends have been taxed at the corporate level that distributes them, and the related profits were generated from the 2017
taxable year onward. When the profits generating the dividends have not been taxed at the level of the distributing company, the tax
rate applicable to shareholders is 35% for both 2025 and 2024.

f. The Company has adopted accounting under the International Financial
Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as its tax basis, with certain exceptions related
to revenue realization, recognition of costs and expenses, and the purely accounting effects of the opening balance sheet upon adoption
of these standards.

&nbsp;&nbsp;&nbsp;&nbsp;g. The financial transactions tax is a permanent tax. 50% of this tax is deductible,
if it is properly certified.

h. 100% of taxes, fees, and contributions that have been effectively
paid during the taxable year or period are deductible, provided they are related to economic activity and accrued within the same year
or period, including membership fees paid to trade associations.

i. Payments related to employee education contributions are deductible,
provided they meet the following conditions: (a) they are allocated to scholarships or forgivable education loans established for the
benefit of employees; (b) payments are made to programs or care centers for employees' children; and (c) payments are made to institutions
providing primary, secondary, technical, technological, or higher education.

j. VAT paid on the acquisition, development, construction, or importation
of productive real fixed assets is creditable against income tax.

k. The withholding tax rate on income for payments abroad will
be 0% for services such as consulting, technical services, and technical assistance provided by parties that are tax residents in countries
with which a double taxation treaty has been signed and to whom the Most Favored Nation Clause applies, and 10% for those to whom the
Most Favored Nation Clause does not apply.

l. The withholding tax rate on income for payments abroad is 20%
for services such as consulting, technical services, technical assistance, fees, royalties, leases, and compensation, and 35% for management
or executive services.

m. The withholding tax rate on income for payments abroad to third
parties located in non-cooperative jurisdictions, low or no taxation areas, and preferential tax regimes are 35%.

n. Starting in 2024, the withholding tax rate on income for payments
abroad to providers with Significant Economic Presence (SEP) who opt for the withholding mechanism is 10%.

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

p. The annual adjustment percentage for the cost of movable and
immovable property classified as fixed assets as of December 31, 2024, is 10.97%.

<u>Tax credits</u>

According to the tax provisions in effect from 2017, the maximum period for offsetting 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 taxable income determined within the following five (5) years.

The losses of companies cannot be transferred to the shareholders. Tax losses arising from income that is not taxable or occasional gains, as well as costs and deductions that are not causally related to the generation of taxable income, may not be offset against the taxpayer's taxable income under any circumstances.

The movement of the excess presumptive income over the company's taxable income during the reported period is as follows:

---

| | |
|:---|:---|
| **Balance as of December 31, 2023** | **61415** |
| Offsetting of excess presumptive income against net income for the prior period | (600) |
| Offsetting of excess presumptive income against net income for the period | (60815) |
| **Balance as of December 31, 2024** | **-** |
| Movement of excess presumptive income against net income for the period |  |
| **Balance as of June 30, 2025** | **-** |

---

As of June 30, 2025, the Company reports tax loss carryforwards of $699,023 (December 31, 2024 – $704,357).

The movement of the company's tax losses during the reported period is as follows:

---

| | |
|:---|:---|
| **Balance as of December 31, 2023** | **740337** |
| Adjustment to tax losses from the period | (35980) |
| **Balance as of December 31, 2024** | **704357** |
| Tax losses (gains) generated during the period | (5334) |
| **Balance as of June 30, 2025** | **699023** |

---

<u>Finality of tax returns</u>

Starting from 2020, the general term for the finality of tax returns will be 3 years, and for taxpayers required to submit transfer pricing documentation and for returns in which tax losses are generated and offset, the term for finality will be 5 years.

For 2023 through 2026, if there is a 35% increase in the net income tax compared 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 compared to the net income tax of the previous period, the finality of the tax returns will be twelve months.

The income tax and complementary tax returns for 2023, 2022, 2021, and 2020, in which tax credits were generated, are subject to review for 5 years from the filing date, considering that the company is subject to the transfer pricing regime. The income tax and complementary tax return for 2019, in which tax losses and tax credit were generated, is subject to review for 5 years from the filing date.

Tax advisors and the Company's management believe that no additional taxes will be payable, other than those recorded as of June 30, 2025.

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

<u>Transfer pricing</u>

The Company's transactions with its parent, subsidiaries, and/or related parties located abroad have been conducted in accordance with the arm's length principle, as if they were independent parties, as set forth by the provisions established by national tax regulations. Independent advisors carried out the update of the transfer pricing study, required by tax provisions, to demonstrate that transactions with related foreign entities were conducted at market values during the 2025 and 2024 periods. For this purpose, the Company will submit an informational declaration and the study within the deadlines specified by the regulations.

**Note 23.2. Current tax assets and liabilities** 

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

<u>Current tax assets:</u>

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Income tax credit | 392878 | 263820 |
| Tax discounts | 152101 | 148902 |
| Tax discounts from taxes paid abroad | 5573 | 5562 |
| **Total income tax asset** | **550552** | **418284** |
| Industry and trade tax advances and withholdings | 43817 | 77385 |
| **Total asset for other taxes** | **43817** | **77385** |
| **Total current tax assets** | **594369** | **495669** |

---

<u>Current tax liabilities</u>

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Industry and trade tax payable | 59617 | 103659 |
| Tax on real estate | 6959 | 5009 |
| **Total liability for other taxes** | **66576** | **108668** |

---

**Note 23.3. Income tax** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| **Profit (loss) before income tax** | **261815** | **(142477)** | **173337** | **(65071)** |
| **Plus** |  |  |  |  |
| Non-deductible expenses | 18570 | 7301 | 9156 | (3689) |
| Financial transactions tax | 3718 | 5376 | 2117 | 1930 |
| Others (2) | 2062 | 6916 | 1202 | 4553 |
| **Minus** |  |  |  |  |
| IFRS adjustments with no tax impact (1) | (236324) | (100922) | (116897) | (31159) |
| Non-taxable dividends received from subsidiaries | (21089) | (4242) |  |  |
| Others (2) | (4760) | (6341) | (1682) | (2833) |
| Additional 30% deduction for apprentice salaries (voluntary) | (114) |  | (57) |  |
| **(Loss) Net income** | **23878** | **(234389)** | **67176** | **(96269)** |
| **Exempt income** |  | 32335 |  | 32335 |
| **(Loss) Net income before compensations** | **23878** | **(266724)** | **67176** | **(128604)** |
| Compensations |  |  |  |  |
| **(Loss)Total Net income after compensations** | **23878** | **(266724)** | **67176** | **(128604)** |
| Income tax rate | 35% | 35% |  | 35% |
| **Subtotal (expense) current income tax** |  |  |  |  |
| **Adjustment with respect to current income tax from previous years (a)** | **136** | **(1554)** | **136** | **(974)** |
| **Total (expense) current and occasional income tax** | **136** | **(1554)** | **136** | **(974)** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,**<br> **2025** | **January 1 to**<br> **June 30,**<br> **2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Other accounting expenses with no tax impact (\*) | 235363 | 230675 | 115252 | 112233 |
| Non-taxable dividends from subsidiaries | 21090 | 4242 |  |  |
| Accounting provisions | 16890 | 58480 | 8679 | 39519 |
| Higher accounting depreciation over fiscal depreciation, net | 4898 | 8290 | 3117 | 3697 |
| Taxable actuarial calculation | 1081 | 754 | 541 | 540 |
| Non-deductible taxes | (2) |  |  |  |
| Excess of fiscal personnel expenses over accounting expenses | (1820) | (53395) | (524) | (10847) |
| Net exchange differences | (4663) | 33481 | 1522 | 32683 |
| Other non-taxable accounting (income) expenses, net | (17366) | (2762) | (7615) | (768) |
| Higher fiscal depreciation over accounting depreciation | (21496) | (22245) | (9773) | (11023) |
| Recovery of provisions | (40630) | (40657) | (15354) | (34934) |
| Non-accounting fiscal costs, net | (47436) | (71167) | (19874) | (48438) |
| Taxable leases | (139189) | (145386) | (67943) | (72606) |
| Results under the equity method, net | (243044) | (101232) | (124925) | (41215) |
| **Total** | **(236324)** | **(100922)** | **(116897)** | **(31159)** |

---

(\*) It corresponds to the differences associated with the tax treatment of leases under IFRS 16.

(2) The 'others' category corresponds to:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to June 30,<br> 2025** | **April 1 to June 30,<br> 2024** |
| Fines, sanctions, and lawsuits | 1176 | 448 | 1031 | 224 |
| Special deduction for donations to Food Banks and others | 432 | 2172 | 432 | 2172 |
| Accounting provision and write-offs of receivables | 257 | 2776 | (413) | 757 |
| Taxes assumed and valuation | 197 | 241 | 152 | 171 |
| Taxable income - recovery of depreciation on sold fixed assets |  | 50 |  |  |
| Deduction for ICA tax paid after the income tax filing |  | 1229 |  | 1229 |
| **Total** | **2062** | **6916** | **1202** | **4553** |
| Recovery of costs and expenses | (2099) | (3338) | (407) | (787) |
| Deduction for hiring personnel with disabilities | (1765) | (1275) | (882) | (638) |
| Non-deductible taxes | (593) | (556) | (90) | (286) |
| Loss from the sale of fixed assets declared as occasional income | (303) | (1172) | (303) | (1122) |
| **Total** | **(4760)** | **(6341)** | **(1682)** | **(2833)** |

---

The components of the income tax expense recognized in the statement of profit or loss are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,**<br> **2025** | **January 1 to**<br> **June 30,**<br> **2024** | **April 1 to June 30,<br> 2025** | **April 1 to June 30,<br> 2024** |
| (Loss) gain deferred tax (Nota 23.4) | (21939) | 87433 | (26608) | 47310 |
| Adjustment in respect of current income tax of prior periods | 136 | (1554) | 136 | (974) |
| **Total income tax** | **(21803)** | **85879** | **(26472)** | **46336** |

---

**Note 23.4. Deferred tax**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Deferred tax**<br> **assets** | **Deferred tax**<br> **liabilities** | **Deferred tax asset and**<br> **(liability), net** | **Deferred tax**<br> **assets** | **Deferred tax**<br> **liabilities** | **Deferred tax asset and**<br> **(liability), net** |
| Lease liability | 618802 |  | 618802 | 615431 |  | 615431 |
| Tax losses | 236360 |  | 236360 | 246525 |  | 246525 |
| Tax credits | 60098 |  | 60098 | 60098 |  | 60098 |
| Trade and other payables | 9778 |  | 9778 | 2255 |  | 2255 |
| Investment property |  | (38030) | (38030) |  | (37022) | (37022) |
| Buildings |  | (108014) | (108014) |  | (110330) | (110330) |
| Goodwill |  | (217728) | (217728) |  | (217715) | (217715) |
| Rights of use |  | (532829) | (532829) |  | (531670) | (531670) |
| Others | 143021 | (17019) | 126002 | 165793 | (16987) | 148806 |
| **Total** | **1068059** | **(913620)** | **154439** | **1090102** | **(913724)** | **176378** |

---

The movement of the deferred tax, net, in the income statement and the statement of comprehensive income is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to<br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| (Loss) income deferred tax recognized in the period's income statement | (21707) | 87433 | (27023) | 47310 |
| (Loss) income deferred tax recognized in the other comprehensive income of the period | (232) | (1443) | 415 | 117 |
| **Total movement of net deferred tax** | **(21939)** | **85990** | **(26608)** | **47427** |

---

As of June 30, 2025, the value of temporary differences related to investments in subsidiaries and joint ventures, for which no deferred tax has been recognized, amounted to $1,546,588 (December 31, 2024 - $1,501,291)

**Note 23.5. Effects of the distribution of dividends on the income tax** 

There are no income tax consequences associated with the dividend payments in 2025 and 2024 by the Company to its shareholders.

**Note 24. Other financial liabilities**

The balance of derivative financial instruments and income received for third parties is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Collections on behalf of third parties (1) | 186672 | 160220 |
| Derivative financial instruments (2) | 6668 | 1174 |
| Derivative financial instruments designated as hedge instruments (3) | 684 | 278 |
| **Total derivative instruments and collections on behalf of third parties** | **194024** | **161672** |

---

(1) The income received for third parties includes amounts received
for services in which the Company acts as an agent, such as card collections, collections from subsidiaries within the "in house
cash" centralized treasury program, and banking services provided to customers. It includes $123,987 (December 31, 2024 - $138,340)
with related parties (Note 9.6). Since the balance associated with this item is not material to the financial statements, the Company
has opted not to apply the amortized cost method. Under normal circumstances, such liabilities would be measured at amortized cost using
the effective interest rate.

(2) The fair values of these instruments are determined using valuation
models commonly used by market participants.

As of June 30, 2025, it corresponds to the following operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nature of risk hedged** | **Hedged item** | **Notional amount** | **Fair value** |
| *Forward* | Exchange rate | Foreign currency liability | &nbsp;&nbsp;&nbsp;&nbsp;MUSD / $42.500<br> MEUR / $1.270 | 6668 |

---

The breakdown of the maturity dates of these instruments as of June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative** | **Less than 3 months** | **Between 3 and<br> 6 months** | **Between 6 and 12 months** | **More than 12 months** | **Total** |
| *Forward* | 5865 | 803 |  |  | 6668 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nature of risk hedged** | **Hedged item** | **Notional amount** | **Fair value** |
| *Forward* | Exchange rate | Foreign currency liability | &nbsp;&nbsp;&nbsp;&nbsp;MUSD / $16.600<br> MEUR / $4.020 | 1174 |

---

The breakdown of the maturity dates of these instruments as of December 31, 2024 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative** | **Less than 3 months** | **Between 3 and<br> 6 months** | **Between 6 and 12 months** | **More than 12 months** | **Total** |
| *Forward* | 922 | 252 |  |  | 1174 |

---

(3) Derivatives designated as hedging instruments are related to
foreign exchange *forwards.* The fair values of these instruments are determined using valuation models commonly used by market
participants.

As of June 30, 2025, it corresponds to the following operations:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Nature of<br> risk hedged** | **Hedged item** | **Rate of<br> hedged item** | **Average rates for hedged instruments** | **Amount<br> hedged** | **Fair value recognized in other comprehensive income** | **Fair value recognized in the income statement** | **Fair value** |
| *Forward* | Exchange rate | Trades payable and other payables – Purchase of assets (Note 22) | USD/COP | &nbsp;&nbsp;1 USD / $4,206.00 | 5.2MUSD | 407 | – | 684 |

---

The breakdown of the maturity dates of these hedging instruments as of December 31, 2024, is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than 1<br> month** | **Between 1 and 3 months** | **Between 3 and 6 months** | **Between 6 and 12 months** | **More than 12 months** | **Total** |
| *Forward* | 684 | – |  | – |  | 684 |

---

As of December 31, 2024, the following operations were in place:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Nature of<br> risk hedged** | **Hedged item** | **Rate of<br> hedged item** | **Average rates for hedged instruments** | **Amount<br> hedged** | **Fair value recognized in other comprehensive income** | **Fair value recognized in the income statement** | **Fair value** |
| *Forward* | Exchange rate | Trades payable and other payables – Purchase of assets (Note 22) | USD/COP | 1 USD $4,466.19 | 5.2MUSD | 5210 |  | 278 |

---

The breakdown of the maturity dates of these hedging instruments as of December 31, 2024, is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than 1 month** | **Between<br> 1 and 3 months** | **Between<br> 3 and 6<br> months** | **Between<br> 6 and 12<br> months** | **More than 12 months** | **Total** |
| *Forward* | 278 | – |  | – |  | 278 |

---

The Company has documented the hedge effectiveness tests by assessing that:

- The existence of the economic relationship between the hedged item and the hedging instrument

- The effect of credit risk does not dominate,

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

**Note 25. Other liabilities**

The balance of other liabilities is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,**<br> **2024** |
| Deferred revenues (1) | 109377 | 170359 |
| Advance payments for fixed assets sold (2) | 850 | 832 |
| Advance payments under lease agreements and other projects (3) | 349 | 929 |
| Repurchase coupon | 104 | 100 |
| Instalments received under "plan resérvalo" |  | 160 |
| **Total other liabilities** | **110680** | **172380** |
| **Current** | **110331** | **172002** |
| **Non-current** | **349** | **378** |

---

(1) It mainly corresponds to payments received for the future
sale of products through payment methods, property leases, and strategic alliances.

The Company considers deferred revenues in advance as a contractual liability. The movement of these liabilities during the presented period is as follows:

---

| | |
|:---|:---|
|  | **Deferred<br> income** |
| **Balance as of December 31, 2023** | **200205** |
| Revenue recognized | (67983) |
| **Balance as of June 30, 2024** | **132222** |
| **Balance as of December 31, 2024** | **170359** |
| Additions | 3771394 |
| Revenue recognized | (3832376) |
| **Balance as of June 30, 2025** | **109377** |

---

(2) This corresponds to the advance received for the sale of
the La Colina land for $832, and the advance for the sale of Montería Centro for $18.

(3) It corresponds to the balance of the Locatel contract pending
amortization as income from commercial space premiums.

**Note 26. Shareholders' equity**

<u>Capital and premium on placement of shares</u>

As of June 30, 2025, and December 31, 2024, the authorized capital of the Company is represented by 1,590,000,000 ordinary shares with a nominal value of $3.3333 Colombian pesos each.

As of June 30, 2025, and December 31, 2024, the number of subscribed shares is 1,344,720,453, and the number of treasury shares reacquired is 46,856,094.

The rights granted over the shares correspond to the right to vote and voice for each share. No privileges have been granted on the shares, nor are there any restrictions on them. Additionally, there are no stock option agreements on the Company's shares.

The share premium represents the excess paid over the nominal value of the shares. According to Colombian legal regulations, this balance may be distributed at the time of the liquidation of the company or capitalized. Capitalization is understood as the transfer of a portion of this premium to a capital account because of a dividend distribution paid in shares of the Company.

 <u>Reserves</u>

Reserves are appropriations made by the Company's General Shareholders' Assembly from the results of previous periods. In addition to the legal reserve, this includes the occasional reserve, reserve for the repurchase of shares, and reserve for future dividends.

<u>Legal Reserve:</u> According to Article 452 of the Colombian Commercial Code and Article 51 of the Company's Articles of Association, corporations must establish a legal reserve equal to at least 50% of the subscribed capital. For this, 10% of the net income for each year must be appropriated to the legal reserve until the minimum percentage is reached. Once the 50% threshold is achieved, it will be at the discretion of the General Shareholders' Assembly whether to continue increasing the legal reserve. However, if it decreases, it will be mandatory to appropriate 10% of the net income each year until the reserve reaches the specified limit again.

- <u>Occasional reserve:</u> An occasional reserve established by the General Shareholders' Meeting.

- <u>Reserve for the repurchase of shares:</u> An occasional reserve established by the General Shareholders' Meeting for the purpose of repurchasing shares.

<u>Other Comprehensive Income Accumulated</u>

The balance of each component of other comprehensive income and its tax effect is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Gross value** | **Tax effect** | **Net value** | **Gross value** | **Tax effect** | **Net value** | **Gross value** | **Tax effect** | **Net value** |
| Measurement of financial assets at fair value through other comprehensive income | (5413) |  | (5413) | (4892) |  | (4892) | (5335) |  | (5335) |
| Remeasurements of defined benefit plans | (3707) | 1544 | (2163) | (5059) | 1793 | (3266) | (3707) | 1544 | (2163) |
| Translation exchange differences | (2502495) |  | (2502495) | (2187059) |  | (2187059) | (2294102) |  | (2294102) |
| (Loss) on hedge of net investment in foreign operations | (18977) |  | (18977) | (18977) |  | (18977) | (18977) |  | (18977) |
| Gain from cash-flow hedge | 13634 | 1423 | 15057 | 12882 | 1168 | 14050 | 12150 | 1423 | 13573 |
| **Total other comprehensive accumulated income** | **(2516958)** | **2967** | **(2513991)** | **(2203105)** | **2961** | **(2200144** | **(2309971)** | **2967** | **(2307004)** |

---

**Note 27. Revenue from contracts with customers**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to<br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Retail sales (1) | 7561764 | 7213231 | 3746757 | 3504742 |
| Service revenue (2) | 171711 | 190302 | 82860 | 93550 |
| Other revenue (3) | 20916 | 32717 | 8396 | 3368 |
| **Total revenue from contracts with customers** | **7754391** | **7436250** | **3838013** | **3601660** |

---

(1) Retail sales correspond to the sale of merchandise and inventory
from real estate projects, net of returns and sales allowances.

The value corresponds to the following concepts:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to<br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Retail sales, net of sales returns and rebates | 7557964 | 7210381 | 3746757 | 3504742 |
| Sale of real estate project inventories (a) | 3800 | 2850 |  |  |
| **Total retail sales** | **7561764** | **7213231** | **3746757** | **3504742** |

---

(a) As of June 30, 2025, it corresponds to the sale of 18.72%
of the Éxito Occidente real estate project for $3,800. As of June 30, 2024, it corresponds to the sale of 14.04% of the Éxito
Occidente real estate project for $2,850.

(2) Service revenue corresponds to the following concepts:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to<br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Real estate related income | 40229 | 41077 | 19891 | 20615 |
| Advertising | 29962 | 35805 | 15301 | 18134 |
| Leases | 28612 | 27432 | 14750 | 13836 |
| Lease of physical space | 25258 | 24438 | 14514 | 13053 |
| Commissions (a) | 16228 | 27018 | 2542 | 11645 |
| Administration of real estate | 12573 | 11196 | 6014 | 4775 |
| Transport | 6727 | 5731 | 3352 | 2964 |
| Banking services | 6361 | 10721 | 3578 | 5674 |
| Money transfers | 3558 | 4616 | 1844 | 2097 |
| Others | 2203 | 2268 | 1074 | 757 |
| **Total service revenue** | **171711** | **190302** | **82860** | **93550** |

---

(a) The decrease is mainly due to the collection from Tuya S.A.
for discounts granted for the use of the card. In addition, there is also a reduction in commission income related to the betting business.

(3) Other revenue corresponds to the following concepts:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to<br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Marketing events | 8340 | 7737 | 3456 | 3702 |
| Collaboration agreements (a) | 3387 | 5476 | 1609 | 1732 |
| Asset utilizations | 2514 | 4129 | 773 | 1764 |
| Financial Services | 1715 | 1771 | 805 | 672 |
| Royalty revenue | 1036 | 2450 | 268 | 1291 |
| Real estate projects | 916 |  | 502 |  |
| Technical advisory | 778 | 913 | 385 | 422 |
| Use of parking spaces | 664 | 631 | 334 | 476 |
| Recovery of other liabilities | 71 | 2156 | 28 | 378 |
| Recovery of provisions |  | 3500 |  |  |
| Recovery of labor liabilities |  |  |  | (7498) |
| Others | 1495 | 3954 | 236 | 429 |
| **Total other revenue** | **20916** | **32717** | **8396** | **3368** |

---

(a) It corresponds to the participation in the following collaboration
agreements, which consist of contracts to carry out projects or activities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to June 30,<br> 2025** | **January 1 to June 30,<br> 2024** | **April 1 to June 30,<br> 2025** | **April 1 to June 30,<br> 2024** |
| Redeban S.A. | 3008 | 2582 | 1500 | 1134 |
| Éxito Media | 354 | 1098 | 84 | 508 |
| Alianza Sura | 22 | 378 | 22 | 86 |
| Moviired S.A.S. | 3 | 18 | 3 | 4 |
| Renting Colombia S.A. |  | 1400 |  |  |
| **Total collaboration agreements** | **3387** | **5476** | **1609** | **1732** |

---

**Note 28. Distribution, administrative and selling expenses.**

The distribution expenses and the administration and sales expenses are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Employee benefits (Note 29) | 384983 | 411557 | 187858 | 202693 |
| Depreciation and amortization | 224358 | 229991 | 109502 | 114871 |
| Taxes other than income tax | 125748 | 122969 | 47378 | 46817 |
| Fuels and power | 90462 | 96562 | 45907 | 48519 |
| Repairs and maintenance | 72303 | 84553 | 34259 | 42119 |
| Services | 49983 | 47979 | 20293 | 21730 |
| Security services | 39070 | 42530 | 19370 | 21193 |
| Commissions on debit and credit cards | 36591 | 38677 | 17484 | 18408 |
| Administration of trade premises | 33621 | 31653 | 16510 | 16095 |
| Advertising | 33210 | 46733 | 15336 | 22831 |
| Professional fees | 32102 | 34253 | 15653 | 18074 |
| Cleaning services | 24506 | 27805 | 11226 | 13355 |
| Transport | 22169 | 24908 | 10610 | 12020 |
| Leases | 19077 | 25120 | 6306 | 11168 |
| Insurance | 13694 | 19727 | 6792 | 9766 |
| Credit loss expense (Nota 7.1) | 7602 | 9686 | 3493 | 5822 |
| Commissions | 6215 | 7469 | 2961 | 3423 |
| Legal expenses | 5957 | 3044 | 2407 | 929 |
| Other provision expenses | 5315 | 4797 | 3084 | 2667 |
| Outsourced employees | 4816 | 8030 | 2439 | 4262 |
| Cleaning and cafeteria | 4753 | 4561 | 2441 | 2217 |
| Other commissions | 4002 | 4011 | 1949 | 1862 |
| Packaging and marking materials | 3821 | 5422 | 2548 | 3114 |
| Stationery, supplies and forms | 3354 | 3335 | 1808 | 1909 |
| Ground transportation | 1818 | 2084 | 789 | 917 |
| Travel expenses | 1569 | 1698 | 741 | 847 |
| Contributions and memberships | 450 | 563 | 360 | 319 |
| Éxito Media collaboration agreement | 316 |  | 294 |  |
| Seguros Éxito collaboration agreement | 73 | 3324 | 73 | 2566 |
| Services | 30 | 308 | 14 | 9 |
| Autos Éxito collaboration agreement |  | 166 |  |  |
| Others | 153750 | 137565 | 79793 | 69913 |
| **Total distribution, administrative and selling expenses** | **1405718** | **1481080** | **669678** | **720435** |
| **Distribution expenses** | **960328** | **986762** | **452878** | **483247** |
| **Administrative and selling expenses** | **60407** | **82761** | **28942** | **34495** |
| **Employee benefit expenses** | **384983** | **411557** | **187858** | **202693** |

---

**Note 29. Employee benefit expenses**

The employee benefits expense presented by each significant category is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Wages and salaries | 328614 | 347289 | 159541 | 171057 |
| Contributions to the social security system | 4921 | 5642 | 2478 | 2727 |
| Other short-term employee benefits | 17879 | 20168 | 9189 | 9906 |
| **Total short-term employee benefit expenses** | **351414** | **373099** | **171208** | **183690** |
| Post-employment benefit expenses, defined contribution plans | 28442 | 31063 | 14040 | 14997 |
| Post-employment benefit expenses, defined benefit plans | 1428 | 1407 | 818 | 793 |
| **Total post-employment benefit expenses** | **29870** | **32470** | **14858** | **15790** |
| Termination benefit expenses | 730 | 496 | (70) | 227 |
| Other long-term employee benefits | 161 | 104 | 79 | 76 |
| Other personnel expenses | 2808 | 5388 | 1783 | 2910 |
| **Total employee benefit expenses** | **384983** | **411557** | **187858** | **202693** |

---

The cost of employee benefits included in the cost of sales is shown in Note 10.2.

**Note 30. Other operating revenue (expenses) and other (loses) gain, net**

<u>Other operating revenue</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Recovery allowance for expected credit losses (Note 7.1) | 7069 | 6641 | 3610 | 4439 |
| Recovery of other provisions | 6875 | 176 | 6219 |  |
| Other indemnification (1) | 3559 | 2573 | 1848 | 1761 |
| Recovery of provisions for legal proceedings | 2191 | 3647 | 754 | 3223 |
| Recovery of employee liabilities | 1609 | 7498 | 217 | 7498 |
| Recovery of costs and expenses from taxes other than income tax | 929 | 1184 | 892 | 852 |
| Insurance indemnification | 171 | 1050 | 145 | 639 |
| Reimbursement of tax-related costs and expenses |  | 241 |  | 241 |
| Recovery from restructuring processes |  | 1685 |  | 1685 |
| **Total other operating revenue** | **22403** | **24695** | **13685** | **20338** |

---

(1) It corresponds to the indemnities paid by Rappi S.A.S. for
losses from the operation with Turbo amounting to $3,287 and compensation for consequential damages in the sale of the Country Lot strip
for $272.

<u>Other operating expenses</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Restructuring expenses |  | (29991) |  | (13847) |
| Other provisions (1) |  | (5195) | (794) |  |
| Others (2) | (1004) | (13546) | (90) | (3500) |
| **Total other operating expenses** | **(1004)** | **(48732)** | **(884)** | **(17347)** |

---

(1) It corresponds to the stores and shops closure plan.

(2) It corresponds to:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Fees for the registration process in the New York and Sao Paulo Stock Exchanges |  | (11540) |  | (2698) |
| Fees for projects for the implementation of norms and laws |  | (1205) |  | (70) |
| Corporate projects | (210) |  | (90) |  |
| Severance expenses | (328) |  |  |  |
| Closed stores expenses | (466) |  |  |  |
| Others |  | (801) |  | (732) |
| **Total others** | **(1004)** | **(13546)** | **(90)** | **(3500)** |

---

<u>Other net (loss) income</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to June 30,<br> 2025** | **January 1 to June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Gain on sale of property, plant and equipment | 7289 | 1644 | 304 | 1594 |
| Gain from the early termination of lease contracts | 1719 | 1126 | 1042 | 1126 |
| (Loss) on derecognition of right-of-use assets | (32) | (9) |  | (64) |
| (Loss) from write-off of property, plant and equipment, intangible, |  |  |  |  |
| Property investments and other assets | (1564) | (5718) | (257) | (1853) |
| **Total other net (loss) income** | **7412** | **(2957)** | **1089** | **803** |

---

**Note 31. Financial income and expenses**

The value of financial income and expenses is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Gain from foreign exchange differences | 32735 | 32974 | 14371 | (13887) |
| Gain from liquidated derivative financial instruments | 3764 | 3976 | 2748 | 2923 |
| Interest in income on cash and cash equivalents (Note 6) | 2142 | 1952 | 199 | (8) |
| Gains from valuation of derivative financial instruments | 322 | 21324 | (1055) | 10052 |
| Interest in financial lease investment | 208 | 205 | 104 | 100 |
| Other financial income | 509 | 1372 | 248 | 565 |
| **Total financial income** | **39680** | **61803** | **16615** | **(255)** |
| Interest expense on loan and borrowings (Note 19) | (78018) | (101553) | (38633) | (53118) |
| Interest expense on lease liabilities (Note 14.2) | (77127) | (74680) | (39496) | (37232) |
| Loss from liquidated derivative financial instruments | (16837) | (21009) | (5556) | (12030) |
| (Loss) from foreign exchange differences | (14726) | (51719) | (8364) | (2928) |
| Loss from valuation of derivative financial instruments | (9958) | (1002) | (2843) | 9694 |
| Commission expenses | (2288) | (3493) | (785) | (1334) |
| *Factoring expenses* | (15) | (21912) |  | (9755) |
| Other financial expenses | (1613) | (2178) | (840) | (1141) |
| **Total financial expenses** | **(200582)** | **(277546)** | **(96517)** | **(107844)** |
| **Net financial result** | **(160902)** | **(215743)** | **(79902)** | **(108099)** |

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**Note 32. Participation in the results of subsidiaries and joint ventures accounted for using the equity method.**

The result of participation in the results of subsidiaries and joint ventures accounted for using the equity method is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to**<br> **June 30,<br> 2025** | **January 1 to**<br> **June 30,**<br> **2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| Spice Investments Mercosur S.A. | 175863 | 108203 | 84397 | 48590 |
| Patrimonio Autónomo Viva Malls | 51151 | 42278 | 36316 | 30308 |
| Compañía de Financiamiento Tuya S.A. | 19885 | (51527) | 10988 | (27753) |
| Transacciones Energéticas S.A.S. E.S.P. | 11135 | 722 | (273) | 214 |
| Éxito Industrias S.A.S. | 10311 | 10664 | 6037 | 6094 |
| Logística, Transportes y Servicios Asociados S.A.S. | 7365 | 3262 | 4234 | 821 |
| Puntos Colombia S.A.S. | 5536 | 3982 | 3803 | 1887 |
| Almacenes Éxito Inversiones S.A.S. | 4441 | 3190 | 2452 | 1795 |
| Éxito Viajes y Turismo S.A.S. | 1251 | 1661 | 514 | 921 |
| Depósitos y Soluciones Logísticas S.A.S. | 6 | (2) | 3 | (2) |
| Gestión y Logística S.A. | 3 | 15 | 9 | 14 |
| Patrimonio Autónomo Iwana | (59) | (82) | (11) | (24) |
| Marketplace Internacional Éxito y Servicios S.A.S. | (319) | (388) | (276) | (171) |
| Sara ANV S.A. | (1008) | (877) | (448) | (496) |
| Onper Investments 2015 S.L. | (42517) | (19869) | (22820) | (20983) |
| **Total** | **243044** | **101232** | **124925** | **41215** |

---

**Note 33. Earnings per share**

The basic earnings per share is calculated based on the weighted average number of shares outstanding for each category during the period.

There were no potential dilutive ordinary shares outstanding at the end of the periods ending June 30, 2025, and June 30, 2024.

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

<u>In the results of the period:</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to<br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| &nbsp;&nbsp;&nbsp;**Net profit (loss) attributable to holders of ordinary equity instruments (basic)** | **240012** | **(56598)** | **146865** | **(18735)** |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;**Basic earnings (loss) per share (in Colombian pesos)** | **184.93** | **(43.61)** | **113.16** | **(14.43)** |

---

<u>In the comprehensive income</u>:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 1 to<br> June 30,<br> 2025** | **January 1 to<br> June 30,<br> 2024** | **April 1 to<br> June 30,<br> 2025** | **April 1 to<br> June 30,<br> 2024** |
| &nbsp;&nbsp;&nbsp;**Net profit attributable to holders of ordinary equity instruments (basic)** | **33025** | **47304** | **59639** | **39853** |
| &nbsp;&nbsp;&nbsp;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 earnings per share (in Colombian pesos)** | **25.45** | **36.45** | **45.95** | **30.71** |

---

**Note 34. Impairment of assets**

As of June 30, 2025, and December 31, 2024, no impairment losses were observed regarding the measurement of recoverable value of financial assets, except for those related to accounts receivable (Note 7).

As of December 31, 2024, the Company performed its annual impairment test for its non-financial assets, which is properly disclosed in the separate financial statements presented at the close of that year.

**Note 35. Fair value measurement**

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Carrying<br> amount** | **Fair value** | **Carrying<br> amount** | **Fair value** |
| **Financial assets** |  |  |  |  |
| Trade receivables and other accounts receivable at amortized cost | 8688 | 8227 | 10107 | 9618 |
| Equity investments (Note 11) | 1437 | 1437 | 1437 | 1437 |
| *Forward contracts measured at fair value through income (Note 11)* | 328 | 328 | 4469 | 4469 |
| *Forward contracts denominated as hedge instruments (Note 11)* |  |  |  |  |
| Investments in private equity funds (Note 11) | 381 | 381 | 402 | 402 |
| **Non-financial assets** |  |  |  |  |
| Investment property (Note 13) | 63744 | 113888 | 64177 | 113888 |
| Property, plant and equipment, and investment property held for sale (Note 40) | 2645 | 4378 | 2645 | 4378 |
| **Financial liabilities** |  |  |  |  |
| Loans and borrowings (Note 19) | 1741205 | 1740034 | 1681847 | 1680222 |
| *Forward contracts measured at fair value through income (Note 24)* | 6668 | 6668 | 1174 | 1174 |
| *Forward contracts denominated as hedge instruments (Note 24)* | 684 | 684 | 278 | 278 |

---

To estimate the fair values, the methods and assumptions detailed below were used:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 to present value using the market rate for loans with similar conditions as of the measurement date, in accordance with the maturity dates. | Commercial rate of banking institutions for consumption receivables without credit card for similar term horizons. Commercial rate for VIS 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 pre-close value for the day divided by the total number of fund units at the close of operations on that day. The valuation of the assets is carried out daily by the fund manager. | N/A |
| *Forward* contracts measured at fair value through income | Level 2 | Colombian Peso- US Dollar *forward* | The difference between the agreed *forward* rate and the *forward* rate on the valuation date corresponding to the remaining term of the derivative financial instrument is established and discounted to its present value using a zero-coupon interest rate. To determine the forward rate, the average of the closing *bid* and *ask* quotations is used. | &nbsp;&nbsp;&nbsp;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.<br>Number of days between valuation date and maturity date. Zero-coupon interest rate. |
| Equity investments | Level 2 | Quoted market prices | The fair values of these investments are determined by reference to quoted prices published in active markets where the companies are traded; in other cases, the investments are measured at the attributed cost determined in the opening balance, considering that the effect is not material and that performing a measurement using a valuation technique commonly used by market participants may incur higher costs than the benefits themselves. | N/A |
| Investment property | Level 3 | Comparison or market method | A technique that consists of establishing the fair value of properties based on the study of recent offers or transactions of assets similar and comparable to the object of valuation. | N/A |
| Investment property | Level 3 | Discounted cash flows method | A technique that provides the opportunity to identify income growth over a predetermined period for the investment. The value of the property is equivalent to the discounted value of future benefits. These benefits represent the annual cash flows (both positive and negative) over the period, plus the net gain derived from the hypothetical sale of the property at the end of the investment period. | Tasa de descuento (11,25% – 19,49%) <br>Tasa de vacancia (0% - 45,40%) <br>Capitalization rate (7,75% - 9,75%) |
| Investment property | Level 3 | Residual method | Technique used when the land has urban development potential, based on estimating the total sales value of a construction project, in accordance with current urban planning regulations and the market for the final sellable property. | Residual value |
| Investment property | Level 3 | Replacement cost method | The valuation method consists of calculating the value of a newly built property, as of the reporting date, with the same quality and features as the one being valued. This value is referred to as the replacement cost. Then, the loss in value the property has experienced over time due to wear and tear or its level of maintenance—either diligent or neglected— is assessed, which is referred to as depreciation. | Physical value of building and land. |
| Non-current assets classified as held fortrading | Level 2 | Residual method | Technique used when the land has urban development potential, based on estimating the total sales value of a construction project, in accordance with current urban planning regulations and the market for the final sellable property. | Residual value |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hierarchy level** | **Valuation technique** | **Description of the valuation technique** | **Significant input data** |
| **Liabilities** |  |  |  |  |
| Financial liabilities and lease measured at amortized cost | Level 2 | Discounted cash flows method | Future cash flows are discounted to present value using the market rate for loans with similar conditions as of the measurement date, in accordance with the maturity dates. | Reference Banking Index (RBI) + Negotiated basis points. LIBOR rate + Negotiated basis points |
| *Forward* contracts measured at fair value through income | Level 2 | Colombian Peso- US Dollar *forward* | The difference between the agreed *forward* rate and the forward rate on the valuation date corresponding to the remaining term of the derivative financial instrument is established and discounted to its present value using a zero-coupon interest rate. To determine the forward rate, the average of the closing *bid* and *ask* quotations is used. | 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.<br>Number of days between valuation date and maturity date. Zero-coupon interest rate. |
| Lease liabilities | Level 2 | Discounted cash flows method | Future cash flows from lease contracts are discounted to present value using the market rate for loans under similar conditions at the lease commencement date, in accordance with the minimum non-cancellable period. | Reference Banking Index (RBI) + basis points in accordance with risk profile |

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Changes in the hierarchies may occur if new information becomes available, if previously used information is no longer available, if changes improve the valuation techniques, or if market conditions change.

No transfers between level 1, level 2 and level 3 hierarchies occurred during the period ended June 30, 2025.

**Note 36. Contingencies**

<u>Contingent assets</u>

There are no contingent assets to be disclosed as of June 30, 2025.

<u>Contingent liabilities</u>

The following are the contingent liabilities as of June 30, 2025, and December 31, 2024:

a. The following legal proceedings are being carried out with
the aim of ensuring that the Company does not pay the amounts claimed by the plaintiff:

Administrative discussion with the DIAN (National Directorate of Customs of Colombia) for $42,872 (December 31, 2024 - $42,210) related to the notification of special requirement 112382018000126 dated September 17, 2018, through which the income tax return for 2015 was proposed to be amended. In September 2021, the Company received a new notification from the DIAN confirming its proposal. However, external advisors consider the process as a contingent liability.

Nullity of resolution N°2024008001 dated August 5, 2024, imposes a sanction for failing to declare ICA for 2020 to 2022 annually, as the declarations were submitted bimonthly, and resolution N°0034 dated November 8, 2024, for $4,175 (December 31, 2024 - $4,175).

Nullity of the Official Revision Settlement GGI-FI-LR-50716-22 dated November 22, 2022, through which the Special Industrial and Port District of Barranquilla modifies the 2019 industry and commerce tax declaration, establishing a higher tax amount and a penalty for inaccuracy, and the nullity of resolution GGI-DT-RS-282-2023 dated October 27, 2023, through which the reconsideration appeal is resolved, for $2,877 (December 31, 2024 - $3,790).

Nullity of the Official Revision Settlement GGI-FI-LR-50712-22 dated November 2, 2022, through which the 2018 industry and commerce tax declaration is modified, establishing a higher tax amount and a penalty for inaccuracy, and the nullity of resolution GGI.DT-RS-282-2023 dated October 27, 2023, through which the reconsideration appeal is resolved, for $3,342 (December 31, 2024 - $3,291).

Nullity of the penalty resolution from September 2020, which ordered the reimbursement of the balance in favor liquidated in the income tax for the 2015 tax year, for $2,876 (December 31, 2024 - $2,734).

Nullity of the Official Review Settlement GGI-FI-LR-50720-22 from December 6, 2022, which modifies the 2020 industry and commerce tax declaration, establishing a higher tax amount and a penalty for inaccuracy, and the nullity of the resolution GGI-DT-RS-329-2023 from December 4, 2023, which resolves the reconsideration appeal, for $2,757 (December 31, 2024 - $2,664).

Nullity of the Official Assessment Settlement 00019-TS-0019-2021 from February 24, 2021, through which the Department of Atlántico assessed the Security and Citizen Coexistence Rate for the taxable period from February 2015 to November 2019, and the nullity of Resolution 5-3041-TS0019-2021 from November 10, 2021, through which the reconsideration appeal is resolved, for $1,285 (December 31, 2024 - $1,226).

b. Guarantees

The Company granted a guarantee to its subsidiary Almacenes Éxito Inversiones S.A.S. to cover potential defaults on its obligations. As of June 30, 2025, the amount totals $3,967 (December 31, 2024: $3,967).

The Company granted a bank guarantee until July 10, 2025, to the third party Bacninh Manufacture and Trading CO., LTD., in order to secure the payment of merchandise purchases (goods and supplies) for $89.

The Company granted a bank guarantee until August 10, 2025, to the third party SINOGLAS, in order to secure the payment of merchandise purchases (goods and supplies) for $621.

- At the request of certain insurance companies and as a requirement for the issuance of performance bonds, during 2025 the Company has provided certain guarantees to these third parties as joint debtors on behalf of some of its subsidiaries. The guarantees granted are detailed below:

<u>Type of guarantee</u> <u>Description and detail of the guarantee</u> <u>Insurance company</u> <br> Open promissory note Performance bond. The Company acts as a joint debtor for the Patrimonio Autónomo of Viva Barranquilla Shopping Center Seguros Generales Suramericana S.A.

These contingent liabilities, due to their possible nature, are not recognized in the statement of financial position; they are only disclosed in the notes to the financial statements.

**Note 37. Dividends declared and paid**

At the General Shareholders' Meeting of the Company held on March 27, 2025, a dividend of $27,398 was declared, equivalent to an annual dividend of COP 21.11 per share. The amount paid during the period ended June 30, 2025, totaled $27,407.

At the General Shareholders' Meeting of the Company held on March 21, 2024, a dividend of $65,529 was declared, equivalent to an annual dividend of COP 50.49 per share. The amount paid during the annual period ended December 31, 2024, totaled $65,502.

**Note 38. Seasonality of transactions**

The Company's operating and cash flow cycles show a certain seasonality in the operational and financial results, as well as in the financial indicators related to liquidity and working capital, with a concentration during the first and last quarters of each year, mainly due to the Christmas and holiday season and the "Special Price Days" event, which is the second most important promotional event of the year. The management monitors these indicators to ensure that risks do not materialize, and for those that could materialize, it implements action plans in a timely manner. Additionally, it monitors these indicators to ensure they remain within industry standards.

**Note 39. Financial risk management policy**

As of December 31, 2024, the Company adequately disclosed its capital and financial risk management policies in the separate financial statements presented at the end of that year. No changes have been made to these policies during the period ended June 30, 2025.

**Note 40. Assets held for sale**

The Company's management has a plan to sell certain properties in order to structure projects that will allow for better utilization of these properties, increase their potential future sale price, and generate additional resources for the Company. As a result of this plan, some of the investment properties were classified as assets held for sale.

The balance of assets held for sale reflected in the statement of financial position is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,<br> 2025** | **June 30,<br> 2025** | **December 31,<br> 2024** | **December 31,<br> 2024** |
| Investment property |  | 2645 |  | 2645 |

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It refers to the La Secreta parcel, negotiated with the buyer in 2019. As of December 31, 2024, 59.12% of the payment for the property has been received. The remainder of the asset will be delivered along with the payments for the asset, which will be received in 2025. The deed for the contribution to the trust was signed on December 1, 2020, and registered on December 30, 2020.

No income or expenses have been recognized in the results or in other comprehensive income related to the use of these assets.

**Note 41. Subsequent Events**

Almacenes Éxito S.A. granted its subsidiary Libertad S.A. a bank guarantee in the amount of USD 35 million for a period of 5 years, as part of a transaction aimed at supporting the restructuring of its debt and optimizing its financial costs.