Exhibit 99.1

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, 2025		December 31, 2024
Current assets
Cash and cash equivalents	7		1,314,864		1,345,710
Trade receivables and other receivables	8		479,414		659,699
Prepayments	9		16,665		33,654
Receivables from related parties	10		45,611		37,670
Inventories, net	11		2,755,662		2,818,786
Financial assets	12		357		4,525
Tax assets	24		678,611		553,916
Assets held for sale	41		2,645		2,645
Total current assets			5,293,829		5,456,605

Non-current assets
Trade receivables and other receivables	8		9,460		10,459
Prepayments	9		10,004		11,210
Receivables from related parties	10		950		-
Financial assets	12		13,797		15,141
Deferred tax assets	24		250,141		253,085
Property, plant and equipment, net	13		4,118,432		4,261,625
Investment property, net	14		1,780,695		1,828,326
Rights of use asset, net	15		1,745,583		1,728,352
Other intangible assets, net	16		380,193		400,714
Goodwill	17		3,278,921		3,297,086
Investments accounted for using the equity method	18		315,966		291,554
Other assets			398		398
Total non-current assets			11,904,540		12,097,950
Total assets			17,198,369		17,554,555

Current liabilities
Loans, borrowings, and other financial liability	20		2,155,287		1,984,727
Employee benefits	21		4,358		4,055
Provisions	22		20,364		47,327
Payables to related parties	10		39,587		43,757
Trade payables and other payables	23		3,927,911		4,408,479
Lease liabilities	15		287,579		299,456
Tax liabilities	24		90,846		119,210
Other financial liabilities	25		125,689		60,481
Other liabilities	26		171,956		230,068
Total current liabilities			6,823,577		7,197,560

Non-current liabilities
Loans, borrowings, and other financial liability	20		166,470		273,722
Employee benefits	21		30,899		34,776
Provisions	22		13,592		14,068
Trade payables and other payables	23		1,680		22,195
Lease liabilities	15		1,703,697		1,684,788
Deferred Tax Liabilities	24		245,300		304,235
Tax liabilities	24		5,851		7,321
Other liabilities	26		349		378
Total non-current liabilities			2,167,838		2,341,483
Total liabilities			8,991,415		9,539,043

Equity
Issued share capital	27		4,482		4,482
Reserves	27		1,518,855		1,491,467
Other equity components	27		5,361,694		5,192,563
Equity Attributable to Non-Controlling Interests			1,321,923		1,327,000
Total equity			8,206,954		8,015,512
Total liabilities and equity			17,198,369		17,554,555

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 June 30, 2025			January 1 to June 30, 2025			April 1 to June 30, 2025			April 1 to June 30, 2024
Continuing operations
Revenue from contracts with customers	28		10,613,111			10,350,056			5,208,469			5,074,917
Cost of sales	11		(7,894,555	)		(7,728,399	)		(3,872,686	)		(3,775,213	)
Gross profit			2,718,556			2,621,657			1,335,783			1,299,704

Distribution, administrative and selling expenses	29		(2,266,451	)		(2,364,585	)		(1,065,667	)		(1,159,446	)
Other operating revenue	31		31,208			39,112			19,740			27,444
Other operating expenses	31		(2,973	)		(51,846	)		(845	)		(20,506	)
Other (loss) income, net	31		15,986			(947	)		8,973			967
Operating profit			496,326			243,391			297,984			148,163

Financial income	32		95,909			142,927			49,664			40,150
Financial cost	32		(284,326	)		(340,665	)		(161,109	)		(155,178	)
Share of profit (loss) in associates and joint ventures	18		24,413			(48,422	)		14,343			(26,362	)
Profit (loss) before income tax from continuing operations			332,322			(2,769	)		200,882			6,773
Income tax (expense)	24		411			29,993			4,127			28,431
Profit for the year			332,733			27,224			205,009			35,204

Profit (Loss) Attributable to:
Owners of the Parent			240,012			(56,598	)		146,865			(18,735	)
Non-Controlling Interests			92,721			83,822			58,144			53,939
Profit for the Period			332,733			27,224			205,009			35,204

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 June 30, 2025			January 1 to June 30, 2025			April 1 to June 30, 2025			April 1 to June 30, 2024

Net profit for the period			332,733			27,224			205,009			35,204

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		(204,916	)		145,276			(75,657	)		77,404
Gain (Loss) on Exchange Differences from Conversion of the Put Option (2)	27		(1,904	)		(33,950	)		(7,449	)		(14,171	)
Gain (loss) from cash flow hedge	27		1,484			2,683			(364	)		(214	)
Total other comprehensive income that may be reclassified to profit or loss, net of taxes			(205,336	)		114,009			(83,470	)		63,019
Total other comprehensive income			(205,438	)		113,432			(83,461	)		62,838
Total comprehensive income			127,295			140,656			121,548			98,042

Total Comprehensive Income Attributable to:
Owners of the Parent			33,025			47,304			59,639			39,853
Non-Controlling Interests			94,270			93,352			61,909			58,189

(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
	Issued Capital		Share Premium		Treasury Shares			Legal reserve		Occasional reserve			Reserves for acquisition of treasury shares		Reserve for future dividend distribution		Other reserves			Total reserves			Other comprehensive income			Retained earnings			Hyperinflation and other components of equity			Total			Non-controlling interest			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		4,482		4,843,466		(319,490	)		7,857		509,918			418,442		155,412		339,496			1,431,125			(2,304,046	)		534,333			1,910,807			6,100,677			1,321,132			7,421,809
Declared dividend (Note 37)		-		-		-			-		(65,529	)		-		-		-			(65,529	)		-			-			-			(65,529	)		(82,460	)		(147,989	)
Net Result		-		-		-			-		-			-		-		-			-			-			(56,598	)		-			(56,598	)		83,822			27,224
Other comprehensive income, excluding the adjustment for the conversion of the put option		-		-		-			-		-			-		-		-			-			137,852			-			-			137,852			9,530			147,382
Appropriation to reserves		-		-		-			-		141,707			-		-		(15,709	)		125,998			-			(125,998	)		-			-			-			-
Changes in interest in the ownership of subsidiaries that do not result in change of control		-		-		-			-		-			-		-		-			-			-			-			10			10			(5,024	)		(5,014	)
Inflation effect of the subsidiary Libertad S.A.		-		-		-			-		-			-		-		-			-			-			-			486,751			486,751			-			486,751
Changes in the fair value of the put option on non-controlling interests, including related conversion adjustments (Note 20)		-		-		-			-		-			-		-		-			-			(33,950	)		-			(15,782	)		(49,732	)		(9,281	)		(59,013	)
Other movements		-		-		-			-		-			-		-		(105	)		(105	)		-			(358	)		-			(463	)		-			(463	)
Balance as of June 30, 2024		4,482		4,843,466		(319,490	)		7,857		586,096			418,442		155,412		323,682			1,491,489			(2,200,144	)		351,379			2,381,786			6,552,968			1,317,719			7,870,687

Balance as of December 31, 2024		4,482		4,843,466		(319,490	)		7,857		586,096			418,442		155,412		323,660			1,491,467			(2,307,004	)		464,211			2,511,380			6,688,512			1,327,000			8,015,512
Declared dividend (Note 37)		-		-		-			-		(27,398	)		-		-		-			(27,398	)		-			-			-			(27,398	)		(86,125	)		(113,523	)
Net Result		-		-		-			-		-			-		-		-			-			-			240,012			-			240,012			92,721			332,733
Other comprehensive income, excluding the adjustment for the conversion of the put option		-		-		-			-		-			-		-		-			-			(205,083	)		-			-			(205,083	)		1,549			(203,534	)
Appropriation to reserves		-		-		-			-		54,786			-		-		-			54,786			-			(54,786	)		-			-			-			-
Changes in interest in the ownership of subsidiaries that do not result in change of control		-		-		-			-		-			-		-		-			-			-			-			8			8			(1,197	)		(1,189	)
Inflation effect of the subsidiary Libertad S.A.		-		-		-			-		-			-		-		-			-			-			-			139,071			139,071			-			139,071
Changes in the fair value of the put option on non-controlling interests, including related conversion adjustments (Note 20)		-		-		-			-		-			-		-		-			-			(1,904	)		-			51,040			49,136			(12,025	)		37,111
Other movements		-		-		-			-		-			-		-		-			-			-			773			-			773			-			773
Balance as of June 30, 2025		4,482		4,843,466		(319,490	)		7,857		613,484			418,442		155,412		323,660			1,518,855			(2,513,991	)		650,210			2,701,499			6,885,031			1,321,923			8,206,954

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 June 30, 2025			January 1 to June 30, 2024
Operating activities
Profit for the year			332,733			27,224
Adjustments to reconcile profit for the year
Current income tax	24		35,577			50,562
Deferred tax	24		(35,988	)		(80,555	)
Interest, loans and lease expenses	32		158,664			190,798
Losses (gain) due to difference in unrealized exchange (1)			(31,314	)		29,318
(Gain) loss from changes in fair value of derivative financial instruments	32		9,636			(20,322	)
Expected credit loss, net	8.1		1,018			6,363
(Gain) Impairment of property, plant and equipment and investment property, net	11.1		(10,963	)		6,264
Reversal of impairment of property, plant and equipment, investment properties, and right-of-use assets	13; 14; 15		(6,737	)		-
Employee benefit provisions	21		(396	)		1,122
Provisions and reversals	22		(103	)		32,800
Depreciation of property, plant and equipment, right of use asset and investment property	13; 14; 15		316,545			318,551
Amortization of other intangible assets	16		15,320			16,276
Result from the Application of the Equity Method			(24,413	)		48,422
(Gains) losses on disposals and retirements of non-current assets			(9,356	)		4,056
Other Non-Cash Adjustments			68,342			239
Cash generated from operating activities before changes in working capital			818,565			631,118

Decrease in trade receivables and other receivables			152,199			127,691
Decrease in prepayments			16,353			19,739
Decrease (increase) in receivables from related parties			(7,941	)		11,380
(Increase)decrease in inventories			8,303			(312,924	)
Decrease in tax assets			30,856			28,257
(Decrease) in Employee Benefits			(3,209	)		(575	)
Payments and Decreases of Provisions	22		(23,061	)		(35,429	)
(Decrease) in trade payables and other accounts payable			(389,438	)		(723,394	)
(Decrease) in accounts payable to related parties			(4,170	)		(3,590	)
Decrease in tax liabilities			(39,556	)		(34,137	)
(Decrease) in other liabilities			(57,161	)		(67,211	)
Income tax, net			(184,219	)		(185,457	)
Net cash flows (used in) from operating activities			317,521			(544,532	)

Investing activities
Contributions to Joint Ventures			(950	)		(67,015	)
Acquisition of Property, Plant and Equipment	13.1		(74,076	)		(139,973	)
Acquisition of investment property	14		(5,250	)		(13,668	)
Acquisition of other intangible assets	16		(1,739	)		(9,926	)
Proceeds of the sale of property, plant and equipment			11,432			3,902
Net cash flows (used in) investing activities			(70,583	)		(226,680	)

Financing activities
Proceeds from financial assets			1,338			(245	)
(Payments of) payments received from collections on behalf of third parties			59,846			(26,779	)
Proceeds from Financial Liabilities	20		544,150			1,087,244
Payments of loans and borrowings	20		(425,025	)		(140,107	)
Payments of interest of loans and borrowings	20		(104,986	)		(90,587	)
Lease liabilities paid	15.2		(146,003	)		(140,759	)
Interest in lease liabilities paid	15.2		(77,574	)		(75,249	)
Dividends Paid	37		(121,747	)		(81,636	)
Payments to Non-Controlling Interests			(1,189	)		(5,014	)
Net cash flows (used in) provided by financing activities			(271,190	)		526,868

Net decrease (increase) in cash and cash equivalents			(24,252	)		(244,344	)
Effects of Changes in Exchange Rates			(6,594	)		18,643
Cash and cash equivalents at the beginning of period	7		1,345,710			1,508,205
Cash and cash equivalents at the end of period	7		1,314,864			1,282,504

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 Controlling Entity	Segment		Country		Stock ownership of direct controlling entity			Direct Ownership			Direct and Indirect Ownership			Non-controlling interest
Directly owned entities
Almacenes Éxito Inversiones S.A.S.	Incorporation of companies / Provision of telecommunications networks and services	Almacenes Éxito S.A.		Colombia		Colombia		100.00	%		n/a			100.00	%		0.00	%
Logística, Transporte y Servicios Asociados S.A.S.	Provision of national and international cargo transportation services.	Almacenes Éxito S.A.		Colombia		Colombia		100.00	%		n/a			100.00	%		0.00	%
Marketplace Internacional Éxito y Servicios S.A.S. 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 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	%

Name	Main Activity	Direct Controlling Entity	Segment		Country		Stock ownership of direct controlling entity			Direct Ownership			Direct and Indirect Ownership			Non-controlling 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 S.A.		Uruguay		Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Ameluz S.A.	Self-service supermarket.	Grupo Disco Uruguay S.A.		Uruguay		Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Fandale S.A.	Investment holding company.	Grupo Disco Uruguay S.A.		Uruguay		Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Odaler S.A.	Self-service supermarket.	Grupo Disco Uruguay S.A.		Uruguay		Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
La Cabaña S.R.L.	Self-service supermarket.	Grupo Disco Uruguay S.A.		Uruguay		Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Ludi S.A.	Self-service supermarket.	Grupo Disco Uruguay S.A.		Uruguay		Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Hiper Ahorro S.R.L.	Self-service supermarket.	Grupo Disco Uruguay S.A.		Uruguay		Uruguay		100.00	%		76.65	%		69.15	%		23.35	%
Maostar S.A.	Self-service supermarket.	Grupo Disco Uruguay S.A.		Uruguay		Uruguay		50.01	%		76.65	%		38.33	%		61.67	%
Semin S.A.	Self-service supermarket.	Supermercados Disco del Uruguay S.A.		Uruguay		Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Randicor S.A.	Self-service supermarket.	Supermercados Disco del Uruguay S.A.		Uruguay		Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Ciudad del Ferrol S.C.	Self-service supermarket.	Supermercados Disco del Uruguay S.A.		Uruguay		Uruguay		98.00	%		76.65	%		75.12	%		24.88	%
Setara S.A.	Self-service supermarket.	Odaler S.A.		Uruguay		Uruguay		100.00	%		76.65	%		76.65	%		23.35	%
Mablicor S.A.	Self-service supermarket.	Fandale S.A.		Uruguay		Uruguay		51.00	%		76.65	%		39.09	%		60.91	%
Vía Artika S. A.	Investment holding company.	Onper Investment 2015 S.L.		Argentina		Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Gelase S. A.	Investment holding company.	Onper Investment 2015 S.L.		Argentina		Belgium		100.00	%		100.00	%		100.00	%		0.00	%
Libertad S.A.	Supermarket and wholesale store operations	Onper Investment 2015 S.L.		Argentina		Argentina		100.00	%		100.00	%		100.00	%		0.00	%
Spice España de Valores Americanos S.L.	Investment holding company.	Vía Artika S.A.		Argentina		Spain		100.00	%		100.00	%		100.00	%		0.00	%

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
	June 30, 2025			December 31, 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 (*)				Average rates (*)
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
US Dollar		4,069.67		4,409.15		4,196.15		4,071.35
Uruguayan Peso		101.84		100.98		99.03		101.25
Argentinian Peso		3.42		4.28		3.82		4.46
Euro		4,777.22		4,565.71		4,590.12		4,403.73

(*)

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

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.

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.

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 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: 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 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.	It is estimated that no significant impacts will arise from the application of this IFRS.

	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.

Standard	Description	Impact
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. 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. This standard will address these challenges in the following ways: - 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. -Reducing disclosure requirements and adapting them to the needs of the users of their financial statements A subsidiary applies IFRS 19 if and only if: a. It does not account publicly (generally, it is not listed on the stock exchange and is not a financial institution); and 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. 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. 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. 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 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: - Clarifying the application of the own-use requirements. - Allowing hedge accounting when these contracts are used as hedging instruments. - 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

Discontinuation of the BDR program

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”).

Withdrawal of ADS (American Depositary Shares)

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, 2025		December 31, 2024
Cash in hand and at banks		1,052,262		1,153,057
Certificates of deposit and securities (1)		136,331		156,469
High liquidity funds (2)		95,501		16,954
Funds		1,491		1,434
Bonds		-		17,784
Other cash equivalents		29,279		12
Total cash and cash equivalents		1,314,864		1,345,710

(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, 2025		December 31, 2024
Fiducolombia S.A.		33,932		13,820
Credicorp Capital		18,107		125
BBVA Asset S.A.		18,053		233
Fondo de Inversión Colectiva Abierta Occirenta		11,099		604
Corredores Davivienda S.A.		10,031		1,984
Fiduciaria Bogota S.A.		4,273		188
Skandia Fiduciaria S.A.		6		-
Total high liquidity funds		95,501		16,954

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, 2025		December 31, 2024
Trade receivables (Note 8.1)		297,198		467,400
Other accounts receivable (Note 8.2)		191,676		202,758
Total trade receivables and other receivables		488,874		670,158
Current		479,414		659,699
Non-Current		9,460		10,459

Nota 8.1. Trade receivables

The balance of trade receivables is as follows:

	June 30, 2025			December 31, 2024
Trade receivables		254,975			419,384
Rentals and dealers		33,799			42,741
Sale of real-estate project inventories (1)		10,852			10,800
Employee funds and lending		4,980			4,626
Allowance for expected credit loss		(7,408	)		(10,151	)
Total trade receivables		297,198			467,400

(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	9,663
Additions (Note 29)	15,505
Reversal of allowance for expected credit losses (Note 31)	(9,142	)
Write-off of receivables	(2,617	)
Effect of exchange difference from translation into presentation currency	(8	)
Balance as of June 30, 2024	13,401

Balance as of December 31, 2024	10,151
Additions (Note 29)	11,477
Reversal of allowance for expected credit losses (Note 31)	(10,459	)
Other reclassifications	(1,411	)
Write-off of receivables	(2,043	)
Effect of exchange difference from translation into presentation currency	(307	)
Balance as of June 30, 2025	7,408

Note 8.2. Other receivables

The balance of other accounts receivable is as follows:

	June 30, 2025		December 31, 2024
Business agreements (1)		93,436		77,190
Recoverable taxes		29,990		29,294
Loans or advances to employees		12,897		34,894
Money remittances		12,308		8,857
Sale of property, plant, and equipment (2)		7,330		389
Long-term receivables		7,121		3,405
Maintenance fees		2,413		2,711
Money transfer services		1,266		1,575
Other receivables (3)		24,915		44,443
Total other receivables		191,676		202,758

(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 days		Between 31 and 60 days		Between 61 and 90 days		More than 90 days
June 30, 2025		496,282		464,051		4,638		1,635		25,958
December 31, 2024		680,309		630,243		4,105		2,255		43,706

Note 9. Prepayments

The balance of prepayments is as follows:

	June 30, 2025		December 31, 2024
Lease payments (1)		10,560		12,441
Maintenance		5,178		7,040
Insurance (2)		4,676		18,479
Advertising		2,822		1,968
Other prepayments		3,433		4,936
Total prepayments		26,669		44,864
Current		16,665		33,654
Non-current		10,004		11,210

(1)

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

	June 30, 2025		December 31, 2024
Almacén Carulla Castillo Grande		6,276		7,104
Almacén Éxito San Martín		2,737		2,856
Proyecto Arábica		-		36
Various shops		1,547		2,445
Total leases		10,560		12,441

(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 June 30, 2025		January 1 to June 30, 2024		April 1 to June 30, 2025		April 1 to June 30, 2024
Joint ventures (1)		24,907		27,825		10,616		11,888
Other related parties (2)		721		-		424		-
Total		25,628		27,825		11,040		11,888

(1)

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

	January 1 to June 30, 2025		January 1 to June 30, 2024		April 1 to June 30, 2025		April 1 to June 30, 2024
Compañía de Financiamiento Tuya S.A.
Recovery of commercial activations		19,388		20,995		7,634		8,419
Yields from bonds, coupons, and energy		2,660		3,233		1,530		1,892
Real estate leases		2,068		2,165		1,056		1,082
Services		178		441		81		145
Total		24,294		26,834		10,301		11,538

Puntos Colombia S.A.S.
Services		346		609		187		203

Sara ANV S.A.
Personnel payroll reimbursement		267		382		128		147

Total		24,907		27,825		10,616		11,888

(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 June 30, 2025		January 1 to June 30, 2024		April 1 to June 30, 2025		April 1 to June 30, 2024
Joint ventures (1)	60,273		57,079		29,640		28,280
Key management personnel (2)		26,762		57,711		11,774		14,039
Members of the Board		88		443		51		40
Other related parties		14		-		-		-
Total		87,137		115,233		41,465		42,359

(1)

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

	January 1 to June 30, 2025		January 1 to June 30, 2024		April 1 to June 30, 2025		April 1 to June 30, 2024
Compañía de Financiamiento Tuya S.A.
Commissions on means of payment		4,648		6,007		2,092		2,750

Puntos Colombia S.A.S.
Cost of customer loyalty program		55,625		51,072		27,548		25,530

Total		60,273		57,079		29,640		28,280

(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 June 30, 2025		January 1 to June 30, 2024		April 1 to June 30, 2025		April 1 to June 30, 2024
Short-term employee benefits		26,136		57,128		11,533		13,763
Post-employment benefits		626		583		241		276
Total		26,762		57,711		11,774		14,039

Note 10.3. Receivables from related parties

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

	Receivables				Other non-financial assets
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Joint ventures (1)		45,206		37,664		950		-
Other related parties (2)		405		6		-		-
Total		45,611		37,670		950		-
Current		45,611		37,670		-		-
Non-current		-		-		950		-

(1)

The balances correspond to the following joint ventures and the following items:

Receivables:

	June 30, 2025		December 31, 2024
Compañía de Financiamiento Tuya S.A.
Commercial activations, services, and coupon collection		550		3,350
Other services		14,634		1,301
Total		15,184		4,651

Puntos Colombia S.A.S.
Redemption of points		29,931		32,960

Sara ANV S.A.
Other services		91		53

Total		45,206		37,664

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, 2025				December 31, 2024
Joint ventures (1)			39,587				43,757

(1)

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

	June 30, 2025		December 31, 2024
Puntos Colombia S.A.S (a)		39,236		43,725
Compañía de Financiamiento Tuya S.A.		351		32
Total		39,587		43,757

(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, 2025				December 31, 2024
Joint Ventures (1)			28,213				11,973

(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, 2025		December 31, 2024
Inventories, net (1)		2,624,235		2,700,309
Inventories in transit		68,693		42,892
Raw materials		34,430		42,090
Materials, spares, accessories and consumable packaging		14,579		16,542
Real estate project inventories (2)		13,716		16,941
Production in process		9		12
Total inventories, net		2,755,662		2,818,786

(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	19,583
Loss recognized during the period (Note 11.2.)	7,473
Reversal of loss recognized during the period (Note 11.2.)	(1,209	)
Effect of exchange difference from translation into presentation currency	(47	)
Balances as of June 30, 2024	25,800

Balance as of December 31, 2024	31,114
Reversal of loss recognized during the period (Note 11.2.)	(10,963	)
Effect of exchange difference from translation into presentation currency	(504	)
Balances as of June 30, 2025	19,647

(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 June 30, 2025			January 1 to June 30, 2024			April 1 to June 30, 2025			April 1 to June 30, 2024
Cost of goods sold (1)		8,908,419			8,671,954			4,365,619			4,247,431
Trade discounts and purchase rebates		(1,466,551	)		(1,411,753	)		(726,401	)		(705,472	)
Logistics costs (2)		326,895			335,963			162,537			162,449
Damage and loss		136,755			125,971			70,422			67,758
(Gain) loss recognized during the period (Note 11.1)		(10,963	)		6,264			509			3,047
Total cost of sales		7,894,555			7,728,399			3,872,686			3,775,213

(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 June 30, 2025		January 1 to June 30, 2024			April 1 to June 30, 2025		April 1 to June 30, 2024
Employee benefits		186,539		186,747			93,340		95,048
Services		80,299		99,847			39,600		44,069
Depreciations and amortizations		40,162		39,676			19,982		20,931
Leases		6,844		2,538			3,391		1,242
Maintenance and repair		3,208		2,983			1,543		1,604
Packaging and marking material		2,945		2,798			1,288		1,463
Upload and download operators		2,869		2,770			1,446		1,293
Fuels		1,724		1,491			869		1,046
Insurance		314		301			148		130
Other minors		1,991		(3,188	)		930		(4,377	)
Total logistics costs		326,895		335,963			162,537		162,449

Note 12. Financial assets

The balance of financial assets is as follows:

	June 30, 2025		December 31, 2024
Financial assets measured at fair value through other comprehensive income (1)		13,415		14,739
Financial assets measured at fair value through profit or loss		411		458
Derivative financial instruments (2)		328		4,469
Total financial assets		14,154		19,666
Current		357		4,525
Non-current		13,797		15,141

(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, 2025		December 31, 2024
Bond investments		11,978		13,302
Fideicomiso El Tesoro etapa 4A y 4C 448		1,206		1,206
Associated Grocers of Florida, Inc.		113		113
Central de abastos del Caribe S.A.		71		71
La Promotora S.A.		33		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		13,415		14,739

(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

risk hedged

Hedged item

Rate of

hedged item

Average rates for hedged

instruments

Notional

amount

Fair value

Forward

Exchange rate

Foreign currency liability

USD / COP
EUR / COP

1 USD / $4,241.84
1 EUR / $4,797.09

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 1 month		Between 1 and 3 months		Between 3 and 6 months		Between 6 and 12 months		More than 12 months		Total
Forward		152		143		33		-		-			328

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

Nature of

risk hedged

Hedged item

Rate of

hedged item

Average rates for hedged

instruments

Notional

amount

Fair value

Forward

Exchange rate

Foreign currency liability

USD / COP
EUR / COP

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

MUSD / $30.477
MEUR / $0.900

4,469

The details of the maturity dates of these instruments as of December 31, 2024, are 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			2,234				2,160				75				-				-				4,469

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, 2025			December 31, 2024
Land		1,276,965			1,297,769
Buildings		2,329,772			2,356,882
Machinery and equipment		1,295,414			1,286,429
Furniture and fixtures		821,368			821,603
Assets under construction		66,918			52,703
Installations		223,497			221,036
Improvements to third-party properties		797,950			799,085
Vehicles		30,475			31,973
Computers		424,406			429,005
Others		289			289
Total property, plant and equipment, gross		7,267,054			7,296,774
Accumulated depreciation		(3,144,686	)		(3,024,319	)
Impairment		(3,936	)		(10,830	)
Total property, plant and equipment, net		4,118,432			4,261,625

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		1,145,625			2,149,905			1,204,968			751,496			48,456			183,485			768,322			23,148			389,756			289		6,665,450
Additions		1,817			2,699			26,033			12,976			26,066			2,590			7,157			110			7,370			-		86,818
(Decrease) increase from movements between property, plant and equipment accounts		-			(1,914	)		2,902			3,075			(9,825	)		2,376			324			2,916			146			-		-
(Disposals and derecognition)		(152	)		-			(13,386	)		(3,139	)		(655	)		(527	)		(8,692	)		(10	)		(1,217	)		-		(27,778	)
Effect of exchange differences on translation into presentation currency		13,602			19,887			9,130			10,320			2,955			13,838			22,871			(299	)		3,250			-		95,554
(Decreases) from transfers to other balance sheet accounts – intangibles		-			-			-			-			(1,520	)		-			-			-			-			-		(1,520	)
(Decrease) from transfers to (from) other balance sheet accounts - tax assets		-			-			(3,040	)		(1,126	)		(106	)		-			(408	)		-			(574	)		-		(5,254	)
Other changes		-			-			-			-			673			-			-			455			-			-		1,128
Inflation adjustments		119,814			161,606			24,081			21,535			-			-			-			5,006			29,360			-		361,402
Balance as of June 30, 2024		1,280,706			2,332,183			1,250,688			795,137			66,044			201,762			789,574			31,326			428,091			289		7,175,800

Balance as of December 31, 2024		1,297,769			2,356,882			1,286,429			821,603			52,703			221,036			799,085			31,973			429,005			289		7,296,774
Additions		-			2,139			18,223			4,023			21,512			1,894			3,692			119			2,005			-		53,607
Increase (decrease) from movements between property, plant and equipment accounts		-			261			2,777			1,456			(5,625	)		1,479			(355	)		-			7			-		-
(Disposals and derecognition)		-			(1,058	)		(7,045	)		(2,725	)		(239	)		(2,824	)		(6,946	)		(7	)		(2,185	)		-		(23,029	)
Effect of exchange differences on translation into presentation currency		(56,923	)		(76,300	)		(10,205	)		(9,063	)		(3,831	)		1,912			2,772			(3,770	)		(12,101	)		-		(167,509	)
(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		-			-			(1,958	)		(390	)		(192	)		-			(298	)		-			(71	)		-		(2,909	)
Inflation adjustments		36,370			47,754			7,193			6,464			2,590			-			-			2,160			7,746			-		110,277
Balance as of June 30, 2025		1,276,965			2,329,772			1,295,414			821,368			66,918			223,497			797,950			30,475			424,406			289		7,267,054

Accumulated depreciation	Land	Buildings			Machinery and equipment			Furniture and fixtures			Assets under construction	Installations			Improvements to third-party properties			Vehicles			Computers			Other property, plant and equipment		Total
Balance as of December 31, 2023			575,427			702,416			552,182				105,595			372,997			17,920			264,134			4		2,590,675
Depreciation			26,243			45,738			28,443				6,095			20,328			641			19,001			-		146,489
(Disposals and withdrawals)			-			(10,520	)		(1,824	)			(323	)		(5,694	)		(10	)		(1,213	)		-		(19,584	)
Effect of exchange differences on translation into presentation currency			5,454			6,101			9,219				8,096			8,401			(231	)		2,623			-		39,663
Other minor changes			184			-			-				-			-			130			70			-		384
Inflation adjustments			67,496			19,840			16,584				-			-			6,695			24,080			-		134,695
Balance as of June 30, 2024			674,804			763,575			604,604				119,463			396,032			25,145			308,695			4		2,892,322

Balance as of December 31, 2024			713,606			801,441			628,114				120,286			405,383			26,582			328,903			4		3,024,319
Depreciation			26,333			45,545			26,775				7,065			18,695			523			18,112			-		143,048
(Disposals and withdrawals)			(104	)		(4,686	)		(2,555	)			(1,124	)		(1,806	)		(7	)		(2,180	)		-		(12,462	)
Effect of exchange differences on translation into presentation currency			(31,567	)		(8,513	)		(6,704	)			1,201			1,081			(3,057	)		(11,475	)		-		(59,034	)
Other minor changes			10			-			-				-			-			-			162			-		172
Inflation adjustments			24,968			7,038			6,140				-			-			2,485			8,012			-		48,643
Balance as of June 30, 2025			733,246			840,825			651,770				127,428			423,353			26,526			341,534			4		3,144,686

Impairment losses	Land		Buildings		Machinery and equipment		Furniture and fixtures		Assets under construction		Installations		Improvements to third-party properties			Vehicles		Computers		Other property, plant and equipment		Total
Balance as of December 31, 2023		-		-		-		-		-		-		5,010			-		-		-		5,010
Effect of exchange differences on translation into presentation currency		-		-		-		-		-		-		373			-		-		-		373
Balance as of June 30, 2024		-		-		-		-		-		-		5,383			-		-		-		5,383

Balance as of December 31, 2024		-		-		-		-		-		-		10,830			-		-		-		10,830
(Reversals) Impairment losses		-		-		-		-		-		-		(6,794	)		-		-		-		(6,794	)
Effect of exchange differences on translation into presentation currency		-		-		-		-		-		-		(100	)		-		-		-		(100	)
Balance as of June 30, 2025		-		-		-		-		-		-		3,936			-		-		-		3,936

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 June 30, 2025			January 1 to June 30, 2024
Additions		53,607			86,818
Financing of property, plant, and equipment – Additions		(76,962	)		(130,887	)
Financing of property, plant, and equipment – Payments		97,431			184,042
Acquisition of property, plant and equipment in cash		74,076			139,973

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, 2025			December 31, 2024
Land		283,716			286,701
Buildings		1,927,066			1,952,221
Constructions in progress		11,303			18,012
Total cost of investment properties		2,222,085			2,256,934
Accumulated depreciation		(433,433	)		(420,651	)
Impairment		(7,957	)		(7,957	)
Total investment properties, net		1,780,695			1,828,326

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

Cost	Land			Buildings			Constructions in progress			Total
Balance as of December 31, 2023		263,172			1,671,190			22,613			1,956,975
Additions		-			365			13,303			13,668
Increase (decrease) from transfers between investment properties		-			8,092			(8,092	)		-
(Disposals and withdrawals)		-			-			(575	)		(575	)
Effect of exchange differences on the translation into presentation currency		3,264			(6,701	)		(24	)		(3,461	)
Inflation adjustments		18,224			200,824			515			219,563
Balance as of June 30, 2024		284,660			1,873,770			27,740			2,186,170

Balance as of December 31, 2024		286,701			1,952,221			18,012			2,256,934
Additions		-			72			5,178			5,250
(Decrease) from transfers from property, plant and equipment		-			-			(94	)		(94	)
Increase (decrease) from transfers between investment properties		-			11,699			(11,699	)		-
Effect of exchange differences on the translation into presentation currency		(8,516	)		(98,889	)		(252	)		(107,657	)
Inflation adjustments		5,531			61,963			158			67,652
Balance as of June 30, 2025		283,716			1,927,066			11,303			2,222,085

Accumulated depreciation	Buildings
Balance as of December 31, 2023		295,673
Depreciation		16,823
Reclassifications from (to) other balance sheet accounts.		(138	)
Effect of exchange differences on the translation into presentation currency		(1,931	)
Inflation adjustments		68,403
Balance as of June 30, 2024		378,830

Balance as of December 31, 2024		420,651
Depreciation		17,311
Effect of exchange differences on the translation into presentation currency		(33,313	)
Inflation adjustments		28,784
Balance as of June 30, 2025		433,433

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, 2025			December 31, 2024
Right-of-use assets		3,755,338			3,626,895
Accumulated depreciation		(1,998,343	)		(1,883,078	)
Impairment		(11,412	)		(15,465	)
Total right-of-use assets, net		1,745,583			1,728,352

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	2,980,106
Increase from new contracts	68,505
Remeasurements from existing contracts (1)	462,114
Derecognition, reversal and disposal (2)	(29,580	)
Effect of exchange differences on the translation into presentation currency	48,085
Other changes	(387	)
Balance as of June 30, 2024	3,528,843

Balance as of December 31, 2024	3,626,895
Increase from new contracts	5,204
Remeasurements from existing contracts (1)	149,057
Derecognition, reversal and disposal (2)	(33,493	)
Effect of exchange differences on the translation into presentation currency	7,675
Balance as of June 30, 2025	3,755,338

Accumulated depreciation
Balance as of December 31, 2023	1,612,996
Depreciation	155,239
Disposals and withdrawals (2)	(28,555	)
Effect of exchange differences on the translation into presentation currency	17,561
Other changes	(147	)
Balance as of June 30, 2024	1,757,094

Balance as of December 31, 2024	1,883,078
Depreciation	156,186
(Decrease) from new measurements (1)	(7,587	)
Disposals and withdrawals (2)	(36,172	)
Effect of exchange differences on the translation into presentation currency	2,838
Balance as of June 30, 2025	1,998,343

Impairment loss
Balance as of December 31, 2023	5,857
Disposals and withdrawals (2)	(15	)
Effect of exchange differences on the translation into presentation currency	436
Balance as of June 30, 2024	6,278

Balance as of December 31, 2024	15,465
Impairment loss	57
Disposals and withdrawals (2)	(4,126	)
Effect of exchange differences on the translation into presentation currency	16
Balance as of June 30, 2025	11,412

(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, 2025		December 31, 2024
Buildings		3,728,895		3,600,071
Vehicles		14,027		14,711
Land		12,416		12,113
Total		3,755,338		3,626,895

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

	June 30, 2025		December 31, 2024
Buildings		1,985,426		1,869,479
Vehicles		8,433		9,669
Land		4,484		3,930
Total accumulated depreciation		1,998,343		1,883,078

The depreciation expense by underlying asset class is as follows:

	January 1 to June 30, 2025		January 1 to June 30, 2024		April 1 to June 30, 2025		April 1 to June 30, 2024
Buildings		154,262		152,195		75,041		76,746
Vehicles		1,418		2,114		703		1,041
Land		506		388		259		197
Equipment		-		542		-		237
Total depreciation expense		156,186		155,239		76,003		78,221

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, 2025		December 31, 2024
Lease liabilities		1,991,276		1,984,244
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	1,567,959
Increase due to new contracts	68,505
Accrued interest (Note 32)	74,099
Remeasurements from existing contracts	462,114
Write-off, reversal, and disposal	(2,202	)
Payment of lease liabilities	(140,759	)
Interest payments on lease liabilities	(75,249	)
Effect of exchange differences on the translation into presentation currency	35,023
Balance as of June 30, 2024	1,989,490

Balance as of December 31, 2024	1,984,244
Increase due to new contracts	5,204
Accrued interest (Note 32)	76,591
Remeasurements from existing contracts	156,644
Write-off, reversal, and disposal	(1,686	)
Payment of lease liabilities	(146,003	)
Interest payments on lease liabilities	(77,574	)
Effect of exchange differences on the translation into presentation currency	(6,144	)
Balance as of June 30, 2025	1,991,276

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

Up to one year	395,659
From 1 to 5 years	1,018,640
More than 5 years	1,239,843
Minimum installments for lease liabilities (*)	2,654,142
Future financing (expenses)	(662,866	)
Total minimum net installments for lease liabilities	1,991,276

(*)

This amount includes principal and interest.

Note 16. Other intangible assets, net

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

	June 30, 2025			December 31, 2024
Trademarks		295,811			302,322
Computer software		212,849			223,864
Rights		27,061			27,471
Others		146			156
Total cost of other intangible assets		535,867			553,813
Accumulated amortization		(155,674	)		(153,099	)
Total other intangible assets, net		380,193			400,714

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		250,879			278,893			23,385			90			553,247
Additions		6			9,920			-			-			9,926
Transfers from other balance sheet accounts – property, plant and equipment.		-			1,520			-			-			1,520
(Disposals and derecognition)		-			(6,060	)		-			-			(6,060	)
Effect of exchange differences on the translation into presentation currency		6,688			2,496			(109	)		(3	)		9,072
Inflation adjustments		39,488			-			2,312			55			41,855
Balance as of June 30, 2024		297,061			286,769			25,588			142			609,560

Balance as of December 31, 2024		302,322			223,864			27,471			156			553,813
Additions		-			1,739			-			-			1,739
(Disposals and derecognition)		-			(13,089	)		-			-			(13,089	)
Effect of exchange differences on the translation into presentation currency		(18,498	)		335			(1,401	)		(27	)		(19,591	)
Inflation adjustments		11,987			-			991			17			12,995
Balance as of June 30, 2025		295,811			212,849			27,061			146			535,867

Accumulated amortization	Computer software			Rights			Others			Total
Balance as of December 31, 2023		185,455			1,354			69			186,878
Amortization		16,186			90			-			16,276
Effect of exchange differences on the translation into presentation currency		1,946			(51	)		(3	)		1,892
Inflation adjustments		-			1,560			55			1,615
(Disposals and derecognition)		(5,679	)		-			-			(5,679	)
Other changes		-			(90	)		-			(90	)
Balance as of June 30, 2024		197,908			2,863			121			200,892

Balance as of December 31, 2024		149,181			3,783			135			153,099
Amortization		15,158			-			162			15,320
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)		(13,089	)		-			-			(13,089	)
Balance as of June 30, 2025		151,558			3,992			124			155,674

(1)

The balance of trademarks is shown below:

Operating segment

Brand

Useful life

June 30,
2025

December 31,
2024

Uruguay

Miscellaneous

Indefinite

119,653

118,634

Argentina

Libertad

Indefinite

89,725

97,255

Colombia

Miscellaneous

Indefinite

86,433

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, 2025			December 31, 2024
Spice Investment Mercosur S.A.		1,487,707			1,477,494
Retail trade Colombia		1,454,094			1,454,094
Libertad S.A.		338,137			366,515
Total goodwill		3,279,938			3,298,103
Impairment loss Colombia		(1,017	)		(1,017	)
Total goodwill, net		3,278,921			3,297,086

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 loss			Net
Balance as of December 31, 2023		3,081,639			(1,017	)		3,080,622
Effect of exchange differences on the translation into presentation currency		78,783			-			78,783
Inflation adjustments		148,814			-			148,814
Balance as of June 30, 2024		3,309,236			(1,017	)		3,308,219

Balance as of December 31, 2024		3,298,103			(1,017	)		3,297,086
Effect of exchange differences on the translation into presentation currency		(63,337	)		-			(63,337	)
Inflation adjustments		45,172			-			45,172
Balance as of June 30, 2025		3,279,938			(1,017	)		3,278,921

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, 2025		December 31, 2024
Compañía de Financiamiento Tuya S.A.	Joint venture		291,511		271,627
Puntos Colombia S.A.S.	Joint venture		23,227		17,691
Sara ANV S.A.	Joint venture		1,228		2,236
Total investments accounted for using the equity method			315,966		291,554

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	232,558
Capitalizations and/or (returns), net	91,250
Share of income (Note 18.1)	(48,422	)
Balance as of June 30, 2024	275,386

Balance as of December 31, 2024	291,554
Share of income (Note 18.1)	24,413
Share in equity movements	(1	)
Balance as of June 30, 2025	315,966

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 June 30, 2025			January 1 to June 30, 2024			April 1 to June 30, 2025			April 1 to June 30, 2024
Compañía de Financiamiento Tuya S.A.		19,885			(51,527	)		10,988			(27,753	)
Puntos Colombia S.A.S.		5,536			3,982			3,803			1,887
Sara ANV S.A.		(1,008	)		(877	)		(448	)		(496	)
Total		24,413			(48,422	)		14,343			(26,362	)

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, 2025		December 31, 2024
Bank loans		1,998,726		1,895,118
Put option on non-controlling interests (1)		313,665		350,776
Letters of credit		9,366		12,555
Total loans and borrowings		2,321,757		2,258,449
Current		2,155,287		1,984,727
Non-current		166,470		273,722

(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	1,266,205
Proceeds from loans and borrowings	1,087,244
Changes in the fair value of the put option recognized in equity	59,013
Interest accrued	116,699
Translation difference	695
Payments of loans and borrowings	(140,107	)
Payments of interest on loans and borrowings	(90,587	)
Balance as of June 30, 2024	2,299,162

Balance as of December 31, 2024 (1)	2,258,449
Proceeds from loans and borrowings (2)	544,150
Changes in the fair value of the put option recognized in equity	(37,111	)
Interest accrued	99,620
Translation difference	(13,340	)
Payments of loans and borrowings (3)	(425,025	)
Payments of interest on loans and borrowings	(104,986	)
Balance as of June 30, 2025	2,321,757

(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		151,053
2027		15,397
2028		20
		166,470

Covenants

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, 2025		December 31, 2024
Defined benefit plans		33,468		37,155
Long-term benefit plan		1,789		1,676
Total employee benefits		35,257		38,831
Current		4,358		4,055
Non-current		30,899		34,776

Note 22. Provisions

The balance of provisions is as follows:

	June 30, 2025		December 31, 2024
Legal proceedings (1)		18,864		18,629
Restructuring (2)		8,315		28,955
Taxes other than income taxes		41		54
Others (3)		6,736		13,757
Total provisions		33,956		61,395
Current		20,364		47,327
Non-current		13,592		14,068

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, 2025		December 31, 2024
Labor legal proceedings		14,585		14,153
Civil legal proceedings		4,279		4,476
Total legal proceedings		18,864		18,629

(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, 2025		December 31, 2024
Store closures		3,579		10,036
Urban improvements		2,215		2,215
Shrinkage for VMI merchandise		451		1,018
Other minor provisions in the Colombian subsidiaries		276		220
Other minor provisions in Libertad S.A.		215		268
Total others		6,736		13,757

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		19,736			297			5,180			8,462			33,675
Increases		3,035			-			31,791			8,447			43,273
Payments		(1,185	)		-			(26,618	)		(7,626	)		(35,429	)
Reversals (not used)		(4,862	)		(241	)		(1,688	)		(3,682	)		(10,473	)
Other reclassifications		(4	)		-			-			-			(4	)
Effect of exchange differences on the translation into presentation currency		259			(2	)		-			(6	)		251
Balance as of June 30, 2024		16,979			54			8,665			5,595			31,293

Balance as of December 31, 2024		18,629			54			28,955			13,757			61,395
Increase		5,469			-			1,747			2,745			9,961
Uses		(104	)		-			(7,494	)		-			(7,598	)
Payments		(1,359	)		-			(11,265	)		(2,839	)		(15,463	)
Reversals (not used)		(3,189	)		-			-			(6,875	)		(10,064	)
Other reclassifications		-			-			(1,747	)					(1,747	)
Effect of exchange differences on the translation into presentation currency		(582	)		(13	)		(1,881	)		(52	)		(2,528	)
Balance as of June 30, 2025		18,864			41			8,315			6,736			33,956

Note 23. Trade payables and other payables

	June 30, 2025		December 31, 2024
Payables to suppliers of goods		2,436,352		3,056,293
Payables and other payables - agreements (1)		478,331		501,603
Payables to other suppliers		308,984		335,518
Labor liabilities		286,748		303,365
Withholding tax payable (2)		239,097		74,504
Tax payable		79,349		70,365
Dividends payable (3)		45,965		9,249
Purchase of assets (4)		30,674		53,405
Others		24,091		26,372
Total trade payables and other payables		3,929,591		4,430,674
Current		3,927,911		4,408,479
Non-current		1,680		22,195

(1)

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

	June 30, 2025		December 31, 2024
Payables to suppliers of goods		429,626		447,726
Payables to other suppliers		48,705		53,877
Total payables and other payable - agreements		478,331		501,603

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

Income tax rate applicable to Éxito and its Colombian subsidiaries

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.

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.

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

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%.

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

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.

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

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.

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.

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

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.

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.

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%.

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%.

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.

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

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.

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

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	61,415
Offsetting of excess presumptive income against net income for the prior period	(600	)
Offsetting of excess presumptive income against net income for the period	(60,815	)
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	740,337
Tax loss (profit) generated during the period	(35,980	)
Balance as of December 31, 2024	704,357
Tax loss (profit) generated during the period	(5,334	)
Balance as of June 30, 2025	699,023

(b)

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

Balance as of December 31, 2023	33,769
Marketplace Internacional Éxito y Servicios S.A.S (i)	364
Transacciones Energéticas S.A.S. E.S.P. (i)	(1,477	)
Balance as of December 31, 2024	32,656
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	32,205

(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:

Current tax assets:

	June 30, 2025		December 31, 2024
Income tax credit receivable by Almacenes Éxito S.A. and its Colombian subsidiaries		388,891		250,872
Tax discounts applied by Almacenes Éxito S.A. and its Colombian subsidiaries		154,931		151,893
Current income tax assets of subsidiary Onper Investment 2015 S.L.		53,181		41,388
Tax discounts of Almacenes Éxito from taxes paid abroad		5,573		5,562
Advance income tax payments from Colombian subsidiaries		5,032		2,611
Current income tax assets of subsidiary Spice Investments Mercosur S.A.		-		3
Total income tax asset		607,608		452,329
Industry and trade tax advances and withholdings of Almacenes Éxito S.A. and its Colombian subsidiaries		44,870		78,567
Other current tax assets of subsidiary Spice Investment Mercosur S.A.		26,105		22,982
Other current tax assets of subsidiary Onper Investment 2015 S.L.		28		38
Total asset for other taxes		71,003		101,587
Total current tax assets		678,611		553,916

Current tax liabilities:

	June 30, 2025		December 31, 2024
Income tax payable from certain Colombian subsidiaries		9,558		-
Income tax liabilities of subsidiary Spice Investments Mercosur S. A		2,743		-
Total income tax liabilities		12,301		-
Industry and trade tax payable from Almacenes Éxito S.A. and its Colombian subsidiaries		60,656		105,467
Tax on real estate of Almacenes Éxito S.A. and its Colombian subsidiaries		14,731		7,832
Taxes of subsidiary Onper Investment 2015 S.L. other than income tax		3,127		5,558
Taxes of subsidiary Spice Investments Mercosur S.A. other than income tax		31		353
Total liabilities for other taxes		78,545		119,210
Total current tax liabilities		90,846		119,210

Note 24.4. Income tax

	January 1 to June 30, 2025			January 1 to June 30, 2024			April 1 to June 30, 2025			April 1 to June 30, 2024
Profit (loss) before income tax		332,322			(2,769	)		200,882			6,773
Plus
Non-deductible expenses		18,974			7,948			9,345			(3,616	)
Financial transactions tax		4,087			5,710			2,316			2,094
Recovery of accounts receivable		126			2,661			(246	)		651
Others (2)		1,987			4,239			1,787			3,886
Minus
IFRS adjustments with no tax impact (1)		(236,764	)		(103,133	)		(116,909	)		(31,114	)
Effect of the accounting results of foreign subsidiaries		(32,249	)		(106,757	)		(6,194	)		(54,920	)
Non-taxable dividends received from subsidiaries		(21,090	)		(4,242	)		-			-
Others (2)		(4,786	)		(6,355	)		(1,740	)		(2,855	)
(Loss) Net income		62,607			(202,698	)		89,241			(79,101	)
Tax-exempt income		-			32,335			-			32,335
(Loss) Net income before compensations		62,607			(235,033	)		89,241			(111,436	)
Compensations		(24,232	)		(1,052	)		(23,901	)		(434	)
(Loss)Total Net income after compensations		38,375			(236,085	)		65,340			(111,870	)
(Net) loss of the parent company and certain Colombian subsidiaries		(136	)		(267,108	)		43,200			(128,775	)
Net income of certain Colombian subsidiaries		38,473			31,029			22,100			16,900
Taxable net income		38,473			31,029			22,100			16,900
Income tax rate		35	%		35	%		35	%		35	%
Subtotal (expense) current income tax		(13,466	)		(10,860	)		(7,735	)		(5,915	)
Adjustment with respect to current income tax from previous years		(148	)		(1,776	)		(148	)		(1,198	)
Minor adjustments		-			-			-			-
Total (expense) income and complementary tax expense of the parent company and some Colombian subsidiaries		(13,614	)		(12,636	)		(7,883	)		(7,113	)
Total (current tax expense) of foreign subsidiaries		(21,963	)		(37,926	)		(4,022	)		(10,875	)
Total (income and complementary tax expense), current		(35,577	)		(50,562	)		(11,905	)		(17,988	)

(1)

The IFRS adjustments with no tax impact correspond to:

	January 1 to June 30, 2025			January 1 to June 30, 2024			April 1 to June 30, 2025			April 1 to June 30, 2024

Other accounting expenses with no tax impact (*)		235,792			230,960			115,475			112,391
Non-taxable dividends from subsidiaries		21,090			4,242			-			-
Accounting provisions		17,745			57,184			9,257			39,503
Higher accounting depreciation over fiscal depreciation, net		4,899			-			3,118			(4,593	)
Taxable actuarial calculation		1,084			756			542			541
Results under the equity method, net		(243,044	)		(101,231	)		(124,925	)		(41,214	)
Taxable leases		(139,189	)		(145,386	)		(67,943	)		(72,605	)
Non-accounting fiscal costs		(48,109	)		(71,853	)		(20,211	)		(48,782	)
Recovery of provisions		(40,642	)		(40,657	)		(15,367	)		(34,935	)
Higher fiscal depreciation over accounting depreciation		(22,268	)		(14,625	)		(10,159	)		(3,062	)
Other non-taxable accounting (income) expenses, net		(17,366	)		(2,773	)		(7,616	)		(778	)
Net exchange differences		(4,934	)		33,645			1,444			33,266
Excess of fiscal personnel expenses over accounting expenses		(1,820	)		(53,395	)		(524	)		(10,846	)
Non-deductible taxes		(2	)		-			-			-
Total		(236,764	)		(103,133	)		(116,909	)		(31,114	)

(*)

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

(2)

The ‘others’ category corresponds to:

	January 1 to June 30, 2025			January 1 to June 30, 2024			April 1 to June 30, 2025			April 1 to June 30, 2024
Fines, sanctions, and lawsuits		1,306			467			1,152			234
Special deduction for donations to Food Banks and others		432			2,172			432			2,172
Taxes assumed and valuation		211			322			165			252
Deduction for ICA tax paid after the income tax filing		38			1,228			38			1,228
Taxable income - recovery of depreciation on sold fixed assets		-			50			-			-
Total		1,987			4,239			1,787			3,886

Recovery of costs and expenses		(2,010	)		(3,354	)		(407	)		(812	)
Deduction for hiring personnel with disabilities		(1,765	)		(1,275	)		(883	)		(637	)
Non-deductible taxes		(593	)		(554	)		(89	)		(284	)
Profit (loss) from the sale of fixed assets declared as occasional income		(304	)		(1,172	)		(304	)		(1,122	)
Additional 30% deduction for voluntary apprentice wages		(114	)		-			(57	)		-
Total		(4,786	)		(6,355	)		(1,740	)		(2,855	)

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

	January 1 to June 30, 2025			January 1 to June 30, 2024			April 1 to June 30, 2025			April 1 to June 30, 2024
Deferred tax gain (Nota 24.5)		35,988			80,555			16,032			46,419
Current income tax (expense)		(35,429	)		(48,786	)		(11,757	)		(16,790	)
Adjustment in respect of current income tax of prior periods		(148	)		(1,776	)		(148	)		(1,198	)
Total income tax (expense)		411			29,993			4,127			28,431

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, 2025				December 31, 2024
		Deferred tax assets	Deferred tax liabilities			Deferred tax assets	Deferred tax liabilities
Colombia		145,971	-			156,927	-
Uruguay		104,170	-			96,158	-
Argentina		-	(245,300	)		-	(304,235	)
Total		250,141	(245,300	)		253,085	(304,235	)

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

	June 30, 2025					December 31, 2024
	Deferred tax assets		Deferred tax assets			Deferred tax assets		Deferred tax assets
Tax losses		247,454		-			246,525		-
Tax credits		60,098		-			60,098		-
Other provisions		10,161		-			16,735		-
Employee benefits provisions		6,278		-			9,812		-
Inventories		616		(954	)		13,082		-
Investment property		-		(142,927	)		-		(169,051	)
Goodwill		-		(217,728	)		-		(217,715	)
Property, plant, and equipment		166,563		(235,184	)		214,759		(268,924	)
Leases		638,288		(535,508	)		633,397		(531,670	)
Others		60,638		(52,954	)		43,645		(101,843	)
Total		1,190,096		(1,185,255	)		1,238,053		(1,289,203	)

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

	January 1 to June 30, 2025			January 1 to June 30, 2024			April 1 to June 30, 2025			April 1 to June 30, 2024
Profit from deferred tax recognized in income		35,988			80,555			16,032			46,419
Effect of the translation of the deferred tax recognized in other comprehensive income (1)		20,152			(112,564	)		16,761			(39,784	)
Adjustment related to current income tax from previous periods		(148	)		(1,776	)		(148	)		(1,198	)
(Expense) income from derivative financial instruments designated as hedging instruments and others (Other comprehensive income)		-			(1,443	)		-			117
Total movement of net deferred tax		55,992			(35,228	)		32,645			5,554

(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, 2025		December 31, 2024
Collections on behalf of third parties (1)		118,337		59,029
Derivative financial instruments (2)		6,668		1,174
Derivative financial instruments designated as hedge instruments (3)		684		278
Total other financial liabilities		125,689		60,481

(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:

		Nature of risk hedged		Hedged item		Notional amount		Fair value
Forward		Exchange rate		Foreign currency liability		MUSD / $42.500 MEUR / $1.270			6,668

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 6 months				Between 6 and 12 months				More than 12 months				Total
Forward			5,865				803				-				-				6,668

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		MUSD / $16.600 MEUR / $4.020			1,174

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 6 months				Between 6 and 12 months				More than 12 months				Total
Forward			922				252				-				-				1,174

(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

5,210

278

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			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, 2025		December 31, 2024
Deferred revenue (1)		120,500		179,448
Customer loyalty programs		47,810		46,217
Advance payments under lease agreements and other projects (2)		3,041		3,689
Advance payments for fixed assets sold (3)		850		832
Repurchase coupon		104		100
Instalments received under “plan resérvalo”		-		160
Total other liabilities		172,305		230,446
Current		171,956		230,068
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		208,126			43,990
Additions		1,575			7,507
Revenue recognized		(69,753	)		(6,690	)
Effect of exchange difference from translation into presentation currency		197			3,273
Balance as of June 30, 2024		140,145			48,080

Balance as of December 31, 2024		179,448			46,217
Additions		3,775,388			9,531
Revenue recognized		(3,833,147	)		(8,231	)
Effect of exchange difference from translation into presentation currency		(1,189	)		293
Balance as of June 30, 2025		120,500			47,810

(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

Capital and premium on placement of shares

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.

Reserves

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.

Legal Reserve: 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.

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

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

Reserve for the payment of future dividends: An occasional reserve created by the General Shareholders’ Meeting to ensure the distribution of future dividends to shareholders

Other Comprehensive Income Accumulated

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

	June 30, 2025								June 30, 2024								December 31, 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		(17,633	)		-		(17,633	)		(17,010	)		-		(17,010	)		(17,531	)		-		(17,531	)
Remeasurement loss on defined benefit plans		(3,483	)		1,544		(1,939	)		(5,052	)		1,844		(3,208	)		(3,483	)		1,544		(1,939	)
Translation exchange differences		(2,531,565	)		-		(2,531,565	)		(2,212,057	)		-		(2,212,057	)		(2,324,745	)		-		(2,324,745	)
Gain from cash-flow hedge		13,634			1,423		15,057			12,882			1,168		14,050			12,150			1,423		13,573
(Loss) on hedge of net investment in foreign operations		(18,977	)		-		(18,977	)		(18,977	)		-		(18,977	)		(18,977	)		-		(18,977	)
Total other comprehensive income		(2,558,024	)		2,967		(2,555,057	)		(2,240,214	)		3,012		(2,237,202	)		(2,352,586	)		2,967		(2,349,619	)
Other comprehensive income of non - controlling interests							(41,066	)							(37,058	)							(42,615	)
Other comprehensive income of the parent							(2,513,991	)							(2,200,144	)							(2,307,004	)

Note 28. Revenue from contracts with customers

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

	January 1 to June 30, 2025		January 1 to June 30, 2024		April 1 to June 30, 2025		April 1 to June 30, 2024
Retail sales (1) (Note 40)		10,135,835		9,888,571		4,971,246		4,852,467
Service revenue (2) (Note 40)		450,881		421,794		225,999		215,613
Other revenue (3) (Note 40)		26,395		39,691		11,224		6,837
Total revenue from contracts with customers		10,613,111		10,350,056		5,208,469		5,074,917

(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 June 30, 2025		January 1 to June 30, 2024		April 1 to June 30, 2025		April 1 to June 30, 2024
Retail sales, net of sales returns and rebates		10,132,035		9,885,721		4,971,246		4,852,467
Sale of real estate project inventories (a)		3,800		2,850		-		-
Total retail sales		10,135,835		9,888,571		4,971,246		4,852,467

(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 June 30, 2025		January 1 to June 30, 2024		April 1 to June 30, 2025		April 1 to June 30, 2024
Real estate related income		182,924		156,774		93,190		80,360
Leases		60,110		50,200		31,334		28,497
Distributors		45,893		46,361		22,709		23,307
Administration of real estate		33,533		29,712		16,961		14,850
Advertising		31,620		37,541		16,086		19,304
Telephone		26,786		23,070		13,727		11,748
Commissions (a)		24,577		35,007		6,537		15,399
Transport		23,112		19,747		11,911		10,171
Banking services		6,361		10,721		3,578		5,674
Money transfers		3,558		4,616		1,844		2,097
Others		12,407		8,045		8,122		4,206
Total service revenue		450,881		421,794		225,999		215,613

(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 June 30, 2025		January 1 to June 30, 2024		April 1 to June 30, 2025		April 1 to June 30, 2024
Marketing events		8,314		7,720		3,443		3,692
Collaboration agreements (a)		3,387		5,476		1,609		1,732
Asset utilizations		2,514		4,129		773		1,764
Financial Services		1,715		1,773		805		674
Royalty revenue		1,036		2,452		268		1,294
Real estate projects		916		-		502		-
Use of parking spaces		664		631		334		476
Recovery of other liabilities		71		2,156		28		378
Technical advisory		24		43		11		16
Recovery of provisions		-		3,500		-		-
Recovery of labor liabilities		-		-		-		(7,977	)
Others		7,754		11,811		3,451		4,788
Total other revenue		26,395		39,691		11,224		6,837

(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, 2025		January 1 to June 30, 2024		April 1 to June 30, 2025		April 1 to June 30, 2024
Redeban S.A.		3,008		2,582		1,500		1,134
Éxito Media		354		1,098		84		508
Alianza Sura		22		378		22		86
Moviired S.A.S.		3		18		3		4
Renting Colombia S.A.		-		1,400		-		-
Total collaboration agreements		3,387		5,476		1,609		1,732

Note 29. Distribution, administrative and selling expenses

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

	January 1 to June 30, 2025		January 1 to June 30, 2024		April 1 to June 30, 2025		April 1 to June 30, 2024
Employee benefits (Note 30)		824,553		856,726		404,259		427,265
Depreciation and amortization		294,098		297,398		144,169		149,603
Taxes other than income tax		231,931		228,847		73,416		83,750
Fuels and power		137,487		141,048		67,056		70,529
Repairs and maintenance		115,532		137,166		56,480		71,525
Commissions on debit and credit cards		74,434		76,810		35,267		37,947
Services		62,290		61,144		26,261		28,347
Advertising		58,319		73,997		27,735		38,878
Security services		54,855		58,381		27,456		29,416
Cleaning services		41,600		45,511		19,998		22,226
Professional fees		37,619		42,642		18,705		22,244
Administration of trade premises		28,584		27,414		13,955		13,925
Transport		27,555		27,433		13,596		17,707
Packaging and marking materials		24,519		24,896		12,878		12,477
Outsourced employees		22,407		23,301		10,426		13,527
Leases		21,871		31,453		9,101		12,836
Insurance		18,561		25,012		9,094		12,314
Credit loss expense (a)		11,561		15,809		5,091		9,325
Legal expenses		6,709		3,803		2,768		1,524
Commissions		5,984		7,160		2,846		3,292
Cleaning and cafeteria		5,382		5,080		2,752		2,483
Other commissions		5,030		5,036		2,451		2,364
Expenses for provisions for legal proceedings		4,485		2,969		1,062		2,279
Stationery, supplies and forms		3,551		3,534		1,901		2,005
Travel expenses		2,885		4,081		1,425		2,044
Other provision expenses		2,745		3,252		2,018		1,789
Ground transportation		1,839		2,109		799		932
Éxito Media collaboration agreement		316		-		294		-
Seguros Éxito collaboration agreement		73		3,324		73		2,566
Autos Éxito collaboration agreement		-		166		-		-
Others		139,676		129,083		72,335		64,327
Total distribution, administrative and selling expenses		2,266,451		2,364,585		1,065,667		1,159,446
Total distribution expenses		1,264,999		1,307,848		597,744		654,121
Total administrative and selling expenses		176,899		200,011		63,664		78,060
Employee benefit expenses		824,553		856,726		404,259		427,265

(a) This amount includes the following items:

	January 1 to June 30, 2025		January 1 to June 30, 2024		April 1 to June 30, 2025			April 1 to June 30, 2024
Allowance for expected credit losses (Note 8.1)		11,477		15,505		5,339			9,127
Inflationary adjustments		78		238		59			177
Write-off of receivables		6		66		(307	)		21
Total		11,561		15,809		5,091			9,325

Note 30. Employee benefit expenses

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

	January 1 to June 30, 2025		January 1 to June 30, 2024		April 1 to June 30, 2025		April 1 to June 30, 2024
Wages and salaries		680,331		705,998		333,248		352,281
Contributions to the social security system		23,514		25,777		11,195		12,415
Other short-term employee benefits		26,831		28,992		13,112		13,530
Total short-term employee benefit expenses		730,676		760,767		357,555		378,226

Post-employment benefit expenses, defined contribution plans		70,432		72,247		34,270		36,528
Post-employment benefit expenses, defined benefit plans		1,428		1,407		818		793
Total post-employment benefit expenses		71,860		73,654		35,088		37,321

Termination benefit expenses		9,943		7,905		5,016		4,096
Other personnel expenses		11,919		14,287		6,524		7,537
Other long-term employee benefits		155		113		76		85
Total employee benefit expenses		824,553		856,726		404,259		427,265

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

Other operating revenue

	January 1 to June 30, 2025		January 1 to June 30, 2024		April 1 to June 30, 2025		April 1 to June 30, 2024
Recovery allowance for expected credit losses (Note 8.1.)		10,459		9,142		4,863		5,947
Recovery of other provisions		6,875		182		6,219		6
Recovery of other liabilities		4,858		17,378		3,371		11,112
Other indemnification (1)		3,559		2,573		1,848		1,761
Recovery of costs and expenses from taxes other than income tax		2,557		2,028		2,517		1,657
Recovery of provisions for legal proceedings		2,205		4,795		765		4,371
Insurance indemnification		695		1,087		157		663
Recovery from restructuring processes		-		1,686		-		1,686
Reimbursement of costs and expenses for taxes		-		241		-		241
Total other operating revenue		31,208		39,112		19,740		27,444

(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.

Other operating expenses

	January 1 to June 30, 2025			January 1 to June 30, 2024			April 1 to June 30, 2025			April 1 to June 30, 2024
Restructuring expenses		(1,747	)		(31,791	)		249			(15,647	)
Other provisions (1)		-			(5,195	)		(794	)		-
Others (2)		(1,226	)		(14,860	)		(300	)		(4,859	)
Total other operating expenses		(2,973	)		(51,846	)		(845	)		(20,506	)

(1)

It corresponds to the store and shop closure plan as of June 2024.

(2)

It corresponds to:

	January 1 to June 30, 2025			January 1 to June 30, 2024			April 1 to June 30, 2025			April 1 to June 30, 2024
Tax on wealth		(221	)		(1,314	)		(209	)		(1,358	)
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		-			(11,540	)		-			(2,698	)
Fees for projects for the implementation of norms and laws		-			(1,205	)		-			(70	)
Others		-			(801	)		-			(733	)
Total others		(1,226	)		(14,860	)		(300	)		(4,859	)

Other net (loss) income

	January 1 to June 30, 2025			January 1 to June 30, 2024			April 1 to June 30, 2025			April 1 to June 30, 2024
Gain from the early termination of lease contracts		8,491			1,190			6,802			1,060
Gain (loss) on sale of property, plant and equipment		6,948			1,575			(9	)		1,539
Reversal of impairment losses on assets		6,794			-			3,743			-
Gain on sale of assets		2,269			2,917			2,269			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		(8,459	)		(6,629	)		(3,831	)		(2,619	)
Total other net (loss) income		15,986			(947	)		8,973			967

Note 32. Financial income and expenses

The value of financial income and expenses is as follows:

	January 1 to June 30, 2025			January 1 to June 30, 2024			April 1 to June 30, 2025			April 1 to June 30, 2024
Gain from foreign exchange differences		72,727			41,317			39,549			(4,863	)
Interest income on cash and cash equivalents (Note 7)		15,021			18,325			6,889			6,408
Gains from valuation of derivative financial instruments		3,764			3,976			2,747			2,923
Gain from liquidated derivative financial instruments		322			21,324			(1,055	)		10,052
Net monetary position results, effect of the statement of profit or loss (1)		-			47,791			-			21,377
Other financial income		4,075			10,194			1,534			4,253
Total financial income		95,909			142,927			49,664			40,150
Interest expense on loan and borrowings		(82,073	)		(116,699	)		(37,948	)		(65,479	)
Interest expense on lease liabilities (Note 15.2)		(76,591	)		(74,099	)		(39,039	)		(37,135	)
Net monetary position result, effect in the income statement (1)		(43,500	)		-			(43,435	)		-
(Loss) from foreign exchange differences		(39,262	)		(44,506	)		(26,011	)		(8,518	)
Loss from liquidated derivative financial instruments		(16,837	)		(21,009	)		(5,556	)		(12,030	)
Net monetary position expense, effect of the statement of financial position		(10,208	)		(14,656	)		(4,587	)		(7,943	)
Loss from fair value changes in derivative financial instruments		(9,958	)		(1,002	)		(2,843	)		9,694
Commission expenses		(2,504	)		(3,817	)		(896	)		(1,448	)
Factoring expenses		(1,558	)		(54,862	)		199			(25,936	)
Other financial expenses		(1,835	)		(10,015	)		(993	)		(6,383	)
Total financial expenses		(284,326	)		(340,665	)		(161,109	)		(155,178	)
Net financial result		(188,417	)		(197,738	)		(111,445	)		(115,028	)

(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 the year
December 31, 2015		100.00		-
January 1, 2020		446.28		-
December 31, 2020		595.19		33.4	%
December 31, 2021		900.78		51.3	%
December 31, 2022		1,754.58		94.8	%
December 31, 2023		6,603.36		276.4	%
June 30, 2024		9,940.06		50.5	%
December 31, 2024		11,034.04		67.1	%
June 30, 2025		12,044.40		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:

In the results of the period:

	January 1 to June 30, 2025		January 1 to June 30, 2024			April 1 to June 30, 2025		April 1 to June 30, 2024
Net profit (loss) attributable to equity holders of the parent (basic)		240,012		(56,598	)		146,865		(18,735	)
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	)

In continuing operations:

	January 1 to June 30, 2025		January 1 to June 30, 2024			April 1 to June 30, 2025		April 1 to June 30, 2024
Net profit from continuing operations (basic)		332,733		27,224			205,009		35,204
Less net income from continuing operations attributable to non-controlling interests		92,721		83,822			58,144		53,939
Net profit (loss) from continuing operations attributable to the equity holders of the parent (basic)		240,012		(56,598	)		146,865		(18,735	)
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				December 31, 2024
	Carrying amount		Fair value		Carrying amount		Fair value

Financial assets		8,688		8,227		10,107		9,618
Trade receivables and other accounts receivable at amortized cost		381		381		402		402
Investments in private equity funds		328		328		4,469		4,469
Forward contracts measured at fair value through income (Note 12)		-		-		-		-
Forward contracts denominated as hedge instruments (Note 12)		11,978		11,978		13,302		13,302
Investment in bonds through other comprehensive income (Note 12)		1,437		1,437		1,437		1,437

Non-financial assets
Investment property (Note 14)		1,780,695		4,380,719		1,828,326		4,492,917
Property, plant and equipment, and investment property held for sale (Note 41)		2,645		4,378		2,645		4,378
Financial liabilities
Loans and borrowings (Note 20)		2,008,092		2,006,921		1,907,673		1,906,048
Put option (Note 20)		313,665		313,665		350,776		350,776
Forwards contracts denominated as hedge instruments (Note 25)		684		684		278		278
Forward contracts measured at fair value through income (Note 25)		6,668		6,668		1,174		1,174
Non-financial liabilities
Customer loyalty liability (Note 26)		47,810		47,810		46,217		46,217

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

	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 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. 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%) Vacancy rate (0% - 45,40%) 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 technique	Description of the valuation 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 technique	Description of the valuation technique	Significant input data

Liabilities

Financial liabilities measured at amortized cost	Level 2	Discounted cash flows method	Future cash flows are discounted 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 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. 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.	Number of points redeemed, expired and issued. Point value. 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

Contingent assets

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

Contingent liabilities

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.		1,215
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 S.A.S.	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 $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 declared		Dividends paid
Patrimonio Autónomo Viva Malls		56,316		20,404
Grupo Disco Uruguay S.A.		12,632		50,723
Patrimonio Autónomo Viva Villavicencio		6,168		5,868
Patrimonio Autónomo Centro Comercial		3,609		3,438
Éxito Viajes y Turismo S.A.S.		3,534		3,534
Patrimonio Autónomo Viva Laureles		1,426		1,228
Patrimonio Autónomo Centro Comercial Viva Barranquilla		1,311		1,157
Patrimonio Autónomo Viva Sincelejo		738		761
Patrimonio Autónomo Viva Palmas		391		273
Almacenes Éxito Inversiones S.A.S.		-		6,954
Total		86,125		94,340

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 declared		Dividends paid
Patrimonio Autónomo Viva Malls		121,977		144,979
Grupo Disco Uruguay S.A.		22,506		22,246
Patrimonio Autónomo Viva Villavicencio		11,739		11,817
Patrimonio Autónomo Centro Comercial		6,327		6,636
Éxito Viajes y Turismo S.A.S.		4,075		4,075
Patrimonio Autónomo Centro Comercial Viva Barranquilla		3,092		3,066
Patrimonio Autónomo Viva Laureles		3,003		2,980
Patrimonio Autónomo Viva Sincelejo		1,388		1,578
Éxito Industrias S.A.S.		1,136		1,136
Patrimonio Autónomo San Pedro Etapa I		818		413
Patrimonio Autónomo Viva Palmas		811		949
Total		176,872		199,875

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:

Colombia:

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.

Argentina:

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

Uruguay:

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:

Operating segment	January 1 to June 30, 2025		January 1 to June 30, 2024		April 1 to June 30, 2025		April 1 to June 30, 2024
Colombia		7,553,023		7,203,776		3,742,444		3,500,431
Argentina		534,071		688,445		234,430		392,729
Uruguay		2,048,741		1,996,350		994,372		959,307
Total consolidated sales		10,135,835		9,888,571		4,971,246		4,852,467

The following is additional information by operating segment:

	For the period ended June 30, 2025
	Colombia			Argentina (1)			Uruguay (1)			Total			Eliminations (2)		Total
Retail sales		7,553,023			534,071			2,048,741			10,135,835			-		10,135,835
Service revenue		399,763			32,894			18,224			450,881			-		450,881
Other revenue		23,176			-			3,219			26,395			-		26,395
Gross profit		1,769,778			176,319			772,459			2,718,556			-		2,718,556
Operating profit		307,762			(44,330	)		232,894			496,326			-		496,326
Depreciation and amortization		280,455			18,828			50,248			349,531			-		349,531
Net finance result		(138,571	)		(55,899	)		6,053			(188,417	)		-		(188,417	)
Profit before income tax from continuing operations		193,604			(100,229	)		238,947			332,322			-		332,322
Tax expense		(24,569	)		57,716			(32,736	)		411			-		411

	For the period ended June 30, 2024
	Colombia			Argentina (1)			Uruguay (1)			Total			Eliminations (2)		Total
Retail sales		7,203,776			688,445			1,996,350			9,888,571			-		9,888,571
Service revenue		383,169			24,475			14,150			421,794			-		421,794
Other revenue		35,926			5			3,760			39,691			-		39,691
Gross profit		1,657,806			231,355			732,496			2,621,657			-		2,621,657
Operating profit		69,344			(9,936	)		183,983			243,391			-		243,391
Depreciation and amortization		286,096			17,895			47,498			351,489			-		351,489
Net finance result		(189,526	)		3,538			(11,750	)		(197,738	)		-		(197,738	)
Profit before income tax from continuing operations		(168,604	)		(6,398	)		172,233			(2,769	)		-		(2,769	)
Tax expense		73,977			(13,471	)		(30,513	)		29,993			-		29,993

	For the three-months period ended June 30, 2025
	Colombia			Argentina (1)			Uruguay (1)			Total			Eliminations (2)		Total
Retail sales		3,742,444			234,430			994,372			4,971,246			-		4,971,246
Service revenue		199,332			15,713			10,954			225,999			-		225,999
Other revenue		9,879			-			1,345			11,224			-		11,224
Gross profit		893,438			75,720			366,625			1,335,783			-		1,335,783
Operating profit		216,702			(23,336	)		104,618			297,984			-		297,984
Depreciation and amortization		137,667			8,225			25,676			171,568			-		171,568
Net finance result		(68,710	)		(46,872	)		4,137			(111,445	)		-		(111,445	)
Profit before income tax from continuing operations		162,335			(70,208	)		108,755			200,882			-		200,882
Tax expense		(34,443	)		47,390			(8,820	)		4,127			-		4,127

	For the three-months period ended June 30, 2024
	Colombia			Argentina (1)			Uruguay (1)			Total			Eliminations (2)		Total
Retail sales		3,500,431			392,729			959,307			4,852,467			-		4,852,467
Service revenue		193,710			14,667			7,236			215,613			-		215,613
Other revenue		4,672			3			2,162			6,837			-		6,837
Gross profit		814,546			131,054			354,104			1,299,704			-		1,299,704
Operating profit		70,392			(7,086	)		84,857			148,163			-		148,163
Depreciation and amortization		143,030			10,517			24,311			177,858			-		177,858
Net finance result		(94,812	)		(11,038	)		(9,178	)		(115,028	)		-		(115,028	)
Profit before income tax from continuing operations		(50,782	)		(18,124	)		75,679			6,773			-		6,773
Tax expense		40,168			(2,858	)		(8,879	)		28,431			-		28,431

(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

Assets held for sale

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, 2025				December 31, 2024
Investment property			2,645				2,645

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.