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Disclaimer
Statements contained in this release relating to the business outlook of the Company, projections of operating/financial results, growth prospects of the Company and market
and macroeconomic estimates are merely forecasts and are based on the beliefs, plans and expectations of Management in relation to the Company’s future. These expectations
are highly dependent on changes in the market, Brazil’s general economic performance, the industry and international markets, and hence are subject to change.
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We Are the #1 Food Retailer in South America, with a Diversified Portfolio of Leading Brands in Brazil, Colombia, Uruguay and Argentina
Food retailer andfood e-commerce inBrazil and Colombia
One of the largest retail employer in South America
98K employees
Food retailerin South America1
1,502 stores
R$ 50.4 bn2020 Net Revenue
R$ 3.9 bn (7.8% margin)2020 EBITDA
Source: Nielsen and Colombia market share from Supersociedades – Information of Dec/2020 for Brazil, Argentina and Uruguay; 2019 for ColombiaNote: 1) Leadership based on sales
o Stores: 25
o Net Revenue: R$1.2 bn
o EBITDA: R$16 mm
o EBITDA Margin: 1.4%
o Market share: 2%
o Stores: 91
o Net Revenue: R$3.7 bn
o EBITDA: R$372 mm
o EBITDA Margin: 10.3%
o Market share: 43%
o Stores: 873
o Net Revenue: R$28.3 bn
o EBITDA: R$2.3 bn
o EBITDA Margin: 8.0%
o Market share: 14%
2020
o Stores: 513
o Net Revenue: R$17.1 bn
o EBITDA: R$1.4 bn
o EBITDA Margin: 8.3%
o Market share: 31%
34% 56%
8% 9%
2% 0%
%
Share of Revenue
%
Shareof EBITDA
35% 56%
6
Successful Management Execution Driving Strong Results: 2020 vs. 2019
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Net RevenueGrowth
+6.3%
+5.9%1
SSSGrowth
+12.4%
+7.3%1
Adj. EBITDA Margin
8.0%+80 bps
8.3%-10 bps
Digital Penetration
4.8%2
+300 bps
12.4%3
+790 bps
Note:1. Constant currency2. Gross Sales Digital / Gross Sales Food Category3. Net Sales Digital / Total GMV; related to Éxito Colombia
7
Our Group is Part of Key Sustainability Indexes Across the Globe
Highest Commitment to ESG Principles with Strong Market Recognition
Our Recent ESG Initiatives and Achievements
Carbon Efficient Index(ICO2)
Financial Times Stock Exchange(FTSE4GOOD)
B3 Corporate Sustainability Index(ISEB3)
The only food retailer
Morgan Stanley Capital International(MSCI)
Carbon Disclosure Programme(CDP)
A
B
7
8
Experienced Board
Top Management with Unique Experience in Food Retail and a Company with the Highest Governance Standards
Listed on Novo Mercado
Audit Committee
People and Remuneration Committee
Corporate Governance and Sustainability Committee
Financial Committee
Governance Highlights
Jean-Charles NaouriPresident
+ 3 5
# Y e a r s i n R e t a i l
Christophe Hidalgo
Member
+ 2 5
HervéDaudin
Member
+ 1 7
Renan Bergmann
Independent Member
Rafael Russowsky
Member
+ 8
Eleazar de Carvalho FilhoIndependent Member
+ 2 0
Luiz Augusto Castro NevesIndependent Member
+ 9
Arnaud Strasser
Co-VP
+ 2 0
Ronaldo Iabrudi
Co-VP
+ 8
Innovation and Digital Transformation Committee
# Years in Retail
Experience
Jorge FaiçalCEO GPA
+25
Guillaume GrasCFO GPA
+16
Luiz Henrique CostaCOO GPA
+7
Laurent CadillatCDO GPA
+20
Carlos Mario GiraldoCEO Éxito
+25
Jacky YanovichCOO Éxito
+20
Ruy SouzaCFO Éxito
+5
10
Focusing on Four Key Pillars
Increase Hyper Profitability
Growth andMaturation of Super Regional
Organic Expansion of Premium
Formats
10
Scale-up Our Digital Platform
Apps
1P
Ecommerce Stores
WebsitesMarketplace
Rewards Engagement
Solutions Frequency
Fulfillment GPA LOG
DCs
Last Mile
Data Insights
Media
43%of gross sales
17%of gross sales
27%of gross sales
44%of gross sales
12
Digital Ecosystem: Important growth lever
Evolution of food online sales
R$ 0.4 Bi
R$1.1 Bi
2019 2020
+3XCustomers
registered in theloyalty programs
Average omnichannel customer spend vs
B&M store customer
+ 21MM +2.7 x
Shipment from Stores / Click & Collect
Shipment from DCs
Last Milers
289 stores dec/20 vs 120 in dec/19, around52% of online sales
355 stores in 32 cities (vs 55 stores in 18 citiesin dec/19), +543% of GMV and +316% in
number of orders
6 DC´s by the country (4 new DC´s in 4Q20) in order to support sales growth of 128% in 4Q20
GPA Marketplace growth
Strengtheningverticals in 1P
Delivery radiusexpansion
5% share in food
2% share in food
Biggest coalition of Brazil retail market
+60 MM of potencial clientes with lowlevel of overlap between GPA and RD
Launched in October/2020and embraced by 1 million customersin the first 7 weeks
80% of activation and 30% oftransversal use in coalition (clientsnavigation in both companies) in earlystages of operation
New retail verticals planed for 2021
14%Market share
13
Strenghtening of GPA digital plataform| IDP doubles the number of omnichannelclients, who spend an average 2.7x more than a B&M store customer
• Complete basket experience
• Personalized recommendations
• Continuos geographical expansion
+4 DCs and +169 stores in 2020
+New sales regions for 2021
• Destination categories / complementary
• Target of 400k SKUs in 2021
• Accelerate Register Sellers / SKUs
• Strict control of Client Service
• Accelerate Media Performance
E-commerce 3P IN
+ COMPLETE ASSORTMENT IN FOCUS CATEGORIES
Core Business New Business
• Collaborative Platform: Be wherever the
customer is!
• Specialization as a Seller in other Market
Places
• Multiples Last Milers
E-commerce 3P OUT Change Business+ GMV
+ Market-share
+ Recorrência
+ Network effect
Grocery
Fresh
Craft Beers
Wines & Liquors
Auto Care
Personal Care
Cleaning
Pet Care
Baby Care
Home Care
E-commerce 1P
14
Distinguished B&M Portfolio Creating Economics Moats to Enhance the Largest Digital Food Retail Platform
Technology Capex Already Deployed
Reinvest FCF
Marginal Cost at Stores
Limited CAC (Mainly Retention)
Frequency + Recurrence
Nationwide Logistics in Place
Profitability Strategy to Deliver One-Stop-Shop
Top of Mind BrandsWe Already Own the Customer
(Massive Database)
Cashflow Dynamics
Food (mainly fresh) asOur Core
+800 Stores / Hubs
Last Mile Capabilities
21 mmcustomersregistered
Core /Higher Margin = 1P
Fulfillment / Take Rate = 3P
Agile Methodology
Talent Attraction & Retention
Partnership with Tech Companies
People: Our Most Valuable Asset
15
This is Our Platform Strategy
15
Network Effect
Digital Payment
LogisticsServices
Data Monetization
Customer Identity Platform
21+ mmCustomers
reig
PIX Enabled in all
stores12% penetration2
198% growth1
E-commerce+250mm annual visits
Coalition
60+ miclient base
FICR$1.1 bn
GMV
14% mkt share
Loyalty
6.4xavg. ticket4
82%penetration3
Open Banking
1 hour
delivery
Fulfillment
Services
Click & CollectIn 289 stores
(vs 120 in 2019)
+100 startups and scale-ups plugged
Relationship
Insights
Media
25 multidisciplinary squadsin digital
Innovation in the off environmentwith more than 200 self checkout
Note:
1. E-commerce 9M20 vs 9M19
2. Sales through digital channels at Pão de Açúcar as of 3Q20
3. Pão de Açúcar sales to loyal customers
4. Loyal customer using APP (with My Rewards and My
Discounts) vs loyal customer without APP
Consumption
2,7X higher
OMNICHANNEL CLIENTS
60%of multichannel
clients in e-
commerce
16
Expanding Our Digital Platform to Support Market Share Growth
16
VA
LUE
OF
OU
R P
LATF
OR
M
APPs(Cliente Mais and
Clube Extra)
Loyalty programs
Food e-commerce
GMV
Distinguish B&M assets with food as core (high frequency) contributing to a leading 1P platform
We Are Here Jan/21
Customer knowledge platform fully integrated generating network effects
Develop and complete ourvalue proposition
21mm
14% of mkt share
R$ 1.1bn
Multiple delivery solutions
• 289 stores click & Collect
• 32 cities last mile
BUILT ROADMAP
PLATFORM MATURITY
Launch 3P
Insights
Market share expansion
Boost 1P categories: strengthen existing verticals
to expand mkt share
Baby Products
Beer Cleaning Products
Wine
+ penetration in existing regions and expansion to
new regions
Enhance 3P:Huge potential to be captured
AutoPet
Homeware Toys Personal Care
+ new DCs+37 transit points
+170 same day / click & collect stores
+9 cities with last mile coverage
Data monetization:marketing of media - using
purchase frequency and customer base
New payment solutions:
digital wallet
Network effect
Fulfillment services
17
What is Our Strategy in Each Format?
Enhancing Value Proposition Organic ExpansionOrganic ExpansionRegional Positioning
Competitiveness in grocery
Quality in fresh
Streamline non-food & specialties
Stores strategically located in areas with high flow of people
Everyday Neighborhood Format
New stores concepts including coffee shop and wine house
31 closed or converted to Assaí(2016-2020)
23 repositioned in 2020
46 G7 stores
6 stores to be converted in 2021
Best shopping experience
Increased fresh offer
New payment and digital solutions
Better price positioning
Focus on fresh
Store layout similar to regional players
169 stores conversions (2018-20)
6 stores to be converted in 2021
Accelerated expansion
Maintenance of high profitability80 stores to be repositioned
Accelerated expansion
Maintenance of high profitability
Format maturation
Regional expansion (organic + M&A)
Value Proposition
Portfolio Repositioning
Strategy
Format Performance
(2020 vs. 2019)
11%Sales Growth
RepositionedStores Performance
19%Sales Growth
12%Sales Growth
7%Sales Growth
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Strong growth in the first year and consistent growth in the
second year of operation
Growth above the control group on sales and on EBITDA
Relevant growth in its first year of operation followed by
acceleration in the second year
100% success in 2019 openings, with sales level above mature
stores and increased profitability
18
Key Takeaways
18
Focus on Executing Our StrategyStrategically Focused on Food Retail
Experienced & Engaged Management Team and High ESG Standards
Digital Platform StrategyIntegration of our Unique Omnichannel Portfolio with a Qualified and High recurrence Customer Base, Driving Growth
Improvement in All KPIsOperational Excellence, Continuous Innovation andStrengthening Value Proposition in Selected Formats
#1 Food Retailer and Food E-commerce, Serving All Client ProfilesThrough Our Multiformat Strategy
Multiple Levers of Growth and Low Leverage to Seize OpportunitiesStrong Organic Growth of Premium and Neighborhood Formats
20
Grupo Exito: an absolute food retail market leader in Colombia and Uruguay
Leading market position, with a comprehensive coverage of customers and marketsBrands and formats for all segments of the population
Premium
Mainstream
Low Cost
Diversified with a large footprintAbsolute market leader
#1 private employer in Colombia
Sizeable operationsAbsolute market leaderStrong cash generation
Dual retail/real estate modelDiversified real estate portfolio
45.8Brand Awareness
Highest score among food retailers in Colombia (~2x the second highest)
Corporate reputation
#1 in corporate reputation among retailers in Colombia. #8 overall
Reputable brand, with strong recognition
Source: Follow Brand
Revenues (R$bn) 18.8 4.4 1.4
EBITDA margin 8.3% 10.3% 1.4%
Cash flow conversion1 74% 74% 52%
Top-of-mind with customers
Source: Merco
1
1
Retail2
Real estate4
Highlights (2020)
Market shares
Brand portfolio
31% 43% 2%3
32% N/A 12%1 1
Notes: 1. Calculated as (EBITDA Pre IFRS 16 -Capex)/EBITDA Pre IFRS 16; 2. Colombia market share from Supersociedades, including discounters, as of 2019. Uruguay market share from IDretail/GDU, Dec, 2020. Argentina market share from Nielsen, Dec, 2020; 3. Refers to market share in the country. The market share for the areas Grupo Exito is present in is 14.5%; 4. Market share based on real estate AUM; 5. Includes: Tuya Pay, Paseo, Media business venture, Vehicle Rental business venture, Exito Móvil, among others
Comprehensive ecosystem
7,800/10,000
Sales area (‘000 sqm) 839 92 106
21
Leading retail through innovation and integration of BU´s across a comprehensive ecosystem with strong synergies
Comprehensive Ecosystem with Strong Synergies
Unmatched digital penetration in the
region
Including click & collect, digital
catalogue
735 vendors with 82% GMV growth in
2020
#1 food retailer, high margins and strong cash flow
generation
Dual Retail / Real Estate model
Absolute market leader, with 28%
retail market share
#1 loyalty coalition in Colombia with over
105 allied brands
Others
Brick & Mortar
Omni-channel
#4 travel agency in Colombia
#1 card issuer in Colombia
Launched in Mar/20 ~200k
digital accounts
#1 seller of micro insurance
in Colombia
#3 real estate player in
Argentina
#1 shopping mall operator in Colombia
Loyalty Coalition Complementary Businesses & Traffic
Monetization
Omniclient 1.1 M Tx. Target is to be the #1 ally of
money transfer network in Colombia
Alliance to centralize and
monetize electronic
transactions
+475K active lines and
triple digit growth in on-line channel
21
22
Grupo Exito has pioneered innovation in Colombia
22
11 stores
20.7% of total banner sales
+12.4 p.p. sales growth vs. non-converted stores
Éxito Wow: Innovation in Hypermarkets
The best merge of digital and physical worlds
The last generation of technological support and customers’ experience
Recognized by the British Institute of Grocery Distributionas the “Store of the Month” for October 2020 (Exito Wow Laureles)
14 stores
26.5% of total banner sales
+7.1 p.p. sales growth vs. non-converted stores
Carulla FreshMarket: A premium , fresh and sustainable
proposal
Shopping experience and exceptional freshness
Model performance levered by digital and omni-channel initiatives
Recognized by the British Institute of Grocery Distributionamong “16 best supermarkets to visit in 2019”
+20%+15%
+30%
Sales Growth EBITDA Growth ROI
Year 1 post-conversion metrics considering standard format stores only
Potential to reach 43 stores converted into Exito Wow
and +101 Exito WOW Econo format
Potential to reach 34 stores converted into Carulla
FreshMarket and +46 Carulla Fresh Market Midi format
+20%
+15%+15%
Sales Growth EBITDA Growth ROI
Year 1 post-conversion metrics considering standard format stores only
23
Strong and growing private label portfolio, with cross-synergies among our businesses in different countries
TaeqPositioned as the 3rd most important healthy brand in Colombia
FrescampoRelevant low-cost brand in the Colombian market
Food categories Non-Food categories
23
~6 thousand SKUs4Q20
ApparelArkitect, Bronzini and People are among the top 10 apparel brands in Colombia
HomegoodsRelevant homegoods brand, with international presence
~17% Private Label Penetration in Food Productsin 2020
~44 thousand SKUs4Q20
~36% Private Apparel & Homegoods Penetrationin 2020
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4.5%
12.4%
2019 2020
There is no other Latin American player with such omnichannel penetration as Grupo Exito in Colombia
Positive contribution to the margin of the B&M business
E-commerce+240% in traffic
Marketplace735 vendors
Digital Catalogue+3.6% in sales
Last Mile & Delivery85% of total orders in
2020
Click & Collect800k+ orders in
2020
Unmatched omnichannel penetration
Notes: Data refers to Colombia. 1. Converted at a BRLCOP average FX rate for 2020 of 716.86; 2. 2020 vs. 20193. Include .com, marketplace, home delivery, Shop&Go, Click&Collect and digital catalogues
Exito to continue strengthening the omnichannel business in 2021
Increase platform monetization1
Increase apparel category penetration3
Maintain double digit growth and high penetration into 2021
2
2.8x food / 2.6x non-foodgrowth in 2020
164mm website visits in 2020, vs. 86mm in 2019
More than 8.5mm orders (+1.8X) in 2020
R$2.0bn1
2020 sales via omnichannel
Omnichannel highlights (2020)
Continue investing CAPEX in innovation and omnichannel (c. 30% of our total CAPEX in 2020)
4
2.7xOmnichannelsales growth2
Omnichannel share of sales (%)
9% food / 20% non-foodpenetration as of 2020
R$ 1 billion in food andR$ 1 billion in non food
3.1x Grupo Éxito(3) orders 70% share on sales
2525
Continued strong growth in omnichannel
Expansion of formats Wow, FreshMarket and Surtimayorista
Pioneer in innovation, including hypermarket, fresh market and real estate
Robust ecosystem, with clear customer monetization opportunities
Solid food retail leadership in Colombia and Uruguay, with robust operations and profitability
Key Takeaways
27
GPA - Main assets (value reserves)
• GPA paid aprox.
R$ 9.5 billion to acquire 96.57% of
Grupo Éxito through a tender offer.
Other Assets
• GPA holds 34% of Cnova, listed at Euronext: market
value of aprox. R$ 5.3 billion for GPA stake
(as of March 03, 2021)
Top of Mind Brands
• Lands and buildings in Brazil valued at
R$ 1.3 billion, book value
(as of Dec 31, 2020)
• Gas station and Drugstores
14%
Leadership in Market share
31%
43%
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