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EARNINGS 4th QUARTER & YEAR OF 2019 February 20th, 2020

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20

19

: H

IGH

LIG

HTS

FOCUS ON FOOD RETAIL AND

STRUCTURE SIMPLIFICATION

CONSTRUCTION OF A PORTFOLIO

ADHERING TO MARKET DEMAND

CONSISTENT ADVANCE IN THE PRIVATE

LABEL STRATEGY DIGITAL TRANSFORMATION &

INOVATION

GRUPO ÉXITO

Divestment of Via Varejo concluded Acquisition of Grupo Éxito Strengthening of Corporate

Governance, with the approval of GPA admission to Novo Mercado carried out by B3 on February 14, 2020

Assaí: 22 openings Extra Super conversions: 92 stores Refurbishment of 20 Pão de Açúcar

stores Minuto: 10 new stores Segmentation of Hyper’s portfolio

Increased penetration of Private Label Brands to 12.7% in Multivarejo’s food category in 4Q19 (+50 bps vs 4Q18)

Growth of over 40% in e-commerce driven by the expansion of the “Express” and “Click & Collect” delivery models

Expansion of James Delivery operation to 19 cities

Creation of Stix Fidelidade

Consolidation of Grupo Éxito's operations in GPA results from Dec/19: contribution of R$ 2.4 billion to gross revenue and R$ 266 million in GPA Consolidated EBITDA

R$ 61.5 BILLION of revenue +14.8% vs 2018

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GPA CONSOLIDATED Post IFRS-16

GROSS REVENUE Evolution driven mainly by the

successful expansion of Assaí and the consolidation of the Grupo Éxito in Dec/19

GROSS PROFIT Reflects the increase of Assaí´s share

and a higher promotional investment at Multivarejo

SG&A Dilution of 60 bps in the quarter and

60 bps in the year due to initiatives to reduce retail expenses and the continued control of Assaí expenses, despite strong expansion

ADJUSTED EBITDA Growth driven by the solid

performance by Assaí and consolidation of Grupo Éxito in Dec/19

(1) Earnings before interest, taxes, depreciation and amortization. (2) Adjusted for Other Operating Income and Expenses. (*) Excludes non-recurring effects: in Assaí they totaled R $ 145 million in 4Q18 and R$ 436 million in 2018 related to ICMS ST credits; in Multivarejo, the effects of 2018 refer to the sale to third parties of part of the tax credits related to the exclusion of ICMS from the PIS / COFINS calculation bases, in the net amount of R$ 45 million realized in 2Q18.

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Consolidated Controlling Shareholders' NET INCOME reached R$ 790 MM in the year, with margin of 1.4%

(R$ million)

Gross Revenue 18,926 15,237 24.2% 61,543 53,615 14.8%

Net Revenue (*) 17,321 14,012 23.6% 56,635 49,343 14.8%

Gross Profit(*) 3,683 3,072 19.9% 12,185 11,127 9.5%

Gross Margin(*) 21.3% 21.9% -60 bps 21.5% 22.6% -110 bps

Selling, General and Adm. Expenses (2,434) (2,054) 18.5% (8,354) (7,602) 9.9%

% of Net Revenue 14.1% 14.7% -60 bps 14.8% 15.4% -60 bps

Adjusted EBITDA(1)(2)(*) 1,290 1,139 13.3% 3,967 3,677 7.9%

Adjusted EBITDA Margin(1)(2)(*) 7.4% 8.1% -70 bps 7.0% 7.5% -50 bps

Δ4Q19 4Q18 Δ 2019 2018

212 250 442

0

200

400

600

800

100 0

120 0

4T18 4T19 4T19

20bps

1.5%

2.6%

1.7%

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NET DEBT

AVAILABLE RESOURCES FINANCIAL RESULT & DEBT Post IFRS 16

FINANCIAL RESULT

NET DEBT

Food Business Brazil

Food Business Brazil

Consolidated Food Business Brazil

Food Business Brazil

Consolidated

-1.3x

-0.9x -1.1x

-0.3x

-1.1x

-0.5x -0.8x

-1.5x

1T 2T 3T 4T2018 2019

Higher leverage is in line with that planned by the Company due to the LATAM restructuring (acquisition of the Grupo Éxito) and remains at an appropriate level

Maintenance of high Capex(*) in

Brazil at R$ 2.1 billion in the year

(*) Net of sale of tangible assets

Cash position Dec/19: R$ 8.0 billion in funds available

R$ 900 million in pre-approved

/ confirmed credit lines

Potential for asset monetization

Net Debt/ EBITDA(1)

(R$ million and % of net revenue)

(1) Adjusted EBITDA Pre IFRS 16, accumulated in the last 12 months. For 2019, pro forma Adjusted EBITDA was used, that is, considering 12 months of consolidation of the Éxito Group's operations. 4

1,061 998 1,206

-100,0

100 ,0

300 ,0

500 ,0

700 ,0

900 ,0

110 0,0

130 0,0

150 0,0

170 0,0

2018 2019 2019

-30bps

2.1%

2.1%

1.8%

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Assaí - Post IFRS 16 Increase of more than 3x in sales in the last 5 years, reaching 28.5% market share(**)

GROSS REVENUE Continued strong growth driven

by the excellent performance of expansion and same store growth

SG&A Strict control over expenses

and productivity gains Growth lower than revenue,

even with 22 new stores and Assaí entering 3 new states in the year

ADJUSTED EBITDA Evolution of + 25.5% in the year,

addition of R$ 396 MM, up to 7.0% of margin

Pre-IFRS 16, margin reached 6.3%, reaching the guidance, despite more store opening than expected

GROSS PROFIT Accelerated maturation of new

stores Concentration of openings in

regions where it already operates Lowest shrinkage level in the

banner’s history

(1) Earnings before interest, taxes, depreciation and amortization. (2) Adjusted for Other Operating Income and Expenses. (*) Excludes non-recurring effects, which totaled R$ 145 million in 4Q18 and R$ 436 million in 2018. (**) Source market share: Nielsen

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(R$ million)

Gross Revenue 8,740 7,300 19.7% 30,378 24,923 21.9%

Net Revenue 7,994 6,698 19.3% 27,797 22,899 21.4%

Gross Profit(*) 1,367 1,077 26.9% 4,578 3,729 22.8%

Gross Margin(*) 17.1% 16.1% 100 bps 16.5% 16.3% 20 bps

Selling, General and Adm. Expenses (749) (636) 17.8% (2,656) (2,207) 20.4%

% of Net Revenue 9.4% 9.5% -10 bps 9.6% 9.6% 0 bps

Adjusted EBITDA(1)(2)(*) 624 446 39.8% 1,946 1,550 25.5%

Adjusted EBITDA Margin(1)(2)(*) 7.8% 6.7% 110 bps 7.0% 6.8% 20 bps

Δ4Q19 4Q18 Δ 2019 2018

22 stores opened in 2019, with 13 stores in 4Q19, a quarterly record, and entry into 3 new states

More than 430 thousand new Passaí cards were issued

in 2019, surpassing the mark of 1 million credit cards issued since its launch

Launch of pilot project for "Passaí" card machines in São Paulo,

with conclusion scheduled for 1H20. Distribution in 166 brick and mortar stores to more than 2.5 million business customers

Assaí Business model strength

166 STORES

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Assaí Priorities for the coming years

Consolidation of Assaí's national footprint Continuity of accelerated organic expansion, with approximately 60 stores to be opened in

the next 3 years ~20 Extra Hiper stores under study for conversion in Assaí, with approximately 5 stores

expected for 1H20 and 5 stores for 2H20 Focus on reaching gross revenue of R$ 50 billion in 2022 Financial solutions Expansion and higher penetration of financial products and services mainly through the

“Passaí” banner credit card and card machines Operational efficiency Evolution of the processes and systems to support the growth of the banner Continuity of control in expenses, despite the strong expansion Maintenance of positive Working Capital

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MULTIVAREJO - Post IFRS-16

GROSS REVENUE Performance reflects the challenging

scenario of 2019, with slow recovery of the economy

Accelerated number of store renovations / conversion: 112 stores

GROSS PROFIT Reflects investments in

competitiveness throughout the year and occasional impacts in 4Q19

SG&A Significant reduction in

expenses due to discipline in expenses control

ADJUSTED EBITDA Mainly reflects the lower

level of gross margin

(1) Earnings before interest, taxes, depreciation and amortization. (2). Adjusted for Other Operating Income and Expenses. (*) The effects of 2018 refer to the sale to third parties of part of the tax credits related to the exclusion of ICMS from the PIS / COFINS calculation bases, in the net amount of R$ 45 million realized in 2Q18.

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(R$ million)

Gross Revenue 7,746 7,937 -2.4% 28,723 28,693 0.1%

Net Revenue (*) 7,145 7,314 -2.3% 26,654 26,445 0.8%

Gross Profit(*) 1,715 1,995 -14.0% 7,006 7,399 -5.3%

Gross Margin(*) 24.0% 27.3% -330 bps 26.3% 28.0% -170 bps

Selling, General and Adm. Expenses (1,332) (1,417) -6.1% (5,324) (5,395) -1.3%

% of Net Revenue 18.6% 19.4% -80 bps 20.0% 20.4% -40 bps

Adjusted EBITDA(1)(2)(*) 445 629 -29.3% 1,907 2,178 -12.4%

Adjusted EBITDA Margin(1)(2)(*) 6.2% 8.6% -240 bps 7.2% 8.2% -100 bps

Δ4Q19 4Q18 Δ 2019 2018

hiper

super

237 STORES (**) 185 STORES 181 STORES 112 STORES 9

(**) Does not include 123 drugstores, 72 gas stations

and Aliado Mini Mercado stores

MULTIVAREJO Strengthening the value proposition through portfolio transformation

Implementation of the new portfolio segmentation:

~80 high performance stores

~20 stores mapped for possible conversion into Assaí

~10 stores mapped for possible sale

4Q19 performance was negatively impacted mainly by the performance of the non-food category (strong base of comparison with SSS of ~ 20% in the average of the last 2 years)

Acceleration of conversions in

4Q19: 18 stores were converted

into Mercado Extra, now also reaching the Brazilian Northeast region

15 stores converted to Compre Bem

In the year, 92 Extra Super stores

were converted, totaling 70% of the portfolio, resulting in 100 Mercado Extra stores and 28 Compre Bem stores

Mercado Extra and Compre Bem showed significant evolution in sales, volume and customers traffic

Reinforcement of customers' shopping experience with the concept of the latest generation of stores: multichannel, multisensory and multisolutions store

18 stores were revitalized in 4Q19, totaling 46 refurbished stores which represent around 40% of the banner's total sales

Consolidation of the commercial model in other stores: implementation of Fresh new solutions and the reinforcement of commercial activation

Correct value proposition: continuous

increase in double-digit sales and profitability gains throughout the year

Beginning of the resumption of format expansion, with 10 new Minuto Pão de Açúcar stores and the implementation of two new concepts: Minuto Office and Minuto Bairro + Café

Consolidation of the Adega Platform (online + store) as a specialized destination for buying wines in São Paulo: it represented 61% of Multivarejo's online wine sales in 2019 while the physical store already represents 20% of Proximity's wine sales

Multivarejo – Main levers to increase sales

Immediate effect starting in 1Q20

Maturation of Compre Bem, Mercado Extra and Pão de Açúcar stores Continued double-digit growth in Proximity formats Continued growth in food e-commerce Increased promotional intensity and communication in Extra Hyper Greater share of Private Label Brand products in the total sales of Multivarejo, focused to

increase its share to 20% by year-end (vs. 12.7% in 4Q19)

Effect from 2Q20 to 4Q20

Review of the value proposition of the Non-Food segment and new contractual models of negotiation with suppliers from Jan/20

Restructuring of price policies in Extra Hiper stores (according to the profile of the target audience of each store)

Reduction of stockout level at the gondolas: implementation of new logistical support systems, as well as review of the exposure layers’ parameters and demand adjustments

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Multivarejo – Main levers to increase profitability

Immediate effect starting in 1Q20 Maturation of remodeling and conversion of Compre Bem, Mercado Extra and Pão de Açúcar

stores: +30 bps Shrinkage reduction: focus on reducing assortment and integration with store supply practices: +50

bps Maintenance of cost controls, maintaining the ratio of SG&A to sales

Gradual Effect starting in 2Q20 Review of the value proposition of the Non-Food segment and new contractual models of

negotiation with suppliers from Jan/20: +30 bps Reduction of administrative costs (20bps) and control over sales expenses, without impact the

service level Review of the Extra Hiper store portfolio:

• ~ 20 stores (under study for conversion in Assaí): 5 stores expected for 1H20 and 5 stores for 2H20

• ~ 80 stores (high performance): strengthening of competitive advantages to further increase profitability and value proposition to the customer

• ~ 10 stores (mapped for potential sale) Additional refurbishment of 20 Pão de Açúcar stores to the concept of the last generation; Expansion of 5-10 new Pão de Açúcar stores, starting in 2Q20 Expansion of 20-30 new Minuto Pão de Açúcar stores, starting in 2Q20 Conclusion of conversions from Extra Super units to Mercado Extra

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DIGITAL TRANSFORMATION

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STIX FIDELIDADE Creation of a platform of products and services to earn and redeem points, in partnership with RD to more than 50 million loyal customers

JAMES DELIVERY Expansion of the operation to 19 cities and GMV growth of 446%, with a 15x increase in the number of orders when compared to the beginning of the year

CHEFTIME Acquisition of the foodtech startup that registered more than 200 thousand meals sold, in addition to presence in 200 physical stores and e-commerce

E-COMMERCE More than 40% evolution, with expansion of Express (116 stores) and Cick & Collect (119 stores) delivery formats, in addition to the opening of the first e-store in RJ

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CLIENTE MAIS & CLUBE EXTRA Loyalty programs accumulate more than 20 MM of loyal customers, + 14% vs 2018 and had more than 11 MM downloads, + 48% vs 2018

PARTNERSHIPS WITH STARTUPS 14 food startups entered the shelves of more than 180 stores and generated more than 300 thousand units in sales

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INTERNATIONAL OPERATIONS

Acquisition of 96.57% of Éxito's capital in Nov / 19. For the results, only the month of December 2019 was considered

MAIN CONTRIBUTIONS

IN THE GPA RESULT

ÉXITO’S HIGHLIGHTS

4Q19 – 2019 – ACCOUNTING VIEW (December / 2019 only)

GROSS SALES R$ 2.4 billion for the month

of December

GROSS PROFIT R$ 602 million, equivalent

to 28.0%, adding 20bps in Consolidated GPA gross margin

ADJUSTED EBITDA R$ 266 million, with a high

level of margin by 12.4%

2019 – PRO FORMA VIEW (considering 12 months of 2019)

STRENGTHENING THE PORTFOLIO Conversions and openings in the year: 7 Éxito Wow stores 14 FreshMarket (6 Col, 5 Uru, 3Arg) 1 Carulla Smart Market 12 Surtimayorista

NET SALES R$ 18.4 billion, driven by the best sales

performance in Colombia in the last 3 years

Strong contribution from new formats and omnichannel growth

ADJUSTED EBITDA R$ 1.5 billion, with a margin

of 8.3%, mainly due to the result in Colombia

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14 14

20 to 24 stores (including openings,

conversions and renovations) inclunding at least 6-7 Éxito WOW, 6-7 Carulla FreshMarket and 8-10 Surtimayorista stores.

Revenue growth in retail and in complementary businesses

More than 50% of total sales benefited by innovative actions: WOW, FreshMarket, Cash & Carry and omnichannel.

Recurring EBITDA margin at least in line with the level presented in 2019.

CAPEX: approximately COP $ 400,000 million for store optimization, innovation, digital transformation and real estate.

4 to 6 stores (including openings, conversions and renovations): 1 WOW, 2-3 FreshMarket and 2-3 Express stores

Recurring EBITDA margin at least in line with the level presented in 2019

Strengthening of the FreshMarket

concept , with 2 to 3 stores (among openings, conversions and renovations)

Development of occasional leasing in the current real estate portfolio

ÉXITO - Perspectives

ANNEX

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29.0% Sales

12.5% Sales

2.3% Sales

51.4% Sales

4.8% Sales

Hypermarkets and Supermarkets

Proximity Supermarkets

Commercial Centers, Drugstores

and Gas Stations

#Stores Hypermarkets: 112 Supermarkets: 181

#Stores Supermarkets: 185

#Stores Minuto: 85

Mini Extra: 152

#Stores Drugstores: 123 Gas stations: 72 GLA~285,000 m2

Food Delivery

#Stores Assaí: 166

As of December 31, 2019. as a % of gross sales

MULTIVAREJO ASSAÍ

Cash & Carry

Diverse formats to meet diverse consumer needs

GPA FOOD OVERVIEW

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Focused on meeting the needs of clients related to different needs and

occasions through the following formats: hypermarkets, supermarkets,

drugstores and gas stations. Extra banner offers food, electronics and

home appliances, and apparels.

The Pão de Açúcar banner refers to modern neighborhood supermarkets in

the Premium segment, which offer service, quality and a variety of products in a convenient and

comfortable environment. Sustainability is part of the strategy and

value of the business.

265 stores* 185 stores 166 stores

85 stores

Convenience format that offers a differentiated assortment and a

practical and cozy environment, in stores measuring around

300 m2. Prioritizes customer comfort through customized services and

initiatives.

Convenience format to meet day-to-day needs, mainly staples and

perishables. In stores measuring around 300 m2, its value proposition is to offer

convenience at the best price.

152 stores

* Excluding the 123 drugstores and 72 gas stations

Reference date: February 19, 2019

The Cash & Carry segment focuses on customers from small and midsized companies and on end consumers

seeking products at more competitive prices. Offers groceries, food,

perishables, beverages, packaging, personal care and cleaning products,

among others.

Supermarket format dedicated to meeting the needs of B and C income

groups, with the focus on excellence in customer service and on providing services compatible with those of

regional supermarkets.

28 stores

MULTI-FORMAT FOOD PLAYER

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INVESTOR RELATIONS TEAM

Tel.: +55 (11) 3886-0421

gpa.ri@gpabr.com

www.gpari.com.br

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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