Alimentation Couche-tard Inc. · TSX:ATD
Alimentation Couche-tard — Merger or Acquisition (July 2026)
19 slides from Alimentation Couche-tard's merger presentation, Jul 31, 2026
Slide 1: Strategic Combination with Żabka for European Convenience Retail Leadership
Strategic Combination with Żabka for European Convenience Retail Leadership 3 1 - J U LY - 2 0 2 6 1
Slide 2: Disclaimer
Disclaimer Forward Looking Statements This presentation may include certain statements that are "forward-looking information" within the meaning of the securities laws of Canada, including statements relating to the intended commencement of the voluntary tender offer (the "Offer") by Couche-Tard in
Slide 3: Today's Presenters
Today’s Presenters ALEX MILLER FILIPE DA SILVA TOMASZ BLICHARSKI Group Chief Strategy & President & Chief Financial Development Officer Chief Executive Officer Officer and Incoming CEO 3
Slide 4: Agenda
Agenda 1. Transaction Overview And Rationale 2. Financial Framework 3. Execution And Integration 4. Q&A 4
Slide 5: Combination of Couche-Tard and Żabka to Create a Next-Generation Convenience Retail Platform
1. Transaction Overview And Rationale Combination Of Couche-Tard And Żabka To Create A Next-Generation Convenience Retail Platform With Enhanced Scale, Capabilities, And Growth Opportunities Brings Together Two Highly Complementary Convenience Leaders With Shared Customer Focus, Strong Operating Cul
Slide 6: Key Headline Transaction Terms
1. Transaction Overview And Rationale Key Headline Transaction Terms ⚫ All-cash acquisition of up to 100% of Żabka Group (“Żabka”) at PLN 32.00 per share implying total equity Key Highlights consideration of ~$8.6B at 100% (total implied enterprise value of ~$11.0B)1 ⚫ The transaction implies a mult
Slide 7: Żabka Is a Scaled Leader in Polish Modern Convenience Retail
1. Transaction Overview And Rationale Żabka Is A Scaled Leader In Polish Modern Convenience Retail The Ultimate Tech-Powered 25+ Years #1 Convenience Ecosystem Consistent Convenience Banner Strong Growth in Poland Leading convenience retail network in Poland, with expanding presence in Romania, supp
Slide 8: Żabka Has a Long Track Record of Consistent Innovation and Growth
1. Transaction Overview And Rationale Żabka Has A Long Track Record of Consistent Innovation And Growth Old Concept Format Evolution Ultimate Tech-Powered Future and Corner Store Modern Convenience Convenience Ecosystem Now Polish TAM3, 6 Polish DAM4, 6 2000 to 2015 2016 to 2019 2020 to 2025 $163B $
Slide 9: Żabka Stores Are Tactically Designed For The Modern Consumer
1. Transaction Overview And Rationale Żabka Stores Are Tactically Designed For The Modern Consumer, With Optimized Layout And Convenience Selection For Now Up To 4-Hours For Later Tobacco & Alcohol Alcohol Wine Wine Beverages Fridge Modular Store Layout Allowing For Format Alternatives Fridge Fridge
Slide 10: Strategic Combination With Europe's Leading Listed Convenience Platform
1. Transaction Overview And Rationale The Transaction Represents A Strategic Combination With Europe’s Leading Listed Convenience Platform Strategic Fit Strong Economics Disciplined Execution Established Player In A Large, Strong Historical Financial Profile Industry-Leading Convenience Growing Cent
Slide 11: Żabka Strongly Supports ACT's Core + More Strategy
1. Transaction Overview And Rationale Żabka Strongly Supports ACT’s Core + More Strategy Core + More Pillar Objectives Supports Core + More ✓ Dominates high-frequency Leading Private Label Outpace market volatility and deliver volume-driven categories Beverage Offering Amplify the Core reliable, hig
Slide 12: Żabka Adds Significant Scale And Diversification To ACT
2. Financial Framework Żabka Adds Significant Scale And Diversification To ACT Legend Revenue Mix Gross Profit Mix 1LTM April 2026A1 LTM March 2026A Illustrative Pro Forma9 Key Takeaways International Romania International US US 2% 9% 16% 24% 42% Significantly Expanded Store 17.3k3 13.1k4 Europe and
Slide 13: Significant Value Creation With Over $250M Of Identified Synergy Opportunities
2. Financial Framework Significant Value Creation With Over $250M Of Identified Synergy Opportunities $250M+ Of Identified Synergy Opportunities1… …With Substantial Additional Synergy Upside $250M1+ Run-Rate ✓ Digital, Data, Technology Procurement and Standalone POS, Media, Logistics Savings and AI
Slide 14: ACT's Proven Track Record Of Deleveraging
2. Financial Framework ACT’s Proven Track Record Of Deleveraging In The Context of An Active M&A History Will Be Employed As Part Of This Transaction Deleveraging Trajectory 4.2x ~3.0x Leverage Within 3.2x 3.2x Framework 3.1x 3.1x 3.0x 2.9x Range 2.7x 2.5x 2.4x 2.2x 2.2x 2.1x 2.1x 2.1x 2.0x 2.0x 2.0
Slide 15: An Efficient Transaction Process – Key Transaction Dates
3. Execution And Integration An Efficient Transaction Process – Key Transaction Dates 01. Signing And Announcement 31st July 02. Publication Of VTO Circular and Launch of VTO Subscription Period Expected 26th August1 03. Voluntary Tender Offer Process Expected Q3 / Q4 20261 04. Regulatory Approvals
Slide 16: ACT Is Focused On Maintaining Operational Continuity
3. Execution And Integration ACT Is Focused On Maintaining Operational Continuity Governance And Integration Principles Management Żabka's leadership team is excited to tender into the transaction whilst also reinvesting in ACT and remaining responsible for executing Żabka’s strategy and growth plan
Slide 17: Thank You!
Thank You! 17
Slide 18: Non-IFRS Accounting Standards
Non-IFRS Accounting Standards To provide more information for evaluating Couche-Tard's and Żabka's performance and provide a description of management's expectations in respect thereof, the financial information included in this presentation contains certain data that are not performance measures un
Slide 19: Non-IFRS Accounting Standards (Cont'd)
Non-IFRS Accounting Standards (Cont’d) Interest-bearing debt, net interest-bearing debt and leverage ratio. Interest-bearing debt is the sum of the following balance sheet accounts: Short-term debt and current portion of long-term debt, Long-term debt, Current portion of lease liabilities and Lease
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