Caseys General Stores, Inc. · NASDAQ:CASY
Caseys General Stores — Investor Day (June 2026)
116 slides from Caseys General Stores's investor day presentation, Jun 24, 2026
Slide 1: Investor Day June 24, 2026
INVESTOR DAY June 24 2026
Slide 2: Forward-Looking Statements; Use of Non-GAAP Measures
The presentation is dated as of June 24, 2026 and speaks as of the date unless otherwise specified. FORWARD-LOOKING STATEMENTS USE OF NON-GAAP MEASURES This presentation contains statements that may constitute This presentation includes references to "EBITDA," which we define as net income before ne
Slide 3: Today's Presenters
TODAY’S PRESENTERS STEVE BRAMLAGE TOM BRENNAN BRAD HAGA Chief Financial Officer Chief Merchandising Officer SVP, Prepared Food Since May 2020 Since October 2019 & Dispensed Beverage Since February 2020 DARREN REBELEZ President & Chief Executive Officer ENA WILLIAMS NATHANIEL CHAD FRAZELL Since June
Slide 4: Today's Agenda
Today’s Agenda Evolving our Strategy Darren Rebelez | President & Chief Executive Officer Proven Financial Execution Steve Bramlage | Chief Financial Officer The Guest Tom Brennan | Chief Merchandising Officer Accelerate Food and Beverage Brad Haga| SVP, Prepared Food & Dispensed Beverage BREAK Grow
Slide 5: Today's Key Messages
AN INTRODUCTION TO CASEY’S TODAY’S KEY MESSAGES We executed on our last 3-year strategic plan and delivered on our commitments under the plan We have clear competitive advantages, including our unique rural footprint, restaurant-quality prepared food, vertical integration, 100% company owned and ope
Slide 6: Evolving Our Strategy
DARREN REBELEZ PRESIDENT & CHIEF EXECUTIVE OFFICER EVOLVING OUR STRATEGY 6
Slide 7: An Introduction to Casey's
AN INTRODUCTION TO CASEY’S 7
Slide 8: Casey's Is a Staple for Millions of Americans
AN INTRODUCTION TO CASEY’S CASEY’S IS A STAPLE FOR MILLIONS OF AMERICANS consecutive years of 25 inside same-store sales1 growth 27 consecutive years of dividend increase ~$32B DAQ: CAS Y Total Enterprise Value NAS largest convenience ~3,000 Convenience Stores Operating in 19 States 3rd store chain
Slide 9: Casey's Sits at the Intersection of Convenience and QSR
AN INTRODUCTION TO CASEY’S CASEY’S SITS AT THE INTERSECTION OF CONVENIENCE AND QSR CONVENIENCE QUICK-SERVICE STORE RESTAURANT 9
Slide 10: Casey's Has Unique Competitive Advantages in Convenience and QSR
AN INTRODUCTION TO CASEY’S CASEY’S HAS UNIQUE COMPETITIVE ADVANTAGES IN THE CONVENIENCE AND QSR RETAIL LANDSCAPES DIFFERENTIATOR BENEFIT UNIQUE • ~2/3rds of stores in towns of 20K people or fewer • Stronger market position in rural areas; FOOTPRINT generally less expensive to build, buy, and operate
Slide 11: Convenience QSR Operating Model Creates Flywheel Effect
AN INTRODUCTION TO CASEY’S CASEY’S “CONVENIENCE QSR” OPERATING MODEL CREATES FLYWHEEL EFFECT FOR COMPOUNDING EARNINGS GROWTH 1. REI NV W ES GRO T IN S TO NG ECONOMIC & • Shared labor and fixed costs across 3 lines of business NI VA & GR D AGE S • Mix shift to higher-margin categories expands overall
Slide 12: Our Model Has a Long Track Record of Compounding Success
AN INTRODUCTION TO CASEY’S OUR MODEL HAS A LONG TRACK RECORD OF COMPOUNDING SUCCESS FY10-FY20 FY20-FY23 FY23-FY26 EBITDA1 CAGR 9.3% 13.8% 15.9% Total Store 3.7% Count CAGR 4.5% 5.3% Total Inside 9.6% Sales CAGR 9.9% 10.0% FY11-FY20 FY21-FY23 FY24-FY26 Average 10.9% Annual ROIC2 11.1% 12.1% 1 - EBITD
Slide 13: Consistent and Resilient Success Led to Addition to S&P 500
AN INTRODUCTION TO CASEY’S CONSISTENT AND RESILIENT SUCCESS LED TO ADDITION TO S&P 500 Opened 2000th store in Largest acquisition 2024 2017 CASEY’S ADDED TO 2026 Russellville, KY in Company history with Fikes Wholesale S&P 500 z 2021 2025 Opened 3rd Crossed the $20 distribution center billion market
Slide 14: Review of Last 3-Year Strategic Plan
REVIEW OF LAST 3-YEAR STRATEGIC PLAN 14
Slide 15: During Our 2023 Investor Day, We Said We Were Going To…
REVIEW OF LAST 3-YEAR STRATEGIC PLAN DURING OUR 2023 INVESTOR DAY, WE SAID WE WERE GOING TO… DE LI VE R TO P Q UI NT I LE 1 E BI T DA G ROW T H O F 8 - 1 0 % G UEST I NSI G HT S E N HA N C E ACCE LE RAT E G ROW T HE O PE RAT I O N A L T HE FO O D BUSI NESS NUMBE R O F UN I T S EFFICIENCY E NA BLI NG
Slide 16: …And We Delivered on Our Objectives
REVIEW OF LAST 3-YEAR STRATEGIC PLAN …AND WE DELIVERED ON OUR OBJECTIVES 2 0 2 3 I N V E S T O R D AY P I L L A R S SELECT ACCOMPLISHMENTS DELIVER TOP QUINTILE EBITDA GROWTH 16% CAGR over 3-year period GUEST INSIGHTS 75% Overall Satisfaction all-time high 10% CAGR Prepared Food & Casey’s Rewards Lau
Slide 17: Strong Execution Generated Results Exceeding Targets
REVIEW OF LAST 3-YEAR STRATEGIC PLAN STRONG EXECUTION GENERATED RESULTS EXCEEDING TARGETS... 16% 504 EBITDA CAGR Stores Added Over 3-year Period Over 3-year Period 4% +230bps Avg Inside Same-store Sales Growth Inside Margin Expansion Over 3-year Period Over 3-year Period +90bps $1.7B Return on Inves
Slide 18: …And Accelerated Share Price Appreciation
REVIEW OF LAST 3-YEAR STRATEGIC PLAN …AND ACCELERATED SHARE PRICE APPRECIATION Stock price ($/share) EBITDA (millions) $1,000 $1,600 EBITDA Share Price R-squared = .88 $750 $1,200 $500 $800 $250 $400 $0 $0 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Slide 19: Industry Review
Caseys INDUSTRY REVIEW
Slide 20: QSR Industry
QSR INDUSTRY P REPPRARE EPA D D I S PDEINS PSEEND R E FO SED BEBD F OO VE VE & ERR DOD &AAGG EES S COSTS OPERATING 20
Slide 21: The Evolving QSR Industry
QSR INDUSTRY 1 RESILIENT BUT VULNERABLE HEAVILY FRANCHISED 2 Long track record of unit ~3/4ths of the restaurant count and sales dollar industry is franchised, and growth but operate on company-owned store thin profit margins THE EVOLVING operating models are outperforming QSR INDUSTRY 4 SHIFTING Pu
Slide 22: QSR Industry Has Proven Ratable Growth but Thin Margins
QSR INDUSTRY 1 QSR INDUSTRY HAS PROVEN RATABLE GROWTH BUT THIN MARGINS Limited-Service Restaurant Cost and Margin Structure Limited-Service Restaurant Store Count and Sales Food Costs 31% Food and beverage sales (billions) and limited-service restaurants Total number of limited-service restaurants (
Slide 23: Restaurant Industry Is Dominated by Franchise Operating Model
QSR INDUSTRY 2 THE RESTAURANT INDUSTRY IS DOMINATED BY FRANCHISE OPERATING MODEL US Chain Restaurant Ownership Company-Owned Outperforms Company-Owned Advantages Median Sales Growth Of Top 500 Chains Non-Franchised 26% OPERATIONS 4.8% • Full control of menu, pricing/promotion, labor • Faster executi
Slide 24: Acceleration of Costs Are Pressuring Thin Margins
QSR INDUSTRY 3 ACCELERATION OF COSTS ARE PRESSURING THIN MARGINS Accelerating Wages Driving Higher … Pressuring Traffic and Earnings Menu Prices… Avg hourly earnings of production and nonsupervisory employees, retail trade Food away from home CPI TS COS RA R-squared = .98 SES ISE A C RE M 42% EN IN
Slide 25: Off-Premise Restaurant Demand Is Growing Rapidly
QSR INDUSTRY 4 OFF-PREMISE RESTAURANT DEMAND IS GROWING RAPIDLY Off-Premise Traffic is Growing Driven by Younger Customers % share of total customer traffic % of adults ordering takeout at least once a week Full Service 12% Restaurants 35% 57% 59% 78% 65% 44% 33% Limited-Service 10% 26% Restaurants
Slide 26: C-Store Industry
GR OC M E E RY HAN RC & GEN C-STORE DISE ERAL OPERATING INDUSTRY COSTS GR OC L E R YF U RA & EGLE N E MER CHANDISE 26
Slide 27: The Evolving Convenience Store Industry
C-STORE INDUSTRY 1 RESILIENT SHIFTING 2 The c-store industry The industry is shifting in has shown resiliency response to declining throughout categories (tobacco and fuel) economic cycles. THE EVOLVING and rising operating costs. CONVENIENCE 4 FRAGMENTED & STORE INDUSTRY SEPARATING 3 CONSOLIDATING
Slide 28: Convenience Store Industry Has Proven Resilient
C-STORE INDUSTRY 1 THE CONVENIENCE STORE INDUSTRY HAS PROVEN RESILIENT Convenience Store Industry Stores and Sales (US) Number of Convenience Stores Fuel Gallons Inside Sales Annual Inside Sales ($ billion) 2008 Recession COVID-19 Pandemic Annual Fuel Gallons (billion) Number of Convenience Stores (
Slide 29: Casey's Has Proven Ratable Growth
C-STORE INDUSTRY 1 CASEY’S HAS PROVEN RATABLE GROWTH Casey’s Stores and Sales Number of Convenience Stores FY06-26 20 YR CAGR Fuel Gallons Inside Sales 3,600 $7,000 +4% Annual Inside Sales ($ million) 2008 Recession COVID-19 Pandemic Annual Fuel Gallons (million) Number of Convenience Stores 3,200 $
Slide 30: C-Store Operators Relying More on Higher Fuel Margins
C-STORE INDUSTRY 2 C-STORE OPERATORS RELYING MORE ON HIGHER FUEL MARGINS Accelerating Wages Driving Higher …Pressuring Traffic and Earnings Industry CPGs1… OSTS Avg hourly earnings of production and nonsupervisory employees, retail trade ASES C INC REA C-store Industry Fuel CPGs C RE SE IN FU N 37 T
Slide 31: Stores with Restaurant-Quality Food Are Leaders in the Industry
C-STORE INDUSTRY 3 STORES WITH RESTAURANT-QUALITY FOOD ARE LEADERS IN THE INDUSTRY Advantaged business mix is driving outperformance EBITDA Outperformance Prepared Food Boosts Sales Less Reliant on Cigarettes Average per store % of total inside sales % of total inside sales ~2x ~+11 ppts ~(5) ppts M
Slide 32: Fragmented C-Store Industry Is Consolidating
C-STORE INDUSTRY 4 AS A RESULT, THE FRAGMENTED C-STORE INDUSTRY IS CONSOLIDATING Smaller operators are CONSOLIDATION strategic acquisition targets US Convenience Store Count1 22% # OF STORES 2025 2022 Unit Change % Change 1-10 95,672 94,928 744 0.8% Over the past 10 years, 3% FRAGMENTATION Casey’s h
Slide 33: Casey's Advantaged Position
& GR S OC D AGE M E D B OO R E RY HAN E DF EV RC CASEY’S & PREPARE GEN E DISE S ADVANTAGED ERAL N OPERATING P E COSTS S POSITION D I FUEL 33
Slide 34: Casey's Has an Advantaged Convenience QSR Flywheel
CASEY’S ADVANTAGED POSITION CASEY’S HAS AN ADVANTAGED “CONVENIENCE QSR” FLYWHEEL 1. REI NV W EST GRO IN TO Scale, 100% company owned and GS N VA GR NI & ES operated, rural Midwest footprint O OD RAG AR LU M C 4. E EP E DB O ER CH A DISPENSE D F EV RO ER Y & NDI SE RE POS Unique restaurant-quality fo
Slide 35: Casey's Advantaged Flywheel in Motion (1/4)
CASEY’S ADVANTAGED POSITION CASEY’S ADVANTAGED FLYWHEEL IN MOTION (1/4) 1 Casey’s Food Value Proposition Is Widening... 2 …And Taking Food Share From QSR Industry… Cumulative % Change Indexed to FY23 14% Cumulative % Change Indexed to FY23 13% Food Away From Home CPI QSR Traffic Casey's PF&DB Averag
Slide 36: Casey's Advantaged Flywheel in Motion (2/4)
CASEY’S ADVANTAGED POSITION CASEY’S ADVANTAGED FLYWHEEL IN MOTION (2/4) 1 Casey’s Food Value Proposition Is Widening... 2 …And Taking Food Share From QSR Industry… Cumulative % Change Indexed to FY23 14% Cumulative % Change Indexed to FY23 13% Food Away From Home CPI QSR Traffic Casey's PF&DB Averag
Slide 37: Casey's Advantaged Flywheel in Motion (3/4)
CASEY’S ADVANTAGED POSITION CASEY’S ADVANTAGED FLYWHEEL IN MOTION (3/4) 1 Casey’s Food Value Proposition Is Widening... 2 …And Taking Food Share From QSR Industry… Cumulative % Change Indexed to FY23 14% Cumulative % Change Indexed to FY23 13% Food Away From Home CPI QSR Traffic Casey's PF&DB Averag
Slide 38: Casey's Advantaged Flywheel in Motion (4/4)
CASEY’S ADVANTAGED POSITION CASEY’S ADVANTAGED FLYWHEEL IN MOTION (4/4) 1 Casey’s Food Value Proposition Is Widening... 2 …And Taking Food Share From QSR Industry… Cumulative % Change Indexed to FY23 14% Cumulative % Change Indexed to FY23 13% Food Away From Home CPI QSR Traffic Casey's PF&DB Averag
Slide 39: Casey's Advantaged Flywheel in Motion
CASEY’S ADVANTAGED POSITION CASEY’S ADVANTAGED FLYWHEEL IN MOTION 1 Casey’s Food Value Proposition Is Widening... 2 …And Taking Food Share From QSR Industry… Cumulative % Change Indexed to FY23 14% Cumulative % Change Indexed to FY23 13% Food Away From Home CPI QSR Traffic Casey's PF&DB Average Sell
Slide 40: Entering the Next 3-Year Growth Strategy
ENTERING THE NEXT 3-YEAR GROWTH STRATEGY From A Position Of Strength The benefits of a ~3,000 (scale) store 100% company owned and operated retail chain with a self-distributed, rural footprint, “Convenience QSR” operating model have never been greater 40
Slide 41: Proven Strategy Driving Continued Profitable Growth
3-YEAR GROWTH STRATEGY PROVEN STRATEGY DRIVING CONTINUED PROFITABLE GROWTH DE LI VE R TO P Q UI N T I LE 1 E BI T DA G ROW T H O F 8 - 1 0 % T H E G UEST ACCE LE RAT E G ROW T HE E N HA N C E FO O D A ND N UMBE R O PE RAT I O N A L BE VE RAG E O F UN I T S EFFICIENCY SCA LA BLE FO UN DAT I O N T EA
Slide 42: Casey's Is Compounding EBITDA Growth Like Few Others
3-YEAR GROWTH STRATEGY CASEY’S IS COMPOUNDING EBITDA GROWTH LIKE FEW OTHERS 1 YEAR 20 of 53 met criteria Retailers and Restaurants with 8% EBITDA CAGR 1&5 or Greater over YEAR 10 of 53 Defined Time Period met criteria 1, 5, & 10 YEAR 7 of 53 met criteria Met criteria Did not meet criteria Source: S&
Slide 43: Casey's Is a Category of One
3-YEAR GROWTH STRATEGY CASEY’S IS A CATEGORY OF ONE CONVENIENCE QUICK-SERVICE STORE RESTAURANT 43
Slide 44: Proven Financial Execution
DE LI VE R TO P Q UI N T I LE E BI T DA G ROW T H O F 8 - 1 0 % T HE G UEST STEVE BRAMLAGE ACCE LE RAT E G ROW T HE E NHA NCE CHIEF FINANCIAL OFFICER FO O D A N D N UMBE R O PE RAT I O N A L BE VE RAG E O F UN I T S EFFICIENCY PROVEN SC A LA BLE FO UN DAT I O N FINANCIAL T EA M ME MBE R VA LUE PRO P
Slide 45: Exceeded All 3-Year Targets
PROVEN FINANCIAL EXECUTION EXCEEDED ALL 3-YEAR TARGETS GUIDANCE RESULTS 8%-10% EBITDA % GROWTH CAGR 16% CAGR 350+ stores STORE GROWTH via new builds & acquisitions 504 STORES INSIDE SALES GROWTH mid single digit 4% AVG FY24- FY26 SAME-STORE SALES FUEL GALLON GROWTH flat to low single digit 1% AVG IN
Slide 46: Free Cash Flow Has Accelerated
PROVEN FINANCIAL EXECUTION FREE CASH FLOW HAS ACCELERATED… Cumulative Free Cash Flow $1.68B $1.23B $217M FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Note: A reconciliation of free cash flow is included in the Appendix. 46
Slide 47: Strengthening Our Balance Sheet, Adding Liquidity
PROVEN FINANCIAL EXECUTION …STRENGTHENING OUR DEBT│EBITDA RATIO BALANCE SHEET, ADDING LIQUIDITY 1.5x 1 Debt Maturities ($M) Long-term target ~2.0x $850 AVAILABLE LIQUIDITY $684 $1.4B Provides significant flexibility $329 $341 $291 $160 $25 LOW-COST DEBT $91 $0 $100 4.3% FY27 FY28 FY29 FY30 FY31 FY32
Slide 48: New 3-Year Growth Plan Continues Strong Momentum
PROVEN FINANCIAL EXECUTION NEW 3-YEAR GROWTH PLAN CONTINUES STRONG MOMENTUM… EBITDA % GROWTH 8%-10% CAGR At least 400 stores FY27-FY29 GUIDANCE STORE GROWTH via new builds & acquisitions Inside sales: mid single digit increase SAME-STORE SALES Fuel gallons: ~flat Inside store margin expansion GROSS
Slide 49: Fueled by a Proven EBITDA Growth Algorithm
PROVEN FINANCIAL EXECUTION …FUELED BY A PROVEN EBITDA GROWTH ALGORITHM EXISTING BUSINESS UNIT GROWTH OPERATIONAL SAME-STORE GROSS MARGIN ACCELERATING EFFICIENCIES SALES GROWTH EXPANSION UNIT GROWTH FUNDS • Small deal M&A • Store simplification • Relevant assortment • Enhanced fuel ACCELERATING • New
Slide 50: Balanced Capital Allocation Prioritizes Long-Term Shareholder Value
PROVEN FINANCIAL EXECUTION OUR BALANCED CAPITAL ALLOCATION PRIORITIZES LONG-TERM SHAREHOLDER VALUE… 1 2 3 4 DRIVE UNIT MAINTAIN STRONG TEND TO THE REPURCHASE GROWTH BALANCE SHEET DIVIDEND SHARES First priority is EBITDA and Repayment of debt when 27 consecutive years Repurchased ROIC accretive unit
Slide 51: Generating Returns Greater Than Our Cost of Capital
PROVEN FINANCIAL EXECUTION …GENERATING RETURNS GREATER THAN OUR COST OF CAPITAL 15.0% 12.7% ACCELERATING VALUE CREATION 7.3% FY26 Weighted Average FY26 ROIC Project Return Cost of Capital Requirements Double-digit ROIC Expectation of 15% return expectation by steady state in year 5-6 A reconciliatio
Slide 52: Executing on the Next Phase of Growth
PROVEN FINANCIAL EXECUTION KEY MESSAGES EXECUTING ON THE NEXT PHASE OF GROWTH DELIVERING TOP QUINTILE EBITDA GROWTH OF 8-10% $ Long and Consistent Backed by Attractive Capital Allocation Track Record of a Strong Balance Sheet Growth Outlook Strategy that Prioritizes Compounding with Ample Liquidity
Slide 53: The Guest
DE LI VE R TO P Q UI N T I LE E BI T DA G ROW T H O F 8 - 1 0 % T HE G UEST TOM BRENNAN ACCE LE RAT E G ROW T HE E NHA NCE CHIEF MERCHANDISING OFFICER FO O D A N D N UMBE R O PE RAT I O N A L BE VE RAG E O F UN I T S EFFICIENCY SC A LA BLE FO UN DAT I O N THE GUEST T EA M ME MBE R VA LUE PRO PO SI T
Slide 54: Today's Key Messages
AN INTRODUCTION TO CASEY’S TODAY’S KEY MESSAGES Our loyal guests are our focus, and our business model drives coverage across all dayparts. The Guest Our strong wallet share and favorable guest demographics support compounding growth. Management Category Nimble category management reallocates space
Slide 55: The Casey's Guest
THE GUEST THE CASEY’S GUEST RU RA L BU T W ITH CASEY’S GUEST MIX S TRON G IN COME 1% ~70% of Casey’s Rewards guests Silent 6% 14% (1928-1945) earn > $50k per year 25% Baby Boomers 28% (1946-1964) 25% LOY A L Gen X (1965-1980) 36% Casey’s Rewards guests on average frequented Millennials 28% (1981-199
Slide 56: The Guest Is Our Focus of What We Do
THE GUEST THE GUEST IS OUR FOCUS OF WHAT WE DO GUESTS WANT… G U E S T Great Uncompromising Easy & Satisfying Tailored Taste Quality & Value Convenient Experience Assortments Handcrafted Food Affordable And Frictionless Clean And Orderly Optimized Offer And Beverage Abundant Experience Fast And Frien
Slide 57: Convenience QSR Model Drives Coverage Across All Dayparts
THE GUEST OUR “CONVENIENCE QSR” OPERATING MODEL DRIVES COVERAGE ACROSS ALL DAYPARTS 70% Inside guest visits TRADITIONAL TRADITIONAL do not include a fuel TRIP MISSION QSR C-STORES CASEY’S purchase 5am – 10:59am Start My Day 11am – 1:59pm Quick Lunch 31% After 11am Need a Pick Me Up PF&DB sales ($) i
Slide 58: Category Management Strategy: Rapidly Scaling and Adapting to Demand
CATEGORY MANAGMENT CATEGORY MANAGEMENT STRATEGY: RAPIDLY SCALING AND ADAPTING TO DEMAND CATEGORY ECOSYSTEM Optimize/Exit Maintain Grow Aggressively Expand Focused capital & Destination / resource allocation Core Focus Drive Traffic & Market Share Faster scaling of winning Basket Builders categories
Slide 59: Case Study: Expanded Cold Vault Space for Energy Drinks
CATEGORY MANAGMENT CASE STUDY | EXPANDED COLD VAULT SPACE TO MEET ACCELERATING ENERGY DRINK DEMAND FROM OUR GUESTS FY23 FY26 2 Doors | 17 Shelves 3 Doors | 24 Shelves 3YR CAGR +16% Average Per Store Day Sales ($) +14% Average Per Store 2.1 Doors Day Sales (Units) 17 Shelves Energy space allocation N
Slide 60: Exclusive and New Market Launches Driving Incremental Traffic
CATEGORY MANAGMENT EXCLUSIVE AND NEW MARKET LAUNCHES ARE DRIVING INCREMENTAL TRAFFIC 28% of new buyers Number of Casey’s Exclusive had never purchased an energy drink at and Lead Market Launch Items Casey’s Joint business planning, 17 vertical integration and company owned and operated stores at sca
Slide 61: Robust Omni-Channel Marketing Is a Strategic Differentiator
OMNI-CHANNEL MARKETING OUR ROBUST OMNI-CHANNEL MARKETING IS A STRATEGIC DIFFERENTIATOR Social Media Loyalty Internal team partners with external Manages day to day operations of agency on Social Strategy, Influencer Casey’s Rewards and partner with Partnerships, and Content Creation merchant teams o
Slide 62: Our Omni-Channel Flywheel Drives Traffic and Sales
OMNI-CHANNEL MARKETING OUR OMNI-CHANNEL FLYWHEEL DRIVES TRAFFIC AND SALES RIENCE AC Invest In The Digital Experience E 1 1 EXP CE LE Enable personalized experiences at scale L R TA AT GI EL DI OY IN Accelerate Casey’s Rewards Loyalty ALT ST Participation INVE Y New features to provide more guest val
Slide 63: Investment in Digital Experience Removing Friction
OMNI-CHANNEL MARKETING INVESTMENT IN DIGITAL EXPERIENCE IS REMOVING FRICTION AND ENABLING HYPER-PERSONALIZATION Recent Accomplishments Rewrote all guest facing experiences in web and app Enabled deeper personalization at scale Modernized frontend tech stack reduces time to market for future enhancem
Slide 64: Case Study: Data-Driven Personalized Pizza Journey at Scale
OMNI-CHANNEL MARKETING CASE STUDY | DATA-DRIVEN PERSONALIZED PIZZA JOURNEY AT SCALE Guest Segmentation Refreshed Multiple Times a Day Segment Recent Active Recently Lapsed Extended Lapsed INCREASE ORDER PREVENT GUEST REVIVE LAPSED BRING BACK LOST Objective FREQUENCY CHURN GUESTS GUESTS Marketing aut
Slide 65: High-Return Loyalty Investments Accelerating Member Growth
OMNI-CHANNEL MARKETING HIGH-RETURN LOYALTY INVESTMENTS ARE ACCELERATING MEMBER GROWTH AND ENGAGEMENT… Continued investment in campaigns structured to accelerate enrollments Expanded offers and fuel savings driving Expand rewards enrollment functionality to create ~11M members, +29% new ways to save
Slide 66: Growing Our E-Commerce and Delivery Businesses
OMNI-CHANNEL MARKETING …WHILE GROWING OUR E-COMMERCE AND DELIVERY BUSINESSES… DIGITAL SALES DELIVERY Track record of converting guests from Marketplace pricing and promotion offline ordering to digital channels investments providing value, attracting new guests to Casey’s Modernized experience reduc
Slide 67: Increased Investment in Casey's Access from Vendor Partners
OMNI-CHANNEL MARKETING …DRIVING INCREASED INVESTMENT IN CASEY’S ACCESS FROM OUR VENDOR PARTNERS DRIVING IN-STORE AND DIGITAL SALES Traditional CPG Brands continuing to invest in traditional Activations retail media activations Promotion of exclusive products Food forward activations difficult to rep
Slide 68: Omni-Channel Strategy Is Accelerating Digital Sales
OMNI-CHANNEL MARKETING OMNI-CHANNEL STRATEGY IS ACCELERATING DIGITAL SALES Our guest-centric category management, marketing, and digital are driving growth Digital vs Call-in Mix 14% Digital Order 35% Same-Store Sales 65% 86% DOORDASH FY23 FY26 ALL DIGITAL CHANNELS MOBILE APP MARKETPLACE +18% +16% +
Slide 69: Accelerate Food and Beverage
DE LI VE R TO P Q UI N T I LE E BI T DA G ROW T H O F 8 - 1 0 % T HE G UEST BRAD HAGA ACCE LE RAT E G ROW T HE E NHA NCE SVP, PREPARED FOOD & DISPENSED BEVERAGE FO O D A N D N UMBE R O PE RAT I O N A L BE VE RAG E O F UN I T S EFFICIENCY ACCELERATE SC A LA BLE FO UN DAT I O N FOOD AND T EA M ME MBE
Slide 70: Today's Key Messages
AN INTRODUCTION ACCELERATE FOOD AND TO CASEY’S BEVERAGE TODAY’S KEY MESSAGES Pizza has been successful for a long-time, yet still innovating to great results Other food and beverage items are now at a Casey’s level of quality Wings is the next platform, and it is winning us another occasion Casey’s
Slide 71: Our Menu Has Grown Beyond Pizza
ACCELERATE FOOD AND BEVERAGE OUR MENU HAS GROWN BEYOND PIZZA WINNING EVERY OCCASION 71
Slide 72: Pizza Is the Crown Jewel, and We Are Innovating
ACCELERATE FOOD AND BEVERAGE PIZZA IS THE CROWN JEWEL, AND WE ARE INNOVATING AND EXECUTING AT A HIGH-LEVEL… SPECIALTY CONSISTENT 1 INNOVATION 2 VALUE 3 EXECUTION Twisted Pepperoni BBQ Brisket $10 Any Large Pizza Certification Ultimate Meat Jalapeno Popper 40% off during College Football Asset Improv
Slide 73: Strong Performance and Share Gains
ACCELERATE FOOD AND BEVERAGE … RESULTING IN STRONG PERFORMANCE AND SHARE GAINS Casey’s vs. Pizza QSR Peers1 same-store sales Pizza QSRs Casey's PF&DB 16% ~60% of Casey’s stores in DMAs with #1 pizza market share2 5% -3% -2% FY24-FY26 3YR Cumulative FY26 ~40% of Casey’s stores growing whole pie units
Slide 74: High-Quality and Abundant Products Outside of Pizza
ACCELERATE FOOD AND BEVERAGE WE HAVE HIGH-QUALITY AND ABUNDANT PRODUCTS OUTSIDE OF PIZZA HOT DISPENSED 1 SANDWICHES 2 BAKERY 3 BEVERAGES Quality Offering Premium Focus: Cookies and Pastries “Darn Good Coffee” Launch Innovative LTO's: Breakfast & Lunch • National brand partnerships: Reese’s, Snickers
Slide 75: Video: Casey's Innovation Process
Video: Casey’s Innovation Process 75
Slide 76: Winning Another Occasion with Wings
ACCELERATE FOOD AND BEVERAGE WE ARE WINNING ANOTHER Plan: Scale to remainder of Casey’s over next two fiscal years OCCASION WITH WINGS Low competition = ~50% of Casey’s stores do not have a high opportunity national pizza or wing chain competitor within 5 miles Wings as a meal Guests with a wings-on
Slide 77: Casey's Brand Is High-Quality at a Great Value
ACCELERATE FOOD AND BEVERAGE THE CASEY’S BRAND IS HIGH-QUALITY AT A GREAT VALUE FOR GUESTS Growing SKU Count Scaling Across The Store Meaningful Contributions ~20% Growth In Past 3 Years Participate In Total Inside Sales in the Grocery & General Merchandise Categories ~50% 26% of Grocery & General 3
Slide 78: How Casey's Branded Products Win
ACCELERATE FOOD AND BEVERAGE HOW CASEY’S BRANDED PRODUCTS WIN PF&DB Best Practices Quality Ingredients Culinary Resources PRODUCT Guest Research Quality Reviews Aggressive Retail Pricing Easy Math Principles VALUE Volume Driving Promotions Redefining Packaging Appropriate Label Strategy Callouts/Cla
Slide 79: Merchandising Strategy Taking Share Across QSR and Convenience
ACCELERATE FOOD AND BEVERAGE OUR PROVEN MERCHANDISING STRATEGY IS TAKING SHARE ACROSS THE QSR AND CONVENIENCE INDUSTRIES PF&DB Traffic PF&DB Sales ($) Cumulative % Change Indexed to FY23 Cumulative Same-Store Sales % Change Indexed to FY23 Casey's APSD PF&DB Traffic Casey's PF&DB 1 2 QSR Traffic Pub
Slide 80: Grow the Number of Units
DE LI VE R TO P Q UI N T I LE E BI T DA G ROW T H O F 8 - 1 0 % T HE G UEST ENA WILLIAMS ACCE LE RAT E G ROW T HE E NHA NCE CHIEF OPERATING OFFICER FO O D A N D N UMBE R O PE RAT I O N A L BE VE RAG E O F UN I T S EFFICIENCY GROW THE SC A LA BLE FO UN DAT I O N NUMBER OF UNITS T EA M ME MBE R VA LUE
Slide 81: Key Messages
AN INTRODUCTION TO CASEY’S KEY MESSAGES 1 Long track record of ratable unit growth 2 Dual-engine approach delivers consistent unit growth at highly attractive economics 3 Significant white space opportunity supports long runway of future growth 81
Slide 82: Long Track Record of Ratable Unit Growth
GROW THE NUMBER OF UNITS LONG TRACK RECORD OF RATABLE UNIT GROWTH Actual Growth Actual Growth Projected Growth PREVIOUS 3 YEARS LAST 3 YEARS NEXT 3 YEARS Number of Stores by Fiscal Year 354 stores 504 stores New Builds Acquisitions 2,944 2,904 Ending Store Count 2,658 2,452 2,521 400+ 2,207 2,243 23
Slide 83: Dual-Engine Unit Growth: Disciplined Small Deal M&A
GROW THE NUMBER OF UNITS DUAL-ENGINE UNIT GROWTH: DISCIPLINED SMALL DEAL M&A Average Single Site Investment Advantages 1 New build-equivalent returns at below replacement cost $5.5M 2 <10x purchase price multiples significantly lower than Casey’s trading 2 multiple driving low-risk value creation $4
Slide 84: Case Study: Single Store Acquisitions
GROW THE NUMBER OF UNITS CASE STUDY | SINGLE STORE ACQUISITIONS CASEY’S M&A STRATEGY IS A DIFFERENTIATED GROWTH LEVER THAT ACCELERATES UNIT AND EARNINGS GROWTH Walnut, IL Conversion Playbook Success Acquired at attractive economics below replacement cost +10% +75% vs. pre-remodel vs. pre-remodel Con
Slide 85: Dual-Engine Unit Growth: New Builds
GROW THE NUMBER OF UNITS DUAL-ENGINE UNIT GROWTH: NEW BUILDS Data-Driven New Store Growth 1 New Builds vs Existing Store Performance Prioritize highest impact markets using robust network planning ~+98% ~+22% ~+70% 2 Select best sites identified by sophisticated data models 3 Optimize formats for po
Slide 86: Significant White Space to Grow Store Count
GROW THE NUMBER OF UNITS Existing Casey’s stores Distribution Centers SIGNIFICANT WHITE SPACE TO GROW CASEY’S STORE COUNT Existing store network efficiently serviced primarily by three company-owned distribution centers Note: Boundaries represent 500 truck driving miles from our three distribution c
Slide 87: Significant White Space to Grow Store Count
GROW THE NUMBER OF UNITS Towns < 20,000 population without Casey’s inside DC footprint SIGNIFICANT WHITE Distribution Centers SPACE TO GROW CASEY’S STORE COUNT White space inside existing distribution footprint ~75% of towns up to 20,000 people within existing DC footprint do NOT have a Casey’s Note
Slide 88: Significant White Space to Grow Store Count
GROW THE NUMBER OF UNITS Towns < 20,000 population without Casey’s inside DC footprint SIGNIFICANT WHITE Towns < 20,000 population without Casey’s outside DC footprint SPACE TO GROW CASEY’S STORE COUNT New third-party distribution capability adds even more whitespace for disciplined pursuit of highl
Slide 89: Video: Built the Casey's Way
Video: Built the Casey’s Way 89
Slide 90: Enhance Operational Efficiency
DE LI VE R TO P Q UI N T I LE E BI T DA G ROW T H O F 8 - 1 0 % T HE G UEST ENA WILLIAMS ACCE LE RAT E G ROW T HE E NHA NCE CHIEF OPERATING OFFICER FO O D A N D N UMBE R O PE RAT I O N A L BE VE RAG E O F UN I T S EFFICIENCY ENHANCE SC A LA BLE FO UN DAT I O N OPERATIONAL T EA M ME MBE R VA LUE PRO
Slide 91: Key Messages
AN INTRODUCTION TO CASEY’S KEY MESSAGES 1 Store continuous improvement (CI) is enhancing operating leverage. 2 Store CI disciplines are scaling enterprise-wide with robust pipeline of identified projects. Kitchen transformation to make 3 kitchens more efficient to support accelerating food and bever
Slide 92: Highlighting Successes from Store Continuous Improvement
ENHANCE OPERATIONAL EFFICIENCY HIGHLIGHTING OUR SUCCESSES FROM STORE CONTINUOUS IMPROVEMENT GOALS FROM 2023 RESULTS FY26 OpEx INVESTOR DAY ACTIONS TAKEN • Completed ~50 process OBJECTIVES improvements focused on reducing Operating +6% Continue making the store more non-value-added complexity Expense
Slide 93: Expanding from Store to Enterprise Continuous Improvement
ENHANCE OPERATIONAL EFFICIENCY EXPANDING FROM STORE TO ENTERPRISE CONTINUOUS IMPROVEMENT FY26 Operating Expenses Next 3YR Objective Next 3YR Objective Create capacity for accelerating food and Enhance operating leverage to grow beverage sales without 1:1 OpEx increase Store All store count without 1
Slide 94: Transform Our Kitchens
ENHANCE OPERATIONAL EFFICIENCY TRANSFORM OUR KITCHENS: SIMPLIFICATION IS ESSENTIAL TO NEW PLATFORM GROWTH RIGHT EFFICIENT ENHANCE EQUIPMENT LAYOUTS SYSTEMS Equip our kitchens with the right tools to Make the kitchen more efficient by putting Use our robust tech stack to optimize efficiently accelera
Slide 95: Scalable Foundation
DE LI VE R TO P Q UI N T I LE E BI T DA G ROW T H O F 8 - 1 0 % T HE G UEST ENA WILLIAMS ACCE LE RAT E G ROW T HE E NHA NCE CHIEF OPERATING OFFICER FO O D A N D N UMBE R O PE RAT I O N A L BE VE RAG E O F UN I T S EFFICIENCY SCALABLE SC A LA BLE FO UN DAT I O N FOUNDATION T EA M ME MBE R VA LUE PRO
Slide 96: Key Messages
AN INTRODUCTION SCALABLE FOUNDATION TO CASEY’S KEY MESSAGES 1 Existing centralized foundation enables store growth without linear cost growth. 2 AI is a tool in our toolbox already being used. 3 Fuel is both a business unit and a facilitator of optionality across the business. 96
Slide 97: Centralized, Scalable Foundation Supports Growing Unit Count
SCALABLE FOUNDATION CENTRALIZED, SCALABLE FOUNDATION SUPPORTS GROWING UNIT COUNT Requires less incremental investment as stores are added, improving efficiency and profitability STORE COUNT SCALABLE Store Support Center Fuel FOUNDATION Field Leadership Supply Chain INCREASING OPERATING LEVERAGE / PR
Slide 98: Targeted Use of AI to Increase Operating Leverage
SCALABLE FOUNDATION TARGETED USE OF AI TO INCREASE OPERATING LEVERAGE AND PROFITABILITY AI in Action Actionable AI-enabled insights for decision making Insights Faster, clearer and more consistent insights generation 1 Guest hyper-personalization 2 Real estate site selection Enhance AI in Support of
Slide 99: Case Study: AI-Enabled Demand Forecasting and Planning
SCALABLE FOUNDATION CASE STUDY 1 | AI-ENABLED DEMAND FORECASTING AND PLANNING From: fragmented, manual To: fully integrated, forecast-driven replenishment model operating platform Goals Outcomes COMPLETED • Distribution Center replenishment bps improvement in Improve store in-stock levels 550 mercha
Slide 100: Case Study: AI-Enabled Actionable Store Insights
SCALABLE FOUNDATION CASE STUDY 2 | AI-ENABLED ACTIONABLE STORE INSIGHTS Opportunity: Field Leadership is spending time and energy identifying stores to visit throughout the week AI TOOL synthesizes multiple pieces of data into a digestible deliverable for Field Leadership, in a fraction of the time
Slide 101: Fuel
SCALABLE FOUNDATION NATHANIEL DODDRIDGE SVP, FUELS Fuel 101
Slide 102: Resilient, Integrated Fuel Supply Chain Foundation
SCALABLE FOUNDATION A RESILIENT, INTEGRATED FUEL SUPPLY CHAIN FOUNDATION SUPPLY Results-to-date 1 Robust supply contracting with advantaged rack supply to optimize procurement cost and flexibility Lower cost of gallons procured More resilience with volatility SELF-SUPPLY AND RISK MANAGEMENT Benefits
Slide 103: From Capability to Compounding Growth
SCALABLE FOUNDATION FROM CAPABILITY TO COMPOUNDING GROWTH PROCUREMENT & RETAIL PRICING & SCALE Total Gallons Sold TRANSPORTATION PROGRAMS In Millions +32% Advantaged cost driven by Strategic pricing optimizes More stores, more gallons, procurement capabilities market positioning more scale benefits
Slide 104: Fuel as Part of the Scalable Foundation: Next Three Years
AN INTRODUCTION SCALABLE FOUNDATION TO CASEY’S FUEL AS PART OF THE SCALABLE FOUNDATION: NEXT THREE YEARS NEXT 3-YEAR FOCUS AREAS OUR PLAN TO GET THERE Optimize supply economics, pricing strategy and OPTIMIZE THE PORTFOLIO execution across the portfolio Expand throughput, transportation logistics Ove
Slide 105: Fuel as Part of the Scalable Foundation: Key Takeaways
SCALABLE FOUNDATION KEY TAKEAWAYS x FUEL AS PART OF THE SCALABLE FOUNDATION FUEL IS AN ENGINE FOR VALUE CREATION $ The foundation is in place Fuel capabilities enable Growth and proven successful favorable pricing amplifies scale benefits, driving performance, and procurement driving returns but evo
Slide 106: Team Member Value Proposition
DE LI VE R TO P Q UI N T I LE E BI T DA G ROW T H O F 8 - 1 0 % T HE G UEST CHAD FRAZELL ACCE LE RAT E G ROW T HE E NHA NCE CHIEF HUMAN RESOURCES OFFICER FO O D A N D N UMBE R O PE RAT I O N A L BE VE RAG E O F UN I T S EFFICIENCY TEAM SC A LA BLE FO UN DAT I O N MEMBER VALUE T EA M ME MBE R VA LUE
Slide 107: TMVP Is Foundational to Sustaining Excellence
TEAM MEMBER VALUE PROPOSITION TMVP IS FOUNDATIONAL TO SUSTAINING EXCELLENCE PROVIDE SUPPORT LIVE GROW TEAM CAREER GROWTH TOTAL WELLBEING CASEY’S CARES MEMBER ENGAGEMENT Strengthen talent Provide meaningful benefits Embed culture of Develop deeper insights to sustain management practices while contro
Slide 108: Delivering Positive Results for All Stakeholders
TEAM MEMBER VALUE PROPOSITION DELIVERING POSITIVE RESULTS FOR ALL STAKEHOLDERS RESULTS Centralized hiring WHAT WE ACCOMPLISHED Removed non-value-added tasks FEWER HOURS 5% 3-year cumulative GUEST OVERALL Streamlined processes same-store labor hours SATISFACTION (All-time High) Digitized store experi
Slide 109: Strong Leadership Pipeline Supports Future Store Growth
TEAM MEMBER VALUE PROPOSITION STRONG LEADERSHIP PIPELINE SUPPORTS FUTURE STORE GROWTH STORE MANAGER 4 Role Clarity Clear definitions for advancement KITCHEN Centralized Hiring MANAGER 3 Leaders can focus on the job and quality of hires improve CENTER STORE District Manager in Training Program MANAGE
Slide 110: Provide Career Growth
TEAM MEMBER VALUE PROPOSITION PROVIDE CAREER GROWTH Extended Leadership Team INTENTIONAL STRONG EXTERNAL GREAT TENURE MOVES PARTNERS resulting in a dedicated delivering outstanding training and motivated leadership team equipping our future leaders and leadership 110
Slide 111: Building the Talent Machine
TEAM MEMBER VALUE PROPOSITION TALENT MANAGEMENT & DEVELOPMENT Career Growth BUILDING THE TALENT MACHINE CULTURE COMPENSATION Casey’s CARES & Total Wellbeing Engagement 111
Slide 112: Why Invest in Casey's
3-YEAR GROWTH STRATEGY WHY INVEST IN Category-of-one at the intersection 1 of convenience and QSR with a proven three-legged stool operating model that creates an unmatched flywheel for growth Substantial whitespace opportunity with proven ability to grow units via our dual- engine approach of new s
Slide 113: Q&A
Caseys Q&A
Slide 114: Appendix
Appendix 114
Slide 115: Reconciliation of Non-GAAP Measures: Net Income to EBITDA
APPENDIX RECONCILIATION OF NON-GAAP FINANCIAL MEASURES: NET INCOME TO EBITDA Net income to EBITDA FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 Net income $ 61,211 $ 84,891 $ 85,690 $ 116,962 $ 105,973 $ 114,694 $ 103,814 $ 126,820 $ 180,628 $ 225,982 Interest, net 11,184 9,792 10,626 10,933 28,
Slide 116: Reconciliation of Non-GAAP Measures: ROIC and Free Cash Flow
APPENDIX RECONCILIATION OF NON-GAAP FINANCIAL MEASURES: ROIC AND FREE CASH FLOW Return on invested capital (ROIC) FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 2 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Net income $ 116,962 $ 105,973 $ 114,694 $ 103,814 $ 126,820 $ 180,628 $ 225,982 $ 177,485 $ 317,90