Alimentation Couche-tard Inc. · TSX:ATD
Alimentation Couche-tard — Q3 2025 Earnings Presentation
67 slides from Alimentation Couche-tard's earnings presentation, Mar 19, 2025
Slide 1: Q3-FY25 Investor Presentation
Q3-FY25 Investor Presentation
Slide 2: Forward-Looking Statements
Forward-Looking Statements Q3-25 ACT Investor Presentation 2
Slide 3: Forward-Looking Statements
Forward-Looking Statements Q3-25 ACT Investor Presentation 3
Slide 4: Non-IFRS Accounting Standards Measures
Non-IFRS® Accounting Standards Measures Q3-25 ACT Investor Presentation
Slide 5: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q3-25 ACT Investor Presentation 5
Slide 6: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q3-25 ACT Investor Presentation 6
Slide 7: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q3-25 ACT Investor Presentation 7
Slide 8: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q3-25 ACT Investor Presentation 8
Slide 9: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q3-25 ACT Investor Presentation 9
Slide 10: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q3-25 ACT Investor Presentation 10
Slide 11: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q3-25 ACT Investor Presentation 11
Slide 12: Company Highlights
Company Highlights Q3-25 ACT Investor Presentation
Slide 13: A Storied History of Entrepreneurship & Dynamic Growth
A Storied History of Entrepreneurship & Dynamic Growth Alain Bouchard, 2001 2012 2016 2020 2022 Jacques D’Amours, Entry into U.S. Expansion into Europe Expansion in Ireland & Canada Grow into Asia Started EV journey in NA Richard Fortin, Acquired Bigfoot stores Acquired Statoil Fuel & Retail, Acquir
Slide 14: Spanning Continents and Bridging Markets
Spanning Continents and Bridging Markets 29 Countries3 OUR SITES and 29 Business Units3 TOTAL 16,953 UNITED-STATES 7,107 CANADA 2,110 EUROPE AND OTHER REGIONS1 5,263 INTERNATIONAL2 2,473 Core network International licensees Coast-to-coast presence in Canada and located in 47 of 50 U.S. states and le
Slide 15: Our Executive Leadership Team
Our Executive Leadership Team Melanie Charbonneau Ed Dzadovsky Louise Warner Alex Miller Ina Strand Filipe Da Silva President and Chief People Officer Chief Financial Officer Chief Legal Chief Technology EVP, North America and Officer and Corporate Officer Global Commercial Chief Executive Officer S
Slide 16: Global Retailer in Fuel and Convenience
Global Retailer in Fuel and Convenience ~17,000 stores globally ~5,800 sites offering Fresh Food, Fast ~149,000 employees ~38 million gallons of fuel sold per day ~7,400 sites offering Circle K/ Couche- Tard Fuel ~8.7 million customers served per day1 Note: Yearly update (excluding total stores). Al
Slide 17: Revenue and Gross Profit Mix
Revenue and Gross Profit1 Mix Geographic Mix Product Mix Revenue 1% 12% 25% 12% 1% Gross Profit1,2 25% 19% 48% 51% 69% 63% 74% United States Europe & Other Canada Merchandise and Service Fuel Other Note: Yearly update. All figures based on results for fiscal year ended April 28, 2024 1 Please refer
Slide 18: Latest Highlights
Latest Highlights Merch. SSS – US1 SS Volume – US1 Net Earnings Growth Y/Y4 (0.1%) (3.0%) 3.3% Adj. EBITDA Growth Y/Y3,4 Q3-2025 11.3% Merch. SSS – Europe and SS Volume – Europe and Other Diluted EPS Growth Y/Y4 Other Regions1,2,3 Regions1,2 4.6% 0.2% (0.9%) Leverage Ratio3 2.07 Merch. SSS – Canada1
Slide 19: Our Vision and Our Mission
Our Vision and Our Mission To become the world’s preferred Our Vision destination for convenience and mobility. To make our customers’ lives a little Our Mission easier every day. Q3-25 ACT Investor Presentation 19
Slide 20: 10 for the Win Compelling Investment Opportunity
10 for the Win Ticker Symbol Compelling Investment Opportunity TSX: ATD Mastering the Customer Journey Untapped organic growth and Offering Sustainability of fuel gross margins Advantaged Fuel Gross Margins Low-Cost Operator; Generating synergies1 between Financial discipline & cost efficiencies 30%
Slide 21: Industry Overview
Industry Overview Q3-25 ACT Investor Presentation
Slide 22: The Dynamic Momentum of Convenience
The Dynamic Momentum of Convenience United States Canada Europe $326.4 $9.4 $260.9 Revenues in billions USD Revenues in billions USD Revenues in billions USD $8.1 $286.5 $228.1 2022 2027 2022 2027 2022 2027 Source: Nielsen IQ 1 5-year CAGR % Q3-25 ACT Investor Presentation 22
Slide 23: Fragmented U.S. Market Provides Consolidation Opportunities
Fragmented U.S. Market Provides Consolidation Opportunities Single Stores Chain Stores 2023 2006 145,119 152,396 Chain Size total total 175,000 stores stores 500+ 150,000 22% 57,315 57,031 56,836 56,476 57,792 57,612 56,226 60,597 55,401 58,078 54,917 59,751 54,526 58,690 55,611 125,000 55,162 54,49
Slide 24: Attractive Channel Within Broader Retail
2005 $151.1 2006 $163.6 2007 $168.5 2008 $173.9 2009 $182.4 2010 $190.4 2011 $195.0 Source: NACS State of the Industry Report of 2023 Data. 2012 $199.3 2013 $204.0 2014 $213.5 2015 $225.8 $233.0 CAGR 4.4% 2016 (in billions) 2017 $237.0 2018 $242.2 2019 $251.9 Industry Inside Sales 2020 $255.6 Q3-25
Slide 25: Recession Resilient
(30.0%) (25.0%) (20.0%) (15.0%) (10.0%) - 10.0% 15.0% (5.0%) 5.0% (15.0%) (10.0%) - 10.0% 15.0% 20.0% 25.0% (5.0%) 5.0% Q2-FY04 Q2-FY04 Q3-FY04 Q3-FY04 Q4-FY04 Q4-FY04 Q1-FY05 Q1-FY05 Q2-FY05 Q2-FY05 Q3-FY05 Q3-FY05 Q4-FY05 Q4-FY05 Q1-FY06 Q1-FY06 Q2-FY06 Q2-FY06 Q3-FY06 Q3-FY06 Q4-FY06 Q4-FY06 Q1-F
Slide 26: Total RTF Gross Profit Dollars Strongly Correlated to OpEx
Total RTF Gross Profit1 Dollars Strongly Correlated to OpEx 1,2 3 Fuel Gross Profit $ OpEx $2,500.0 $2,000.0 $1,500.0 $1,000.0 $500.0 $- Total RTF Gross Profit1 dollars help offset increases in Operating Expenses 1 Please refer to the “Non-IFRS Accounting Standards Measures” section of this presenta
Slide 27: 10 for the Win
10 FOR THE WIN Q3-25 ACT Investor Presentation
Slide 28: The Lighthouses Guiding Our Voyage
The Lighthouses Guiding Our Voyage To Be The Most Trusted Brand in Convenience and Mobility Winning Offer Winning Fuel Winning the Customer Winning Growth NTIs, R&R, RELO Win in Food B2C value proposition Build fans through loyalty M&A Own Thirst B2B value proposition Digital experience TotalEnergie
Slide 29: Win in Food
Win in Food 1 Winning Offer Win in Food • Convenience food market is > $700B across North America & Europe1 The opportunity • 59% of fast-food customers consider purchasing a meal from a c-store2 • Expand share of stomach • Fresh Food, Fast in ~5,800 sites globally over and above other food Recent p
Slide 30: Own Thirst
Winning Offer Own Thirst 1 Own Thirst • #1 reason customers visit us and growing The opportunity • We service multiple thirst occasions across competitive channels • Expanded capacity with more than 4,000 sites installed with new cooler Recent progress solution • Consumer recognition as one stop for
Slide 31: Private Brands
Private Brands 1 Winning Offer Private Brands • Boost wallet share and profit by optimizing distribution, The opportunity growing product lines, and entering new categories • Merged global beverage teams into a single "Thirst Team" for unified strategy and scale. Recent progress • Current sales pene
Slide 32: Leveraging Scale Advantages
Leveraging Scale Advantages ACT perspective on industry margins • Macro-economic trends persist, margins rising with business costs ACT will continue to outperform industry • Outcomes for market participants will differ based on location of • Advantaged geographies and locations networks and company
Slide 33: Circle K Fuel – Strengthened Network and Value Chain
Circle K Fuel – Strengthened Network and Value Chain Fuel Gallons Sold1 US Fuel CPG2,4 14 billion 44.28 Stores offering fuel / Our Fleet % of total network2,3 ~600 trucks, ~13,000 / ~90% ~1,100 drivers Circle K/Couche-Tard Fuel Branded Number of B2B customers Stores1 >110 million transactions ~7,400
Slide 34: US RTF Performance – Understanding The Fundamentals
US RTF Performance – Understanding The Fundamentals 50 1.50 40.0 1.45 45 +5.9 36.0 1.40 US RTF Gross Margin1 (cpg) RTF Gross Margin (CPG) 40 1.35 32.0 CPI (2009 base year) 35 1.30 28.0 30 1.25 24.0 1.20 25 1.15 20.0 20 1.10 16.0 15 +1.4 1.05 10 1.00 12.0 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2
Slide 35: B2C – Delivering on our Customer Promise
B2C – Delivering on 1 Winning Fuel our Customer Promise B2C value proposition Achievements FY24+ Initiatives • National Fuel Days and events • Ongoing surprise and delight celebrations • First US fuel marketing campaign • Direct relationships through Inner Circle and Extra programs FY2028 • Forecour
Slide 36: B2B – Circle K Fuel Enables Future Opportunity with Enterprises
B2B – Circle K Fuel Enables Future 1 Winning Fuel Opportunity with Enterprises B2B value proposition Global scale leveraging Europe capability FY25+ Initiatives and US Growth opportunity US growth • Upside by driving awareness of Circle K network and offer • Direct relationships with Business custom
Slide 37: Fuel Supply Chain – Enabling Outperformance
Fuel Supply Chain – 1 Winning Fuel Enabling Outperformance Fuel Supply Chain Value through scale and targeted control FY25+ Initiatives • One of the largest independent fuel supply chains in the • Continue to expand flexibility in sourcing relationships and world, enabled by the Circle K fuel brands
Slide 38: Our Membership Programs Bring Easy to Life
Our Membership Programs Bring 1 Winning the Customer “Easy” to Life Build fans through loyalty For consumers For ACT Benefits across the entire offer 1 Acquire valuable customer data Value (Fuel, Merchandise and Services) to deliver insights, prioritize customers and personalize experiences Tier
Slide 39: Inner Circle - Accelerated Rollout Fueled by Promising Early Successes
Inner Circle - Accelerated Rollout Fueled by FY2028 Promising Early Successes Ambition ~200 million in EBITDA1 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 FY25 United States Inner Circle ~400 stores ~1,900 stores ~3,000 stores ~4,000 stores ~5,000 stores ~1,000 stores ~1,400 stores ~3,000 stores Europe Extra In
Slide 40: A View Into Our Present Future
A View Into Our Present Future 1 Winning the Customer Digital Experience Q3-25 ACT Investor Presentation 40
Slide 41: Operations First
Operations First 1 Winning the Customer Operations First People Customers People-Friendly, safe and engaged teams Making life easier with a great experience Our goal is to increase: Our goal is to improve: • Retention • Customer wait time • Engagement • Store cleanliness • Diversity & Inclusion • Te
Slide 42: The Foundation (Fit to Serve)
The Foundation (Fit to Serve) Building A World Class Cost Structure For Agility ~$50 million FY2028 FY2028 Ambition Ambition + $350mm - $400mm ~$250 $800mm of of cash and cash million EBITDA4 equivalents generation7 ~$50 million ~$800 million ~$200 ~$200 million million ~$400 million ~$200 ~$200 mil
Slide 43: Fit to Serve
Fit to Serve Merch COGS1 Goods Not For Resale General & Administrative Expenses Find and reduce repetitive tasks (Operating Income) • Leverage global scale / enhance margin • Leverage scale globally to reduce per • • Drive customer-led negotiations unit spend • Optimize labor by capitalization on gl
Slide 44: Growth Model – Disciplined, Strategic and Ambitious
Growth Model – Disciplined, FY2028 1 Winning Growth Strategic and Ambitious Ambition ~300 million NTIs, R&R, RELO • Fragmented industry where scale matters to 500 million in EBITDA1 • Ability to leverage scale and operating model to all forms of growth; Strong balance sheet and organizational abilit
Slide 45: Accretive M&A Fuels Financial Breakthroughs
Accretive M&A Fuels 1 Winning Growth Financial Breakthroughs M&A Synergies1 expected to reach ~$240mm over 5 years 1 These synergies should mainly result from improvements in the convenience activities as well as from reductions in operating, selling, general and administrative expenses. Expected sy
Slide 46: M&A Strategy
M&A Strategy FY2028 Ambition $1.1B EBITDA from new M&A opportunities1 Our Competitive Advantage Our Approach We are experts in closing and integrating M&A around the globe 1 Consolidating the US market remains a priority • ~73% of our current network has been sourced from M&A • ACT is #2 in the mark
Slide 47: Proven Ability to Integrate Acquisitions
Proven Ability to Integrate Acquisitions Fiscal 2005- 2004 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Year 2012- Deals 2 34 7 4 3 4 3 3 0 1 3 4 5 2 Stores 1,706 1,137 2,506 166 1,660 515 442 2,055 0 30 367 91 345 2,287 Since 2004, Couche-Tard has successfully completed a total of 75
Slide 48: Solid Balance Sheet and Capacity to Invest
Solid Balance Sheet and Capacity to Invest Rapid deleveraging after Leverage after SFR lower TotalEnergies; a transformative acquisition in Europe Strong credit metrics for several years transformational acquisition than after Circle K that significantly expands and diversifies our network 4.18x Lev
Slide 49: TotalEnergies – Leading Network in Continental Europe
TotalEnergies – Leading Network in 1 Winning Growth Continental Europe TotalEnergies • 2,175 prime locations in Key European markets Natural • Retail operations in scope include Fuel, Shop and Wash sales expansion • EV operations on site and new DC charging opportunities in scope of ACT’s • B2B card
Slide 50: Transformative Synergies
Transformative Synergies FY2028 Ambition $0.7B EBITDA1 from TotalEnergies proposed Synergy Capture acquisition Synergy Assessment per Region Timeline Revised 170 120 35% Germany BeNeLux FY27 FY29 65% Synergies Initially Disclosed Synergies Revised We’ve revised synergies2 from 120 million € over 3 y
Slide 51: Ready to Lead the Electric Vehicle Transition
Ready to Lead the 1 Winning Growth Electric Vehicle Transition E-Mobility • Circle K is a leader in most of its European markets • Our leading convenience & service offer will provide the EV customer with a charging experience beyond charging alone • We excel in operational efficiency, driving top p
Slide 52: Deep in the Evolution: Scaling our Global E-Mobility Impact
Deep in the Evolution: Scaling our Global E- Mobility Impact Growth at Scale Market Share & kWh delivered Expansion in Europe Enable Speed and Scale Expansion Establish a outside of foundation in Norway North America Norway as a lab FY25 FY19 Q3-25 ACT Investor Presentation 52
Slide 53: ACT's Market Position: Moving into Continental Europe from Scandinavia
ACT’s Market Position: Moving into Continental Europe from a Stronghold in Scandinavia Norway Sweden Denmark Germany Netherlands Belgium ACT Chargers1 695 716 514 259 141 160 Total Chargers1 7,734 6,051 3,681 23,560 4,118 3,029 Market Share 9% 12% 14% 1% 3% 5% Source: BloombergNEF as at March 13th,
Slide 54: Spotlight on Each Lighthouse's Contribution
Spotlight on Each Lighthouse’s Contribution Winning Offer Winning Fuel Winning the Customer Winning Growth NTIs, R&R, RELO Win in Food B2C value proposition Build fans through loyalty M&A Own Thirst B2B value proposition Digital experience TotalEnergies Private Brands Fuel supply chain Operations Fi
Slide 55: Our Five Focus Areas
Our Five Focus Areas Win in Food & Gain Share Digital Own Thirst in Fuel Acceleration Fast, Friendly Lowest Cost & In-Stock Operator Q3-25 ACT Investor Presentation 55
Slide 56: The ACT Path
The ACT Path $10B EBITDA1 EBITDA Net Earnings Att. To Shareholders of the Corporation 1 $10,000 1 $1,100 from $8,900 from organic growth including TotalEnergies $5,762 $5,596 $3,091 $2,730 $1,640 new M&A $812 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Ambition fueled
Slide 57: 10 for the Win!
10 for the Win! • Our North Star is to be the most trusted brand in convenience and mobility • After our Double Again achievement – there were some additional opportunities left and we developed our 10 For The Win strategy building upon the lighthouse strategy; goal of reaching 10B$1 in EBITDA1, fro
Slide 58: ACT A Responsible Retailer – ESG Ambitions
ACT A Responsible Retailer – ESG Ambitions For more information on our sustainability efforts, please visit our corporate website at Sustainability - Couche-Tard Corpo Q3-25 ACT Investor Presentation 58
Slide 59: ACT a Responsible Retailer – FY2024 Achievements
ACT a Responsible Retailer – FY2024 Achievements Fuel: More than 2,600 EV charging points in Europe and 260 in North America, renewable fuel expansion attracts new customers Energy: Energy control checklist available in all stores in North America and Europe, upgraded 12,000 Heating, Ventilation
Slide 60: Celebrating Our Progress in Sustainable Practices
Celebrating Our Progress in Sustainable Practices For the third year in a row, we We are proud to be recognized again Our flagship station — Circle K have received the Gallup this year with an AA rating by MSCI Vädermotet in Gothenburg, Sweden Exceptional Workplace Award. ESG as a company leading it
Slide 61: Increasing Shareholder Value
Increasing Shareholder Value Q3-25 ACT Investor Presentation
Slide 62: A Cash Generation Powerhouse
A Cash Generation Powerhouse Net earnings attributable to EBITDA1 Net CapEx1 Free Cash Flow1 shareholders of the $5,596 Corporation $2,730 $1,862 $1,708 $1,640 $866 $812 $459 FY2014 FY2024 FY2014 FY2024 FY2014 FY2024 FY2014 FY2024 1 Please refer to the “Non-IFRS Accounting Standards Measures” sectio
Slide 63: Optimizing Capital Allocation for Strategic Priorities and Measurable Returns
Optimizing Capital Allocation for Strategic Priorities and Measurable Returns Target of 15% Return Aiming to reinvest 35-40% Our leverage ratio1 comfort on Capital Employed of EBITDA1 zone is 2.25x (ROCE)1 • ~35% of CapEx as a % of • 13.2% ROCE1 as at April 28, • Leverage ratio of 2.25x2 EBITDA1 for
Slide 64: Balanced Maturity Curve with Effective Financing Cost
Balanced Maturity Curve with Effective Financing Cost ACT Senior Unsecured Notes - Debt Maturity Profile6 Leverage Ratio1,2 $1,000 2.07 Share Repurchases FY2025 Principal in millions of USD $800 ~ 8.7 million shares / ~ $509 million $600 Average Cost of Debt $1,000 3.94% $900 $779 $400 $750 $750 $72
Slide 65: Historical Financial Highlights
Historical Financial Highlights in US$ millions, unless otherwise noted 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR Total revenues 37,962 34,530 34,145 37,905 51,394 59,118 54,132 45,760 62,810 71,857 69,264 6.2% Gross profit1 4,988 5,268 6,082 6,482 8,112 9,195 9,644 10,115 11,005 1
Slide 66: Investor Relations Contact
Investor Relations Contact Mathieu Brunet, CPA Vice President, Investor Relations and Treasury Investor.Relations@couche-tard.com Mariusz Chojnacki Director, Investor Relations Investor.Relations@couche-tard.com Q3-25 ACT Investor Presentation 66
Slide 67: Thank you!
Thank you!
Alimentation Couche-Tard — Q3 2025 Earnings Presentation on 6ix