Slide 1: Casey's Investor Deck
Casey’s Investor Deck September 2025
Slide 2: Safe Harbor Statements
Safe Harbor Statements The presentation is dated as of September 8, 2025 and speaks as of the date unless otherwise specified. Forward-Looking Statements This presentation contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Refor
Slide 3: An Introduction to Casey's
AN INTRODUCTION TO CASEY'S Casey’s is a staple for millions of Americans ~$21.0B ~2,900 800M+ ~50,000 Convenience Stores Total Enterprise Value Guest Transactions per Year Total Team Members Operating in 19 States 3 chain in the United States rd Casey’s Footprint largest convenience store Stock Info
Slide 4: Casey's has unique competitive advantages in the convenience store landscape
AN INTRODUCTION TO CASEY'S Casey’s has unique competitive advantages in the convenience store landscape D I F F E R E N T I ATO R BENEFIT Unique Stronger market position in rural areas; less ~2/3 of stores in towns of 20K people or fewer Footprint expensive to build, buy, and operate units Food sale
Slide 5: Casey's 50+ year history of success
AN INTRODUCTION TO CASEY’S Casey’s 50+ year history of success 92% top ~$17M donated of mind aided over the past 3 awareness years1 Rooted in the communities Strong and recognizable brand we serve 1,173 units built Over 9M or acquired in the reward past 10 years1 members Long-standing track record o
Slide 6: The convenience industry is fragmented, but consolidating
CONVENIENCE STORE INDUSTRY The convenience industry is fragmented, but consolidating F R A G M E N TAT I O N C O N S O L I DAT I O N Smaller operators are great targets for acquisition Ownership Breakout (Number of Stores) US Convenience Store Count1 # of Stores 2024 2020 Unit Change % Change 1-10 9
Slide 7: Casey's is positioned to thrive
CONVENIENCE STORE INDUSTRY | CASEY’S DIFFERENTIATORS Casey’s competitive advantages ~70% of Casey’s inside transactions do not include fuel Casey’s private label as a value alternative for guests Casey’s is • • >300 SKUs that are margin accretive ~120 SKUs that are unique to Casey’s Data-driven insi
Slide 8: Casey's strategic differentiators offer competitive advantages and industry-leading margins
CONVENIENCE STORE INDUSTRY | CASEY’S DIFFERENTIATORS Casey’s strategic differentiators offer competitive advantages and contribute to industry-leading profit margins % Active Rewards Food % Lift Tobacco Mix Reduction Inside Gross Margin +750 -450 bps bps 41.5% 37% 55% 40% Casey’s historically lifts
Slide 9: Casey's FY24 – FY26 growth strategy is rooted in 3 enterprise objectives
OUR STRATEGY Casey’s FY24 – FY26 growth strategy is rooted in 3 enterprise objectives, enabled by a strong foundation and team member experience DE LI V E R TO P Q UI NTI LE 1 E BI TDA G RO W TH O F 8 -1 0 % G UE S T I NS I G HTS G RO W E NHANCE ACCE LE RATE THE NUMBE R O F UNI TS O P E RATI O NAL T
Slide 10: FY24 – FY26 strategic plan outlook
OUR STRATEGY FY24 – FY26 strategic plan outlook Management Guidance1 EBITDA % growth 8%-10% CAGR through FY2026 Store growth ~500 additional stores via new builds & acquisitions by FY20262 Inside sales: ~mid single digit increase Same-store sales Fuel gallons: ~flat to low single digit increase Marg
Slide 11: Algorithm seeks to deliver top quintile EBITDA growth of 8-10%
OUR STRATEGY Algorithm seeks to deliver top quintile EBITDA growth of 8-10% EXISTING Same-Store • Merchandise assortment • Pricing Sales Growth BUSINESS • Menu innovation • Casey’s Rewards • Digital engagement 4%+ Gross Margin • Fuel procurement • Centralized procurement Expansion • Joint planning w
Slide 12: Casey's consistently delivered 8+% EBITDA growth over multiple horizons
OUR STRATEGY Casey’s consistently delivered 8+% EBITDA growth over the short, medium, and long-term horizon… 1-YEAR 1-YEAR & 5-YEAR 1-YEAR, 5-YEAR, & 10-YEAR S&P 500 | S&P 400 RETAILERS 9 of 40 5 of 40 3 of 40 companies met the criteria companies met the criteria companies met the criteria Legend Me
Slide 13: … with an attractive valuation comparable to others across relevant industries
… with an attractive valuation comparable to others across relevant industries 10x 12x 15x 18x 20x 30x 45x Convenience Retail QSR store median median median Multiples above are EV/Forward EBITDA as of September 2, 2025 per CapIQ. Median is based on the median of the companies noted above in the resp
Slide 14: Accelerate the food business
ACCELERATE THE FOOD BUSINESS Accelerate the food business Execute the basics • Category roles & intents • Segmented Assortment & Pricing • Joint Business Planning Drive efficiency and innovation • Upstream capability • New platforms • Product innovation New marketing approach • New creative process
Slide 15: Casey's private label
ACCELERATE THE FOOD BUSINESS Casey’s private label Casey’s has strict private label (PL) requirements to beat national brand offerings on quality, retail price, and penny profits QUALITY Casey’s PL quality is as good or better than national brand competitors LOWER Casey’s PL retail price is less tha
Slide 16: Track record of ratable growth
GROW THE NUMBER OF UNITS Track record of ratable growth Actual Growth # OF UNITS BY FISCAL YEAR Last 3 Years New builds Acquisitions Ending store count 2,904 2,658 2,452 2,521 2,207 2,243 2,073 2,146 1,931 1,978 1,808 1,878 1,699 1,749 1,637 1,531 235 207 26 112 89 36 5 24 18 28 22 5 47 35 26 85 37
Slide 17: Grow the number of units
GROW THE NUMBER OF UNITS Grow the number of units M&A value proposition • Less expensive average investment Existing Casey’s Whitespace • Performance lift from seller • Same return requirement as new stores New stores • Selecting the best sites • Market attractiveness • Predictive analytics • New st
Slide 18: Enhancing operational efficiency
ENHANCE OPERATIONAL EFFICIENCY Enhancing operational efficiency STORE STREAMLINE FASTER INVENTORY SIMPLIFICATION THE KITCHEN SERVICE OPTIMIZATION - Voice of our stores - Efficient process & - Self-checkout - Order simplification - Eliminate complexity equipment conversions - Point of sale - Right pr
Slide 19: Our team composition
LEADERSHIP Our team composition Representation of Our Diversity % Women Total Workforce 57% Hourly Staff 56% Professional Staff 72% Extended Leadership Team 24% Senior Leadership Team 33% Board 45% % Racial / Ethnic Minority Total Workforce 24% Hourly Staff 25% Professional Staff 20% Extended Leader
Slide 20: Board of Directors
LEADERSHIP Board of Directors Darren Rebelez Judy Schmeling Sri Donthi Donald Frieson Cara Heiden Board Chair, President & Lead Independent CIO, Ralph Lauren Retired EVP Supply Retired Co-President of CEO of Casey’s General Director, Former COO of Chain, Lowe’s Wells Fargo Home Stores HSN, Inc. and
Slide 21: Casey's proven track record …
TAKEAWAY Casey’s proven track record … Casey’s proven successes Unique footprint: ~2/3 of stores are in towns with 20,000 people or fewer White space to grow: ~75% of towns between 500 and 20,000 in our distribution center footprint do not have a Casey’s Prepared food: Casey’s is the 5th largest piz
Slide 22: … improved in key areas
TAKEAWAY … improved in key areas Casey’s proven successes Casey’s notable improvements Unique footprint: ~2/3 of stores are in towns with 20,000 people Operating expense management: FY19 to FY25 OPEX 10.6% or fewer CAGR vs. EBITDA 13.4% CAGR White space to grow: ~75% of towns between 500 and 20,000
Slide 23: Why invest in Casey's
TAKEAWAY Why invest in Casey’s The convenience store industry is shifting • Resilient industry protected from key macroeconomic factors in favor of large-scale players • Increasing consolidation in a highly fragmented industry • Winners offer vertical integration, digital tech, and food offerings Ca
Slide 24: Appendix
Appendix TI , BS ee Ba Tete We r| oo Casey's
Slide 25: Reconciliation of Non-GAAP Financial Measures
APPENDIX Reconciliation of Non-GAAP Financial Measures FY19 FY20 FY21 FY22 FY23 FY24 FY25 Net income $ 203,886 $ 263,846 $ 312,900 $ 339,790 $ 446,691 $ 501,972 $ 546,520 Interest, net 55,656 53,419 46,679 56,972 51,815 53,441 83,951 Federal and state income taxes 59,516 78,202 94,470 100,938 140,82