Slide 1: Raymond James Investor Conference
One of the Largest Operators of Convenience Stores and Wholesale and Fleet Distributors in the U.S. A Fortune 500® Company Raymond James Investor Conference MARCH 2026 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement FORWARD-LOOKING STATEMENTS This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, the Company’s expected financial and operational
Slide 3: Today's Participants
Today’s Participants Arie Kotler Galagher Jeff Jordan Mann Chairman & CEO Executive Vice President & CFO SVP of Corporate Strategy & APC CFO • Mr. Kotler has served as ARKO Corp.’s Chairman • Mr. Jeff has served as ARKO Corp’s Executive • Mr. Mann has served as ARKO Petroleum Corp.’s and CEO since A
Slide 4: ARKO Corp. – One of the Largest Operators of C-Stores and Wholesale
ARKO Corp. (“ARKO”) – One of the Largest Operators of C- Stores and Wholesale and Fleet Fuel Distributors in the U.S. ~$1.5 Billion ~3,500 Cumulative Adjusted EBITDA from 2020 through 2025 Total Sites ~2.1 Billion More Than ~10,000 ~2.4 Million Fuel Gallons Sold in 2025 30 States Employees Enrolled
Slide 5: ARKO Corp.'s Core Strengths
ARKO Corp.’s One of the Largest Operators of Convenience Stores in the U.S. with Significant Core Strengths 01 Community Brand Equity One of the Largest Wholesale and Fleet Fuel Distributors in North America with 02 Historically Stable Cash Flows through ARKO Petroleum Corp. (“APC”) 03 Multi-Year Tr
Slide 6: ARKO Corp. – Scaled, Complementary Operations
ARKO Corp. – Scaled, Complementary Operations Complementary segments provide scale, earnings diversification and durable cash flows MAP OF COMBINED OPERATIONS $249M 2025 Adjusted EBITDA RETAIL SEGMENT WHOLESALE, FLEET FUELING AND GPMP (2) (Nasdaq: APC) 1,118 3,499 Company Operated Retail Sites Total
Slide 7: ARKO Retail
ARKO A Family of Community Brands ARKO Retail
Slide 8: ARKO's Retail Footprint Across 27 States
ARKO’S RETAIL FOOTPRINT ACROSS 27 STATES PORTFOLIO KEY STATISTICS (1) GROSS PROFIT MIX 6% 1,118 923M $268M Company Operated Retail Operating Fuel Gallons Sold Retail Sites Income(2) 41% 53% 59% / 41% $1.5B Merchandise and Merchandise Sales Other Income / Fuel Merchandise GP Split Fuel Other Income N
Slide 9: Local Brand Equity and Density in Insulated Markets
Local Brand Equity and Density in Insulated Markets L E A D IN G B A N N E R S W I T H 5 0 + Y E A R H I S T O R I E S I N T H E I R C O M M U N I T I E S ROI Focused Retail Growth ✓ Differentiated Strategy Preserves Est. 1970 Est. 1980 Est. 1966 Est. 1977 Established Community Brand Equity 55+ Year
Slide 10: Highly Fragmented Convenience Store Industry
Highly Fragmented Convenience Store Industry 151,975 convenience stores operate in the United States(1) 2025 Split of Stores Count B y O p e r a t o r S i z e (1) • ~63% (96k) of stores are operated by operators with 10 or fewer stores ARKO competes market-by-market and store-by-store, using scale t
Slide 11: Multi-Year Transformation Plan
Multi-Year Segmentation of Retail Store Portfolio, Retaining Stores in Strategic Markets While 01 Transformation Transitioning Certain Stores to the Wholesale Segment Plan 02 Retained-Store Targeted Reinvestment to Fuel Organic Growth: Enhanced Food + Refresh / Remodel / Rebuild High-quality retail
Slide 12: Marketing Strategies Driving Sales, Margin, and Traffic
Marketing Strategies Driving Sales, Margin, and Traffic Remodels and NTIs • Heavy Touch Remodels • Bridge Remodels Food Service • Protecting Turf Remodels Development • Continue to tweak Optimize Cold Increase fas REWARDS® menus at various delis Vault Execution Engagement and • Expand fas craves Foo
Slide 13: Remodeled Stores Showing Strong Initial Results
Remodeled Stores Showing Strong Initial Results New-format, food-forward remodels; program to ramp in 2026 Rollout & Pipeline BEFORE REMODEL • 3 new-format remodels opened 2025 • Planning ~25 remodels, featuring fas craves food and beverage elements Initial Results (first pilot store opened June 202
Slide 14: Intently Focused on Expanding Margins – With More Opportunity Ahead
MERCHANDISE MARGIN Intently Focused + ~330 bps on Expanding 32.8% 33.7% Margins – 31.8% With More 30.4% Opportunity Ahead 2022 2023 2024 2025 RETAIL FUEL MARGIN +1.7 CPG 42.8¢ 41.1¢ 39.6¢ 38.8¢ 2022 2023 2024 2025 STRONG OPPORTUNITY TO FURTHER EXPAND MARGIN BASED ON CONTINUED OPTIMIZATION OF ASSORTM
Slide 15: Dealerization: Strengthening Retail Store Base and Presenting Growth Opportunity for APC
Dealerization: Strengthening Retail Store Base and Presenting Growth Opportunity for APC Execution & Scale ✓ ~410 stores converted since mid-2024 (through December 31, 2025) ✓ ~120 additional sites committed either under letter of intent, under contract or already converted since December 31, 2025 P
Slide 16: ARKO Petroleum Corp.
ARKO ARKO Petroleum Corp.
Slide 17: Recent Public Listing of APC Creates Value for ARKO
Recent Public Listing of APC Creates Value for ARKO Transaction Highlights: • On Feb. 12, 2026, APC publicly listed on NASDAQ − APC includes the operations of ARKO’s wholesale, fleet fueling and GPMP segments − Responsible for the wholesale distribution of motor fuels to substantially all of ARKO’s
Slide 18: Introduction to APC
Introduction to APC APC is one of the largest wholesale fuel distributors by gallons in North America APC OVERVIEW APC distributes fuel WHOLESALE SEGMENT FLEET FUELING SEGMENT GPMP SEGMENT to 3,499 sites across • Supplies third-party gas stations, • Proprietary + third-party cardlocks • Supplies ARK
Slide 19: APC Investment Highlights
APC Investment Highlights 1 Tenured Supplier Relationships and Long-Term Fee- Based Distribution Contracts 2 Stable Cash Flow Profile With High Relative Cash Flow Conversion 3 Well-Positioned to Return Capital to Stockholders While Pursuing a Conservatively Capitalized Balance Sheet Strong Track Rec
Slide 20: Long-Term, Fee-Based Contracts Provide a Foundation for Cash Flow Stability
01 Long-Term, Fee-Based FUEL DISTRIBUTION MODEL Contracts Provide a W H O L E S A L E ( C O S T - P L US & C O N S I G NME N T ) • Fixed-fee mark-up (1,757 sites) and gross profit share under consignment (296 sites) Foundation for Cash • Typical 10-year initial contract terms Flow Stability • Embedd
Slide 21: Leading Cash Flow Conversion Profile
02 Leading Cash Flow Conversion Profile Asset light business model and conservative leverage profile drive peer leading cash flow conversion CASH FLOW CONVERSION PROFILE Asset light nature of Low relative leverage target 70% targeted discretionary cash businesses results in low (stockholders primary
Slide 22: Conservatively Capitalized with Ample Liquidity
03 Conservatively Capitalized with Ample Liquidity Strong balance sheet and access to capital to support accretive growth strategy • APC is pursuing a conservatively capitalized balance sheet with disciplined financial policy LEVERAGE PROFILE • APC at IPO had leverage below 2.5x Net Debt to Adjusted
Slide 23: Quarles Acquisition Case Study
04 Quarles Acquisition Case Study Quarles served as a Fleet Fueling entry point into the attractive market OVERVIEW S T R O N G P E R F O R M A N C E A F T E R Q U A R L E S A C Q U I S I T I O N (1) • The Fleet Fueling segment was added in July 2022 as part of the RAPID INTEGRATION, STRONG PERFORMA
Slide 24: APC Has a Pipeline of New Builds + Potential Bolt-on Acquisitions
04 APC Has a Pipeline of New Builds + Potential Bolt-on Acquisitions • APC has a strong new build development in Fleet Fueling and an active M&A pipeline in Wholesale C U R R E NT P I P E L I N E O V E R V I E W • APC is targeting for 20 New-to-Industry cardlock sites and has already identified 10 i
Slide 25: Attractive Industry Dynamics Backstop Strong Growth Outlook
05 Attractive Industry Dynamics Backstop Strong Growth Outlook The U.S. fuels distribution market remains highly fragmented, leaving runway for APC to continue its acquisitive growth strategy • The U.S. fuels distribution market supplied approximately 195 billion gallons of gasoline and diesel fuel
Slide 26: Robust Organic and Inorganic Growth Outlook
05 Robust Organic and Inorganic Growth Outlook Ample Liquidity to Support Disciplined Growth Strategy and Consistent Dividend Growth DIVERSIFIED GROWTH STRATEGY APC has grown total gallons distributed by a compounded annual growth rate of 12% between 2020 and 3Q’25 LTM FLEET FUELING NTI ARKO RETAIL
Slide 27: ARKO Corp. Financial Highlights
ARKO Corp. Financial Highlights 27
Slide 28: ARKO Momentum and Strong Liquidity Positions Company for Growth
ARKO Momentum and Strong Liquidity Positions Company for Growth $249 Million ~$1 Billion Adjusted EBITDA in FY2025 Available Liquidity Net income Retail OpEx $305 Million $767 Million +9.1% -13.3% Cash on Hand Availability under FY2025 vs FY2024 FY2025 vs FY2024 lines of credit(1) Q4 2025 Results(2)
Slide 29: Thank You!
Thank You! 29
Slide 30: Appendix
ARKO A Family of Community Brands Appendix
Slide 31: Reconciliation to non-GAAP Figures: ARKO Corp.
Reconciliation to non-GAAP Figures: ARKO Corp. Reconciliation of Net income (loss) to EBITDA and Adjusted EBITDA For the Three Months For the Year Ended December 31, Ended December 31, 2025 2024 2025 2024 (in thousands) Net income (loss), including net income attributable to non-controlling interest
Slide 32: Reconciliation to non-GAAP Figures: ARKO Petroleum Corp.
Reconciliation to non-GAAP Figures: ARKO Petroleum Corp. Twelve Months Ended September 30, 2025 (in thousands, except ratios) Net income $ 32,202 Interest and other financing expenses, net 40,913 Income tax expense 10,547 Depreciation and amortization 53,111 EBITDA 136,773 Acquisition costs (a) 386
Slide 33: Safe Harbor Statement
Safe Harbor Statement FORWARD-LOOKING STATEMENTS This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, the Company’s expected financial and operational