Alimentation Couche-tard Inc. · TSX:ATD
Alimentation Couche-tard — Q3 2026 Earnings Presentation
67 slides from Alimentation Couche-tard's earnings presentation, Mar 18, 2026
Slide 1: Q3-2026 Investor Presentation
Q3-2026 INVESTOR PRESENTATION I N V E S T O R P R E S E N T A T I O N 1
Slide 2: Forward-Looking Statements
INTRODUCTION Forward-Looking Statements The statements set forth in this presentation, which describes Couche-Tard’s objectives, projections, estimates, expectations, and forecasts, including Couche-Tard’s long-term and fiscal 2026 guidance, may constitute forward-looking statements within the meani
Slide 3: A Storied History of Entrepreneurship & Dynamic Growth
WHAT WE’VE BUILT A Storied History of Entrepreneurship & Dynamic Growth 2023-24 Alain Bouchard, 2001 2012 2016 2020 Transformative Jacques D’Amours, Entry into U.S. Expansion into Europe Expansion in Ireland & Canada Grow into Asia Acquisition Richard Fortin, Acquired Bigfoot Acquired Statoil Fuel &
Slide 4: Spanning Continents and Bridging Markets
WHERE WE ARE TODAY Spanning Continents and Bridging Markets 27 COUNTRIES 3 OUR SITES AND TOTAL 17,276 29 BUSINESS UNITS 3 UNITED-STATES 7,306 CANADA 2,071 EUROPE AND OTHER REGIONS1 5,217 INTERNATIONAL2 2,682 Coast-to-coast presence in Canada and located Core network in 48 of 50 U.S. states and leadi
Slide 5: 25 Years of EBITDA and EPS growth
HOW WE’VE GROWN 25 Years of EBITDA1 and EPS growth 5.9 5.8 5.6 Over the past 25 years we’ve 3.50 achieved EBITDA1 CAGR of ~20% RETURN ON 3.00 and EPS & Net EQUITY1 earnings CAGR FY25 18.3% 2.50 Earnings Per Share ($) 3.1 of 25% 2.7 2.6 2.00 1.50 1.00 0.50 0 FY 2000 FY 2001 FY 2002 FY 2003 FY 2004 FY
Slide 6: Fragmented U.S. Market Provides Consolidation Opportunities
Fragmented U.S. Market Provides Consolidation Opportunities Single Stores Chain Stores Chain Size 2024 2007 152,225 146,294 total total stores stores 500+ 22% 175,000 150,000 57,315 57,031 56,836 56,476 57,792 57,612 56,226 60,597 60,526 55,401 58,078 54,917 59,751 54,526 58,690 55,611 125,000 54,49
Slide 7: A Decentralized and Scalable Operating Model
OUR BUSINESS MODEL A Decentralized and Scalable Operating Model The Pillar of Our Success STRATEGIC GLOBAL – LOCAL OPERATIONAL GROWTH DELIVERY EXCELLENCE Disciplined M&A and An operating model A focus on efficiencies targeted expansion to that empowers local teams and financial discipline to gain shar
Slide 8: Vision: The world's favourite stop for people on the go
VISION we’re aspiring to become The world's favourite stop for people on the go I N V E S T O R P R E S E N T A T I O N 8
Slide 9: Mission: To make our customers' lives a little easier
MISSION our day-to-day focus To make our customers’ lives a little easier every day I N V E S T O R P R E S E N T A T I O N 9
Slide 10: Our Values
O U R VA L U E S N u r t u r in g O u r Wo r ld C l a s s C u lt u re TA K E DO THE ONE TEAM P L AY T O W I N OWNERSHIP RIGHT THING I N V E S T O R P R E S E N T A T I O N 10
Slide 11: I N V E S T O R P R E S E N
I N V E S T O R P R E S E N T A T I O N 11
Slide 12: Award Winning
Award Winning Inves�ing in Our People and Growing Toge�her Five-Time Winner of Top decile in employee the Gallup Exceptional engagement Workplace Award Outperforming the industry in turnover rate Sources: Gallup I NI N V V E E S S T T O O R R P P R R E E S S E E N N T T A A T T I O I O N N 12
Slide 13: Our Executive Leadership Team
COMPANY HIGHLIGHTS Our Executive Leadership Team Alex Miller Filipe Da Silva Ina Strand Melanie Charbonneau Ed Dzadovsky Louise Warner President and Chief Financial Officer Chief People Officer Chief Legal Officer and Chief Technology Officer EVP, North America Chief Executive Officer Corporate Secr
Slide 14: Latest Highlights
COMPANY HIGHLIGHTS Latest Highlights Merch. SSS – US1 SS Volume – US1 Net Earnings Growth Y/Y3 2.8% (0.4%) 17.4% Adj. EBITDA Growth Y/Y2,3 Q3-2026 Merch. SSS – Europe and SS Volume – Europe and Diluted EPS Growth Y/Y3 14.7% Other Regions1,2 Other Regions1 0.4% (1.6%) 20.6% Leverage Ratio2 Merch. SSS
Slide 15: Core + More: How we'll Drive Traffic, Profitably
OUR GROWTH STRATEGY Core + More: How we’ll Drive Traffic, Profitably ENABLED BY: DIGITAL, DATA, TECH MERCHANDISE SUPPLY CHAIN PROCESS & COST EFFICIENCIES AMPLIFY THE CORE INVEST IN MORE Food | Offer | Network | Fuel | Nicotine | Thirst Mobility Solutions I N V E S T O R P R E S E N T A T I O N 15
Slide 16: Core platforms share of revenues and gross profit
AMPLIFY THE CORE FY25 Category Share of Revenues and Gross Profit Our Core platforms 9% Other remain material to our 8% Thirst success; representing 24% Other 90% of Revenues and 9% Nicotine ~75% of Gross Profit1 $73BTOTAL $13B TOTAL GROSS REVENUES PROFIT1 FY25 Geographic Revenues 76% Core 57% 74% F
Slide 17: Leveraging Our Strengths in Our Fuel Network
AMPLIFY THE CORE | FUEL Leveraging Our Strengths in Our Fuel Network Network Scale +5% increased trip frequency globally ~13,000 / ~90% stores offering fuel 15.4 billion Fuel Gallons Sold 1 for loyalty members % of total network 2,3 ~9,000 Circle K/Couche-Tard >110 million transactions per year ~575
Slide 18: Industry Leading Fuel Margins Through Size and Scale
AMPLIFY THE CORE | FUEL Industry Leading Fuel Margins Through Size and Scale U.S. Break-Even Fuel Margins U.S. Rack-to-Retail Gross Margins 36.0 50 1.50 1.45 32.0 45 US RTF Gross Margin (cpg) (1) 1.40 US RTF Gross Margin (cpg) 40 28.0 1.35 CPI (2009 base year) 35 1.30 24.0 30 1.25 COVID-19 20.0 1.20
Slide 19: Total RTF Gross Profit Dollars Strongly Correlated to OpEx
AMPLIFY THE CORE | FUEL Total RTF Gross Profit1 Dollars Strongly Correlated to OpEx3 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 OpEx3 1 Please refer to the “Non-IFRS Accounting Standards Measures” section of t
Slide 20: … and We'll Continue Beating the Market
AMPLIFY THE CORE | FUEL … and We’ll Continue Beating the Market How We’ll Win • Compelling value through rewards and promotions • Accelerating B2B growth • Fast & consistently customer ready forecourt experiences • World class Fuel Supply Chain • Market responsive pricing and optimization I N V E S
Slide 21: Leading the Nicotine Transition
AMPLIFY THE CORE | NICOTINE Leading the Nicotine Transition The Market is Changing And We’re Delivering E X P E C T E D G R O S S P R O F I T (1,2) FY2026 – 2030 22% US Modern Oral Market Share* 17% US Cigarette Market Share* +2.3% vs European Market ONP Growth (last 52weeks) +1% vs European Market
Slide 22: Leading the Nicotine Transition: How We'll Win
AMPLIFY THE CORE | NICOTINE Leading the Nicotine Transition How We’ll Win • Win outsized share of the migration to modern nicotine alternatives • Provide customers compelling value through market leading promotions, offers, and range • Availability and speed to market, enabled by Supply Chain I N V
Slide 23: All-Day Thirst: A Unique Position and Opportunity
AMPLIFY THE CORE | THIRST All-Day Thirst: A Unique Position and Opportunity Thirst is an All-Day Opportunity Energy is Driving the Category We Are Delivering 2X ~7/10 Customers purchase a beverage Average consumer has Energy’s growth between roughly 8 to 9 beverage 2018–2026 at Circle K $0.79 Compel
Slide 24: All-Day Thirst: How We'll Win
AMPLIFY THE CORE | THIRST All-Day Thirst: A Unique Position and Opportunity How We’ll Win • Utilize digital channels to deliver compelling value through highly personalized offers and promotions • Elevated assortment & expanded in-store space for every Thirst occasion • Utilize our scale to deliver
Slide 25: What Success Looks Like
AMPLIFY THE CORE | SUCCESS What Success Looks Like • Our people remain the foundation of our business success • Customers continue to choose us for the compelling value offered on our best products • We continue to outpace the industry across all Core platforms • Supply chain improvements support us
Slide 26: Engaging Customers with a Targeted Food Growth Plan
INVEST IN MORE | FOOD Existing food shoppers We’re Now Engaging with our Customers with a Targeted Existing in-store shoppers Forecourt shoppers Growth Plan New customers I N V E S T O R P R E S E N T A T I O N 26
Slide 27: 4 Growth Pillars of Our Food Journey
INVEST IN MORE | FOOD 4 Growth Pillars of Our Food Journey Operational Targeted Controlled Innovation Execution Menu & Deals Supply Chain GOAL Food revenue expected to grow 4x the rate of merchandise revenues(1,2,3) 1 Represents forward-looking information within the meaning of applicable securities
Slide 28: Customers Value Our Private Brands
Customers Value Our Private Brands I N V E S T O R P R E S E N T A T I O N 28
Slide 29: Private Brands are a Targeted Part of Our Offer
INVEST IN MORE | OFFER & PRIVATE BRANDS Private Brands are a Targeted Part of EXAMPLE: Our Offer Co-branding with an experienced partner resulted in a product CATEGORY customers preferred ASSESSMENT NEW OLD DIFFERENTIATED CONSUMER OFFER INSIGHTS • Owned Brands OUR RESULTS: • Co-Brands Co-Branded Cir
Slide 30: We Continue to Evolve our Offer
INVEST IN MORE | OFFER & PRIVATE BRANDS We Continue to Evolve our Offer Our Offer Will Evolve to Consumer Preferences are Shifting Meet Consumer Demands “DO YOU C ONS IDE R T HE F O LLO WING T YPE O F PR IO R IT IZ A T IO N O F WE LLNE S S E XA MPLE E XPLOR A T ION C R IT E R IA R E T A IL BUS INE S
Slide 31: Expanding Control Over Our Supply Chain Enables Growth
ENABLERS| SUPPLY CHAIN Expanding Control Over Our Supply Chain Enables Growth Enabling the Core Enabling More • Expanded control and flexibility • Improved LEGEND procurement costs Supply Chain Assets and Locations • Decreased Legacy DC wholesaler risk DC Expansion Planned DC • Improved Legacy Commi
Slide 32: Disciplined Expansion - Growing Our Network
INVEST IN MORE | NETWORK DEVELOPMENT Disciplined Expansion - Growing Our Network Capital Reallocation Rateable Growth Opportunistic M&A Growth NETWORK OPTIMIZATION 750+ ( A V E R A G E E B I T D A 1) Large-Scale ~3X M&A 0.25X 5-Year Growth Target (New build)(2) Regional Acquisitions Divested Average
Slide 33: Disciplined Expansion - New Stores Strategy
INVEST IN MORE | NETWORK DEVELOPMENT Disciplined Expansion - New Stores Strategy Our Approach New Store EBITDA(1) by Fiscal Year Open NEW STORE EBITDA BY FISCAL YEAR OPEN • Expanding in fast-growing suburban areas Traditional Growth • Strategically entering and enhancing markets • Expanding upon our
Slide 34: M&A Growth Priorities
INVEST IN MORE | NETWORK DEVELOPMENT M&A Growth Priorities Growing footprint in our channel in existing geographies, and expanding to new ones by leveraging our scale 1 Growing our footprint in 2 Significant synergies to be 3 Latin America and the US market remains unlocked in Europe by Southeast As
Slide 35: Continued Growth in Global EV Sales
INVEST IN MORE | E-MOBILITY Continued Growth in Global EV Sales BEV share of new car sales continues to increase globally, with Scandinavia leading ~50% CAGR for global EV sales since 2020, the transition, BEV % of passenger car sales global passenger EV sales million 98% 100% 22 89% Scandinavia CAG
Slide 36: Strong EV Presence and Market Reach
INVEST IN MORE | E-MOBILITY Strong EV Presence and Market Reach EV customers generates accretive value vs fuel customers Leading on customer brand preference in +54% +33% Scandinavia Avg shop merchandise and #1 #2 Store visit frequency service gross profit1 per (Norway, FY25) customer (Norway, FY25)
Slide 37: Growth Delivered in Advanced EV Markets
INVEST IN MORE | E-MOBILITY Growth Delivered in Advanced EV Markets >Circle K market share % in Kwh sold >100% avg annual growth in Kwh sold since 2021, Total is 2x market share in charging points GWh sold EU + NA 2X 20% 10% CAGR +142% Charge points Charging sessions FY21 FY22 FY23 FY24 FY25 FY26 YT
Slide 38: How We Win the EV Transition
INVEST IN MORE | E-MOBILITY How We Win the EV Transition Where We’re Heading S T R O N G T R A N S A C T I O N G R O W T H C A G R (1) E U R O P E (M) • Monetize our integrated charging, food, beverage and services ecosystem that strengthens customer engagement 30.5M • Protect and expand our leading
Slide 39: Car Wash will Support Our Growth Journey
INVEST IN MORE | CAR WASH Car Wash will Support Our Growth Journey Building from a Leading Network Today Targeted Opportunites for Growth / ! y ñ ! } K ä d NÖ} Asset Growth • Market for "Do-It-For-Me" Services continues to expand globally • Expansion of co-located tunnel stores US • Pilot mini-tunne
Slide 40: What Success Looks Like
INVEST IN MORE | SUCCESS What Success Looks Like • Our people will be at the center of our success in our 'More' platforms • Customers will choose us for the compelling value they see in our food, product offering and mobility services as we establish ourselves as a superior destination • Extending
Slide 41: Leading the Digital Journey
ENABLERS | DIGITAL, DATA & TECHNOLOGY Leading the Digital Journey Digital product engagement is increasing Additional fuel gallons per 1,300 Members per store, +12% YOY 121 member per year (North America) Monthly Active App Users, Pump to In-Store conversion +31% +800k per month YOY 21% rate for thi
Slide 42: Enabling a Differentiated & Connected Customer Experience
ENABLERS | DIGITAL, DATA & TECHNOLOGY Enabling a Differentiated & Connected Customer Experience Easier Digital Experiences Greater Value for Loyalty Personalized Offers for Basket Uplift I N V E S T O R P R E S E N T A T I O N 42
Slide 43: Providing a Full Suite of Robust Platforms and Systems
ENABLERS | DIGITAL, DATA & TECHNOLOGY Providing a Full Suite of Robust Platforms and Systems Data Platform 2.0 & Master Digital Platforms: Loyalty & Inventory Modernizing Data Management Mobile App Management: Relex Retail Systems Modern data platforms Loyalty, and Mobile Real-time inventory Moderni
Slide 44: Full Circle Media Unlocking New Revenue Stream
ENABLERS | DIGITAL, DATA & TECHNOLOGY Full Circle Media Unlocking New Revenue Stream Home / Online Pump Store Check-Out Web & Social Inner Circle App Fuel Media Digital Walls Media LIFT Screens Opportunity: > $100M in Revenues (1,2) (1) Represents forward-looking information within the meaning of ap
Slide 45: What Success Looks Like
ENABLERS | DIGITAL, DATA & TECHNOLOGY | SUCCESS What Success Looks Like • Digital, Data, and Technology form the ecosystem that enables Core + More • Loyalty drives customer engagement • Data is powering real-time insights • Technology investments are the foundation for future growth • Full Circle M
Slide 46: Our Growth Algorithm Delivering Long-term Shareholder Value
DELIVERING PROFITABLE GROWTH Our Growth Algorithm Delivering Long-term Shareholder Value EBITDA FY2026-FY2030 CAGR(3) 2-3% Growth of Consolidated Same- Total Road Transportation Fuel Store Merchandise Revenues(1,2) (FY25 Growth of (decrease in) Consolidated Same-Store Merchandise Revenues: (0.4%), F
Slide 47: Top Line Driven by our Customer Promise
DELIVERING PROFITABLE GROWTH Top Line Driven by our Customer Promise FY2026-FY2030 CAGR(3) Merchandise and Service Revenues(1) Growth of Consolidated Same-Store Amplify Invest Merchandise Revenues(1,2) (FY25 Growth of (decrease in) Consolidated Same-Store Merchandise Revenues: (0.4%), FY25 2-3% the
Slide 48: Fuel Positioned to Continue to Outperform the Market
DELIVERING PROFITABLE GROWTH Fuel Positioned to Continue to Outperform the Market FY2026-FY2030 CAGR(3) Road Transportation Fuel Gross Profit(1,2) Growth of Consolidated Same- R T F G R O S S P R O F I T G R O W T H ( 1 , 2) Store Merchandise Revenues(1,2) Total Merchandise and Service Revenues(1) T
Slide 49: Leveraging Operating Efficiencies
DELIVERING PROFITABLE GROWTH Leveraging Operating Efficiencies FY2026-FY2030 CAGR(3) Annual Normalized Expense Growth(1,2) Growth of Consolidated Same- Store Merchandise Revenues(1,2) Total Merchandise and Service Revenues(1) Total Road Transportation Fuel Gross Profit(1,2) Normalized Growth of Expe
Slide 50: Driving Long-Term Shareholder Value Creation
DELIVERING PROFITABLE GROWTH Driving Long-Term Shareholder Value Creation FY2026-FY2030 CAGR(3) Adjusted EBITDA & Adjusted Diluted EPS Growth(1,2) Projection(1,2) Growth of Consolidated Same- Adjusted EBITDA (1,2) Adjusted Diluted EPS(1,2) (in US millions) Store Merchandise Revenues(1,2) (in $) Tota
Slide 51: Focus on Cost Saving Initiatives
DELIVERING PROFITABLE GROWTH Focus on Cost Saving Initiatives Fi� �o Serve Program �o unlock EBITDA1 value of ~$850M(2) by FY30 �o fund Core + More activities Store Operations Process-Based Optimize Global Procurement Efficiencies Transformation Programs Talent Hubs Leveraging data and Reducing admi
Slide 52: Disciplined Cost & Cash Management
DELIVERING PROFITABLE GROWTH Disciplined Cost & Cash Management: FY2026-FY2030 – Fit-to-Serve Total Opportunity ($M) 1,2 SG&A3 ~$3501 ~$5001 MERCH FUEL PROC STORE Changes in Working Capital G&A3 GNFR3 CAPEX3 COGS3 CONTR3 TRANS3 OPS3 NWC3 Optimization to free up cash through traditional value levers:
Slide 53: Balanced Maturity Curve with Effective Financing Cost
DELIVERING PROFITABLE GROWTH Balanced Maturity Curve with Effective Financing Cost ACT Senior Unsecured Notes - Debt Maturity Profile3 Leverage Ratio1,2 2.25 $1,200 $1,000 Share Repurchases as of Q3-26 Principal in millions of USD 29.6M Shares $800 Average Cost of Debt $1,275 $600 $1,070 4.00% $1,00
Slide 54: Disciplined Capital Allocation through Targeted High-Return Growth Opportunities
DELIVERING PROFITABLE GROWTH Disciplined Capital Allocation through Targeted High-Return Growth Opportunities Disciplined Robust Accretive Strong Investment Annual Free Share Investment in Growth Cash Flow Buyback Grade CAPEX3 Engine program Credit rating Reinvesting up to >$2.5B in Free Cash Flow1,
Slide 55: Closing Remarks: What Success Looks Like
DELIVERING PROFITABLE GROWTH What Success Looks Like • Confidence in Core+More: Providing a clear path to sustained top line and profitability growth CLOSING REMARKS • Strong cost management enabling investment in key initiatives • Disciplined capital allocation to drive shareholder value creation •
Slide 56: Compelling Investment Opportunity
WHAT SETS US APART Compelling Investment Opportunity Building on a winning ‘Core’, unlocking higher growth in UNTAPPED ORGANIC GROWTH ‘More’ supported by key strategic ‘Enablers’ Maintaining competitive advantage through fuel SUSTAINABILITY OF FUEL GROSS MARGINS(1) sourcing capabilities and global b
Slide 57: ACT A Responsible Retailer – ESG Ambitions
ESG ACT A Responsible Retailer – ESG Ambitions For more information on our sustainability efforts, please visit our corporate website at Sustainability - Couche-Tard Corpo I N V E S T O R P R E S E N T A T I O N 57
Slide 58: ACT A Responsible Retailer – ESG Ambitions
ESG ACT A Responsible Retailer – ESG Ambitions Fuel: Circle K delivery fleet in Ireland (all vehicles) and internal fleet in Norway (30 vehicles) transitioned to HVO Energy: Have over 6,000 renewable dispensers – achieving well over our goal of 4,300 by the end of calendar 2025. Packaging and
Slide 59: Endnotes
Endnotes 1. The below refers to Endnote 3 of slides 46, 47, 48, 49 and 50: Compound annual growth rate (‘’CAGR’’) is a commonly used growth formula. For Total Merchandise and Service Revenues, Adjusted EBITDA, Total Road Transportation Fuel Gross Profit and Adjusted diluted net earnings per share, t
Slide 60: Thank You!
THANK YOU! Q 2 - 2 6 A C T A N A L Y S T P R E S E N T A T I O N
Slide 61: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures I N V E S T O R P R E S E N T A T I O N 61
Slide 62: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures I N V E S T O R P R E S E N T A T I O N 62
Slide 63: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures I N V E S T O R P R E S E N T A T I O N 63
Slide 64: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures I N V E S T O R P R E S E N T A T I O N 64
Slide 65: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures I N V E S T O R P R E S E N T A T I O N 65
Slide 66: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures I N V E S T O R P R E S E N T A T I O N 66
Slide 67: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures I N V E S T O R P R E S E N T A T I O N 67
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