Slide 1: Investor Deck September 2026
INVESTOR DECK September 2026
Slide 2: Forward-Looking Statements; Use of Non-GAAP Measures
The presentation is dated as of September 8, 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 befor
Slide 3: An Introduction to Casey's
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 >$30B DAQ: CAS Y Total Enterprise Value NAS largest convenience ~3,000 Convenience Stores Operating in 19 States 3rd store chain
Slide 4: 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 4
Slide 5: Casey's Has Unique Competitive Advantages in the Convenience and QSR Retail Landscapes
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 6: 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 6
Slide 7: The Restaurant Industry Is Dominated by Franchise Operating Model
QSR INDUSTRY 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 execution
Slide 8: Restaurants Rely on Menu Price Increases to Offset Pressures
QSR INDUSTRY RESTAURANTS RELY ON MENU PRICE INCREASES TO OFFSET PRESSURES 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 S COS RA R-squared = .98 SE ISE EA M CR 4
Slide 9: C-Store Industry
GRO C ME E R R Y & ND ISE CH GE A NER C-STORE AL OPERATING INDUSTRY COSTS GR FEL RA L ERYU OC & GENE MER CHANDISE 9
Slide 10: The C-Store Industry Is Fragmented and Consolidating
C-STORE INDUSTRY THE C-STORE INDUSTRY IS FRAGMENTED AND CONSOLIDATING CONSOLIDATION Smaller operators are strategic acquisition targets US Convenience Store Count1 22% # OF STORES 2025 2022 Unit Change % Change 1-10 95,672 94,928 744 0.8% 3% FRAGMENTATION Over the past 10 fiscal years, Ownership Bre
Slide 11: Stores with Restaurant-Quality Food Are Leaders in the Industry
C-STORE INDUSTRY 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 Mar
Slide 12: Marginal C-Store Operators Rely on Higher Fuel Margins to Offset Pressures
C-STORE INDUSTRY MARGINAL C-STORE OPERATORS RELY ON HIGHER FUEL MARGINS TO OFFSET PRESSURES 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
Slide 13: Casey's Advantaged Position
GRO C & D AGE S ME E R R D B OO R Y & ND ISE CH E DF EV GE CASEY’S A PREPARE NER S E ADVANTAGED AL N OPERATING P E COSTS S POSITION D I FUEL 13
Slide 14: 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 operated, rural Midwest footprint O AR & S LU D AG E M C 4. E EP R PE N SE D B F OO ER CH A RO ER E Y & NDI SE EV POS Unique restaurant-quality foods
Slide 15: 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 16: 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 17: 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 18: FY27-FY29 Guidance
PROVEN FINANCIAL EXECUTION 3-YEAR GROWTH PLAN CONTINUES STRONG MOMENTUM 8%-10% EBITDA % GROWTH 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 PROFI
Slide 19: A Proven EBITDA Growth Algorithm
PROVEN FINANCIAL EXECUTION 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 builds • S
Slide 20: Our Convenience QSR Operating 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 21: Pizza Is the Crown Jewel
ACCELERATE FOOD AND BEVERAGE PIZZA IS THE CROWN JEWEL 1 SPECIALTY INNOVATION 2 VALUE 3 CONSISTENT EXECUTION Twisted Pepperoni BBQ Brisket $10 Any Large Pizza Certification Ultimate Meat Jalapeno Popper 40% off during College Football Asset Improvements Four Cheese Chorizo Breakfast 40% off during Co
Slide 22: Wings Is an Exciting Platform
ACCELERATE FOOD AND BEVERAGE WINGS IS AN EXCITING Plan: Scale to remainder of Casey’s over next two fiscal years PLATFORM 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-only basket hav
Slide 23: The Casey's Brand Is High-Quality at a Great Value for Guests
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 24: 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 25: Significant White Space to Grow Casey's 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 26: Significant White Space to Grow Casey's 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 27: Significant White Space to Grow Casey's 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 28: Expanding from Store to Enterprise
ENHANCE OPERATIONAL EFFICIENCY EXPANDING FROM STORE TO ENTERPRISE CONTINUOUS IMPROVEMENT FY26 Operating Expenses Next 3YR Objective Next 3YR Objective Create capacity for accelerating food Enhance operating leverage to grow and beverage sales without 1:1 OpEx Store All store count without 1:1 OpEx i
Slide 29: 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 30: Experienced Leadership Team
TEAM MEMBER VALUE PROPOSITION EXPERIENCED LEADERSHIP TEAM AVERAGE TENURE > 6 years Senior leadership team > 8 years Extended leadership team 30
Slide 31: 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 32: Appendix
Appendix 32
Slide 33: Reconciliation of Non-GAAP Financial Measures: Net Income to EBITDA
APPENDIX RECONCILIATION OF NON-GAAP FINANCIAL MEASURES: NET INCOME TO EBITDA FY24 FY25 FY26 Net income $ 501,972 $ 546,520 $ 714,448 Interest, net 53,441 83,951 96,634 Federal and state income taxes 154,188 165,929 222,575 Depreciation and amortization 349,797 403,647 449,958 EBITDA $ 1,059,398 $ 1,