Alimentation Couche-tard Inc. · TSX:ATD
Alimentation Couche-tard — Q4 2025 Earnings Presentation
63 slides from Alimentation Couche-tard's earnings presentation, Jun 26, 2025
Slide 1: Q4-FY25 Investor Presentation
Q4-FY25 Investor Presentation
Slide 2: Forward-Looking Statements
Forward-Looking Statements Q4-25 ACT Investor Presentation 2
Slide 3: Non-IFRS Accounting Standards Measures
Non-IFRS® Accounting Standards Measures Q4-25 ACT Investor Presentation
Slide 4: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q4-25 ACT Investor Presentation 4
Slide 5: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q4-25 ACT Investor Presentation 5
Slide 6: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q4-25 ACT Investor Presentation 6
Slide 7: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q4-25 ACT Investor Presentation 7
Slide 8: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q4-25 ACT Investor Presentation 8
Slide 9: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q4-25 ACT Investor Presentation 9
Slide 10: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q4-25 ACT Investor Presentation 10
Slide 11: Company Highlights
Company Highlights Q4-25 ACT Investor Presentation
Slide 12: 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 13: Spanning Continents and Bridging Markets
Spanning Continents and Bridging Markets 29 Countries3 OUR SITES and 29 Business Units3 TOTAL 16,951 UNITED-STATES 7,115 CANADA 2,102 EUROPE AND OTHER REGIONS1 5,260 INTERNATIONAL2 2,474 Core network International licensees Coast-to-coast presence in Canada and located in 47 of 50 U.S. states and le
Slide 14: 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 15: Global Retailer in Fuel and Convenience
Global Retailer in Fuel and Convenience ~17,000 stores globally ~6,000 sites offering Fresh Food, Fast ~146,000 employees ~42 million gallons of fuel sold per day ~9,000 sites offering Circle K/ Couche- Tard Fuel ~8.5 million customers served per day1 Note: Yearly update (excluding total stores). Al
Slide 16: Revenue and Gross Profit Mix
Revenue and Gross Profit1 Mix Geographic Mix Product Mix Revenue 1% 11% 25% 2% 10% Gross Profit1,2 49% 49% 25% 32% 65% 57% 74% United States Europe & Other Canada Merchandise and Service Fuel Other Note: Yearly update. All figures based on results for fiscal year ended April 27, 2025 1 Please refer
Slide 17: Latest Highlights
Latest Highlights Merch. SSS – US1 SS Volume – US1 Net Earnings Growth Y/Y4 (0.4%) (1.9%) (-2.7%) Adj. EBITDA Growth Y/Y3,4 Q4-2025 6.1% Merch. SSS – Europe and SS Volume – Europe and Other Diluted EPS Growth Y/Y4 Other Regions1,2,3 Regions1,2 (2.1%) 3.4% (0.6%) Leverage Ratio3 1.96 Merch. SSS – Can
Slide 18: 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. Q4-25 ACT Investor Presentation 18
Slide 19: 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 20: Industry Overview
Industry Overview Q4-25 ACT Investor Presentation
Slide 21: 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 % Q4-25 ACT Investor Presentation 21
Slide 22: Fragmented U.S. Market Provides Consolidation Opportunities
Fragmented U.S. Market Provides Consolidation Opportunities Single Stores Chain Stores 2024 Chain Size 2007 152,225 146,294 total total stores stores 500+ 175,000 22% 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 54,492 55,308
Slide 23: Industry Inside Sales and Pretax Income
2006 $163.6 2007 $168.5 2008 $173.9 2009 $182.4 2010 $190.4 2011 $195.0 2012 $199.3 Source: NACS State of the Industry Report of 2024 Data. 2013 $204.0 2014 $213.5 2015 $225.8 2016 $233.0 $237.0 CAGR 4.1% 2017 (in billions) 2018 $242.2 2019 $251.9 2020 $255.6 Industry Inside Sales 2021 $277.9 Q4-25
Slide 24: Recession Resilient
(15.0%) (10.0%) - 10.0% 15.0% 20.0% 25.0% (5.0%) 5.0% (30.0%) (25.0%) (20.0%) (15.0%) (10.0%) - 10.0% 15.0% (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 25: Total RTF Gross Profit Dollars Strongly Correlated to OpEx
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 Operating Expenses 1 Please refer to the “Non-IFRS Accounting Standards Measures” section of this present
Slide 26: 10 FOR THE WIN
10 FOR THE WIN Q4-25 ACT Investor Presentation
Slide 27: 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 28: 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 ~6,000 sites globally over and above other food Recent p
Slide 29: 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 30: 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 31: 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 32: Circle K Fuel – Strengthened Network and Value Chain
Circle K Fuel – Strengthened Network and Value Chain Fuel Gallons Sold1 US Fuel CPG2,4 15.4 billion 43.27 Stores offering fuel / Our Fleet % of total network2,3 ~575 trucks, ~13,000 / ~90% ~1,050 drivers Circle K/Couche-Tard Fuel Branded Number of B2B customers Stores1 >110 million transactions ~9,0
Slide 33: US RTF Performance – Understanding The Fundamentals
US RTF Performance – Understanding The Fundamentals 40.0 50 1.50 1.45 36.0 45 +6.0 US RTF Gross Margin1 (cpg) 1.40 RTF Gross Margin (CPG) 40 32.0 CPI (2009 base year) 1.35 35 1.30 28.0 30 1.25 24.0 25 1.20 1.15 20.0 20 1.10 15 16.0 +1.4 1.05 10 1.00 12.0 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2
Slide 34: B2C – Delivering on our Customer Promise
B2C – Delivering on 1 Winning Fuel our Customer Promise B2C value proposition Achievements FY26+ 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 35: 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 FY26+ Initiatives and US Growth opportunity US growth • Upside by driving awareness of Circle K network and offer • Direct relationships with Business custom
Slide 36: Fuel Supply Chain – Enabling Outperformance
Fuel Supply Chain – 1 Winning Fuel Enabling Outperformance Fuel Supply Chain Value through scale and targeted control FY26+ 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 37: Our Membership Programs Bring Easy to Life
Our Membership Programs Bring 1 Winning the Customer “Easy” to Life Build fans through loyalty FY2028 Ambition ~200 million For consumers in EBITDA1 For ACT Benefits across the entire offer 1 Acquire valuable customer data Value (Fuel, Merchandise and Services) to deliver insights, prioritize cust
Slide 38: A View Into Our Present Future
A View Into Our Present Future 1 Winning the Customer Digital Experience Q4-25 ACT Investor Presentation 38
Slide 39: 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 40: The Foundation Building A World Class Cost Structure
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 41: 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 42: 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 43: Accretive M&A Fuels Financial Breakthroughs
Accretive M&A Fuels 1 Winning Growth Financial Breakthroughs M&A Q4-25 ACT Investor Presentation 43
Slide 44: 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 45: 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 2025 Year 2012- Deals 2 34 7 4 3 4 3 3 0 1 3 4 5 2 2 Stores 1,706 1,137 2,506 166 1,660 515 442 2,055 0 30 367 91 345 2,287 290 Since 2004, Couche-Tard has successfully completed a
Slide 46: 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 that Strong credit metrics for several years than after Circle K significantly expands and diversifies our network transformational acquisition Leverage
Slide 47: 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 48: Transformative Synergies
Transformative Synergies1 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
Slide 49: 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 50: 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 Norway Sweden Denmark Germany Netherlands Belgium ACT 756
Slide 51: 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 52: 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 Q4-25 ACT Investor Presentation 52
Slide 53: 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 54: 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 Q4-25 ACT Investor Presentation 54
Slide 55: 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 56: Celebrating Our Progress in Sustainable Practices
Celebrating Our Progress in Sustainable Practices For the fourth 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 i
Slide 57: Increasing Shareholder Value
Increasing Shareholder Value Q4-25 ACT Investor Presentation
Slide 58: A Cash Generation Powerhouse
A Cash Generation Powerhouse Net earnings attributable to EBITDA1 Net CapEx1 Free Cash Flow1 shareholders of the $5,940 Corporation $2,623 $2,192 1,804 $1,876 $1,038 $934 $563 FY2015 FY2025 FY2015 FY2025 FY2015 FY2025 FY2015 FY2025 1 Please refer to the “Non-IFRS Accounting Standards Measures” secti
Slide 59: Optimizing Capital Allocation for Strategic Priorities
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 • ~39% of CapEx as a % of • 12.2% ROCE1 as at April 28, • Leverage ratio of 1.96x2 EBITDA1 for
Slide 60: Balanced Maturity Curve with Effective Financing Cost
Balanced Maturity Curve with Effective Financing Cost Leverage Ratio1,2 1.96 Share Repurchases FY2025 ~ 8.7 million shares / ~ $510 million Average Cost of Debt 3.93% Average Term to Maturity 10.5 Investment Grade Credit Rating BBB+ (S&P) / Baa1 (Moody's) Incremental Balance Sheet Capacity3 of ~$10
Slide 61: Historical Financial Highlights
Historical Financial Highlights in US$ millions, unless otherwise noted 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CAGR Total revenues 34,145 37,905 51,394 59,118 54,132 45,760 62,810 71,857 69,264 72,857 6.7% Gross profit1 6,082 6,482 8,112 9,195 9,644 10,115 11,005 12,052 12,098 13,021 10.1
Slide 62: 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 Q4-25 ACT Investor Presentation 62
Slide 63: Thank you!
Thank you!
Alimentation Couche-Tard — Q4 2025 Earnings Presentation on 6ix