Alimentation Couche-tard Inc. · TSX:ATD
Alimentation Couche-tard — Q2 2026 Earnings Presentation
60 slides from Alimentation Couche-tard's earnings presentation, Nov 25, 2025
Slide 1: Q2-FY26 Investor Presentation
Q2-FY26 Investor Presentation
Slide 2: Forward-Looking Statements
Forward-Looking Statements Q2-26 ACT Investor Presentation 2
Slide 3: Non-IFRS Accounting Standards Measures
Non-IFRS® Accounting Standards Measures Q2-26 ACT Investor Presentation
Slide 4: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q2-26 ACT Investor Presentation 4
Slide 5: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q2-26 ACT Investor Presentation 5
Slide 6: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q2-26 ACT Investor Presentation 6
Slide 7: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q2-26 ACT Investor Presentation 7
Slide 8: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q2-26 ACT Investor Presentation 8
Slide 9: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q2-26 ACT Investor Presentation 9
Slide 10: Non-IFRS Accounting Standards Measures
Non-IFRS Accounting Standards Measures Q2-26 ACT Investor Presentation 10
Slide 11: Company Highlights
Company Highlights Q2-26 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 30 Business Units3 TOTAL 17,270 UNITED-STATES 7,308 CANADA 2,082 EUROPE AND OTHER REGIONS1 5,247 INTERNATIONAL2 2,633 Core network International licensees Coast-to-coast presence in Canada and located in 48 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 ~17,300 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/Y3 1.2% (0.6%) 4.4% Adj. EBITDA Growth Y/Y2,3 Q2-2026 7.5% Merch. SSS – Europe and SS Volume – Europe and Other Diluted EPS Growth Y/Y3 Other Regions1,2 Regions1 5.3% 0.5% (1.8%) Leverage Ratio2 2.21 Merch. SSS – Canada1 SS Vol
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. Q2-26 ACT Investor Presentation 18
Slide 19: Compelling Investment Opportunity
Ticker Compelling Investment Opportunity Symbol 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% to 60% of the
Slide 20: Industry Overview
Industry Overview Q2-26 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 % Q2-26 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 Q2-26
Slide 24: Recession Resilient
(30.0%) (25.0%) (20.0%) (15.0%) (10.0%) - 10.0% 15.0% (5.0%) 5.0% Q2-FY04 (15.0%) (10.0%) - 10.0% 15.0% 20.0% 25.0% (5.0%) 5.0% Q3-FY04 Q4-FY04 Q1-FY05 Q2-FY05 Q3-FY05 Q4-FY05 Q1-FY06 Q2-FY06 Q3-FY06 Q4-FY06 Q1-FY07 excluding service revenues. Q2-FY07 Q3-FY07 Q4-FY07 Q1-FY08 Q2-FY08 Q3-FY08 Q4-FY08
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 $- Q2-FY04 Q4-FY04 Q2-FY05 Q4-FY05 Q2-FY06 Q4-FY06 Q2-FY07 Q4-FY07 Q2-FY08 Q4-FY08 Q2-FY09 Q4-FY09 Q2-FY10 Q4-FY10 Q2-FY11 Q4-FY11 Q2-FY12 Q4-FY12 Q2-FY13 Q4-FY13 Q2
Slide 26: The Lighthouses Guiding Our Voyage To Be The Most Trusted Brand
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 27: 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 28: 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 29: 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 30: 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 31: 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 45.86 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 32: US RTF Performance – Understanding The Fundamentals
US RTF Performance – Understanding The Fundamentals 40.0 50 1.50 36.0 45 1.45 +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 33: 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 • Forecourt first
Slide 34: 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 35: 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 36: Our Membership Programs Bring “Easy” to Life
Our Membership Programs Bring 1 Winning the Customer “Easy” to Life Build fans through loyalty For consumers For ACT Benefits across the entire offer 1 Acquire valuable customer data Value (Fuel, Merchandise and Services) to deliver insights, prioritize customers and personalize experiences Tier
Slide 37: A View Into Our Present Future
A View Into Our Present Future 1 Winning the Customer Digital Experience Q2-26 ACT Investor Presentation 37
Slide 38: 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 39: The Foundation (Fit to Serve) – FY28 Ambition
The Foundation (Fit to Serve) – FY28 Ambition Building A World Class Cost Structure For Agility ~$50 million ~$250 million ~$50 million ~$800 million ~$200 ~$200 million million ~$400 million ~$200 ~$200 million million 1 4 5 1 Merch COGS GNFR G&A Store Ops Fuel COGS Controllables P&L (Operating Inc
Slide 40: 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 41: Growth Model – Disciplined, Strategic and Ambitious
Growth Model – Disciplined, 1 Winning Growth Strategic and Ambitious NTIs, R&R, RELO • Fragmented industry where scale matters • Ability to leverage scale and operating model to all forms of growth; Strong balance sheet and organizational ability to execute growth at any scale • Disciplined portfoli
Slide 42: Accretive M&A Fuels Financial Breakthroughs
Accretive M&A Fuels 1 Winning Growth Financial Breakthroughs M&A Q2-26 ACT Investor Presentation 42
Slide 43: M&A Strategy
M&A Strategy 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 market, representing only ~5% of the total c-stores in the US
Slide 44: 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 45: 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 46: 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 47: Transformative Synergies
Transformative Synergies1 Synergy Capture Synergy Assessment per Region Timeline Revised 170 120 35% Germany BeNeLux FY27 FY29 65% Synergies Initially Disclosed Synergies Revised We’ve revised synergies1 from 120 million € over 3 years to 170 million € over 5 years. Evenly split between revenues and
Slide 48: 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 49: 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 FY26 FY19 Norway Sweden Denmark Germany Netherlands Belgium ACT 844
Slide 50: 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 Q2-26 ACT Investor Presentation 50
Slide 51: 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 Q2-26 ACT Investor Presentation 51
Slide 52: ACT a Responsible Retailer – FY2025 Achievements
ACT a Responsible Retailer – FY2025 Achievements 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 an
Slide 53: 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 54: Increasing Shareholder Value
Increasing Shareholder Value Q2-26 ACT Investor Presentation
Slide 55: 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 56: Optimizing Capital Allocation for Strategic Priorities and Measurable Returns
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 2.21x EBITDA1 for
Slide 57: Balanced Maturity Curve with Effective Financing Cost
Balanced Maturity Curve with Effective Financing Cost Leverage Ratio1,2 ACT Senior Unsecured Notes - Debt Maturity Profile6 2.21 $1,200 Share Repurchases as of Q2-26 Principal in millions of USD $1,000 16.6M Shares $800 Average Cost of Debt $1,252 $600 4.00% $1,057 $1,000 $900 $868 $810 $750 $750 $4
Slide 58: Historical Financial Highlights
Historical Financial Highlights in US$ millions, unless otherwise noted 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CAGR Total revenues 34,530 34,145 37,905 51,394 59,118 54,132 45,760 62,810 71,857 69,264 72,857 7.8% Gross profit1 5,268 6,082 6,482 8,112 9,195 9,644 10,115 11,005 12,052
Slide 59: 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 Q2-26 ACT Investor Presentation 59
Slide 60: Thank you!
Thank you!
Alimentation Couche-Tard — Q2 2026 Earnings Presentation on 6ix