Slides
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Q4-FY25 Investor Presentation
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Q4-25 ACT Investor Presentation Forward-Looking Statements 2
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Q4-25 ACT Investor Presentation Non-IFRS® Accounting Standards Measures
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Q4-25 ACT Investor Presentation Non-IFRS Accounting Standards Measures 4
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Q4-25 ACT Investor Presentation Non-IFRS Accounting Standards Measures 5
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Q4-25 ACT Investor Presentation Non-IFRS Accounting Standards Measures 6
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Q4-25 ACT Investor Presentation Non-IFRS Accounting Standards Measures 7
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Q4-25 ACT Investor Presentation Non-IFRS Accounting Standards Measures 8
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Q4-25 ACT Investor Presentation Non-IFRS Accounting Standards Measures 9
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Q4-25 ACT Investor Presentation Non-IFRS Accounting Standards Measures 10
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Q4-25 ACT Investor Presentation Company Highlights
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Q4-25 ACT Investor Presentation A Storied History of Entrepreneurship & Dynamic Growth 1980-2000 2000-2010 2010-2016 2017-2020 2021 - present Alain Bouchard, Jacques D’Amours, Richard Fortin, Réal Plourde, Our Founders 1980 Opened our first conveniencestore in Laval, Québec 2003 Purchased Circle Corporationfrom ConocoPhillips 2001 Entry into U.S. Acquired Bigfoot stores in the Midwest 2012 Expansion into Europe Acquired Statoil Fuel & Retail, a leading Scandinavianfuel and convenienceretailer 2015 Launched our global Circle K brand Added the Pantry, Inc., in the Southeastern U.S 2016 Expansion in Ireland & Canada Acquired Topaz, a leader in Ireland and Esso-branded fuel and retail sites in Ontario & Quebec 2017 Acquired CST and Holiday Station stores in the U.S 2020 Grow into Asia Acquired Circle K franchise stores in Hong Kong and Macau 2022 Started EV journey in NA Launchedfirst Couche-Tard & Circle K EV chargers in South Carolina & Quebec 2021-22 Winning culture Named a Forbes World’s Best Workplaces of 2021 & recognized as a Gallup Exceptional Workplace 2023-24 Transformative Acquisition in Europe 2,175 retail assets in Germany and the Benelux 12
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Q4-25 ACT Investor Presentation Spanning Continents and Bridging Markets TOTAL 16,951 UNITED-STATES 7,115 CANADA 2,102 EUROPE AND OTHER REGIONS1 5,260 INTERNATIONAL2 2,474 OUR SITES Note: Store count as of April 27th 2025. Includes 1,279 automats. 1 Europe and Other Regions store count includes 389 stores in Hong Kong. 2 International store count is comprised of stores operating under license. 3 As at the end of Q4-25 Coast-to-coast presence in Canada and located in 47 of 50 U.S. states and leading market share across many markets in Europe Core network International licensees 29 Countries3 and 29 Business Units3 13
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Q4-25 ACT Investor Presentation Our Executive Leadership Team Alex Miller President and Chief Executive Officer Trey Powell SVP, Global Merchandising Ina Strand Chief People Officer Niall Anderton SVP, Strategy and Transformation Louise Warner EVP, North America and Global Commercial Optimization Brian Bednarz SVP, Operations Aaron Brooks SVP, Real Estate and Fuel Customer Kathleen Cunnington SVP, Global Business Services Jørn Madsen EVP, Operations Mette Uglebjerg SVP, Global Food & Marketing Ed Dzadovsky Chief Technology Officer Filipe Da Silva Chief Financial Officer Hans-Olav Høidahl EVP, Operations, Europe Mathieu Bolté SVP, Finance Stéphane Trudel SVP, Operations Melanie Charbonneau Chief Legal Officer and Corporate Secretary Erica Fortune Chief Digital Officer Mark Ostoits SVP, Operations 14
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Q4-25 ACT Investor Presentation Global Retailer in Fuel and Convenience ~17,000 stores globally ~42 million gallons of fuel sold per day ~6,000 sites offering Fresh Food, Fast ~9,000 sites offering Circle K/ Couche- Tard Fuel Note: Yearly update (excluding total stores). All figures as of April 27, 2025, (excluding total stores) unless otherwise noted. 1This number excludes customers served at TotalEnergies stores. ~146,000 employees ~8.5 million customers served per day1 15
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Q4-25 ACT Investor Presentation 49%49% 2% 25% 74% 1% Merchandise and Service Fuel Other 65% 25% 10% 57%32% 11% United States Europe & Other Canada Revenue and Gross Profit1 Mix Geographic Mix Product Mix Note: Yearly update. All figures based on results for fiscal year ended April 27, 2025 1 Please refer to the “Non-IFRS ® Accounting Standards Measures” section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 2 For additional information on reconciling these measures with our consolidated results, please refer to the section "Summary analysis of consolidated results for fiscal 2025" of our Management Discussion & Analysis for the 52-week period ended April 27, 2025, available on SEDAR+ at www.sedarplus.ca. Revenue Gross Profit1,2 16
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Q4-25 ACT Investor Presentation Latest Highlights Q4-2025FY2025 1 For company-operated stores only, calculated based on respective functional currencies, except for Europe and other regions for Merch. SSS. For Merch. SSS, this measure represents the growth of (decrease in) cumulative merchandise revenues between the current period and comparative period for those stores that were open for at least 23 days out of every 28-day period included in the reported periods. Merchandise revenues are defined as Merchandise and service revenues excluding service revenues. 2 Growth of (decrease in) same-store merchandise revenues and growth of (decrease in) same-store road transportation fuel volumes for Europe and other regions include results from the acquisition of certain European retail assets from TotalEnergies SE starting December 28, 2023. 3 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 4 Year-over-year growth calculated from April 28th, 2024 to April 27th, 2025. 5 The information as at April 28, 2024 has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for the acquisition of convenience retail and fuel sites operating under the MAPCO brand, and the acquisition of certain European retail assets from TotalEnergies SE Merch. SSS – US1 (0.4%) Merch. SSS – Europe and Other Regions1,2,3 3.4% Merch. SSS – Canada1 3.5% SS Volume – US1 (1.9%) SS Volume – Europe and Other Regions1,2 (0.6%) SS Volume – Canada1 3.7% Net Earnings Growth Y/Y4 (-2.7%) Diluted EPS Growth Y/Y4 (2.1%) Adj. Diluted EPS Growth Y/Y3,4 (4.2%) Adj. EBITDA Growth Y/Y3,4 6.1% Leverage Ratio3 1.96 Merch. & Service Sales $18.4 billion Fuel Gallons Sold 15.4 billion Adj. EBITDA3 ~$6 billion Net Earnings ~$2.6 billion Diluted EPS $2.71 Adj. Diluted EPS3 $2.71 Return on Equity3 18.3% ROCE3,5 12.2% 17
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Q4-25 ACT Investor Presentation Our Vision and Our Mission Our Vision Our Mission To become the world’s preferred destination for convenience and mobility. To make our customers’ lives a little easier every day. 18
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Q4-25 ACT Investor Presentation 10 for the Win Compelling Investment Opportunity Untapped organic growth Sustainability of fuel gross margins Financial discipline & cost efficiencies Power of Circle K brand & loyalty Strong balance sheet for M&A ambitions Culture & Team Mastering the Customer Journey and Offering Advantaged Fuel Gross Margins Low-Cost Operator; Generating synergies1 between 30% to 60% of the pre-closing EBITDA2 High Customer Satisfaction: NPS Excellence Superior Capital Cost Advantage One team, Take ownership, Do the right thing, Play to win 1 Synergies are destined to illustrate additional benefits stemming from business acquisitions. They might not be suitable for other needs. 2 EBITDA, which refers to earnings before interest, taxes, depreciation, amortization and impairment, does not represent a perf ormance measure under IFRS Accounting Standards and does not have standardized meanings prescribed by IFRS Accounting Standards. This non-IFRS Accounting Standards measure should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS Accounting Standards. In addition, the definitions of non- IFRS Accounting Standards measures may differ from those of other public corporations, including Couche- Tard’s. Any such modification or reformulation may be significant. Ticker Symbol TSX: ATD 19
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Q4-25 ACT Investor Presentation Industry Overview
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Q4-25 ACT Investor Presentation The Dynamic Momentum of Convenience $286.5 $326.4 2022 2027 Revenues in billions USD $8.1 $9.4 2022 2027 Revenues in billions USD $228.1 $260.9 2022 2027 Revenues in billions USD Source: Nielsen IQ 1 5-year CAGR % United States Canada Europe 21
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Q4-25 ACT Investor Presentation Fragmented U.S. Market Provides Consolidation Opportunities Source: NACS State of the Industry Report of 2024 Data. 22 90,683 89,567 90,049 91,815 93,209 93,819 95,056 96,318 97,359 97,504 97,643 95,445 95,108 92,196 89,336 90,423 91,799 91,699 55,611 55,308 54,492 54,526 54,917 55,401 56,226 56,476 56,836 57,031 57,315 57,792 57,612 58,078 58,690 59,751 60,597 60,526 0 25,000 50,000 75,000 100,000 125,000 150,000 175,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Single Stores Chain Stores 2007 146,294 total stores 2024 152,225 total stores Single 60% 2-10 3% 11-100 9% 101-500 6% 500+ 22% Chain Size
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Q4-25 ACT Investor Presentation Attractive Channel Within Broader Retail Industry inside sales grew for the 18th consecutive year Source: NACS State of the Industry Report of 2024 Data. 23 $163.6 $168.5 $173.9 $182.4 $190.4 $195.0 $199.3 $204.0 $213.5 $225.8 $233.0 $237.0 $242.2 $251.9 $255.6 $277.9 $302.9 $327.6 $335.5 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Industry Inside Sales (in billions) CAGR 4.1% $4.8 $3.5 $5.2 $4.8 $6.5 $7.0 $7.2 $7.1 $10.4 $10.6 $10.2 $10.4 $11.0 $11.9 $16.0 $17.5 $39.3 $41.7 $41.1 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Pretax Income (in billions) CAGR 12.7%
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Q4-25 ACT Investor Presentation - 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Q2-FY04 Q3-FY04 Q4-FY04 Q1-FY05 Q2-FY05 Q3-FY05 Q4-FY05 Q1-FY06 Q2-FY06 Q3-FY06 Q4-FY06 Q1-FY07 Q2-FY07 Q3-FY07 Q4-FY07 Q1-FY08 Q2-FY08 Q3-FY08 Q4-FY08 Q1-FY09 Q2-FY09 Q3-FY09 Q4-FY09 Q1-FY10 Q2-FY10 Q3-FY10 Q4-FY10 Q1-FY11 Q2-FY11 Q3-FY11 Q4-FY11 Q1-FY12 Q2-FY12 Q3-FY12 Q4-FY12 Q1-FY13 Q2-FY13 Q3-FY13 Q4-FY13 Q1-FY14 Q2-FY14 Q3-FY14 Q4-FY14 Q1-FY15 Q2-FY15 Q3-FY15 Q4-FY15 Q1-FY16 Q2-FY16 Q3-FY16 Q4-FY16 Q1-FY17 Q2-FY17 Q3-FY17 Q4-FY17 Q1-FY18 Q2-FY18 Q3-FY18 Q4-FY18 Q1-FY19 Q2-FY19 Q3-FY19 Q4-FY19 Q1-FY20 Q2-FY20 Q3-FY20 Q4-FY20 Q1-FY21 Q2-FY21 Q3-FY21 Q4-FY21 Q1-FY22 Q2-FY22 Q3-FY22 Q4-FY22 Q1-FY23 Q2-FY23 Q3-FY23 Q4-FY23 Q1-FY24 Q2-FY24 Q3-FY24 Q4-FY24 Q1-FY25 Q2-FY25 Q3-FY25 Q4-FY25 Canada RTF Gross Margin (CPL)3 (30.0%) (25.0%) (20.0%) (15.0%) (10.0%) (5.0%) - 5.0% 10.0% 15.0% Q2-FY04 Q3-FY04 Q4-FY04 Q1-FY05 Q2-FY05 Q3-FY05 Q4-FY05 Q1-FY06 Q2-FY06 Q3-FY06 Q4-FY06 Q1-FY07 Q2-FY07 Q3-FY07 Q4-FY07 Q1-FY08 Q2-FY08 Q3-FY08 Q4-FY08 Q1-FY09 Q2-FY09 Q3-FY09 Q4-FY09 Q1-FY10 Q2-FY10 Q3-FY10 Q4-FY10 Q1-FY11 Q2-FY11 Q3-FY11 Q4-FY11 Q1-FY12 Q2-FY12 Q3-FY12 Q4-FY12 Q1-FY13 Q2-FY13 Q3-FY13 Q4-FY13 Q1-FY14 Q2-FY14 Q3-FY14 Q4-FY14 Q1-FY15 Q2-FY15 Q3-FY15 Q4-FY15 Q1-FY16 Q2-FY16 Q3-FY16 Q4-FY16 Q1-FY17 Q2-FY17 Q3-FY17 Q4-FY17 Q1-FY18 Q2-FY18 Q3-FY18 Q4-FY18 Q1-FY19 Q2-FY19 Q3-FY19 Q4-FY19 Q1-FY20 Q2-FY20 Q3-FY20 Q4-FY20 Q1-FY21 Q2-FY21 Q3-FY21 Q4-FY21 Q1-FY22 Q2-FY22 Q3-FY22 Q4-FY22 Q1-FY23 Q2-FY23 Q3-FY23 Q4-FY23 Q1-FY24 Q2-FY24 Q3-FY24 Q4-FY24 Q1-FY25 Q2-FY25 Q3-FY25 Q4-FY25 Growth of Same-Store RTF Volume (%)2,4 US SSV EUR SSV CAN SSV - 10.00 20.00 30.00 40.00 50.00 60.00 Q2-FY04 Q3-FY04 Q4-FY04 Q1-FY05 Q2-FY05 Q3-FY05 Q4-FY05 Q1-FY06 Q2-FY06 Q3-FY06 Q4-FY06 Q1-FY07 Q2-FY07 Q3-FY07 Q4-FY07 Q1-FY08 Q2-FY08 Q3-FY08 Q4-FY08 Q1-FY09 Q2-FY09 Q3-FY09 Q4-FY09 Q1-FY10 Q2-FY10 Q3-FY10 Q4-FY10 Q1-FY11 Q2-FY11 Q3-FY11 Q4-FY11 Q1-FY12 Q2-FY12 Q3-FY12 Q4-FY12 Q1-FY13 Q2-FY13 Q3-FY13 Q4-FY13 Q1-FY14 Q2-FY14 Q3-FY14 Q4-FY14 Q1-FY15 Q2-FY15 Q3-FY15 Q4-FY15 Q1-FY16 Q2-FY16 Q3-FY16 Q4-FY16 Q1-FY17 Q2-FY17 Q3-FY17 Q4-FY17 Q1-FY18 Q2-FY18 Q3-FY18 Q4-FY18 Q1-FY19 Q2-FY19 Q3-FY19 Q4-FY19 Q1-FY20 Q2-FY20 Q3-FY20 Q4-FY20 Q1-FY21 Q2-FY21 Q3-FY21 Q4-FY21 Q1-FY22 Q2-FY22 Q3-FY22 Q4-FY22 Q1-FY23 Q2-FY23 Q3-FY23 Q4-FY23 Q1-FY24 Q2-FY24 Q3-FY24 Q4-FY24 Q1-FY25 Q2-FY25 Q3-FY25 Q4-FY25 U.S. RTF Gross Margin (CPG)3 (15.0%) (10.0%) (5.0%) - 5.0% 10.0% 15.0% 20.0% 25.0% Q2-FY04 Q3-FY04 Q4-FY04 Q1-FY05 Q2-FY05 Q3-FY05 Q4-FY05 Q1-FY06 Q2-FY06 Q3-FY06 Q4-FY06 Q1-FY07 Q2-FY07 Q3-FY07 Q4-FY07 Q1-FY08 Q2-FY08 Q3-FY08 Q4-FY08 Q1-FY09 Q2-FY09 Q3-FY09 Q4-FY09 Q1-FY10 Q2-FY10 Q3-FY10 Q4-FY10 Q1-FY11 Q2-FY11 Q3-FY11 Q4-FY11 Q1-FY12 Q2-FY12 Q3-FY12 Q4-FY12 Q1-FY13 Q2-FY13 Q3-FY13 Q4-FY13 Q1-FY14 Q2-FY14 Q3-FY14 Q4-FY14 Q1-FY15 Q2-FY15 Q3-FY15 Q4-FY15 Q1-FY16 Q2-FY16 Q3-FY16 Q4-FY16 Q1-FY17 Q2-FY17 Q3-FY17 Q4-FY17 Q1-FY18 Q2-FY18 Q3-FY18 Q4-FY18 Q1-FY19 Q2-FY19 Q3-FY19 Q4-FY19 Q1-FY20 Q2-FY20 Q3-FY20 Q4-FY20 Q1-FY21 Q2-FY21 Q3-FY21 Q4-FY21 Q1-FY22 Q2-FY22 Q3-FY22 Q4-FY22 Q1-FY23 Q2-FY23 Q3-FY23 Q4-FY23 Q1-FY24 Q2-FY24 Q3-FY24 Q4-FY24 Q1-FY25 Q2-FY25 Q3-FY25 Q4-FY25 Growth of Same-Store Merchandise Revenues (%)1,4 US SSS EUR SSS CAN SSS Recession Resilient 1 For Same-Store Merchandise Revenues (SSS), this measure represents the growth of (decrease in) cumulated merchandise revenues between the current period and comparative period for those stores that were open for at least 23 days out of every 28-day period included in the reported periods. Merchandise revenues are defined as Merchandise and Service Revenues excluding service revenues. 2 For company-operated stores only, except for Europe and other regions for Merch. SSS. Presented on a comparable basis of 12 we eks or 16 weeks for the third quarter. If a quarter has 13 weeks, it is compared on a 12-week basis. 3 Please refer to the “Non-IFRS Accounting Standards Measures” section of this presentation for additional information on perfor mance measures not defined by IFRS Accounting Standards. 4 Growth of (decrease in) same -store merchandise revenues and growth of (decrease in) same -store road transportation fuel volumes for Europe and other regions include results from the acquisition of certain European retail assets from TotalEnergies SE s tarting from Q3-FY25. 24
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Q4-25 ACT Investor Presentation $- $500.0 $1,000.0 $1,500.0 $2,000.0 $2,500.0 Fuel Gross Profit $ OpEx Total RTF Gross Profit1 Dollars Strongly Correlated to OpEx3 Total RTF Gross Profit1 dollars help offset increases in Operating Expenses 1 Please refer to the “Non-IFRS Accounting Standards Measures” section of this presentation for additional information on perfor mance measures not defined by IFRS Accounting Standards. 2 For additional information on reconciling these measures with our consolidated results, please refer to the section “Summar y analysis of consolidated results for the Fourth Quarter of Fiscal 2025” of our Management Discussion & Analysis for the 12 and 52-week periods ended April 27th, 2025, available on SEDAR+ at www.sedarplus.ca. 3 Operating, selling, general and administrative expenses ( OpEx). 1,2 3 25
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Q4-25 ACT Investor Presentation 10 FOR THE WIN
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Q4-25 ACT Investor Presentation The Lighthouses Guiding Our Voyage To Be The Most Trusted Brand in Convenience and Mobility Winning the CustomerWinning Offer Winning Fuel Winning Growth Build fans through loyalty Digital experience Operations First Win in Food Own Thirst Private Brands B2C value proposition B2B value proposition Fuel supply chain NTIs, R&R, RELO M&A E-mobility Customer-centric team Responsible Retailer Fit to Serve Automation TotalEnergies Fortified Fundamentals The Foundation Data and analyticsSupply Chain 27
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Q4-25 ACT Investor Presentation Win in Food • Convenience food market is > $700B across North America & Europe1 • 59% of fast-food customers consider purchasing a meal from a c-store2 • Expand share of stomach • Continue localizing assortment to grow sales • Expand QSR & Fresh Food, Fast store count • Optimize supply chain • Target mix – Holiday-like penetration • Fresh Food, Fast in ~6,000 sites globally over and above other food concepts in Europe • Current sales penetration of close to ~12% Recent progress What success looks like The opportunity 1 As per Statista 2 As per Bluedot 3 Please refer to the ''Non-IFRS Accounting Standards Measures'' section of this presentation for additional information on perfor mance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the ''EBITDA ambition for fiscal 2028'' section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. Winning Offer1 Win in Food FY2028 Ambition ~150 to 200 million in EBITDA3 28
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Q4-25 ACT Investor Presentation Own Thirst • #1 reason customers visit us and growing • We service multiple thirst occasions across competitive channels • Consumer recognition as one stop for all thirst occasions • Significant expansion of cold space availability • Expand assortment • Utilize our scale to lead on innovation • Expanded capacity with more than 4,000 sites installed with new cooler solutionRecent progress What success looks like The opportunity Winning Offer1 Own Thirst FY2028 Ambition ~250 million in EBITDA1 1 Please refer to the ''Non-IFRS Accounting Standards Measures'' section of this presentation for additional information on perfor mance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the ''EBITDA ambition for fiscal 2028'' section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. 29
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Q4-25 ACT Investor Presentation Private Brands • Boost wallet share and profit by optimizing distribution, growing product lines, and entering new categories • Known for value via strong Private Brands • Boost loyalty with digital marketing and in-store promos • Innovate and expand portfolio with new partnerships and products • Merged global beverage teams into a single "Thirst Team" for unified strategy and scale. • Current sales penetration of ~4%1 Recent progress What success looks like The opportunity Winning Offer1 Private Brands 1 Includes tobacco 2 Please refer to the ''Non-IFRS Accounting Standards Measures'' section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the ''EBITDA ambition for fiscal 2028'' section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. FY2028 Ambition ~120 million in EBITDA2 30
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Q4-25 ACT Investor Presentation Leveraging Scale Advantages • Macro-economic trends persist, margins rising with business costs • Outcomes for market participants will differ based on location of networks and company positions, with scale and offer becoming bigger differentiators • 2025 extends trends, adding volatility and price compensation • Advantaged geographies and locations • Winning formula for fuel and mobility customers • Ability to capture end-to-end value dynamically as market conditions change • Scale advantages (company, fuel supply chain and site level) Our assessment for US Fuel CPG1 is low 40s, adjusted for inflation and market factors ACT perspective on industry margins ACT will continue to outperform industry 1 US Fuel CPG refers to United States Road transportation fuel gross margin. Please refer to the “Non-IFRS Accounting Standards Measures” section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 31
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Q4-25 ACT Investor Presentation Circle K Fuel – Strengthened Network and Value Chain Fuel Gallons Sold1 Circle K/Couche-Tard Fuel Branded Stores1 Stores offering fuel / % of total network2,3 Number of B2B customers Our Fleet US Fuel CPG2,4 15.4 billion ~9,000 43.27 ~13,000 / ~90% ~575 trucks, ~1,050 drivers 1 For the fiscal year ended April 27th, 2025 2 As at end of Q4-2025 3 Excluding licensees 4 US Fuel CPG refers to United States Road transportation fuel gross margin. Please refer to the “Non-IFRS Accounting Standards Measures” section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. >110 million transactions per year 32
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Q4-25 ACT Investor Presentation 8.0 12.0 16.0 20.0 24.0 28.0 32.0 36.0 40.0 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2024 RTF Gross Margin (CPG) ACT B/E US C-Store Bottom B/E US C-Store Bottom Actual US RTF Performance – Understanding The Fundamentals 1 ''B/E'' refers to Road transportation fuel breakeven gross margin. Please refer to the “Non-IFRS Accounting Standards Measures” section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 2 Source: NACS State of the Industry Report of 2017, 2018, 2019, 2020, 2021, 2022 and 2023 Data. 3 ACT presented using financial year and industry presented using calendar year. Industry data does not coincide exactly with A CT financial years 4 Source: U.S. Bureau of Labor Statistics 5 Year 2020 NACS data excluded due to the one-off effects of the COVID-19 pandemic; NACS 2020 data points for US C-store Bottom Quartile B/E and US C-store Bottom Quartile Actual were 55.2 and 29.6, respectively. 6 As of the 2023 NACS report, NACS has implemented the decile scale to better reflect the dynamic and granular changes in the c onvenience industry. 2,3 3,4 2,3,6 2,3,6 33 1.00 1.05 1.10 1.15 1.20 1.25 1.30 1.35 1.40 1.45 1.50 10 15 20 25 30 35 40 45 50 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 CPI (2009 base year) US RTF Gross Margin 1 (cpg) Rack-to-Retail ACT CPI +1.4 +6.0 5 1
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Q4-25 ACT Investor Presentation B2C – Delivering on our Customer Promise • National Fuel Days and events • First US fuel marketing campaign • Forecourt first initiatives • Easy payment options • Ongoing surprise and delight celebrations • Direct relationships through Inner Circle and Extra programs • Broader mobility offers • Tailored pricing Achievements FY26+ Initiatives Winning Fuel1 B2C value proposition FY2028 Ambition ~400 to 600 million in EBITDA1 1 Please refer to the “Non-IFRS Accounting Standards Measures” section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the ''EBITDA ambition for fiscal 2028'' section in our 2024 Annual Report, which represents a non-IFRS Accounting Standards measure that is forward-looking information. 34
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Q4-25 ACT Investor Presentation B2B – Circle K Fuel Enables Future Opportunity with Enterprises • Direct relationships with Business customers a key strength in our Europe business • Business traffic has become more local and regional, with the majority of truck trips centered around hubs • Improved Circle K Fuel brand recognition and network size enables relationships with business owners • Over-the-road segment (Inter-regional and National) is well serviced by national networks --> opportunity to better service fleets operating regionally and during the day • Driver numbers continue to grow, with Circle K advantaged by our world-class store offer Global scale leveraging Europe capability and US Growth opportunity Winning Fuel1 B2B value proposition US growth • Upside by driving awareness of Circle K network and offer • Direct relationships and industry-leading customer service, including focus on driver experience in store • Targeted truck-friendly locations, focused on local and regional traffic Europe extension • Sustainable energy options (EV, H2, biofuels etc.) • One-stop shop for mobility, including services • Frictionless payment Global: Improved technology and offer • Driver loyalty expansion • Fast and Easy Customer service, including direct integrations FY26+ Initiatives 35
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Q4-25 ACT Investor Presentation Fuel Supply Chain – Enabling Outperformance • One of the largest independent fuel supply chains in the world, enabled by the Circle K fuel brands • Platforms for sourcing and supplying our fuel products successfully established • US: strategic partnership with Musket in Houston; targeted asset acquisitions, majority-controlled fleet for reliability and optimizations • Europe: team located in Geneva, key location for both traditional and biofuels markets • Common principles • Focused on product sourcing, conservative risk position, no speculation • Control of supply chain important, with asset operation and ownership only where advantaged • Continue to expand flexibility in sourcing relationships and types • Further expansion of value creation from controlled supply chain, e.g., parcel size optimization, logistics, blending, storage, etc. • Dynamic re-optimization to market conditions • Consider additional asset-backed opportunities where advantaged Value through scale and targeted control FY26+ Initiatives 1 Winning Fuel Fuel Supply Chain 36
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Q4-25 ACT Investor Presentation Our Membership Programs Bring “Easy” to Life Acquire valuable customer data to deliver insights, prioritize customers and personalize experiences Migrate high-margin customers by capturing a greater share of trips 1 2 Defend most-valuable customers to retain margin and create brand promoters Discover and invest in high-potential customers 3 4 Value Ease Personal Connection Benefits across the entire offer (Fuel, Merchandise and Services) Tiered value Unified store & digital experience Differentiated products and services Integrated value proposition Relevant content and offers Personalized experiences For consumers For ACT Winning the Customer1 Build fans through loyalty 37 FY2028 Ambition ~200 million in EBITDA1
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Q4-25 ACT Investor Presentation A View Into Our Present Future Winning the Customer1 Digital Experience 38
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Q4-25 ACT Investor Presentation People Customers Operations First Our goal is to increase: • Retention • Engagement • Diversity & Inclusion • Safety Our goal is to improve: • Customer wait time • Store cleanliness • Team member friendliness • In stock position • Food Safety People-Friendly, safe and engaged teams Making life easier with a great experience Winning the Customer1 Operations First 39
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Q4-25 ACT Investor Presentation Merch COGS GNFR G&A Store Ops Fuel COGS Controllables P&L (Operating Income) CapEx NWC Total Balance Sheet The Foundation (Fit to Serve) Building A World Class Cost Structure For Agility 1 COGS refers to cost of sales, excluding depreciation, amortization and impairment 2 Capex refers to Purchase of Property and Equipment, Intangible Assets and Other Assets 3 Changes in NWC refers to Changes in non-cash working capital 4 Please refer to the ''Non-IFRS Accounting Standards Measures'' section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the''EBITDA ambition for fiscal 2028'' section in our 2024 annual, report which represents a non-IFRS Accounting Standards measure that is forward-looking information. 5 Goods not for resale 6 General and administrative expenses 7 Represents forward-looking information, please refer to the ‘’Forward-looking statements’’ section of this presentation for additional information. 1 215 6 Changes in NWC Total Balance Sheet (Cash and Cash Equivalents) 3 ~$200 million ~$200 million ~$50 million ~$250 million ~$50 million ~$800 million ~$200 million ~$200 million ~$400 million FY2028 Ambition $800mm of EBITDA4 FY2028 Ambition $350mm - $400mm of cash and cash equivalents generation7 + 40
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Q4-25 ACT Investor Presentation Fit to Serve Merch COGS1 • Leverage global scale / enhance margin • Drive customer-led negotiations • Enhance by-market decision with data • Rethink procurement structure/process Goods Not For Resale • Leverage scale globally to reduce per unit spend • Prioritize electronic payment fees, R&M, environment costs, IT spend, etc. General & Administrative Expenses • Find and reduce repetitive tasks • Optimize labor by capitalization on global talent Store Ops • Intensify efforts to simplify operations and deliver on our customer promise • Reduce labor costs Fuel COGS1 Controllables • Optimize forecourt spending activities • Enhance fuel logistics efficiencies • Reduce fuel shrink Capital Expenditure2 • Optimize productivity of CapEx spend Changes in Net Working Capital3 • Optimize working capital and free up cash P&L (Operating Income) Total Balance Sheet (Cash and Cash Equivalents) 1 COGS refers to cost of sales, excluding depreciation, amortization and impairment 2 Capital expenditure refers to Purchase of property and equipment, intangible assets and other assets 3 Changes in Net working capital refers to changes in non-cash working capital 41
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Q4-25 ACT Investor Presentation Growth Model – Disciplined, Strategic and Ambitious • 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 portfolio management and capital recycling • ROCE1,2 hurdle rate for new projects minimum 15% • Expect 75% of spend to be NTIs and 25% Raze & Rebuilds or Relocations • ~1,000 projects (mostly NTIs) in existing pipeline) Franchise Expansion NTI Growth & Network Investments Regional Acquisitions Large-Scale M&A Market Penetration Product/Service Extension Market Expansion Proven growth model with over 9,000 units added in past 10 years, with ample room to continue Winning Growth1 NTIs, R&R, RELO 1 Please refer to the “Non-IFRS Accounting Standards Measures” section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards . More specifically, this slide should be read in conjunction with the ''EBITDA ambition for fiscal 2028'' section in our 2024 annual report, which represents a non-IFRS Accounting Standards measure that is forward-looking information. 2 ROCE refers to Return on Capital Employed FY2028 Ambition ~300 million to 500 million in EBITDA1 42
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Q4-25 ACT Investor Presentation Accretive M&A Fuels Financial Breakthroughs Winning Growth1 M&A 43
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Q4-25 ACT Investor Presentation M&A Strategy We are experts in closing and integrating M&A around the globe • ~73% of our current network has been sourced from M&A We have the balance sheet to consider very large deals where only a few others can play • We have ~$10B2 in capacity for an all-cash acquisition Our decentralized approach allows us to move quickly on deals of any size • We generally target 11% - 15% Return on Capital Employed1 • Regional deals are led by the BUs Consolidating the US market remains a priority • ACT is #2 in the market, representing only ~5% of the total c -stores in the US • Over 60% of stores are operated by single- store operators Latin America and Southeast Asia remain highly attractive expansion markets • With their own unique timelines for EV adoption, this presents an opportunity to deploy a strategically calibrated approach • We are seeking to partner with strong management teams to build a platform in these regions In Europe, significant synergies to be unlocked by filling in the regional gaps for our current network • We seek to bolster our position in key markets • We also seek to enter major markets in Europe opportunistically Adjacent retail • Seeking reverse synergies on a highly opportunistic basis We actively pursue M&A opportunities with a disciplined focus on returns 1 Please refer to the ''Non-IFRS Accounting Standards Measures'' section of this presentation for additional information on perfor mance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the ''EBITDA ambition for fiscal 2028'' section in our 2024 annual report, which represents a non- IFRS Accounting Standards measure that is forward-looking information. For greater clarity, the TotalEnergies and MAPCO transactions are not considered as new M&A opportunities, as they were previously announced. 2 Company estimate based on LTM EBITDA1 ; does not include potential to leverage a hypothetical target 1 2 3 4 Our Competitive Advantage Our Approach FY2028 Ambition $1.1B EBITDA from new M&A opportunities1 44
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Q4-25 ACT Investor Presentation Proven Ability to Integrate Acquisitions Since 2004, Couche-Tard has successfully completed a total of 75 deals, adding ~13,300 stores globally. Note: As of April 27, 2025. Stores 2004 2005- 2012- 2013 2014 2015 2016 2017 2018 2019 2020 2021 1,706 1,137 2,506 166 1,660 515 442 2,055 0 30 367 2 34 7 4 3 4 3 3 0 1 3Deals 2022 4 91 2023 345 5 Fiscal Year 2024 2 2,287 45 2 2025 290
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Q4-25 ACT Investor Presentation 4.18x 2.97x 2.48x 3.15x 3.19x 2.88x 2.67x 2.10x 2.07x 3.05x 2.44x 2.17x 1.98x 2.02x 3.13x 2.09x 1.54x 1.32x 1.39x 1.50x 2.22x 1.96x FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Leverage Ratio1 Solid Balance Sheet and Capacity to Invest Rapid deleveraging after transformational acquisition Strong credit metrics for several years Leverage after SFR lower than after Circle K Target threshold of 2.25 1 Please refer to the “Non-IFRS Accounting Standards Measures” section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 2 On a 53-week basis. 3 The information as at April 30, 2023, has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for the acquisitions of True Blue Car Wash LLC and Big Red Stores. 4 The information as at April 28, 2024 has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for the acquisition of convenience retail and fuel sites operating under the MAPCO brand, and for the acquisition of certain European retail assets from TotalEnergies SE. 2,3 2 2 TotalEnergies; a transformative acquisition in Europe that significantly expands and diversifies our network 46
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Q4-25 ACT Investor Presentation TotalEnergies – Leading Network in Continental Europe Ownership Natural expansion of ACT’s core business in Europe Strong growth drivers with revenues and OpEx synergy1 potential • 2,175 prime locations in Key European markets • Retail operations in scope include Fuel, Shop and Wash sales • EV operations on site and new DC charging opportunities in scope • B2B card sales • 5-year fuel supply agreement • Purchase price €3.4 billion, including preliminary adjustments, and subject to post closing adjustments • Attractive organic growth opportunities through further roll out of our high-quality European convenience concept • Strong B2B position enables an attractive corridor into current European markets • Highly attractive markets to scale E-mobility to a leadership position in Europe • Significant opportunity to lift store topline and profitability through improved offer • Strong potential on procurement, back-end efficiency and cross market collaboration Network Composition Winning Growth1 TotalEnergies Germany, 1,191 Belgium, 562 Netherlands, 378 Luxembourg, 44 47
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Q4-25 ACT Investor Presentation Transformative Synergies1 35% 65% Germany BeNeLux 120 170 FY27 FY29 Synergies Initially Disclosed Synergies Revised We’ve revised synergies2 from 120 million € over 3 years to 170 million € (183 million $) over 5 years. Evenly split between revenues and administrative synergies. 1 Please refer to the ''Non-IFRS Accounting Standards Measures'' section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the ''EBITDA ambition for fiscal 2028'' section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. 2 These synergies should mainly result from improvements in the convenience activities as well as from reductions in operating, selling, general and administrative expenses. Expected synergies represent forward-looking information and are destined to illustrate additional benefits expected to stem from this transaction. They might not be suitable for other needs. For additional information, please refer to the section ‘’Forward-Looking Statements’’ of this presentation as well as the section « Business Risks » of our Management Discussion & Analysis for the 52-week period ended April 27, 2025, available on SEDAR+ at www.sedarplus.ca. Synergy Assessment per Region Synergy Capture Timeline Revised FY2028 Ambition $0.7B EBITDA1 from TotalEnergies proposed acquisition 48
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Q4-25 ACT Investor Presentation Ready to Lead the Electric Vehicle Transition • 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 profitability • With 6.6 million EXTRA loyalty users, we can craft tailored EV customer offers • Our strong B2B position in Europe means we are well positioned for increasing EV adoption • Competence, experience and solutions scalable to North America Winning Growth1 E-Mobility 49
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Q4-25 ACT Investor Presentation Deep in the Evolution: Scaling our Global E- Mobility Impact FY19 FY25 Expansion outside of Norway Norway as a lab Expansion in Europe Growth at Scale Establish a foundation in North America Enable Speed and Scale Market Share & kWh delivered 50 Norway Sweden Denmark Germany Netherlands Belgium ACT Chargers1 756 782 554 272 149 180
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Q4-25 ACT Investor Presentation Spotlight on Each Lighthouse’s Contribution Winning the CustomerWinning Offer Winning Fuel Winning Growth Build fans through loyalty Digital experience Operations First Win in Food Own Thirst Private Brands B2C value proposition B2B value proposition Fuel supply chain Customer-centric team Responsible Retailer Fit to Serve Automation Fortified Fundamentals The Foundation Data and analyticsSupply Chain $0.8B in EBITDA1 $0.2 – $0.4B in EBITDA1$0.4 – $0.6B in EBITDA1$0.5 – $0.6B in EBITDA1 $2.1 – $2.3B in EBITDA1 NTIs, R&R, RELO M&A E-mobility TotalEnergies 1 Please refer to the ''Non-IFRS Accounting Standards Measures'' section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the ''EBITDA ambition for fiscal 2028'' section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. 51
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Q4-25 ACT Investor Presentation Our Five Focus Areas Lowest Cost Operator Fast, Friendly & In-Stock Digital Acceleration Gain Share in Fuel Win in Food & Own Thirst 52
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Q4-25 ACT Investor Presentation 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$1 in EBITDA1, from ~5.8B$ in FY2023. • Organic growth and M&A both continue to be key drivers for future growth 1 Please refer to the ''Non-IFRS Accounting Standards Measures'' section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the ''EBITDA ambition for fiscal 2028'' section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. 53
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Q4-25 ACT Investor Presentation ACT A Responsible Retailer – ESG Ambitions For more information on our sustainability efforts, please visit our corporate website at Sustainability - Couche-Tard Corpo 54
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Q4-25 ACT Investor Presentation 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, and Air Conditioning (HVAC) motors in North America Packaging and waste: Entered into a global partnership with Too Good To Go, exceeded our 2025 goal with 32% of our packaging portfolio by weight Workplace safety: 40% decrease in robberies globally since 2020, on track to achieve our 2025 goal Diversity & Inclusion: 33.3% female representation Directors and up — on track to achieve our goal of 35% by 2025 55
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Q4-25 ACT Investor Presentation Celebrating Our Progress in Sustainable Practices Our flagship station — Circle K Vädermotet in Gothenburg, Sweden won second place in Global Convenience Store Focus’ search for “Best EV Hubs in the World.” For the fourth year in a row, we have received the Gallup Exceptional Workplace Award. We are proud to be recognized again this year with an AA rating by MSCI ESG as a company leading its industry in managing the most significant ESG risks and opportunities. 56
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Q4-25 ACT Investor Presentation Increasing Shareholder Value
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Q4-25 ACT Investor Presentation $1,038 1,804 FY2015 FY2025 $563 $2,192 FY2015 FY2025 $1,876 $5,940 FY2015 FY2025 $934 $2,623 FY2015 FY2025 A Cash Generation Powerhouse Free Cash Flow is growing and was ~$1.8B in 2025 1 Please refer to the “Non-IFRS Accounting Standards Measures” section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 2 10-year CAGR% Net CapEx1 Free Cash Flow1EBITDA1 Net earnings attributable to shareholders of the Corporation 58
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Q4-25 ACT Investor Presentation Aiming to reinvest 35-40% of EBITDA1 Target of 15% Return on Capital Employed (ROCE)1 Our leverage ratio1 comfort zone is 2.25x Optimizing Capital Allocation for Strategic Priorities and Measurable Returns • ~39% of CapEx as a % of EBITDA1 for FY2025 • Network Development: ~30% • Commercial Programs: ~35% • Stay in Business: ~25% • Emerging Business and Innovation: ~10% • 12.2% ROCE1 as at April 28, 2025 • Financial discipline and rigorous capital allocation process to ensure quality investments • Seeking a 15% ROCE1 over a three-year period on new investments • Leverage ratio of 1.96x2 as at April 27, 2025 • Dividends increased at ~14% CAGR since 2015 1 Please refer to the ''Non-IFRS Accounting Standards Measures'' section of this presentation for additional information on perfor mance measures not defined by IFRS Accounting Standards. 2 The information as at April 27, 2025 has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for the acquisiti on of convenience retail and fuel sites operating under the MAPCO brand, and for the acquisition of certain European retail assets from TotalEnergies SE. Strong Free Cash Flow1 generation of ~$2.2B in FY2025 59
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Q4-25 ACT Investor Presentation Balanced Maturity Curve with Effective Financing Cost 1 Please refer to the “Non-IFRS Accounting Standards Measures” section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 2 As at April 27th, 2025. 3 Company estimate based on LTM EBITDA, does not include potential to leverage a hypothetical target 4 Based on spot rate as at April 27th, 2025 for balances for which the underlying currency differs from the US dollar Incremental Balance Sheet Capacity3 of ~$10 billion 60 Leverage Ratio1 ,2 1.96 Share Repurchases FY2025 ~ 8.7 million shares / ~ $510 million Average Cost of Debt 3.93% Average Term to Maturity 10.5 Investment Grade Credit Rating BBB+ (S&P) / Baa1 (Moody's)
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Q4-25 ACT Investor Presentation in US$ 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% EBITDA1 2,331 2,396 2,980 3,583 4,525 5,061 5,244 5,762 5,596 5,940 13.7% Operating income 1,668 1,698 2,037 2,489 3,163 3,676 3,679 4,232 3,810 3,806 13.9% Net Earnings 1,191 1,209 1,671 1,834 2,354 2,705 2,683 3,091 2,732 2,592 12.3% Diluted EPS $1.05 $1.06 $1.48 $1.63 $2.09 $2.44 $2.52 $ 3.06 $2.82 $2.71 14.2% Adj. diluted EPS1 $1.04 $1.11 $1.30 $1.66 $1.97 $2.45 $2.60 $ 3.12 $2.81 $2.71 14.8% Merchandise SSS - United States2 4.6% 2.0% 0.8% 4.1% 2.1% 5.6% 1.9% 4.3% -0.1% -0.8% Merchandise SSS - Europe and Other Regions1,2 2.8% 3.5% 2.7% 4.8% 0.1% 6.1% 5.9% 3.1% 0.1% -0.4% Merchandise SSS - Canada2 2.9% 0.1% 0.4% 5.2% 2.8% 9.5% -3.4% 1.2% 0.9% -0.1% SS Fuel Volume - United States2 6.6% 2.6% -0.4% 0.7% -3.9% -12.9% 4.0% -1.9% -0.8% -2.0% SS Fuel Volume - Europe and Other Regions2 2.6% 1.0% 0.0% -0.9% -3.9% -6.4% 3.8% -3.2% -1.5% -0.7% SS Fuel Volume - Canada2 0.9% -0.3% -1.4% -1.6% -6.0% -14.9% 6.1% -0.1% 1.6% 1.5% Fuel Margin - United States (in USD cents per gallon)1 20.15 18.56 19.39 22.38 29.62 35.28 39.62 47.51 45.28 45.39 9.6% Fuel Margin - Europe and Other Regions (in USD cents per litre)1 8.82 8.22 8.72 8.61 8.48 10.99 9.86 9.98 8.73 9.50 -1.4% Fuel Margin - Canada (in CAD cents per litre)1 6.41 7.66 8.84 8.38 7.88 10.36 11.74 12.75 13.35 13.51 8.5% Cash flow from operations 1,888 1,926 2,163 3,084 3,721 4,087 3,945 4,345 4,817 5,037 13.4% Dividends per share (in CAD cents per share) 13.38 17.38 18.50 22.50 26.50 33.25 41.75 53.00 66.50 76.00 27.3% Leverage ratio1 0.95 1.09 2.46 1.61 1.54 1.32 1.39 1.49 2.25 1.96 ROCE (%)1 19.2% 15.8% 12.0% 14.1% 15.0% 15.9% 15.4% 17.5% 13.2% 12.2% Historical Financial Highlights Notes: Fiscal years 2017 and 2023 consist of 53 weeks; all results are prior to the transition to IFRS 16 lease accounting standard 1 Please refer to the “Non-IFRS Accounting Standards Measures” section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 2 For company-operated stores only, except for Europe and other regions for Merch. SSS. For Merch. SSS, this measure represents the growth of (decrease in) cumulated merchandise revenues between the current period and comparative period for those stores that were open for at least 23 days out of every 28-day period included in the reported periods. Merchandise revenues are defined as Merchandise and service revenues excluding service revenues. Presented on a comparable basis of 52 weeks. 3 The information as at April 30, 2023, has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for the acquisitions of True Blue Car Wash LLC and Big Red Stores. 4 Growth of (decrease in) same-store merchandise revenues and growth of (decrease in) same-store road transportation fuel volumes for Europe and other regions do not include results from the acquisition of certain European retail assets from TotalEnergies SE. 5 The information as at April 28, 2024 has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for the acquisition of convenience retail and fuel sites operating under the MAPCO brand, and for the acquisition of certain European retail assets from TotalEnergies SE. 61
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Q4-25 ACT Investor Presentation Investor Relations Contact Mathieu Brunet, CPA Vice President, Investor Relations and Treasury Investor.Relations@couche-tard.com 62 Mariusz Chojnacki Director, Investor Relations Investor.Relations@couche-tard.com
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Thank you!