Slides
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2026 BUSINESS STRATEGY UPDATE 1 BUSINESSSTRATEGY UPDATE 2026
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2026 BUSINESS STRATEGY UPDATE 2 Video:Introduction
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2026 BUSINESS STRATEGY UPDATE 3 INTRODUCTION Forward-Looking StatementsThe statements set forth in this presentation, which describes Couche-Tard’s objectives, projections, estimates, expectations, and forecasts, including Couche-Tard’s long-term and fiscal 2026 guidance, may constitute forward-looking statements within the meaning of securities legislation. Positive or negative verbs such as “believe”, “can”, “shall”, “intend”, “expect”, “estimate”, “assume”, and other related expressions are used to identify such statements. Further, Couche-Tard’s long-term and fiscal 2026 guidance constitutes “financial outlook” within the meaning of applicable Canadian securities laws. The purpose of financial outlook is to provide a description of management’s expectations regarding Couche-Tard’s long-term financial performance and prospects and may not be appropriate for other purposes. Although we base the forward-looking statements contained in this presentation on assumptions that we believe are reasonable, by their very nature, forward-looking statements involve risks and uncertainties such that actual results could differ materially from those indicated in or underlying these statements, or could have an impact on the degree of realization of a particular projection or expectation. Couche-Tard’s guidance is notably based on the following material assumptions: • our ability to execute development initiatives across same-store operations and merchandise to drive growth and enhance profitability;• our ability to leverage the nicotine transition, increase our growth from thirst and deliver through the 4 Growth Pillars of our food journey;• our ability to manage total road transportation fuel gross profit and volume through Supply Chain, B2C, B2B, and Development initiatives to sustain growth and profitability;• our ability to strategically invest in and expand sites, distribution centers, eMobility, Car Wash businesses, new revenue initiatives such as Full Circle Media and technology initiatives to support long-term growth;• our ability to generate sufficient cash flows each year to support share repurchases;• our capacity to expand our network on the basis of development initiatives, targeted investments, selective acquisitions of individual sites, and organic franchise growth (provided that our guidance does not take into account the completion of any transactions that would significantly alter our portfolio, business segments, or strategic direction);• the growth of revenues from our food channels to outperform merchandise revenues;• sustained efforts towards technology investments in fiscal 2026;• our ability to achieve our objectives with respect to controlling incremental operating, selling, general and administrative expenses and our Fit-to-Serve program which we expect to constitute EBITDA value of approximately US$850M by fiscal 2030;• our ability to bolster our working capital through optimized receivables and payables structures, enhanced inventory management, and to implement a disciplined approach to capital expenditures; and• long-term volume assumptions based on market trends and third-party reporting and analysis.Couche-Tard’s guidance is also based on a number of market and economic assumptions, including without limitation:• the primary currencies used in the Corporation’s operations remaining at near-current levels;• stable industry trends and macroeconomic environment;• the absence of significant changes in tax laws or treaties applicable to the Corporation;• the absence of material financial, operational or competitive consequences resulting from changes in, or the implementation of, regulations affecting the Corporation’s worldwide operations; and• consumer price index (“CPI”), defined as the official consumer price index published by the relevant governmental or statistical authority in each country in which the Corporation operates (which the Corporation uses as the basis for inflation determinations), remaining at or near current levels.Major factors that may lead to a material difference between Couche-Tard’s long-term and fiscal 2026 and actual results include such risks as described in detail from time to time in the reports filed by Couche-Tard with securities authorities in Canada available on SEDAR+ under Couche-Tard’s profile at www.sedarplus.ca, including under “Business Risks” in our management discussion and analysis for the 52-week period ended April 27, 2025. The risks described therein are not the only ones that we face. Additional risks not presently known to us or that we currently deem immaterial may also significantly impair our business, financial position or results of operations. Unless otherwise required by applicable securities laws, Couche-Tard disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this presentation is based on information available as of the date of the presentation.The forward-looking information in this presentation is based on information available as of the date of this presentation. This presentation is not, and under no circumstances is to be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of securities. Under no circumstances should the information contained herein be considered an offer to sell or a solicitation of an offer to by any securities. While the information contained in this presentation is believed to be accurate, Couche-Tard expressly disclaims any and all liability for any losses, claims or damages of whatsoever kind based upon the information contained in, or omissions from, this presentation or an oral communication transmitted in connection therewith. In addition, none of the statements contained in this presentation are intended to be, nor shall be deemed to be, representations or warranties of Couche-Tard and its affiliates. Where the information is from third-party sources, the information is from sources believed to be reliable, but Couche-Tard has not independently verified any of such information contained herein.Our forward-looking statements in this presentation speak only as of February 11, 2026, and unless otherwise required by applicable securities laws, we expressly disclaim any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. The forward-looking statements contained in this presentation are expressly qualified by this cautionary statement.
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2026 BUSINESS STRATEGY UPDATE 4 Fireside Chat with AlexINTERVIEW BY MATHIEU BRUNETVice President, Investor Relations and Treasury
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2026 BUSINESS STRATEGY UPDATE 5
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2026 BUSINESS STRATEGY UPDATE 6
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2026 BUSINESS STRATEGY UPDATE 7
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8 2026 BUSINESS STRATEGY UPDATE Highlights from 10 for the WIN StrategyWHAT WE’VE ACHIEVED Operational ImprovementsGrowth TotalEnergies (certain assets), ahead of plan, reiterating targets 70bpsy/y reduction(2) 7.4% y/y improvement(2) >18M Members worldwide48% InnerCircle Member trip frequency increase Nearly $1B Achieved OVERTIME CSR TURNOVERSHRINK(4) COST SAVINGS(1)(Fit-to-Serve) SYNERGIES(3) LOYALTYTRAFFIC 188 New Stores(FY24 to Q2 FY26) TotalEnergies (certain assets), GetGo, Hutch’s, MAPCO and others ACQUISITIONS >1M US weekly meal deals sold MEAL DEALS NETWORK 2600bpsDecrease2 Y/Y as of Q2-FY263 Synergies are destined to illustrate additional benefits stemming from the transaction. They might not be suitable for other needsPlease refer to slide 85for the information related to endnote 4.1 Cost savings (fit-to-serve) refers to the benefits achieved during the period from FY24 to FY26-Q2 throughinitiatives targeted towards Cost of sales, excluding depreciation, amortization and impairment and Operating, selling, general and administrative expenses which are similar than those described in more detail in slides 81and 82of this presentation.
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2026 BUSINESS STRATEGY UPDATE 9
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2026 BUSINESS STRATEGY UPDATE 10
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2026 BUSINESS STRATEGY UPDATE 11
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12 Opening remarksWELCOME Alex MillerPRESIDENT AND CHIEF EXECUTIVE OFFICER
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13 2026 BUSINESS STRATEGY UPDATE Alain Bouchard,Jacques D’Amours,Richard Fortin,Réal Plourde,Our Founders 1980-20001980Opened our firstconvenience store inLaval, Québec 2001Entry into U.S.Acquired Bigfoot stores in the Midwest 2003Purchased CircleCorporation fromConocoPhillips 2012Expansion into EuropeAcquired Statoil Fuel & Retail, a leading Scandinavian fuel and convenience retailer 2015Launched our globalCircle K brandAdded the Pantry, Inc., in the Southeastern U.S 2016Expansion in Ireland & CanadaAcquired Topaz, a leader in Ireland and Esso-branded fuel and retail sites in Ontario & Quebec 2021 - present2022-25Winning cultureNamed a Forbes World’s Best Workplaces of 2021 andrecognized as a Gallup Exceptional Workplace 2023-24Transformative Acquisition in Europe2,175 retail assets in Germany and the Benelux 2020Grow into AsiaAcquired Circle K franchise stores in Hong Kong and Macau 2000-20102010-20162017-20202017Acquired CST and Holiday Station stores in the U.S A Storied History of Entrepreneurship & Dynamic GrowthWHAT WE’VE BUILT
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14 2026 BUSINESS STRATEGY UPDATE Core networkInternational licensees Spanning Continents and Bridging Markets TOTAL17,270UNITED-STATES7,308 CANADA2,082 EUROPE AND OTHER REGIONS15,247INTERNATIONAL2 2,633 Note: Store count as of October 12, 2025. Includes 1,278 automats.1 Europe and Other Regions store count includes 390 stores in Hong Kong.2 International store count is comprised of stores operating under license.3 As at the end of Q2-26 Coast-to-coast presence in Canada and located in 48 of 50 U.S. states and leading market share across many markets in Europe 29 COUNTRIES 3AND30 BUSINESSUNITS 3 WHERE WE ARE TODAY OUR SITES
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15 2026 BUSINESS STRATEGY UPDATE A Decentralized and Scalable Operating ModelThe Pillar of Our SuccessOUR BUSINESS MODEL STRATEGIC GROWTHDisciplined M&A and targeted expansion to gain share and scale synergies An operating model that empowers local teams with global capabilities to make fast, customer-driven decisions A focus on efficiencies and financial discipline to enable continued investment in growth GLOBAL – LOCAL DELIVERYOPERATIONAL EXCELLENCE
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16 2026 BUSINESS STRATEGY UPDATE 5.85.65.9 3.12.72.6 FY 2000FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006FY 2007FY 2008FY 2009FY 2010FY 2011FY 2012FY 2013FY 2014FY 2015FY 2016FY 2017FY 2018FY 2019FY 2020FY 2021FY 2022FY 2023FY 2024FY 2025 HOW WE’VE GROWN 25 Years of EBITDA1 and EPS growth As at April 27th, 2025 1Please refer to the “Non-IFRS ® Accounting Standards Measures” section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards.Source: Bloomberg, which includes post share-split impacts. Basic Net Earnings Per Share ($)EBITDA1 (US$ billions) Earnings Per Share ($) 3.503.002.502.001.501.000.500 FY2518.3% Net Earnings(US$ billions) RETURN ONEQUITY1 Over the past 25 years we’ve achieved EBITDA1 CAGR of ~20% and EPS & Net earnings CAGR of 25%
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17 2026 BUSINESS STRATEGY UPDATE The world's favourite stop for people on the go VISIONwe’re aspiring to become
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18 2026 BUSINESS STRATEGY UPDATE To make our customers’ lives a little easier every day MISSIONour day-to-day focus
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2026 BUSINESS STRATEGY UPDATE 19
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20 2026 BUSINESS STRATEGY UPDATE OUR VALUESNurturing Our World Class Culture ONE TEAM DO THE RIGHT THINGTAKE OWNERSHIPPLAY TO WIN
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2026 BUSINESS STRATEGY UPDATE 21 With the goal of growing traffic, we will continue to deliver on our core platforms while making strategic investments in future growth engines. A recipe for profitable growth COREMORE+
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22 2026 BUSINESS STRATEGY UPDATE INVESTIN MOREFood | Offer | Network | Mobility Solutions ENABLED BY: DIGITAL, DATA, TECHMERCHANDISE SUPPLY CHAIN PROCESS & COST EFFICIENCIES Core + More: How we’ll Drive Traffic, Profitably AMPLIFY THE COREFuel | Nicotine | Thirst 2026 BUSINESS STRATEGY UPDATE OUR GROWTH STRATEGY
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2026 BUSINESS STRATEGY UPDATE 23 Aaron BrooksSVP, Real Estate andFuel Customer Alex MillerPresident andChief Executive Officer Filipe Da SilvaChief Financial Officer Louise WarnerEVP, North America and Global Commercial Optimization Ed DzadovskyChief Technology Officer Hans-Olav HøidahlEVP, Operations, Europe THEME PRESENTERTIMEAmplify the CoreLouise Warner8:30AM-8:45AMBREAK 15 mins Invest in MoreLouise WarnerAaron BrooksHans-Olav Høidahl9:00AM-9:50AM BREAK 15 minsEnabling Digital, Data and TechnologyErica FortuneEd Dzadovsky10:05AM-10:25AMDelivering Profitable GrowthFilipe Da Silva10:25AM-10:50AMBREAK 10 minsClosing Alex Miller11:00M-11:05AMQ&A Leadership Team11:05AM-11:55AMFinal RemarksAlex Miller11:55AM-noon TODAY’S AGENDA Presentations from Our Leaders Erica FortuneChief Digital Officer
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Q2-26 ACT ANALYST PRESENTATION24 2026 BUSINESS STRATEGY UPDATE Award Winning Four-Time Winner of the Gallup Exceptional Workplace Award Investing in Our People and Growing Together Top decile in employee engagementOutperforming the industry in turnover rate Sources: Gallup
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25 Louise WarnerEVP, NORTH AMERICA AND GLOBAL COMMERCIAL OPTIMIZATION AMPLIFYTHE COREDelivering on our core programs
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26 2026 BUSINESS STRATEGY UPDATE Fuel74% Nicotine9%Thirst8%Other9%Our Core platforms remain material to our success; representing 90% of Revenues and ~75% of Gross Profit1 AMPLIFY THE CORE FY25 Category Share of Revenues and Gross Profit Core76% 24%Other CoreOther TOTAL REVENUES$73B$13BTOTAL GROSSPROFIT1 United StatesEurope and OtherRegionsCanada FY25 Geographic Revenues 32%11% 57% 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.
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27 2026 BUSINESS STRATEGY UPDATE Leveraging Our Strengths in Our Fuel Network ~575 trucks, ~1,050 drivers our Fleet +5% increased trip frequency globallyfor loyalty members >110 million transactions per year of growing B2B customers 15.4 billion Fuel Gallons Sold 1 ~13,000 / ~90%stores offering fuel % of total network 2,3 1 For the fiscal year ended, or as of, April 27th, 20252 As at end of Q2-20263 Excluding licensees AMPLIFY THE CORE | FUEL Network Scale ~9,000 Circle K/Couche-Tard Fuel Branded Stores 1
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2026 BUSINESS STRATEGY UPDATE 28 8.0 12.0 16.0 20.0 24.0 28.0 32.0 36.0 FY20 19FY20 2 0FY20 2 1FY20 2 2FY20 2 3FY20 2 4FY20 2 5 US RTF Gross Margin (cpg) ACT B/EUS C-Store Bottom B/E#R EF! Industry Leading Fuel Margins Through Size and Scale 1. 001. 051. 101. 151. 201. 251. 301. 351. 401. 451. 50 101520253035404550 FY20 10FY20 11FY20 12FY20 13FY20 14FY20 15FY20 16FY20 17FY20 18FY20 19FY20 2 0FY20 2 1FY20 2 2FY20 2 3FY20 2 4FY20 2 5 CPI (2009 base year) US RTF Gross Margin (cpg) Ra ck-t o-Reta ilACTCPI AMPLIFY THE CORE | FUEL Sources: Rack-to-Retail: NACS State of the Industry Report, 2018, 2019, 2020, 2021, 2022, 2023, 2024Sources: Rack-to-Retail: NACS State of the Industry Report. |. ACT : Financial year and industry presented using calendar year. Industry data does not coincide exactly with ACT financial years. |. CPI: US Bureau of Labor Statistics - 2025 rack-to-retail and 2025 Q4 Actuals not available yet. ACT operates at a lower break-even than the rest of the market Gap vs market widening supported by our enhanced capabilities in supply chain and procurement U.S. Rack-to-Retail Gross MarginsU.S. Break-Even Fuel Margins COVID-19 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.''B/E'' refers to Road transportation fuel breakeven gross margin. (1,2) (1) (2)
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29 2026 BUSINESS STRATEGY UPDATE AMPLIFY THE CORE | FUEL … and We’ll Continue Beating the Market •Compelling value through rewards and promotions•Accelerating B2B growth•Fast & consistently customer ready forecourt experiences•World class Fuel Supply Chain •Market responsive pricing and optimization How We’ll Win
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2026 BUSINESS STRATEGY UPDATE 30 Leading the Nicotine TransitionAMPLIFY THE CORE | NICOTINE EXPECTED GROSS PROFIT(1,2) FY2026 – 2030 And We’re DeliveringThe Market is Changing Nicotine demand will continue to grow, and we will capture an outsized share of the transition US Modern Oral Market Share*22%US Cigarette Market Share*17% vs European Market Cigarette Growth (last 52weeks) +1%vs European Market ONP Growth (last 52weeks) +2.3% *in trading areas where Circle K competesSource: Nielson and Internal data 1Represents forward-looking information within the meaning of applicable securities laws, please refer to the ‘’Forward-looking statements’’ section of this presentation for additional information.2Please refer to the “Non-IFRS ® Accounting Standards Measures” section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. Fiscal 2025 Cigarettes and ONP revenues of $6.7B and gross profit2 of $1.2B.
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31 2026 BUSINESS STRATEGY UPDATE AMPLIFY THE CORE | NICOTINE … and We’ll Continue Beating the Market •Win outsized share of the migration to modern nicotine alternatives•Provide customers compelling value through market leading promotions, offers, and range•Availability and speed to market, enabled by Supply Chain How We’ll Win
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32 2026 BUSINESS STRATEGY UPDATE All-Day Thirst: A Unique Position and OpportunityAMPLIFY THE CORE | THIRST Thirst is an All-Day OpportunityWe Are Delivering •Awakening (6am-9am) 1-2 occasions (coffee, energy)•Keep me Going (9am-5am) 3-4 occasions (hydration)•Bridge (3pm-5pm) 1 occasion (energy, protein)•Wind-down (6pm-10pm) 2-3 occasions (alcohol & non-alcohol)Source: 2025 Keurig Dr. Pepper Beverage Trend Report Energy is Driving the Category Source: Numerator Data Explorer Ending 12/28/2025 Rolling 52 Weeks by Quarter 80% Penetration by 2029 Energy continues increasing household penetration with +3pts in 2025 We Are Delivering 2X Energy’s growth between 2018–2026 at Circle K ~7/10 ~10%~7% >13% $0.79Customers purchase a beverage Compelling value on Polar Pop for over 25 years Coffee share of totalmerchandise revenues(1)Legacy EU(2) Energy nearly 10% of total merchandise revenues(1) Global YoY Energy unit lift Average consumer has roughly 8 to 9 beverage occasions per day. 1Merchandise revenues are defined as Merchandise and service revenues excluding service revenues.2Legacy EU refers to European stores excluding the impact of stores acquired from acquisition of certain European retail assets from TotalEnergies SE in FY24.
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33 2026 BUSINESS STRATEGY UPDATE AMPLIFY THE CORE | THIRST … and We’ll Continue Beating the Market •Utilize digital channels to deliver compelling value through highly personalized offers and promotions•Elevated assortment & expanded in-store space for every Thirst occasion•Utilize our scale to deliver partnerships & exclusives that customers love•Double down on Energy & Functional beverages How We’ll Win
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34 2026 BUSINESS STRATEGY UPDATE AMPLIFY THE CORE | SUCCESS What Success Looks Like•Our people remain the foundation of our business success•Customers continue to choose us for the compelling value offered on our best products•We continue to outpace the industry across all Core platforms •Supply chain improvements support us being Customer Ready•Investments in Digital, Data, and Tech enable more personalized, high-value experiences; delivering on Fast & Friendly
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10 MINUTEBREAKTake it easy Need high-rez image
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INVEST IN MORELouise WarnerEVP, NORTH AMERICA AND GLOBAL COMMERCIAL OPTIMIZATION Aaron BrooksSVP, REAL ESTATE AND FUEL CUSTOMER NETWORK Hans-Olav HøidahlEVP, OPERATIONS, EUROPE Strategic investments in future growth engines
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2026 BUSINESS STRATEGY UPDATE 37 INVESTIN MOREFood | Offer | Network | Mobility Solutions ENABLED BY: DIGITAL, DATA, TECHMERCHANDISE SUPPLY CHAIN PROCESS & COST EFFICIENCIES AMPLIFY THE COREFuel | Nicotine | Thirst 2026 BUSINESS STRATEGY UPDATE INVEST IN MORE Core + More: How we’ll Drive Traffic, Profitably
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2026 BUSINESS STRATEGY UPDATE 38 Food 2026 BUSINESS STRATEGY UPDATE
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2026 BUSINESS STRATEGY UPDATE 39 Video:Food Europe Program
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40 2026 BUSINESS STRATEGY UPDATE INVEST IN MORE | FOOD We Know What it Takes to Deliver in Food
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41 2026 BUSINESS STRATEGY UPDATE We’re Now Engaging with our Customers with a Targeted Growth Plan INVEST IN MORE | FOOD Existing in-store shoppers New customers Forecourt shoppers Existingfood shoppers
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42 2026 BUSINESS STRATEGY UPDATE Operational Execution Controlled Supply ChainInnovation 4 Growth Pillars of Our Food JourneyINVEST IN MORE | FOOD Targeted Menu & Deals GOALFood revenue expected to grow 4x the rate of merchandise revenues(1,2)1 Represents forward-looking information within the meaning of applicable securities laws, please refer to the ‘’Forward-looking statements’’ section of this presentation for additional information. 2 Merchandise revenues are defined as Merchandise and service revenues excluding service revenues.
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43 2026 BUSINESS STRATEGY UPDATE Provide Operational Excellence and Customer-ready Availability in Stores •Food Spoilage Management •Data Driven Process Improvement •On-Time Cooking•Hero Item Availability Key Success Highlights INVEST IN MORE | FOOD Over 94% Hero Availability in Europe Hero AvailabilityIn North America increased over 1800bps Spoilage(1)down230bps in North America 1 Please refer to slide 85for the information related to endnote 1.
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44 2026 BUSINESS STRATEGY UPDATE •Always on Compelling Value •Customer Driven and Focused Menu•Built around Hero items Key Success Highlights INVEST IN MORE | FOOD Targeted Menu & Deals Strengthens Loyalty and Enables GrowthOver 10.4M mealdeals soldin Q2 Fresh Food, Fast available in over 6,000 stores worldwide 50% SKU reduction Food penetration up 72 bps as % of revenue vs last year
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45 2026 BUSINESS STRATEGY UPDATE •Digital Customer Experience •Partnerships •Customer Driven Product Introduction•Store Concept Innovation Bringing Value and Changing How we Serve the CustomerKey Success Highlights INVEST IN MORE | FOOD Achieved600bpsMerchandise and services gross profit(1) improvementon digital Kiosk Pilot GetGo acquisition and integration GetGo food penetration > 20%1Please refer to the “Non-IFRS ® Accounting Standards Measures” section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards..
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46 2026 BUSINESS STRATEGY UPDATE Operational Execution Controlled Supply ChainInnovation 4 Growth Pillars of Our Food JourneyINVEST IN MORE | FOOD Targeted Menu & Deals
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2026 BUSINESS STRATEGY UPDATE 47 Offerand PrivateBrands 2026 BUSINESS STRATEGY UPDATE
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48 2026 BUSINESS STRATEGY UPDATE Customers Value Our Private Brands
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2026 BUSINESS STRATEGY UPDATE 49 Private Brands are a Targeted Part of Our OfferINVEST IN MORE | OFFER & PRIVATE BRANDS OUR RESULTS:Co-Branded Circle K + Arizona Iced Tea represents 13% of revenues in this category EXAMPLE: Co-branding with an experienced partner resulted in a product customers preferred Goal: 10% + penetration where we introduce PrivateBrand •Owned Brands•Co-Brands•Control Brands CATEGORY ASSESSMENT SOURCING & PRODUCT DEVELOPMENT OLDNEW CONSUMER INSIGHTSDIFFERENTIATED OFFER
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50 2026 BUSINESS STRATEGY UPDATE Better healthBetter sleepBetter nutritionBetter mindfulness Better fitnessBetter appearance We Continue to Evolve our OfferINVEST IN MORE | OFFER & PRIVATE BRANDS Sources: 1) NACS Survey, 2025 2) McKinsey, 2024 CHANNEL“YES” FOR AGES 35-50“YES” FOR AGES 18-34 Pharmacy / Drug Store30%58% (+28%) Dollar Store45%63% (+18%) Gas Station87% (+6%)81% Mini-mart88% (+9%)79% “DO YOU CONSIDER THE FOLLOWING TYPE OF RETAIL BUSINESS A “CONVENIENCE STORE” 1 Functional Nutrition Wellness Products Global Flavours EXAMPLE EXPLORATION AREASCRITERIA üHigh velocity üOn-the-go needs üAbility to Deliver Value Our Offer Will Evolve to Meet Consumer Demands PRIORITIZATION OF WELLNESS BENEFITS BY GENERATION 2 Consumer Preferences are Shifting We will make targeted decisions on how Private Brand supports our evolved offer OverallGen ZMillennials
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2026 BUSINESS STRATEGY UPDATE 51 Supply Chain 2026 BUSINESS STRATEGY UPDATE
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2026 BUSINESS STRATEGY UPDATE 52 ENABLERS| SUPPLY CHAIN Expanding Control Over Our Supply Chain Enables Growth Supply Chain Assets and Locations Legacy DC Planned DCDC Expansion •Expanded control and flexibility•Improved procurement costs•Decreased wholesaler risk•Improved stocking reliability•Enhanced demand responsiveness Enabling the CoreEnabling More Circle K Stores5 or lessGreater than five LEGEND Planned CommissaryLegacy Commissary
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2026 BUSINESS STRATEGY UPDATE 53 Video:Merchandise & Supply Chain
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2026 BUSINESS STRATEGY UPDATE 54 NetworkDevelopment 2026 BUSINESS STRATEGY UPDATE Aaron BrooksSVP, REAL ESTATE AND FUEL CUSTOMER
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55 2026 BUSINESS STRATEGY UPDATE Disciplined Expansion - Growing Our NetworkINVEST IN MORE | NETWORK DEVELOPMENT Rateable Growth 5-Year Growth Target (New build)(2) 750+Capital ReallocationNETWORK OPTIMIZATION(AVERAGE EBITDA1) •Reallocating capital into higher-ROI stores and investment opportunities•Improving portfolio quality, returns and capital efficiency Divested StoreAverageStore 0.25X~3X New Store (Yr 4) MARKET PENETRATION PRODUCT / SERVICE EXTENSION MARKET EXPANSIONFranchise Expansion Development Growthand Network Investments Regional Acquisitions Large-Scale M&A Single Site Acquisitions 55 2026 BUSINESS STRATEGY UPDATE Opportunistic M&A 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 Standards2.Represents forward-looking information within the meaning of applicable securities laws, please refer to the ‘’Forward-looking statements’’ section of this presentation for additional information.
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56 2026 BUSINESS STRATEGY UPDATE Ye ar 1Ye ar 2Ye ar 3Ye ar 4Ye ar 5Ye ar 620202021202220232024 Disciplined Expansion - New Stores Strategy •Expanding in fast-growing suburban areas•Strategically entering and enhancing markets •Expanding upon our high-performing network of ~1,400 rural sites•Top returns and economic resilience •Portfolio of ancillary and future proof bolt-on’s to meet customers’ demands•Enabled through targeted additions of high-speed diesel, QSR(2), and carwash INVEST IN MORE | NETWORK DEVELOPMENT Traditional Growth Rural Expansion Future- Proofing Our Offer Our ApproachNew Store EBITDA(1) by Fiscal Year Open New Stores Outperforming Over Time, with Industry-Leading ROI and Performance NEW STORE EBITDA BY FISCAL YEAR OPEN 1Please refer to the “Non-IFRS ® Accounting Standards Measures” section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards.2Quick Service Restaurants
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57 2026 BUSINESS STRATEGY UPDATE M&A Growth Priorities Growing our footprint in the US market remains our top priority 1Significant synergies to be unlocked in Europe by filling in the regional gaps for our current network 2Latin America and Southeast Asia remain highly attractive expansion markets 3 INVEST IN MORE | NETWORK DEVELOPMENT Growing footprint in our channel in existing geographies, and expanding to new ones by leveraging our scale Focus on what we knowGrow our core business
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2026 BUSINESS STRATEGY UPDATE 58 MobilitySolutions 2026 BUSINESS STRATEGY UPDATE Hans-Olav HøidahlEVP, OPERATIONS, EUROPE
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59 2026 BUSINESS STRATEGY UPDATE BEV share of new car sales continues to increase globally, with Scandinavia leading the transition, BEV % of passenger car sales INVEST IN MORE | E-MOBILITY Energy demand from public fast charging to grow >10X by 2035, Europe and North America Twh demand public charging passenger BEVs Source: Bloomberg, BEV = Battery electric vehicle Continued Growth in Global EV Sales 89%98% 71% 46% 0%10%20%30%40%50%60%70%80%90%100% 19%6%3%2%2020 61% 19%10%9%2025F 47%34%19% 2030F 62% 2035F Scandinavia EuropeCanadaUS202020212022202320242025248101113+44% 20252030203510 41 10911XCanadaUSEurope ~50% CAGR for global EV sales since 2020, global passenger EV sales million 2020202120222023202420253610141822CAGR+47%
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60 2026 BUSINESS STRATEGY UPDATE EV customers generates accretive value vs fuel customers Store visit frequency (Norway, FY25) +54%+33%Avg shop merchandise and service gross profit(1) per customer (Norway, FY25)#1#2 +28%Gross profit(1) per charging session vs fuel (Scandinavia, FY26 YTD) Leading on customer brand preference in Scandinavia INVEST IN MORE | E-MOBILITY Strong EV Presence and Market Reach 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.
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61 2026 BUSINESS STRATEGY UPDATE >Circle K market share % in Kwh sold is 2x market share in charging pointsGrowing gross profit in the world’s most mature EV markets, Fuel + EV gross profit in Scandinavia FY23 TTM Q2 FY26 CAGR+7%Circle K Fuel + EV gross profit(1) Total fuel market volume decline same period (WoodMac) >100% avg annual growth in Kwh sold since 2021, Total GWh sold EU + NA INVEST IN MORE | E-MOBILITY Growth Delivered in Advanced EV Markets 20%10% Charge pointsCharging sessions 2X Norway and Sweden FY21FY22FY23FY24FY25FY26 YTD + FC5163675156240CAGR+142% -7% 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. TTM refers to trailing twelve months.
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62 2026 BUSINESS STRATEGY UPDATE How We Win the EV TransitionINVEST IN MORE | E-MOBILITY Where We’re HeadingSTRONG TRANSACTION GROWTH CAGR(1)EUROPE (M) FY26 FY30 30.5M 8M +40%CAGR •Monetize our integrated charging, food, beverage and services ecosystem that strengthens customer engagement•Protect and expand our leading positions across Scandinavia, and expand to our Mid-Europe region through scale, brand and regional expertise•Deploy infrastructures rapidly and cost-effectively through standardization and our size and scale•Pursue capital-efficient, partnership-led growth in North America for disciplined capital use•Unlock incremental value from energy sourcing and grid monetization1 Management’s estimates based on internal data and assumptions. Represents forward-looking information within the meaning of applicable securities laws, please refer to the ‘’Forward-looking statements’’ section of this presentation for additional information.
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63 2026 BUSINESS STRATEGY UPDATE Europe~2,000 US~1,200 Canada~300 Car Wash will Support Our Growth JourneyCAR WASH UNITS Targeted Opportunites for GrowthBuilding from a Leading Network Today INVEST IN MORE | CAR WASH Asset Growth•Market for "Do-It-For-Me" Services continues to expand globally•Expansion of co-located tunnel stores•Pilot mini-tunnel Organic Growth•Seamless digital experience tied together with loyalty•Cross-promotion of fuel rewards with car wash >3,500 Units Worldwide
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64 2026 BUSINESS STRATEGY UPDATE INVEST IN MORE | SUCCESS What Success Looks Like•Our people will be at the center of our success in our 'More' platforms•Customers will choose us for the compelling value they see in our food, product offering and mobility services as we establish ourselves as a superior destination•Extending a proven and winning Core platform with mature capabilities, unlocking higher growth in ‘More,’ where early results are validating the opportunities•Control of our supply chain allows us to accelerate product launch and fulfill our Customer Promise•Our investments in Digital, Data, and Tech allow us to engage meaningfully with our customers across a broader product ecosystem
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Erica FortuneCHIEF DIGITAL OFFICER Ed DzadovskyCHIEF TECHNOLOGY OFFICER ENABLINGDIGITAL, DATA AND TECHNOLOGY
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67 2026 BUSINESS STRATEGY UPDATE Digital, Data, TechnologyenablingCore + More 67 2026 BUSINESS STRATEGY UPDATE
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2026 BUSINESS STRATEGY UPDATE 68 Video: Digital, Data & Technology
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69 2026 BUSINESS STRATEGY UPDATE Digital product engagement is increasing 1,300 +31% +6.5 121 21% 13M Members per store, +12% YOY Monthly Active App Users, +800k per month YOY Incremental site visits per member YOY (North America) Additional fuel gallons per member per year (North America) Pump to In-Store conversion rate for thirst and food offers Nicotine offer redemptions across 1.5M age-verified customers (vs zero two years ago) ENABLERS | DIGITAL, DATA & TECHNOLOGY Leading the Digital Journey
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70 2026 BUSINESS STRATEGY UPDATE Enabling a Differentiated & Connected Customer ExperienceENABLERS | DIGITAL, DATA & TECHNOLOGY Personalized Offers for Basket UpliftEasier Digital Experiences Greater Value for Loyalty
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2026 BUSINESS STRATEGY UPDATE 71 Providing a Full Suite of Robust Platforms and Systems Data Platform 2.0 & Master Data ManagementDigital Platforms: Loyalty & Mobile AppInventory Management: RelexModernizing Retail SystemsModern data platforms power real-time insights, faster decisions, and the scalable foundation we need to grow. Loyalty, and Mobile App, fuel personalization, deepen engagement, and scale our digital reach for growth. Real-time inventory means we move fast, stay agile, and meet customer demand with precision. Modernizes our core retail platforms to boost resiliency, reduce dependencies, and elevate the in-store experience. ENABLERS | DIGITAL, DATA & TECHNOLOGY ~1.8X growth in technology investment(1,2) from FY22 in FY26 (Forecast) 1Represents forward-looking information within the meaning of applicable securities laws, please refer to the ‘’Forward-looking statements’’ section of this presentation for additional information.2Related to both Purchase of property and equipment, intangible assets and other assets and Operating, selling, general and administrative expenses.
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72 2026 BUSINESS STRATEGY UPDATE Full Circle Media Unlocking New Revenue StreamENABLERS | DIGITAL, DATA & TECHNOLOGY Opportunity: > $100M in Revenues (1)LIFT ScreensDigital Walls MediaFuel Media (1) Represents forward-looking information within the meaning of applicable securities laws, please refer to the ‘’Forward-looking statements’’ section of this presentation for additional information. 72 2026 BUSINESS STRATEGY UPDATE Pump Store Check-Out Home / Online Web & SocialInner Circle App
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73 2026 BUSINESS STRATEGY UPDATE ENABLERS | DIGITAL, DATA & TECHNOLOGY | SUCCESS What Success Looks Like •Digital, Data, and Technology form the ecosystem that enables Core + More •Loyalty drives customer engagement •Data is powering real-time insights •Technology investments are the foundation for future growth •Full Circle Media unlocks new retail media network revenue stream
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74 DELIVERINGPROFITABLEGROWTHFilipe Da SilvaCHIEF FINANCIAL OFFICER
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75 2026 BUSINESS STRATEGY UPDATE INVESTIN MOREFood | Offer | Network | Mobility Solutions ENABLED BY: DIGITAL, DATA, TECHMERCHANDISE SUPPLY CHAIN PROCESS & COST EFFICIENCIES A Recipe for Delivering Long-term Profitable Growth AMPLIFY THE COREFuel | Nicotine | Thirst 2026 BUSINESS STRATEGY UPDATE OUR GROWTH STRATEGY
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2026 BUSINESS STRATEGY UPDATE 76 DELIVERING PROFITABLE GROWTH EBITDA 2-3%Growth of Consolidated Same-Store Merchandise Revenues(1,2)(FY25 Growth of (decrease in) Consolidated Same-Store Merchandise Revenues: (0.4%), FY25 Merchandise and service revenues: $18,359.4M) 4-5%Total Merchandise and Service Revenues(1) CPI(4)Total Road Transportation Fuel Gross Profit(1,2)(FY25 Road Transportation Fuel Gross Profit: $6,417.5M, FY25 Fuel Revenues: $53,904.7M) Normalized Growth of Expenses(1,2)(FY25 Normalized Growth of Expenses: 3.3%, FY25 Operating, selling, general and administrative expenses: $7,143.2M)≤ CPI(4) 6-8%Adjusted EBITDA(1,2)(FY25 Adjusted EBITDA: $5,959.4M, FY25 Net Earnings: $2,592.4M)>10%Adjusted Diluted Net Earnings Per Share(1,2)(FY25 Adjusted Diluted EPS: $2.71, FY25 Diluted EPS: $2.71) FY2026-FY2030 CAGR(3) Our Growth Algorithm Delivering Long-term Shareholder Value 1 Represents forward-looking information and financial outlook within the meaning of applicable securities laws , please refer to the ‘’Forward-looking statements’’ section of this presentation for additional information.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. Please refer to slide 85for the information related to endnotes 3and 4.
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77 2026 BUSINESS STRATEGY UPDATE THIRSTNICOTINEFOODOTHERMERCH.SS MERCH. REVENUES(2)NETWORK DEVELOPMENT, EMOBILITY, CAR WASHTOTAL MERCH. & SERVICES REVENUES DELIVERING PROFITABLE GROWTH Top Line Driven by our Customer Promise 2 -3%(1,3) Merchandise and Service Revenues(1)FY2026-FY2030 CAGR(3) Amplify the CoreCoreMore Invest in More 4 -5%(1,3) Not to scale 2-3%4-5% Growth of Consolidated Same-Store Merchandise Revenues(1,2)(FY25 Growth of (decrease in) Consolidated Same-Store Merchandise Revenues: (0.4%), FY25 Merchandise and service revenues: $18,359.4M) Total Merchandise and Service Revenues(1) Total Road Transportation Fuel Gross Profit(1,2) Normalized Growth of Expenses(1,2) Adjusted Diluted Net Earnings Per Share(1,2) Adjusted EBITDA(1,2) 1 Represents forward-looking information and financial outlook within the meaning of applicable securities laws , please refer to the ‘’Forward-looking statements’’ section of this presentation for additional information.2 Please refer to the “Non-IFRS ® Accounting Standards Measures” section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. Please refer to slide 85for the information related to endnote 3.
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78 2026 BUSINESS STRATEGY UPDATE DELIVERING PROFITABLE GROWTH Fuel Positioned to Continue to Outperform the MarketRoad Transportation Fuel Gross Profit(1,2)FY2026-FY2030 CAGR(3) B2B(5)B2C(5)Supply ChainOptimizationNetworkDevelopmentRTF GP$ Not to scale CPI(4) Growth of Consolidated Same-Store Merchandise Revenues(1,2) Total Merchandise and Service Revenues(1)Total Road Transportation Fuel Gross Profit(1,2)(FY25 Road Transportation Fuel Gross Profit: $6,417.5M, FY25 Fuel Revenues: $53,904.7M) Normalized Growth of Expenses(1,2) Adjusted Diluted Net Earnings Per Share(1,2) Adjusted EBITDA(1,2) 1 Represents forward-looking information and financial outlook within the meaning of applicable securities laws , please refer to the ‘’Forward-looking statements’’ section of this presentation for additional information.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. Please refer to slide 85for the information related to endnotes 3to 5. RTF GROSS PROFIT GROWTH(1,2)
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79 2026 BUSINESS STRATEGY UPDATE DELIVERING PROFITABLE GROWTH Leveraging Operating EfficienciesAnnual Normalized Expense Growth(1,2)FY2026-FY2030 CAGR(3) Not to scale Inflation Recurring Cost GrowthInvestmentsFit-to-ServeAnnual Normalized Expense Growth ≤ CPI(4) ≤ CPI(4) Growth of Consolidated Same-Store Merchandise Revenues(1,2) Total Merchandise and Service Revenues(1) Total Road Transportation Fuel Gross Profit(1,2) Normalized Growth of Expenses(1,2)(FY25 Normalized Growth of Expenses: 3.3%, FY25 Operating, selling, general and administrative expenses: $7,143.2M) Adjusted Diluted Net Earnings Per Share(1,2) Adjusted EBITDA(1,2) (1) 1 Represents forward-looking information and financial outlook within the meaning of applicable securities laws , please refer to the ‘’Forward-looking statements’’ section of this presentation for additional information.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. Please refer to slide 85 for the information related to endnotes 3 and 4.
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80 2026 BUSINESS STRATEGY UPDATE DELIVERING PROFITABLE GROWTH Driving Long-Term Shareholder Value CreationAdjusted EBITDA & Adjusted Diluted EPS Growth(1,2) Projection(1,2)FY2026-FY2030 CAGR(3) 2026E2030E Adjusted EBITDA(1,2)(in US millions) 2026E2030E Adjusted Diluted EPS(1,2)(in $) CAGR(3) >10%(1) CAGR(3) 6-8%(1) Growth of Consolidated Same-Store Merchandise Revenues(1,2) Total Merchandise and Service Revenues(1) Total Road Transportation Fuel Gross Profit(1,2) Normalized Growth of Expenses(1,2) Adjusted Diluted Net Earnings Per Share(1,2)(FY25 Adjusted Diluted EPS: $2.71, FY25 Diluted EPS: $2.71) Adjusted EBITDA(1,2)(FY25 Adjusted EBITDA: $5,959.4M, FY25 Net Earnings: $2,592.4M) 1 Represents forward-looking information and financial outlook within the meaning of applicable securities laws , please refer to the ‘’Forward-looking statements’’ section of this presentation for additional information.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. Please refer to slide 85for the information related to endnote 3. Mainly driven by Core + More, Fit-to-serve & Full Circle Media, partly offset by increase in expensesMainly driven by EBITDA2 and share repurchases, partly offset by Depreciation, amortization and impairment, Net financial expenses & Income taxes
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81 2026 BUSINESS STRATEGY UPDATE Procurement Process-Based Transformation ProgramsLeveraging data and insights, cost control and global sourcing to drive value out of Merchandise and GNFR purchases Reducing administrative tasks from store operations, reducing labour and shrink through automation, simplification and digital tools Focus on Cost Saving InitiativesFit to Serve Program to unlock EBITDA1 value of ~$850M(2) by FY30 to fund Core + More activities DELIVERING PROFITABLE GROWTH Optimize Global Talent HubsFully leverage our global support centers for non-customer-facing support functions. Redesign processes by leveraging automation and AI, primarily in Merchandise and Finance functions Store Operations Efficiencies 1 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards.2 Represents forward-looking information and financial outlook within the meaning of applicable securities laws, please refer to the ‘’Forward-looking statements’’ section of this presentation for additional information. This slide should be read in conjunction with slide 80of this presentation.
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82 2026 BUSINESS STRATEGY UPDATE Disciplined Cost & Cash Management: DELIVERING PROFITABLE GROWTH FY2026-FY2030 – Fit-to-Serve Total Opportunity ($M) 1,2 1 Represents forward-looking information and financial outlook within the meaning of applicable securities laws, please refer to the ‘’Forward-looking statements’’ section of this presentation for additional information. For EBITDA, should be read in conjunction slide 80of this presentation.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.Please refer to slide 85for the information related to endnote 3. MERCH COGS3 G&A3GNFR3PROC TRANS3STORE OPS3FUEL CONTR3 CAPEX3Changes in NWC3 ~$8501 ~$3501 SG&A3 ~$5001 MERCH COGS3 G&A3GNFR3PROC TRANS3STORE OPS3FUEL CONTR3 CAPEX3Changes in NWC3EBITDA1,2 EBITDA 1,2 Cash and Cash Equivalents 1~$6501 TOTAL OPPORTUNITY Optimization to free up cash through traditional value levers: Receivables and Payables structures, as well as enhanced inventory management. Sharper prioritization of projects and execution discipline ensure capital is deployed where it delivers the best long-term value. CAPEX Working Capital ~$8501
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2026 BUSINESS STRATEGY UPDATE 83 Disciplined Capital Allocation through TargetedHigh-Return Growth OpportunitiesDELIVERING PROFITABLE GROWTH Disciplined Investment in Growth CAPEX3 Robust Annual Free Cash Flow Engine Strong Investment Grade Credit rating Accretive Share Buyback program >$2.5B in Free Cash Flow1,2 generation available for value creation estimated for FY26 (FY25 Free Cash Flow of $1.8B1,4) Maintaining target leverage ratio1 of 2.0-2.5x Balanced maturity curve with BBB+ credit ratingReinvesting up to 35% of EBITDA1 in ‘More’ and ‘Enablers’(Capex as a % of EBITDA1)Maintaining Balance Sheet capacity and flexibility for M&A ambitions1Please refer to the ''Non-IFRS Accounting Standards Measures'' section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 2Represents forward-looking information and financial outlook within the meaning of applicable securities laws, please refer to the ‘’Forward-looking statements’’ section of this presentation for additional information.3Capex refers to Purchase of Property and Equipment, Intangible Assets and Other Assets4Difference between the FY26 estimate and FY25 free cash flow is mainly driven by an increase stemming from EBITDA(1) and Net capex(1), partly offset by a decrease stemming from Other items(1).
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84 2026 BUSINESS STRATEGY UPDATE DELIVERING PROFITABLE GROWTH What Success Looks Like•Confidence in Core+More: Providing a clear path to sustainedtop lineand profitability growth •Strong cost management enabling investment in key initiatives •Disciplined capital allocationto drive shareholder value creation •Strong Balance sheet to deploy towards M&A, ifrequired CLOSING REMARKS
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2026 BUSINESS STRATEGY UPDATE 85 1. The below refers to Endnote 3of slides 76, 77, 78, 79 and 80: Compound annual growth rate (‘’CAGR’’) is a commonly used growth formula. For Total Merchandise and Service Revenues, Adjusted EBITDA, Total Road Transportation Fuel Gross Profit and Adjusted diluted net earnings per share, the CAGR is determined using the following formula: (Fiscal 2030 estimated/ Fiscal 2026 estimated)^(1/4)-1.For Growth of Consolidated Same-Store Merchandise Revenues and Normalized Growth of Expenses, the CAGR is determined using the following formula: ((1+Fiscal 2027 estimated)*(1+ Fiscal 2028 estimated)*(1+ Fiscal 2029 estimated)*(1+ Fiscal 2030 estimated))^(1/4)-1. Note that the Fiscal 2027/2028/2029/2030 estimated measures represent the estimated year over year annual growth of the applicable rate calculated according to the Corporation’s standard methodologies, which are described in more details in the non-IFRS Accounting Standards Measures section of this presentation.Fiscal 2026 refers to the 52-week period ending April 26, 2026. Fiscal 2030 refers to the 52-week period ending April 28, 2030.The estimated measures outlined above represent forward-looking information and financial outlook within the meaning of applicable securities laws, please refer to the ‘’Forward-looking statements’’ section of this presentation for additional information and, specifically for Growth of Consolidated Same-Store Merchandise Revenues, Adjusted EBITDA, Total Road Transportation Fuel Gross Profit, Normalized Growth of Expenses and Adjusted diluted net earnings per share, the non-IFRS Accounting Standards Measures section of this presentation.2. The below refers to Endnote 4 of slides 76, 78 and 79:Consumer price index (“CPI”), defined as the official consumer price index published by the relevant governmental or statistical authority in each country in which the Corporation operates, expected to remain at or near current levels.3. The below refers to Endnote 5 of slide 78:B2B refers to Business-to-business activities. B2C refers to business-to-consumer activities.4. The below refers to Endnote 3 of slide 82:COGS refers to Cost of sales, excluding depreciation, amortization and impairment. SG&A refers to Operating, selling, general and administrative expenses. G&A refers to general and administrative expenses. GNFR refers to goods not for resale. Proc Trans refers to Process-Based Transformation Programs. Store ops refers to Store Operations Efficiencies. Fuel contr refers to Road transportation fuel COGS controllables. Capex refers to Purchase of Property and Equipment, Intangible Assets and Other Assets. Changes in NWC refers to Changes in non-cash working capital.5. The below refers to Endnote 2of slide 8:Shrink represents inventory losses attributable to spoilage, theft, damage, administrative discrepancies, and other unidentified reductions. Shrink is a component of Cost of sales, excluding depreciation, amortization and impairment. 6. The below refers to Endnote 1of slide 43:Spoilage represents food inventory rendered unsellable due to expiration, quality issues, or safety concerns. Spoilage is a component of Cost of sales, excluding depreciation, amortization and impairment. Endnotes
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CLOSING Alex MillerPRESIDENT AND CHIEF EXECUTIVE OFFICER Moving toward the next phase of growth NEW
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87 2026 BUSINESS STRATEGY UPDATE INVESTIN MOREFood | Offer | Network | Mobility Solutions ENABLED BY: DIGITAL, DATA, TECHMERCHANDISE SUPPLY CHAIN PROCESS & COST EFFICIENCIES Core + More: How we’ll Drive Traffic, Profitably AMPLIFY THE COREFuel | Nicotine | Thirst 2026 BUSINESS STRATEGY UPDATE OUR GROWTH STRATEGY
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88 2026 BUSINESS STRATEGY UPDATE Compelling Investment Opportunity UNTAPPED ORGANIC GROWTH SUSTAINABILITY OF FUEL GROSS MARGINS(1) FINANCIAL DISCIPLINE & COST MANAGEMENTSUPERIOR DIGITAL, DATA AND TECHNOLOGY PLATFORMPROVEN ABILITY FOR M&A CULTURE & TEAM Building on a winning ‘Core’, unlocking higher growth in ‘More’ supported by key strategic ‘Enablers’Maintaining competitive advantage through fuel sourcing capabilities and global brandSize and scale supporting low-cost model and synergy generationData driving real-time insights and customer engagementStrong balance sheet, coupled with M&A expertise with long global runwayDecentralized model empowering local leaders to focus on Customer Promise, with global capabilities 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. WHAT SETS US APART
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QUESTION & ANSWERWith members of our leadership team
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Q2-26 ACT ANALYST PRESENTATION THANK YOU!
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