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1 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 A u g u s t 2 0 2 6 Investor Presentation and Q2 Highlights One of the Largest Wholesale Fuel Distributors by Gallons in North America
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2 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 Safe Harbor Statement FORWARD-LOOKING STATEMENTS This document includes certain âforward-looking statementsâ within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, ARKO Petroleum Corp.'s ("APC" or the "Company") expected financial and operational results and the related assumptions underlying its expected results. These forward-looking statements are distinguished by use of words such as âaccretive,â âanticipate,â âaim,â âbelieve,â âcontinue,â âcould,â âestimate,â âexpect,â âguidance,â âintends,â âmay,â âmight,â âplan,â âpossible,â âpotential,â âpredict,â âproject,â âshould,â âwill,â âwouldâ and the negative of these terms, and similar references to future periods. These statements are based on managementâs current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to, among other things, changes in economic, business and market conditions; the Companyâs ability to successfully integrate business that it may acquire, including the business of U.S. Petroleum Partners, LLC (USPP); the Companyâs ability to achieve the benefits that it expects to realize as a result of its acquisitions, including the business of USPP; the potential negative impact on the Companyâs financial condition and results of operations if it fails to achieve the benefits that it expects to realize as a result of its business acquisitions, including the business of USPP; liabilities of the businesses that the Company acquires that are not known to the Company; the Companyâs ability to maintain the listing of its Class A common stock on the Nasdaq Stock Market; changes in its strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; expansion plans and opportunities; changes in the markets in which it competes; changes in applicable laws or regulations, including those relating to environmental matters; market conditions and global and economic factors beyond its control; the success of ARKO Corp.'s transformation plan and its effect on the Company, including the dealerization of retail stores; and the outcome of any known or unknown litigation and regulatory proceedings. Detailed information about these factors and additional important factors can be found in the documents that the Company files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. The Company does not undertake an obligation to update forward-looking information, except to the extent required by applicable law. USE OF NON-GAAP MEASURES â ARKO PETROLEUM CORP . The Company defines EBITDA as net income before net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA further adjusts EBITDA by excluding the gain or loss on disposal of assets, impairment charges, acquisition costs, share-based compensation expense, other non-cash items, and other unusual or non-recurring charges. Both EBITDA and Adjusted EBITDA are non-GAAP financial measures. Neither these measures nor those described below should be considered an alternative to measurements presented in accordance with generally accepted accounting principles in the United States (âGAAPâ). The Company uses EBITDA and Adjusted EBITDA for operational and financial decision-making and believes these measures are useful in evaluating its performance because they eliminate certain items that it does not consider indicators of its operating performance. EBITDA and Adjusted EBITDA are also used by many of its investors, securities analysts, and other interested parties in evaluating its operational and financial performance across reporting periods. The Company believes that the presentation of EBITDA and Adjusted EBITDA provides useful information to investors by allowing an understanding of key measures that it uses internally for operational decision-making, budgeting, evaluating acquisition targets, and assessing its operating performance. The Company defines Net Debt as the sum of total debt, net, financing leases and financial liabilities, less cash and cash equivalents. Net Debt is used by management to measure the effective level of our indebtedness. The Company defines the Ratio of Net Debt to Adjusted EBITDA as the ratio derived by dividing Net Debt by Adjusted EBITDA. The Ratio of Net Debt to Adjusted EBITDA is an important measure used by management to evaluate the Company's access to liquidity, and the Company believes it provides useful information for investors as a representation of its financial strength by presenting the sustainability of its debt levels and its ability to take on additional debt against Adjusted EBITDA, which is used as an operating performance measure. The Ratio of Net Debt to Adjusted EBITDA is also frequently used by investors and credit rating agencies to analyze the Company's operating performance. The Company defines Discretionary Cash Flow as net cash provided by operating activities, (i) less changes in operating assets and liabilities, maintenance capital expenditures, charges to allowance for credit losses, and non-cash rent expense, and (ii) plus acquisition costs, amortization of deferred income net of prepaid to related party, and certain other expenses (income). Discretionary Cash Flow will not reflect changes in working capital balances. Discretionary Cash Flow is a liquidity measure the Company and third parties, such as industry analysts, investors, lenders, rating agencies and others, use to assess its ability to internally fund its acquisitions, pay dividends, and service or incur additional debt. The Company believes that the presentation of Discretionary Cash Flow provides useful information to investors, securities analysts, and other interested parties for evaluating its liquidity. EBITDA, Adjusted EBITDA, Net Debt, the Ratio of Net Debt to Adjusted EBITDA and Discretionary Cash Flow should not be considered as alternatives to any financial measure presented in accordance with GAAP, including net income and net cash provided by operating activities. These non- GAAP measures have limitations as analytical tools and should not be considered in isolation, or as substitutes for the analysis of its results as reported under GAAP. The Company strongly encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, comparable wholesale sites, EBITDA, Adjusted EBITDA, Net Debt, the Ratio of Net Debt to Adjusted EBITDA and Discretionary Cash Flow, as defined by the Company, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare the Companyâs use of these non-GAAP financial measures with those used by other companies. Reconciliations of forward looking non-GAAP measures included in this presentation to the corresponding GAAP financial measures are not included due to variability and difficulty in making accurate forecasts and projections, particularly in light of potential changes in USPPâs business following its acquisition, as well as, because certain information is not currently ascertainable or accessible, and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information, nor can the Company accurately predict all the components of the applicable non-GAAP financial measures and reconciling adjustments thereto; accordingly, in the Companyâs filings, the corresponding GAAP measures may be materially different than the non-GAAP measures. Such forward-looking information is also subject to uncertainty and various risks, including those set forth in the risk factors discussed, and there can be no assurance that any forecasted results or conditions will actually be achieved.
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3 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 Business Overview A look at APCâs scale, segments and investment highlights
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4 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 Introduction to APC (for the 12 Months Ended Dec 31, 2025 and as of Dec 31, 2025, as applicable) APC is one of the largest wholesale fuel distributors by gallons in North America (1) Includes ARKO Corp. (âARKOâ) retail sites (âARKO Retail Sitesâ) and gallons sold to ARKO Retail Sites. Does not reflect the GPMP segment results related to inter-segment transactions which are eliminated in consolidation. (2) Excludes the fixed margin or fixed fee paid to the GPMP segment for the cost of fuel. Wholesale Fleet Fueling GPMP(1) 2,099 Total Sites 295 Total Sites 1,095 ARKO Retail Sites 989M Total Gallons Distributed 143M Total Gallons Distributed 865M Total Gallons Distributed $95M(2) Fuel Contribution $66M(2) Fuel Contribution $43M Fuel Contribution APC distributes fuel to 3,489 sites across the U.S. through its three business segments Wholesale Segment ⢠Supplies third-party gas stations, sub-wholesalers, and bulk and spot purchasers Fleet Fueling Segment ⢠Proprietary and third-party cardlocks supply commercial fleets and municipal entities ⢠Earns commissions from fuel sales at third-party locations using proprietary fuel cards GPMP Segment ⢠Supplies ARKO Retail Sites under a fixed per gallon fee arrangement Segment HighlightsAPC Overview
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5 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 ~14% Expansion in Annual Fuel Margin(6) per Gallon Since 2020(5) One of the Largest Wholesale Fuel Distributors in North America APC has a strong history of accretive growth and a broad presence, with 3,489 sites spanning more than 30 states, making us o ne of the largest fuel distributors by gallons in North America ~2 Billion Gallons Distributed(3) ~11% Annual Growth in Gallons Sold Since 2020(5) 3,489 Total Sites(4) Map of APCâs Wholesale, ARKO Retail and Fleet Fueling Sites(1) Wholesale Sites Fleet / Cardlock Sites ARKO Retail Sites(2) $143.5M FY 2025 Adjusted EBITDA(3) FY 2026 Guidance (4) : Adjusted EBITDA of $156M, Discretionary Cash Flow of $110M and $2.00/share in annualized dividends (1) Site location data as of December 31, 2025 (2) Represents the GPMP segment; does not include inter -segment activity and operations (3) For the year ended December 31, 2025. See Appendix for additional details. (4) As of December 31, 2025. (5) Reflects compounded annual growth rate (CAGR) between January 1, 2020 and December 31, 2025. (6) Calculated as fuel revenue less fuel costs divided by fuel gallons sold. (7) Adjusted EBITDA and Discretionary Cash Flow are Non-GAAP measures. Please refer to the Financial Slide (Slide 14) for additional Information and Sl ide 2 for forward looking statements.
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6 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 APC Successfully Listed on Nasdaq on February 12, 2026 Key Highlights Public Listing Date February 12, 2026 Offer Price $18.00 per share Shares Listed 12.6M Shares of Class A Common Stock, representing 26.4% of the economic interest in APC (1) Primary Gross Proceeds $226 million ARKO Corp. Ownership 35M Shares of Class B Common Stock, representing 73.6% of the economic interest in APC and 93.3% of voting power (1) Use of Proceeds Applied $206.7M out of the $206.8M net proceeds to repay indebtedness Target Annual Dividend Rate $2.00 per share Public Listing of APC (1) Reflects impact of the underwriters exercising their over-allotment option to purchase additional shares of Class A common stock
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7 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 7 APC Investment Highlights Tenured Supplier Relationships and Long-Term Fee-Based Distribution Contracts01 Stable Cash Flow Profile with High Relative Cash Flow Conversion02 Well-Positioned to Return Capital to Stockholders While Pursuing a Conservatively Capitalized Balance Sheet03 Strong Track Record of Sourcing and Integrating Accretive Acquisitions04 Robust Organic and Inorganic Growth Outlook05 Experienced Management Team06 ARKO Petroleum Corp.
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8 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 Contracts Support Cash Flow Stability Notes: As of December 31, 2025 and for the twelve months ended December 31, 2025, as applicable. Cost-Plus Agreement Wholesale â Consignment ARKO Retail Wholesale â Fuel Supply Fleet Fueling Cost-Plus Agreements Limit APCâs Exposure to Fluctuating Commodity Prices 52% 31% 9% 8% 42% 43% 8% 7% Site Count Gallons Distributed 85% Cost- Plus 83% Cost- Plus Fuel Distribution Model Long-Term, Fee-Based Contracts Provide a Foundation for Cash Flow Stability Majority of gallons (~85%) distributed are sold under long-term, cost-plus contracts Wholesale (Cost-Plus & Consignment) ⢠Fixed-fee mark-up (1,801 sites) and gross profit share under consignment (298 sites) ⢠Typical 10-year initial contract terms ⢠Embedded rental income Fleet Fueling ⢠Supplies commercial fleets (295 sites) ⢠Fuel card commissions (APC fuel cards) GPMP (Cost-Plus) ⢠Supplies ARKO retail sites (1,095 sites) ⢠10-year agreement at cost-plus
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9 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 Leading Cash Flow Conversion Profile and Strong Balance Sheet June 30, 2026 (1) Adjusted EBITDA, and Discretionary Cash Flow are non-GAAP measures. See Appendix for additional details. (2) As of June 30, 2026. See Appendix for additional details. Cash Flow Conversion Profile Asset-light nature of businesses results in low maintenance capital Low relative leverage target (stockholders are primary recipients of cash flow) 70% targeted discretionary cash flow (1) as a percentage of Adjusted EBITDA (1) Leverage Profile - Strong balance sheet and access to capital to support accretive growth strategy ⢠APC is pursuing a conservatively capitalized balance sheet with disciplined financial policy ⢠Net leverage 2.2x(2) Net Debt to Adjusted EBITDA, which is well below peers ⢠We believe our low leverage creates a competitive advantage versus our peers by providing financial flexibility for acquisitive growth â Expect to serve as a powerful growth engine, fueling both strategic M&A opportunities and sustained dividend expansion â Enables the ability to swiftly capitalize on strategic opportunities or market shifts, without compromising operational stability, which we believe distinguishes APC from its competitors ⢠$724 million in liquidity, consisting of cash and cash equivalents and availability under lines of credit(2)
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10 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 Attractive Industry Dynamics Backstop Strong Growth Outlook The U.S. fuels distribution market remains highly fragmented, providing runway for APC to continue its acquisitive growth strategy Note: Peers include CAPL, GLP, Pilot, SUN, WKC (1) For the year ended December 31, 2025; pro-forma Sunoco-Parkland acquisition Total Gallons Sold ⢠The U.S. fuels distribution market supplied approximately 196 billion gallons of gasoline and diesel fuel in 2025 ⢠This market is highly fragmented, providing significant market opportunity for larger-scale operators such as APC â The largest operator accounted for just ~15 billion gallons, representing only ~8% of market share (1) â This leaves a very long tail of small, independent operators 2 0 2 4 6 8 10 12 14 16 #1 #2 #3 #4 APC #6 7 12 17 22 27 32 37 42 47 52 57 62 67 72 APC POSITIONING ⢠APC has strong relationships with all major oil companies, which provide a diversified fuel supply and streamlines the M&A process given APCâs existing relationships ⢠Our scale relative to competitors enables advantaged fuel purchasing power, which we believe supports margin performance across all segments ⢠We make strategic investments and provide support to our dealers (e.g., providing capital to upgrade fuel canopies and pumps) which helps us establish long-term contracts and generate attractive returns on capital ⢠APC is well positioned, through a conservatively capitalized balance sheet with ample liquidity, to continue to consummate opportunistic acquisitions of both smaller, independent operators and larger wholesale operators ⢠On August 6, 2026, APC announced an agreement to purchase the business of U.S. Petroleum Partners, LLC. (USPP), see slide 18 and appendix for details (billions of gallons)
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11 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 Attractive Fleet Fueling Segment Leading Cardlock Operator With Strong Presence on the East Coast and in the Southwestern U.S. (1) Does not include the payment for inventory acquired in the transaction (2) Total consideration represents the total of ARKO consideration and $130 million funded by Blue Owl under ARKO program agreement with Blue Owl. ⢠The Fleet Fueling segment was added in July 2022 as part of the acquisition of certain assets from Quarles ⢠Includes locations that fulfill the fuel needs of multiple industries at easily accessible, unmanned fueling sites in many prime locations ⢠Complemented by an organic new-build program that extends the network into attractive adjacent markets ⢠New cardlock sites require low capital investment and are expected to deliver mid-to-high teens returns on investment. ⢠Expected to open 20 new cardlock locations in 2026 ⢠Positive impact from historically high rack-to-retail margins and fuel volatility Strong Performance After Quarles Acquisition ⢠Acquisition included 121 proprietary Quarles branded cardlock sites, 63 third-party cardlock sites and 46 independent dealer locations RAPID INTEGRATION, STRONG PERFORMANCE ~$173 Million Total Consideration(2) Transaction closed on July 22, 2022 We earned back the entire portion of the ARKO consideration by the end of Q3 2023 APC Plans to Open New Sites â Targeting 20 New Cardlock Locations in 2026 Overview ~$43 Million ARKOâs Consideration(1)
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12 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 GPMP Segment Leverages its Relationship with ARKO ⢠GPMP Segment supplies fuel to substantially all of the ARKO Retail Sites at our cost of fuel plus a fixed fee ⢠GPMP charges a fixed fee to certain of the ARKO Retail Sites that are not supplied by APC ⢠The sales to ARKO Retail Sites, similar to our Wholesale Cost-Plus arrangements, limit exposure to commodity price volatility ARKOâs transformation plan that began in 2024 includes the conversion of certain ARKO Retail Sites to Wholesale locations. Through June 30, 2026, ARKO has converted 471 sites to Wholesale locations, which will continue to benefit our platform through higher margins resulting in additional cash flows. ARKO and APC are focused on converting a meaningful number of additional sites throughout 2026 and into 2027. ⢠ARKO is one of the largest convenience store chains in the U.S., with operations in more than 30 states â Scalable platform for future growth through new-to-industry sites and M&A â Focused on remodeling stores through a multi-year transformation plan â Increasing focus on food service ⢠Historically stable gallons sold generating gross profit on a generally consistent fixed fee basis ⢠Long-term fuel distribution agreement with ARKO allows the GPMP segment to grow alongside ARKO ⢠1,034 ARKO Retail Sites as of June 30, 2026 ⢠Increase fuel volumes as ARKO retail footprint grows â ARKO has historically been acquisitive and, as ARKO adds new retail sites to its platform, the GPMP segment will participate through incremental gallons â Any new-to-industry sites built by ARKO will provide incremental gallons for the GPMP segment ⢠Increase fuel volumes with ARKO through development and implementation of ARKOâs multi-year transformation plan Key Highlights Growth Strategies
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13 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 Robust Organic and Inorganic Long-Term Growth Outlook Ample Liquidity to Support Disciplined Growth Strategy and Consistent Dividend Growth 13 F L E X I B I L I T Y T O A C Q U I R E B O L T- ON + S C A L E D P L A T F O R M S T A R G E T S W I T H O P E R A T I O N A L I N E F F I C I E N C I E S L O W M A I N T E N A N C E C A P E X C O M P L E M E N T A R Y G E O G R A P H I C F O O T P R I N T S Y N E R G Y P O T E N T I A L L O W R E N E W A L R I S K Targeting Mid-Single Digit Annual Growth in Total Gallons Distributed Key Traits for APCâs Acquisition Targets Diversified Growth Strategy APC has grown total gallons distributed by a compounded annual growth rate of ~11% between 2020 and 2025 Fleet Fueling NTI Identifying attractive geographic markets for NTI cardlock development Wholesale M&A Fragmented industry = many potential strategic acquisition targets ARKO Retail NTI Investment alongside ARKO to increase traffic and volume
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14 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 APC Financial Overview Adjusted EBITDA $MM(3) Fuel Contribution $MM(1) Discretionary Cash Flow $MM(3) Sites and Gallons Distributed MM (2022 â2025)(1) Illustrative Impact of GPMP Fee Increase(2) GPMPWholesale Fleet Fueling Other Sites Projected(3) Historical GPMPWholesale Fleet Fueling OtherIllustrative Impact of GPMP Fee Increase(2) Illustrative Impact of GPMP Fee Increase(2) Projected(3) Historical Illustrative Impact on Interest Expense of Application of Offering Proceeds(4) $87 $80 $89 $110 2023 2024 2025 2026 $8 $8 $6 $94 $88 $108 $12 Note: GPMP data excludes inter-segment transactions with Wholesale and Fleet Fueling segments. Site count data is as of the end of each period. (1) Includes 8-10 million in gallons distributed and $2-$4 million of fuel contribution from âOtherâ segment. (2) Fuel supply to ARKO Retail Sites fixed margin increased to 6¢, effective January 1, 2026, pursuant to related-party contractual agreements. The impact shown prior to January 1, 2026, is presented for illustrative purposes and aggregate amounts resulting from some impacts may not tie due to rounding. The Fuel Contribution, Adjusted EBITDA, and Discretionary Cash Flow illustrative uplifts represent the impact of the increase in the fixed margin charged, excluding sites for which APC receives a fixed fee without di stributing fuel. The illustrative impact shown on Discretionary Cash Flow is adjusted for an assumed effective tax rate of 25%. (3) Adjusted EBITDA and Discretionary Cash Flow are non-GAAP measures. See appendix for additional details. (4) The Illustrative Impact of Offering Proceeds on Discretionary Cash Flow is derived from the $206.7 million of debt repayment, at an average annual interest rate of 6.51% for the Capital One Line of Credit during the year ended December 31, 2025. The ill ustrative impact shown on Discretionary Cash Flow is adjusted for an assumed effective tax rate of 25%. 903 969 949 989 60 141 149 143 1,004 1,065 1,025 865 1,967 2,183 2,132 2,006 3,214 3,622 3,558 3,489 2022 2023 2024 2025 $98 $93 $90 $95 $28 $56 $64 $66 $50 $53 $51 $43 $188 $217 $220 $216 2022 2023 2024 2025 $10 $11 $10 $9 $148 $149 $152 $156 2023 2024 2025 2026E $11 $10 $9
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15 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 A u g u s t 6 , 2 0 2 6 Q2 Results
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16 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 16 Q2 2026 EARNINGS HIGHLIGHTS (compared to Q2 2025) WHOLESALE OPERATING PROFIT +7.1% FLEET FUELING OPERATING PROFIT GPMP OPERATING PROFIT(1) NET LEVERAGE(2) AVAILABLE LIQUIDITY(3) +1.6% 2.2x+4.9% $724M New Cardlocks â 3 new Cardlocks opened YTD â 17 in various stages of development $2.00 Q1â26 (5) ADJUSTED EBITDA (4) +4% Q2â26 $39.8M Q2â25 $38.3M DISCRETIONARY CASH FLOW (4) +12% Q2â26 $27.1M Q2â25 $24.2M (1) Does not reflect the GPMP segment results related to inter-segment transactions which are eliminated in consolidation. (2) As of June 30, 2026. (3) Includes availability under credit lines plus cash and cash equivalents. (4) Adjusted EBITDA and Discretionary Cash Flow are non-GAAP measures. See appendix for additional details. (5) Q1 dividend was pro-rated based on timing of IPO. (6) Please refer to APCâs forward-looking statements on Slide 2. EXPECTED DIVIDEND RATE (PER SHARE) Q2â26 ANNUALIZED (6) $0.26 $0.50
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17 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 A u g u s t 6 , 2 0 2 6 One of the Largest Wholesale Fuel Distributors by Gallons in North America Material Acquisition Announcement: The Business of U.S. Petroleum Partners, LLC Strategic Acquisition Expected to Expand Scale, Enhance Vertical Integration and Support Long-Term Cash Flow Growth APCâs First Acquisition Since its IPO
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18 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 APC Announces Agreement to Acquire the Business of U.S. Petroleum Partners (USPP)(1) U.S. Petroleum Partners is a vertically-integrated fuel distribution business 18 ~280M GALLONS OF ANNUAL FUEL VOLUME +~14%(2) INCREASE IN APC TOTAL GALLONS DISTRIBUTED ANNUALLY >400 WHOLESALE LOCATIONS ADDED ~$30M(3) EXPECTED ANNUAL ADJUSTED EBITDA STRATEGIC ACCELERATION SCALE, DENSITY & SUPPLIER RELEVANCE DEEPER IN THE VALUE CHAIN DISCIPLINED, ACCRETIVE TERMS APCâs first acquisition as a public company reflects execution of the disciplined growth strategy outlined at the IPO. Will expand APCâs geographic presence throughout the broader Great Lakes region and strengthen relationships with major fuel suppliers through increased commercial and operational scale. Will add two strategically located terminals connected to the Buckeye Pipeline and an integrated fleet of trucks and trailers delivering over 80% of volumes. Will enhance vertical integration and create incremental fee-based earnings steams. Consideration at closing consisting of $205 million in cash plus the cost of inventory. Additionally, $30 million Class A common stock will be issued at closing, held in escrow and released to USPP subject to the acquired business achieving certain EBITDA-based financial targets(4). The acquisition is expected to add ~$30 million of annualized Adjusted EBITDA,(3) enhance Discretionary Cash Flow and support APCâs dividend philosophy and long-term shareholder returns. (1) The strategic rationale for the acquisition is based on APCâs expected results; please refer to our forward-looking statement on Slide 2. (2) Pro forma growth in gallons distributed are based on APCâs total gallons distributed for the twelve-month period ended June 30, 2026. (3) Reconciliations of forward-looking non-GAAP measures to the corresponding GAAP financial measures are not included; please refer to Slide 2 for further explanation. (4) This earn-out payment is subject to adjustments, if the acquired business does not achieve $31.7 million of EBITDA(and $2.2 million of EBITDA generated by certain fuel related components, and may increase, if the acquired business achieves results greater than such financial targets. EBITDA is as defined in the purchase agreement
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19 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 Appendix
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20 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 As of June 30, 2026 As of December 31, 2025 Total debt, net 184,710$ 392,030$ Financing leases 98,845 96,733 Financial liabilities 55,212 53,365 Cash and cash equivalents (14,563) (15,556) Net Debt 324,204$ 526,572$ Ratio of total debt, net to net income 4.8x 12.0x Ratio of Net Debt to Adjusted EBITDA 2.2x 3.7x (in thousands, except ratios) Q2 â26 Reconciliation to non-GAAP Figures (a) Eliminates costs incurred that are directly attributable to business acquisitions and salaries of employees whose primary job function is to execute the Company's acquisition strategy and facilitate integration of acquired operations. (b) Eliminates the non-cash loss from the sale or disposal of property and equipment, the loss recognized upon the sale of related leased assets and impairment charges on property and equipment and right-of-use assets related to closed and non-performing sites. (c) Eliminates non-cash share-based compensation expense related to the Company's and ARKO Parent's equity incentive program to incentivize, retain, and motivate the Company's employees, members of our Board and certain of ARKO Parent's employees. (d) Eliminates fair value adjustments primarily related to the contingent consideration owed to the seller for the Empire acquisition, which closed in 2020. (e) Eliminates the payment of historical fuel and other tax amounts for multiple prior periods. (f) Eliminates one-time costs incurred related to the Company's IPO, which closed on February 13, 2026. (g) Eliminates other unusual or non-recurring items that the Company does not consider to be meaningful in assessing operating performance. (h) Excludes the change in current tax liabilities and accrued interest of $(1.8) million, $(0.1) million, $0.2 million and $(0.1) million for the three and six months ended June 30, 2026 and 2025, respectively. (i) Maintenance capital expenditures are capital expenditures made to maintain the Company's long-term operating income or operating capacity, while growth and acquisition capital expenditures are capital expenditures that the Company expects will increase its operating income or operating capacity over the long-term. (j) Non-cash rent expense reflects the extent to which GAAP rent expense recognized exceeded (or was less than) cash rent payments. GAAP rent expense varies depending on the terms of the Company's lease portfolio. For newer leases, rent expense recognized typically exceeds cash rent payments, whereas, for more mature leases, rent expense recognized is typically less than cash rent payments. (k) Includes other unusual or non-recurring items.
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21 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 A u g u s t 6 , 2 0 2 6 One of the Largest Wholesale Fuel Distributors by Gallons in North America Material Acquisition Announcement: The Business of U.S. Petroleum Partners, LLC Strategic Acquisition Expected to Expand Scale, Enhance Vertical Integration and Support Long-Term Cash Flow Growth APCâs First Acquisition Since its IPO
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22 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 Transaction Overview APC has announced an agreement to acquire the business of U.S. Petroleum Partners, LLC (âUSPPâ) (1) EBITDA as defined in the purchase agreement (2) Pro forma gallons distributed are based on APCâs total gallons distributed for the twelve-month period ended June 30, 2026 (3) Reconciliations of forward-looking non-GAAP measures to the corresponding GAAP financial measures are not included; please refer to Slide 2 for further explanation Transaction Details ⢠Consideration at closing consisting of $205 million in cash plus the cost of inventory. Additionally, $30 million Class A common stock will be issued at closing, held in escrow and released to USPP subject to the acquired business achieving certain EBITDA-based financial targets. This earn-out payment is subject to adjustments, if the acquired business does not achieve $31.7 million of EBITDA(1) and $2.2 million of EBITDA(1) generated by certain fuel related components, and may increase, if the acquired business achieves results greater than such financial targets. Expected Financial Benefits Financing Strategy Process & Timeline ⢠Beyond expanded fuel volume, the acquisition is expected to enhance APCâs fee-based and contracted cash flow profile, add long-duration wholesale and dealer volumes, further diversify and vertically integrate the business with the addition of strategic, long-lived terminal assets and meaningfully increase scale ⢠Transaction is expected to be accretive and add annual Adjusted EBITDA of approximately $30(3) million and enhance Discretionary Cash Flow ⢠Expected Adjusted EBITDA enhancement from increased throughput, available terminal capacity, incremental fee-based earnings streams, operational synergies and future acquisition opportunities ⢠APCâs lines of credit, which have approximately $710 million in undrawn capacity as of June 30, 2026, are expected to be used to fund the acquisition ⢠Pro-forma Leverage (Net Debt / Adjusted EBITDA), after closing, is expected to be in the range of 3.0x to 3.5x, within the 3.0x to 4.0x range previously communicated ⢠Transaction is expected to close later in 2026 ⢠Closing is subject to fulfillment of customary closing conditions, including the termination or expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended Asset Overview ⢠USPP operates through three segments: Wholesale Distribution, Fuel Terminals, and Transportation â Approximately 280 million gallons, a 14% increase(2), by adding more than 400 dealer locations; two fuel terminals and an integrated fleet of trucks and trailers
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23 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 U.S. Petroleum Partners Business Overview Vertically-integrated fuel distribution business headquartered in the Great Lakes region USPP Business Overview Wholesale Distribution ⢠Wholesale Locations: Approximately 280 million gallons distributed annually across more than 400 branded and unbranded wholesale locations ⢠Supply agreements: Wholesale and dealer gallons under long-term supply agreements, underpinning a stable, fee- based earnings profile Fuel Terminals ⢠Novi Terminal: 13-acre site near the greater Detroit metropolitan area ⢠Toledo Terminal: 12-acre site in Toledo, OH, with direct I- 280 / I-75 access and rail optionality ⢠Capacity: Available capacity, on a combined basis, of more than 50% ⢠Asset and Pipeline Access: Located on the Buckeye pipeline, USPPâs terminal assets are high-quality and well- maintained, requiring minimal capex to maintain ⢠Storage Capacity: Provides meaningful storage capacity across multiple products: gasoline, diesel, ethanol and jet fuel Transportation ⢠Fuel Delivery: Integrated fleet of trucks and trailers delivering over 80% of USPPâs distributed fuel volumes USPP Terminals USPP Wholesale Sites WI MI OHINIL
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24 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 01 Strategic Rationale(1) Will Meaningfully Expand Platform and Increase Scale Will Enhance Vertical Integration and Diversify Operations02 Will Strengthen Financial Foundation and Enhance Shareholder Value03 â Add approximately 280 million gallons of annual fuel volume, including a substantial base of more than 400 wholesale locations with long-term supply agreements, supported by two strategically located terminals and an integrated transportation network â Expand the Company's geographic presence throughout the broader Great Lakes region while complementing APCâs existing business model â Strengthen APC's relationships with major fuel suppliers through increased commercial and operational scale and the well- positioned terminals connected to the Buckeye Pipeline, creating a platform to support additional throughput and future wholesale growth â Diversify APCâs earnings base through the acquisition of fuel terminals, which are long-lived infrastructure assets with meaningful intrinsic value and minimal maintenance capex â Enhance vertical integration and potentially capture incremental margin up the refined product infrastructure value chain by creating an incremental fee-based earnings stream, leveraging available terminal capacity to increase throughput opportunities, redirecting existing APC volumes and expanding wholesale fuel distribution in the broader Great Lakes region â USPPâs fleet of trucks and trailers will expand transportation capabilities, further enhancing vertical integration and creating an additional source of earnings â APC's first acquisition as a public company and reflects execution of the disciplined growth strategy outlined at the IPO â The acquisition is expected to add approximately $30 million of annualized Adjusted EBITDA(2) and enhance Discretionary Cash Flow(2) â Expected to support APCâs dividend philosophy and long-term shareholder returns (1) The strategic rationale for the acquisition is based on APCâs expected results; please refer to our forward-looking statement on Slide 2 (2) Reconciliations of forward-looking non-GAAP measures to the corresponding GAAP financial measures are not included; please refer to Slide 2 for further explanation Acquisition creates opportunities for future Adjusted EBITDA growth through throughput expansion, incremental fee-based earnings streams, operational synergies and future acquisitions
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25 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 Transaction Expected to Enhance Scale, Diversification and Financial Strength (1) (1) The strategic rationale for the acquisition is based on APCâs expected results; please refer to our forward-looking statement on Slide 2 (2) Pro forma wholesale sites are based on APCâs wholesale distribution as of June 30, 2026 (3) Pro forma gallons distributed are based on APCâs total gallons distributed for the twelve-month period ended June 30, 2026 (4) Reconciliations of forward-looking non-GAAP measures to the corresponding GAAP financial measures are not included; please refer to Slide 2 for further explanation 25 Terminaling InfrastructureFleet Fueling GPMP / RetailWholesale Transportation Expanded Footprint Increased Scale Strong Balance Sheet Enhances Discretionary Cash Flow 2,500+ Expected Pro Forma Wholesale Sites(2) and 14% Increase in Gallons Distributed(3) 2.2+ Billion Expected Pro Forma Total Gallons Distributed(3) 3.0x â 3.5x Expected Pro Forma Net Debt to Adj. EBITDA(4) Leverage after closing ~$30 Million Expected Additional Adj. EBITDA(4); Enhanced Discretionary Cash Flow
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26 B ODY TEXT 6 6 , 6 6 , 6 6 WHITE 255, 255, 255 TITL ES: Source Sans Pro Bold BODY: Source Sans Pro CASING: Title Case L IGH T GR AY 2 0 8 , 2 0 6 , 2 0 6 BL AC K 0 , 0 , 0 AC C E NT 1 2 2 7 , 4 0 , 4 0 AC C E NT 2 5 , 6 , 7 AC C E NT 3 2 4 6 , 2 0 7 , 5 7 ACCE NT 4 1 2 5 , 1 2 5 ,1 2 5 AC C E NT 5 2 4 9 , 2 1 1 , 2 0 9 AC C E NT 6 2 1 1 , 2 1 1 , 2 1 1 Thank You! .