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Casey’s Investor Deck December 2025
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The presentation is dated as of December 9, 2025 and speaks as of the date unless otherwise specified. Forward-Looking Statements This presentation contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to the potential impact of the Fikes transaction, expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, business and/or integration strategies, plans and synergies, supply chain, growth opportunities, and performance at our stores. There are a number of known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any results expressed or implied by these forward-looking statements, including but not limited to the execution of our strategic plan, the integration and financial performance of acquired stores, wholesale fuel, inventory and ingredient costs, distribution challenges and disruptions, the impact and duration of the conflict in oil producing regions or other geopolitical disruptions, as well as other risks, uncertainties and factors which are described in the Company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as filed with the Securities and Exchange Commission and available on our website. Any forward-looking statements contained in this presentation represent our current views as of the date of this presentation with respect to future events, and Casey’s disclaims any intention or obligation to update or revise any forward-looking statements in the presentation whether as a result of new information, future events, or otherwise. Use of Non-GAAP Measures This presentation includes references to "EBITDA," which we define as net income before net interest expense, depreciation and amortization, and income taxes. EBITDA is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). We believe EBITDA is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of financial performance and debt service capabilities, and it is regularly used by management for internal purposes including our capital budgeting process, evaluating acquisition targets, and assessing store performance. EBITDA is not a recognized term under GAAP and should not be considered a substitute for net income, cash flows from operating activities or other income or cash flow statement data. This presentation also includes references to “free cash flow," which we define as net cash generated by operating activities less purchases of property and equipment. Free cash flow is not presented in accordance with GAAP. We believe free cash flow is useful to investors in evaluating our cash generation because securities analysts and other interested parties use such calculations as a measure of financial performance, liquidity, and debt service capabilities, and it is regularly used by management for internal purposes including our capital budgeting process, evaluating acquisition targets, and evaluating debt service. We believe ROIC is useful to investors as a measure of financial performance and prudent capital allocation, and is regularly used by management for internal purposes including our capital budgeting process, evaluating acquisition targets, and assessing company performance. Neither EBITDA, free cash flow, nor ROIC are recognized terms under GAAP and should not be considered a substitute for net income, net cash generated by operating activities or other income or cash flow statement data. EBITDA, free cash flow, and ROIC have limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We strongly encourage investors to review our 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, EBITDA free cash flow, and ROIC, as defined by us, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare our use of this non- GAAP financial measure with those used by other companies. For reconciliations of EBITDA, free cash flow, and ROIC to GAAP net income and net cash generated by operating activities, for the completed applicable period shown, see the appendix attached hereto. Safe Harbor Statements 2
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ND SD WI MN IANE IN OH IL KYKS MO OK TN TX AR MI ~$21.0B Total Enterprise Value ~2,900 Convenience Stores Operating in 19 States 800M+ Guest Transactions per Year ~50,000 Total Team Members 14% Note: Market data, number of locations, transactions, team members as of October 31, 2025 and the FQE October 31, 2025. Average daily volume defined as average of last 30 trading days as of October 31, 2025. 1 - By number of stores in the U.S., source Convenience Store News & Petroleum Top 202 Convenience Stores 2022 2 - ~1,500 liquor license locations ranks Casey’s 4th behind CVS, Walmart, and Walgreens 3 - 5th largest pizza chain business by number of kitchens in United States NASDAQ: CASY Common Shares: ~37 million Avg. Daily Volume: ~275,000 shares Stock InformationCasey’s Footprint 3rd 4th largest convenience store chain in the United States1 in liquor licenses among US retailers 2 5th largest pizza chain in the United States 3 Casey’s is a staple for millions of Americans AN INTRODUCTION TO CASEY'S 3 AL FL
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Unique Footprint ~2/3 of stores in towns of 20K people or fewer Stronger market position in rural areas; less expensive to build, buy, and operate units Prepared Food Prepared food is a larger % of inside sales mix 5th largest US pizza chain Food sales across all dayparts, with high quality differentiated products and best-in- class margins Advanced Technology Best-in-class Rewards platform with over 9.5M (and growing) highly active members Investment in tech: effectiveness and efficiency Higher transaction value, more frequent visits, and personalized marketing to influence guest behavior Vertical Integration Products inside the store from three owned distribution centers ~60% of fuel delivered from owned tanker fleet Positive control over value chain that enables service to rural areas and distribution efficiencies Consolidated Scale Casey’s leverages its scale across the business Stronger negotiating position for vendor contracts, centralized fuel, merchandising, and operations support to optimize margin and volume Casey’s has unique competitive advantages in the convenience store landscape AN INTRODUCTION TO CASEY'S DIFFERENTIATOR BENEFIT 4
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Casey’s 50+ year history of success AN INTRODUCTION TO CASEY’S Strong and recognizable brand Rooted in the communities we serve Long-standing track record of unit growth Modernization for growth & engagement 5 92% top of mind aided awareness 1,173 units built or acquired in the past 10 years1 ~$17M donated over the past 3 years1 Over 9M reward members 1 As of fiscal year ended 4/30/25
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6 The convenience industry is fragmented, but consolidating CONVENIENCE STORE INDUSTRY FRAGMENTATION CONSOLIDATION 63% 6% 6% 3% 22%1-10 11-50 51-200 201-500 501+ Ownership Breakout (Number of Stores) US Convenience Store Count1 # of Stores 2024 2020 Unit Change % Change 1-10 95,946 96,963 (1,017) (1.0%) 11-50 9,071 9,704 (633) (6.5%) 51-200 8,694 8,063 631 7.8% 201-500 4,502 5,257 (755) (14.4%) 501+ 34,042 30,287 3,755 12.4% Total 152,255 150,274 1,981 1.3% Over the past 10 years, Casey’s has acquired 701 stores… with 394 stores over just the past 3 years Smaller operators are great targets for acquisition 1 Source: NACS State of the Industry data
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Casey’s is positioned to thrive Casey’s competitive advantages ~70% of Casey’s inside transactions do not include fuel Casey’s private label as a value alternative for guests • >300 SKUs that are margin accretive • ~120 SKUs that are unique to Casey’s Data-driven insights enable Casey’s to meet guest expectations • ~80% of guests agree “Casey’s is a good value for the money” Resilient financial position with strong balance sheet and low debt • Positioned to absorb headwinds and be an active M&A player Over 75% of our stores have been built, acquired, replaced or remodeled since FY2010 CONVENIENCE STORE INDUSTRY | CASEY’S DIFFERENTIATORS
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Strategic investments made in digital and food… …and less reliance on tobacco results in higher inside margin rates. Sources: NACS State of the Industry data (calendar year ended 12/31/2023) and Casey’s 2025 fiscal year ended 4/30/25 results for inside gross margin. Food lift and tobacco mix are sourced from Casey’s acquired store’s seller’s financials vs. Casey’s performance after acquisition. Inside Gross Margin Food % Lift Tobacco Mix Reduction% Active Rewards 8 Casey’s strategic differentiators offer competitive advantages and contribute to industry-leading profit margins CONVENIENCE STORE INDUSTRY | CASEY’S DIFFERENTIATORS 55% 40% Casey’s Industry Average 41.5% 37% Casey’s Industry Average +750 bps Casey’s historically lifts PF&DB as a % of inside sales on acquired stores by 750 bps -450 bps Casey’s has reduced the sales mix of tobacco category on acquired stores by 450 bps
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Casey’s FY24 – FY26 growth strategy is rooted in 3 enterprise objectives, enabled by a strong foundation and team member experience OUR STRATEGY 9 DELIVER TOP QUINTILE 1 EBITDA GROWTH OF 8 -10% TEAM MEMBER VALUE PROPOSITION ENABLING FOUNDATION ACCELERATE THE FOOD BUSINESS GROW THE NUMBER OF UNITS ENHANCE OPERATIONAL EFFICIENCY GUEST INSIGHTS 1 - Source: Factset as of May 15, 2023, S&P 500 ǀ S&P 400 composite retail peers with market cap > $5B plus public c-store peers. Excludes Amazon.com, Inc., Etsy, Inc., eBay Inc., and Walgreens Boots Alliances, Inc. Note: Growth rates represent forward-looking next 3 years growth calendarized to Casey’s FYE April 30.
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OUR STRATEGY FY24 – FY26 strategic plan outlook Management Guidance1 8%-10% CAGR through FY2026 ~500 additional stores via new builds & acquisitions by FY20262 Margin expansion inside the store Fuel margin in the mid-30s CPG OpEx % growth < EBITDA % growth Free cash flow ~$1.25B through FY2026 EBITDA % growth Store growth Same-store sales Gross profit margin % Operational efficiencies Cash flows Inside sales: ~mid single digit increase Fuel gallons: ~flat to low single digit increase 10 1 – Management guidance for the 3 years from FY24-FY26 as of June 2023. 2 – With the acquisition of Fikes we increased our previously communicated 350+ additional store goal to be approximately 500 additional stores.
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EXISTING BUSINESS UNIT GROWTH Funds Accelerated Growth Accelerate Unit Growth • Organic growth/NTI • Accelerated M&A • Capture M&A synergies Operational Efficiencies • Store simplification • Supply chain efficiency • Optimized network plans • Kitchen simplification • Centralized procurement • Asset protection Gross Margin Expansion • Fuel procurement • Joint planning w/ vendors • Supply chain efficiency • Centralized procurement • Private brands & mix management • Pricing w/ inflation Same-Store Sales Growth • Merchandise assortment • Menu innovation • Digital engagement • Pricing • Casey’s Rewards OUR STRATEGY Algorithm seeks to deliver top quintile EBITDA growth of 8-10% 4%+ 4%+ 11
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S&P 500 | S&P 400 RETAILERS 1-YEAR 1-YEAR & 5-YEAR 1-YEAR, 5-YEAR, & 10-YEAR 1 - Source: Factset as of May 20, 2025. S&P 500 | S&P 400 composite retail peers. Excludes Amazon.com, Inc., Etsy, Inc., eBay Inc., and Walgreens Boots Alliance, Inc. Note: Growth rates calendarized to Casey’s FYE April 30 and are as of FYE April 30, 2025. S&P 500 & S&P 4001 retailers that grew EBITDA at a CAGR of at least 8% over time horizons above. 12 9 of 40 companies met the criteria 5 of 40 companies met the criteria 3 of 40 companies met the criteria OUR STRATEGY Casey’s consistently delivered 8+% EBITDA growth over the short, medium, and long-term horizon… Met criteria Did not meet criteria Excluded Legend
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… with an attractive valuation comparable to others across relevant industries Convenience store median 10x 15x 20x 30x 40x12x 18x Multiples above are EV/Forward EBITDA as of December 7, 2025 per CapIQ. Median is based on the median of the companies noted above in the respective industries. Retail median QSR median
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Execute the basics • Category roles & intents • Segmented Assortment & Pricing • Joint Business Planning Drive efficiency and innovation • Upstream capability • New platforms • Product innovation Accelerate the food business 14 New marketing approach • New creative process • Seamless guest experience • Marketing to drive traffic • Casey’s Access retail marketing ACCELERATE THE FOOD BUSINESS
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15 Casey’s private label Casey’s has strict private label (PL) requirements to beat national brand offerings on quality, retail price, and penny profits QUALITY LOWER PRICE LARGER MARGINS Casey’s PL quality is as good or better than national brand competitors More profitable to Casey’s than national brand competitor, with more margin dollars per unit Casey’s PL retail price is less than national brand, offering affordability for cost conscious guests Casey’s has >300 private label products, with more to come ACCELERATE THE FOOD BUSINESS
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1,531 1,637 1,699 1,749 1,808 1,878 1,931 1,978 2,073 2,146 2,207 2,243 2,452 2,521 2,658 2,904 New builds Acquisitions Ending store count 18 20 30 31 44 45 51 48 85 56 60 40 21 42 35 37 89 35 26 28 36 5 22 26 24 18 5 207 47 112 235 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Actual Growth Last 3 Years 34 Track record of ratable growth 16 GROW THE NUMBER OF UNITS # OF UNITS BY FISCAL YEAR
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M&A value proposition • Less expensive average investment • Performance lift from seller • Same return requirement as new stores New stores • Selecting the best sites • Market attractiveness • Predictive analytics • New stores are ramping faster • Flexible formats to fit the location Grow the number of units 17 GROW THE NUMBER OF UNITS Well positioned for future growth • Substantial white space to grow within and outside the existing footprint Existing Casey’s Whitespace Boundaries represent 500 truck driving miles from our three distribution centers. Red dots represent existing Casey’s locations. Blue dots represent towns between 500 and 20,000 people that do not have an existing Casey’s location. ~75% of towns between 500 and 20,000 in our DC footprint do NOT have Casey’s
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Enhancing operational efficiency ENHANCE OPERATIONAL EFFICIENCY STORE SIMPLIFICATION STREAMLINE THE KITCHEN FASTER SERVICE INVENTORY OPTIMIZATION Foundational Elements STORE MODERNIZATION CULTURE OF CONTINUOUS IMPROVEMENT - Voice of our stores - Eliminate complexity - Streamline communications - Labor management - Efficient process & equipment conversions - Explore new tech - Define the kitchen of the future - Self - checkout - Point of sale cap abilities - Integration of AI system s - Order simplification - Right products in the right place - Inventory management - Team member enablement - Smart systems - Guest experience - Store edge computing - Organized to win - Operational approach to kitchen and inventory - Enhanced operational control and standards - Equipped with new tools and processes - Centralized communication
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45% 33% 24% 72% 56% 57% Board Senior Leadership Team Extended Leadership Team Professional Staff Hourly Staff Total Workforce % Women 36% 50% 21% 20% 25% 24% Board Senior Leadership Team Extended Leadership Team Professional Staff Hourly Staff Total Workforce % Racial / Ethnic Minority Representation of Our Diversity NEW Our team composition LEADERSHIP 19
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Board of Directors LEADERSHIP Darren Rebelez Board Chair, President & CEO of Casey’s General Stores Judy Schmeling Lead Independent Director, Former COO of HSN, Inc. and former President of Cornerstone Brands Donald Frieson Retired EVP Supply Chain, Lowe’s Companies Cara Heiden Retired Co-President of Wells Fargo Home Mortgage David Lenhardt Former Presidentand CEO of PetSmart,Inc. Larree Renda Retired Executive Vice President of Safeway,Inc. Allison Wing CEO of Oobli, Inc. f/k/a Joywell Foods, Inc. Gregory Trojan Former CEO of BJ’s Restaurants, Inc. Sri Donthi CIO, Ralph Lauren Mike Spanos CEO, Bloomin’ Brands, Inc. Maria Castañón Moats Retired Partner, PricewaterhouseCoopers, LLP 20
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Unique footprint: ~2/3 of stores are in towns with 20,000 people or fewer White space to grow: ~75% of towns between 500 and 20,000 in our distribution center footprint do not have a Casey’s Prepared food: Casey’s is the 5th largest pizza chain with a high- margin prepared food business driving best in-class inside margin Casey’s proven successes Vertical integration: Positive control over the supply chain, able to get the right products to the stores Compounding growth: double digit EBITDA and diluted EPS CAGR for the past 20 years 21 Casey’s proven track record … TAKEAWAY
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Unique footprint: ~2/3 of stores are in towns with 20,000 people or fewer White space to grow: ~75% of towns between 500 and 20,000 in our distribution center footprint do not have a Casey’s Prepared food: Casey’s is the 5th largest pizza chain with a high- margin prepared food business driving best in-class inside margin Casey’s proven successes Vertical integration: Positive control over the supply chain, able to get the right products to the stores Compounding growth: double digit EBITDA and diluted EPS CAGR for the past 20 years Operating expense management: FY19 to FY25 OPEX 10.6% CAGR vs. EBITDA 13.4% CAGR Return on invested capital (ROIC) improvement: 11.5% in FY25, up ~240 bps from FY19 Free cash flow (FCF) generation: FY25 generated $585 million vs. $136 million in FY19 Casey’s notable improvements Expanded capabilities: Investment in digital, dedicated procurement team, asset protection team, enabling our scale Large scale M&A: The company has successfully integrated several multi-unit transactions 22 … improved in key areas TAKEAWAY
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The convenience store industry is shifting in favor of large-scale players Casey’s is differentiated and positioned to thrive beyond industry peers Casey’s has a proven growth algorithm, with clear strategic initiatives to execute • Resilient industry protected from key macroeconomic factors • Increasing consolidation in a highly fragmented industry • Winners offer vertical integration, digital tech, and food offerings • Proven track record of expansion through both organic / inorganic unit growth • Unique competitive advantages within the industry: 5th largest pizza chain, ~2/3 of stores in populations of 20k or fewer, rural footprint • Proven algorithm for EBITDA growth with ability to execute effectively • Strong balance sheet positioned to capitalize on investment opportunities • Consistent shareholder value via dividend growth and stock price appreciation CASY goal deliver top quintile EBITDA growth of 8-10% Why invest in Casey’s 23 Consistent track record of performance Capital allocation strategy that prioritizes driving value for shareholders Attractive growth outlook Backed by a strong balance sheet TAKEAWAY
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Appendix
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25 Reconciliation of Non-GAAP Financial Measures APPENDIX Note: figures in thousands FY19 FY20 FY21 FY22 FY23 FY24 FY25 Net income 203,886$ 263,846$ 312,900$ 339,790$ 446,691$ 501,972$ 546,520$ Interest, net 55,656 53,419 46,679 56,972 51,815 53,441 83,951 Federal and state income taxes 59,516 78,202 94,470 100,938 140,827 154,188 165,929 Depreciation and amortization 244,387 251,174 265,195 303,541 313,131 349,797 403,647 EBITDA 563,445$ 646,641$ 719,244$ 801,241$ 952,464$ 1,059,398$ 1,200,047$ FY19 FY20 FY21 FY22 FY23 FY24 FY25 Net income 203,886$ 263,846$ 312,900$ 339,790$ 446,691$ 501,972$ 546,520$ Federal and state income taxes 59,516 78,202 94,470 100,938 140,827 154,188 165,929 Interest, net 55,656 53,419 46,679 56,972 51,815 53,441 83,951 EBIT 319,058 395,467 454,049 497,700 639,333 709,601 796,400 Tax effect 72,092 90,415 105,295 113,986 153,247 166,746 185,481 Operating profit after depreciation and taxes (a) 246,966$ 305,052$ 348,754$ 383,714$ 486,086$ 542,855$ 610,919$ Lines of credit 75,000$ 120,000$ -$ -$ -$ -$ -$ Current maturities of long-term debt 17,205 570,280 2,354 24,466 52,861 53,181 94,925 Long-term debt, net of current maturities 1,283,275 714,502 1,361,395 1,663,403 1,620,513 1,582,758 2,413,620 Total shareholders' equity 1,408,769 1,643,205 1,932,679 2,240,838 2,660,666 3,015,381 3,508,670 Total invested capital 2,784,249$ 3,047,987$ 3,296,428$ 3,928,707$ 4,334,040$ 4,651,320$ 6,017,215$ Average invested capital (b) 2,701,045$ 2,916,118$ 3,172,208$ 3,612,568$ 4,131,374$ 4,492,680$ 5,334,268$ Return on invested capital (ROIC) (a) / (b) 9.1% 10.5% 11.0% 10.6% 11.8% 12.1% 11.5% FY19 FY20 FY21 FY22 FY23 FY24 FY25 Operating cash flows 530,614$ 504,314$ 804,088$ 788,741$ 881,951$ 892,953$ 1,090,854$ Purchase of property and equipment (394,699) (438,977) (441,252) (326,475) (476,568) (522,004) (506,224) Free cash flow 135,915$ 65,337$ 362,836$ 462,266$ 405,383$ 370,949$ 584,630$