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INVESTOR DECK September 2026
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2 The presentation is dated as of September 8, 2026 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 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 conflicts 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, income taxes, and depreciation and amortization. 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 provided 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. Neither EBITDA nor free cash flow are recognized terms under GAAP and shoul d not be considered a substitute for net income, net cash provided by operating activities or other income or cash flow statement data. EBITDA and free cash flow have limitations as analytical tools 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 and free cash flow, 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 a reconciliation of EBITDA to GAAP net income, for the completed applicable period shown, see the appendix attached hereto.
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AN INTRODUCTION TO CASEY’S Note: Market data, number of locations, transactions, team members as of July 31, 2026. 1 - Inside is defined as the combination of grocery and general merchandise and prepared food and dispensed beverage. Same-store sales is defined as the total sales increase (or decrease) for stores open during the full time of the periods being presented. 2 - By number of stores in the U.S., source CSP Daily News - Top 202 Convenience Stores 2025 3 - ~1,500 liquor license locations ranks 4th in the United States 4 - 5th largest pizza chain business by number of kitchens in United States, supported by Placer.ai 3 CASEY’S IS A STAPLE FOR MILLIONS OF AMERICANS 3rd largest convenience store chain in the United States2 4th in liquor licenses among US retailers3 5th largest pizza chain in the United States4 NASDAQ: CASY ND SD WI MN IANE IN OHIL KYKS MO OK TN TX AR AL FL MI >$30B Total Enterprise Value ~3,000 Convenience Stores Operating in 19 States ~800M Guest Transactions per Year ~50,000 Total Team Members 25 consecutive years of inside same-store sales1 growth 27 consecutive years of dividend increase
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AN INTRODUCTION TO CASEY’S 4 CASEY’S SITS AT THE INTERSECTION OF CONVENIENCE AND QSR CONVENIENCE STORE QUICK -SERVICE RESTAURANT
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AN INTRODUCTION TO CASEY’S CASEY’S HAS UNIQUE COMPETITIVE ADVANTAGES IN THE CONVENIENCE AND QSR RETAIL LANDSCAPES 5 DIFFERENTIATOR BENEFIT UNIQUE FOOTPRINT • ~2/3rds of stores in towns of 20K people or fewer • Stronger market position in rural areas; generally less expensive to build, buy, and operate units PREPARED FOOD • Prepared food is a larger % of inside sales mix1 • 5th largest pizza chain in the US • Food sales across all dayparts, with high quality differentiated products and best-in-class margins1 ADVANCED TECHNOLOGY • Rewards platform with >11M (and growing) members • AI-infused resilient and agile tech stack • Higher transaction value, more frequent visits, and personalized marketing to influence guest behavior VERTICAL INTEGRATION • Products inside store delivered from owned distribution centers • Fuel delivered from owned tanker fleet • Positive control over value chain that enables service to rural areas and distribution efficiencies CONSOLIDATED SCALE • 3rd largest US convenience retailer in highly fragmented industry • 100% company owned and operated retail stores • Stronger business relationships with strategic vendors • Enables speed to market through end-to-end control that strengthens both upstream partnerships with vendors and downstream execution at stores 1 – In comparison to convenience store peers.
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QSR INDUSTRY 6 PREPARED FOOD & DISPENSED BEVERAGES PREPARED FOOD& DISPENSED BEVERAGES OPERATING COSTS
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QSR INDUSTRY Sources: Top 1,500 Chain Restaurants U.S. location share by ownership via Technomic Ignite Company & Technomic Top 500 7 THE RESTAURANT INDUSTRY IS DOMINATED BY FRANCHISE OPERATING MODEL US Chain Restaurant Ownership Median Sales Growth Of Top 500 Chains 4.8% 1.5% All company operated 25%+ stores franchised Company-Owned Outperforms O P E R A T I O N S Company-Owned Advantages • Full control of menu, pricing/promotion, labor • Faster execution from ideation to implementation • Better consistency across the store base Casey’s 100% company-owned and operated retail stores are advantaged against the QSR franchised model E C O N O M I C S • No franchise or royalty fee • Optimize decisions for chain, not single store • Apply scale to enhance store-level performance Non-Franchised 26% Franchised 74%
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QSR INDUSTRY EARNINGSPRESSURED INFLATIONINCREASESCOSTS RAISEMENUPRICES TRAFFICDECREASES 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Avg hourly earnings of production and nonsupervisory employees, retail trade Food away from home CPI Accelerating Wages Driving Higher Menu Prices… R-squared = .98 Cumulative % Change Indexed to 2000 Sources: U.S. Bureau of Labor Statistics (BLS), NRA’s State of the Restaurant Industry 2026 8 RESTAURANTS RELY ON MENU PRICE INCREASES TO OFFSET PRESSURES … Pressuring Traffic and Earnings PREPAREDFOOD OPERATING COSTS Pure Play / Franchised QSRs Rely on Menu Price Increases to Offset Cost Pressures Limited-Service Restaurant Profit Margins are Down ~200 Bps Since 2019 41% 41% 59% 42%
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9 C-STORE INDUSTRY GROCERY & GENERAL MERCHANDISE OPERATING COSTS GROCERY& GENERAL MERCHANDISE FUEL
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C-STORE INDUSTRY 63% 6% 6% 3% 22% 1-10 11-50 51-200 201-500 501+ CONSOLIDATION FRAGMENTATION Ownership Breakout (Number of Stores) US Convenience Store Count1 # OF STORES 2025 2022 Unit Change % Change 1-10 95,672 94,928 744 0.8% 11-50 9,038 9,047 (9) (0.1)% 51-200 8,043 8,791 (748) (8.5)% 201-500 5,412 5,747 (335) (5.8)% 501+ 33,810 31,661 2,149 6.8% Total 151,975 150,174 1,801 1.2% Over the past 10 fiscal years, Casey’s has acquired 736 stores… WITH 387 STORES IN JUST THE PAST 3 YEARS Source: 2026 NACS State of the Industry 10 THE C-STORE INDUSTRY IS FRAGMENTED AND CONSOLIDATING Smaller operators are strategic acquisition targets
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C-STORE INDUSTRY 11 STORES WITH RESTAURANT-QUALITY FOOD ARE LEADERS IN THE INDUSTRY EBITDA Outperformance Average per store ~2x Marginal Operators Casey's Advantaged business mix is driving outperformance ~70% of NACS respondents are not profitable without fuel Less Reliant on CigarettesPrepared Food Boosts Sales % of total inside sales % of total inside sales Marginal Operators Casey's ~+11 ppts ~(5) ppts Marginal Operators Casey's Source: 2026 NACS State of the Industry survey submissions , “Marginal Operators” represent simple average of bottom seven deciles of the 2026 NACS State of the Industry survey submissions
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C-STORE INDUSTRY OPERATING COSTS PREPAREDFOODS GENERAL MERCHANDISE FUEL Sources: BLS, NACS 1 – “Cents per gallon”, or “CPG”, is defined as revenue less cost of goods sold exclusive of depreciation and amortization divided by fuel gallons sold. 12 MARGINAL C-STORE OPERATORS RELY ON HIGHER FUEL MARGINS TO OFFSET PRESSURES 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Avg hourly earnings of production and nonsupervisory employees, retail trade C-store Industry Fuel CPGs 41% 16 cpg 41% R-squared = .94 37 cpg Many C-Stores Rely on Fuel CPG Increases to Offset Cost Pressures; Especially Those Without a Restaurant - quality Foodservice Offer …Pressuring Traffic and Earnings Accelerating Wages Driving Higher Industry CPGs1… EARNINGSPRESSURED INFLATIONINCREASES COSTS TRAFFICDECREASES CIGARETTE SECULAR DECLINE INCREASEFUELPRICES
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13 CASEY’S ADVANTAGED POSITION OPERATING COSTS PREPARED FOOD& DISPENSED BEVERAGES GROCERY& GENERAL MERCHANDISE FUEL
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CASEY’S ADVANTAGED POSITION Scale, 100% company owned and operated, rural Midwest footprint Unique restaurant-quality foodservice offer Robust private brand and center store offer Sophisticated fuel capabilities Far less reliant on fuel and cigarettes 14 CASEY’S HAS AN ADVANTAGED “CONVENIENCE QSR” FLYWHEEL Casey’s “Convenience QSR” Profile 3.OPERATINGLEVERAGEIMPROVES 4.EARNINGSGROW 1. REINVESTINTOVALUEPROPOSITION 2. TRAFFICINCREASES PREPARED FOOD & DISPENSED BEVERAGES GROCERY& GENERAL MERCHANDISE FUEL OPERATING COSTS
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CASEY’S ADVANTAGED POSITION -3% -5% -8% 0% 0% 2% FY23 FY24 FY25 FY26 OPIS Mid-Continent Fuel Demand Casey's Same-Store Gallons Sold Cumulative % Change Indexed to FY23 Fuel CPGs 40 39 39 43 3 …And Gallons Share From C-store Industry… +10 CASEY’S ADVANTAGED FLYWHEEL IN MOTION 15 6% 10% 14% 1% 4% 5% FY23 FY24 FY25 FY26 Food Away From Home CPI Casey's PF&DB Average Selling Price Cumulative % Change Indexed to FY23 (9) PF&DB MARGIN 57% 59% 58% 59% 1 Casey’s Food Value Proposition Is Widening... 2 …And Taking Food Share From QSR Industry… 0% -1% -1% 6% 9% 13% FY23 FY24 FY25 FY26 QSR Traffic Casey's APSD PF&DB Traffic Cumulative % Change Indexed to FY23 +14 4 …Driving EBITDA to Grow More than OpEx. 8% 12% 11% 11% 13% 24% FY24 FY25 FY26 Casey's Operating Expenses Casey's EBITDA Year-over-Year % Change Sources: BLS, Circana, OPIS Note: Casey’s APSD PF&DB Traffic is defined as average per store day PF&DB transactions for all Casey’s stores
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3-YEAR GROWTH STRATEGY 3-YEAR GROWTH STRATEGY 1 – For the FY27-FY29 Plan: Top quintile defined as all S&P 500 and 400 retail and restaurant, excluding retail REIT, constituents, who have grown EBITDA 8% (CAGR) or greater over a 1-year, 5-year, and 10-year period as of calendar year end 2025. Source: S&P Global Capital IQ. PROVEN STRATEGY DRIVING CONTINUED PROFITABLE GROWTH 16 DELIVER TOP QUINTILE 1 EBITDA GROWTH OF 8 -10% ACCELERATE FOOD AND BEVERAGE SCALABLE FOUNDATION TEAM MEMBER VALUE PROPOSITION GROW THE NUMBER OF UNITS ENHANCE OPERATIONAL EFFICIENCY THE GUEST
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3-YEAR GROWTH STRATEGY 20 of 53 met criteria Met criteria Did not meet criteria 17 CASEY’S IS COMPOUNDING EBITDA GROWTH LIKE FEW OTHERS 1 YEAR 1 & 5 YEAR 1, 5, & 10 YEAR Retailers and Restaurants with 8% EBITDA CAGR or Greater over Defined Time Period 10 of 53 met criteria 7 of 53 met criteria Source: S&P Global Capital IQ; includes S&P 500 and 400 retailers and restaurants, excluding retail REITs as of calendar yearend 2025.
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PROVEN FINANCIAL EXECUTION 18 3-YEAR GROWTH PLAN CONTINUES STRONG MOMENTUM EBITDA % GROWTH STORE GROWTH SAME-STORE SALES GROSS PROFIT MARGIN % OPERATIONAL EFFICIENCIES FREE CASH FLOW 8%-10% CAGR At least 400 stores via new builds & acquisitions ~$2B Inside store margin expansion Fuel margin: mid 40s CPG1 F Y 2 7- F Y 2 9 G U I D A N C E EBITDA growth OpEx growth < Inside sales: mid single digit increase Fuel gallons: ~flat PROVEN FINANCIAL EXECUTION 1 – Included for modeling purposes only
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PROVEN FINANCIAL EXECUTION 19 A PROVEN EBITDA GROWTH ALGORITHM • Small deal M&A • New builds • Disciplined approach to larger M&A • Capture expanded M&A synergies ACCELERATING UNIT GROWTH OPERATIONAL EFFICIENCIES • Store simplification • Supply chain efficiency • Kitchen optimization • Centralized scalable support model • Enhanced fuel capabilities • Joint business planning • Centralized procurement • Private brands & mix management GROSS MARGIN EXPANSION • Relevant assortment • Culinary innovation • Strong value proposition • Omnichannel marketing SAME-STORE SALES GROWTH FUNDS ACCELERATING GROWTH E X I S T I N G B U S I N E S S U N I T G R O W T H 4%+ 4%+
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THE GUEST 20 OUR “CONVENIENCE QSR” OPERATING MODEL DRIVES COVERAGE ACROSS ALL DAYPARTS Start My Day Quick Lunch Need a Pick Me Up Family Dinner Fill in Trip Alcohol Run Nicotine Restock Lottery Fuel Stop TRADITIONAL QSR TRADITIONAL C-STORES 5am – 10:59am 11am – 1:59pm After 11am 5pm or Later All Day 2pm – 11:59pm All Day All Day All Day TRIP MISSION CASEY’S Inside guest visits do not include a fuel purchase 70% PF&DB sales ($) in dinner daypart 31% 3YR CAGR in average per store day energy drink sales ($) 16% Note: 3YR CAGR represents performance from FY23 to FY26.
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ACCELERATE FOOD AND BEVERAGE 21 PIZZA IS THE CROWN JEWEL 1 – Represents average per store day sales dollars during FY26. 2 – Represents average per store day units during FY26. Twisted Pepperoni Ultimate Meat Four Cheese Sweet Heat BBQ Brisket Jalapeno Popper Chorizo Breakfast Bacon Cheeseburger 1 SPECIALTY INNOVATION of Whole Pie Growth1 coming from specialty pizzas80% Pizza Certification Asset Improvements Kitchen Simplification 3 CONSISTENT EXECUTION $10 Any Large 40% off during College Football 40% off during College Basketball Tournament Thin Crust Thursday 2 VALUE Growth on Saturdays2 during college football+43% Team Members Certified30k+
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ACCELERATE FOOD AND BEVERAGE Scale to remainder of Casey’s stores over next 2 years 22 WINGS IS AN EXCITING PLATFORM Low competition = high opportunity Wings as a meal Wings with pizza ~50% of Casey’s stores do not have a national pizza or wing chain competitor within 5 miles Guests with a wings-only basket have increased their prepared food order frequency by 30% since their first wings order Guest who add wings to their pizza purchase have 50% larger baskets Plan: Scale to remainder of Casey’s over next two fiscal years
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ACCELERATE FOOD AND BEVERAGE 60% 4% 36% 23 THE CASEY’S BRAND IS HIGH-QUALITY AT A GREAT VALUE FOR GUESTS Growing SKU Count ~20% Growth In Past 3 Years in the Grocery & General Merchandise Categories 290 344 FY23 FY26 Scaling Across The Store Participate In ~50% of Grocery & General Merchandise Categories Meaningful Contributions Total Inside Sales Total Inside Gross Profit 71% 3% 26% National brands Casey’s brand: PF&DB Casey’s brand: G&GM
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GROW THE NUMBER OF UNITS 24 LONG TRACK RECORD OF RATABLE UNIT GROWTH Actual Growth LAST 3 YEARS Projected Growth NEXT 3 YEARS Number of Stores by Fiscal Year 1,978 2,073 2,146 2,207 2,243 2,452 2,521 2,658 2,904 2,944 48 85 56 60 40 21 34 42 35 40 22 26 24 18 5 207 47 112 235 40 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 Acquisitions New Builds Ending Store Count 400+ IN 3 YEARS FY27 – FY29 Actual Growth PREVIOUS 3 YEARS 504 stores354 stores
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GROW THE NUMBER OF UNITS SIGNIFICANT WHITE SPACE TO GROW CASEY’S STORE COUNT 25Note: Boundaries represent 500 truck driving miles from our three distribution centers. Existing store network efficiently serviced primarily by three company-owned distribution centers Existing Casey’s stores Distribution Centers
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GROW THE NUMBER OF UNITS SIGNIFICANT WHITE SPACE TO GROW CASEY’S STORE COUNT 26Note: Boundaries represent 500 truck driving miles from our three distribution centers. Dots are illustrative of white space growth opportunities. White space inside existing distribution footprint ~75% of towns up to 20,000 people within existing DC footprint do NOT have a Casey’s Towns < 20,000 population without Casey’s inside DC footprint Distribution Centers
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GROW THE NUMBER OF UNITS SIGNIFICANT WHITE SPACE TO GROW CASEY’S STORE COUNT 27Note: Dots are illustrative of white space growth opportunities. New third-party distribution capability adds even more whitespace for disciplined pursuit of highly strategic acquisitions Towns < 20,000 population without Casey’s inside DC footprint Towns < 20,000 population without Casey’s outside DC footprint
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ENHANCE OPERATIONAL EFFICIENCY EXPANDING FROM STORE TO ENTERPRISE CONTINUOUS IMPROVEMENT FY26 Operating Expenses Store Employee OpEx All Other OpEx 43% 57% Next 3YR Objective Create capacity for accelerating food and beverage sales without 1:1 OpEx increase Workstreams Simplify store employee operations • Prepared Food packaging optimization • Digitize manual processes • Transform our kitchens >30 projects identified Next 3YR Objective Enhance operating leverage to grow store count without 1:1 OpEx increase Workstreams Optimize store non-employee OpEx >150 projects identified Streamline merchandising & supply chain processes Automate more admin & transactional work Reassess how work gets done OpEx % Growth < EBITDA % Growth 28
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SCALABLE FOUNDATION 29 CENTRALIZED, SCALABLE FOUNDATION SUPPORTS GROWING UNIT COUNT INCREASING OPERATING LEVERAGE / PROFITABILITY Fuel Field Leadership Supply Chain Store Support Center STORE COUNT SCALABLE FOUNDATION Requires less incremental investment as stores are added, improving efficiency and profitability
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TEAM MEMBER VALUE PROPOSITION 30 EXPERIENCED LEADERSHIP TEAM AVERAGE TENURE > 6 years Senior leadership team > 8 years Extended leadership team
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3-YEAR GROWTH STRATEGY 31 Clear competitive advantages, including unique rural footprint, restaurant-quality prepared food, vertical integration, 100% company owned and operated retail stores, and consolidated scale High quality products at a great value help grow loyal guest base, supported by >11 million Casey’s Rewards members Substantial whitespace opportunity with proven ability to grow units via our dual- engine approach of new store builds and acquisitions, with a track record of successful integration of larger deals The result has been durable, ratable growth that has created long-term shareholder value Category-of-one at the intersection of convenience and QSR with a proven three-legged stool operating model that creates an unmatched flywheel for growth 1 WHY INVEST IN 3-YEAR GROWTH STRATEGY Tenured leadership team with deep industry experience and a proven track record of delivering results
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Appendix 32
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APPENDIX Note: figures in thousands RECONCILIATION OF NON-GAAP FINANCIAL MEASURES: NET INCOME TO EBITDA 33 FY24 FY25 FY26 Net income 501,972$ 546,520$ 714,448$ Interest, net 53,441 83,951 96,634 Federal and state income taxes 154,188 165,929 222,575 Depreciation and amortization 349,797 403,647 449,958 EBITDA 1,059,398$ 1,200,047$ 1,483,615$