Alimentation Couche-Tard (ATD) Investor presentation summary

Strategic vision and growth

• Aims to be the world's preferred destination for convenience and mobility, focusing on making customers' lives easier every day.

• Pursues disciplined, strategic, and ambitious growth through organic expansion, M&A, and network investments, with a proven track record of over 9,000 units added in the past decade.

• Maintains a strong balance sheet, targeting a minimum 15% ROCE for new projects and $10B in capacity for all-cash acquisitions.

• 73% of the current network sourced from M&A, with a focus on consolidating the US market and expanding in Europe, Latin America, and Southeast Asia.

• Revised synergy targets from the TotalEnergies acquisition to €170M over five years, split between revenue and administrative synergies.

Financial performance and capital allocation

• FY2025 net earnings attributable to shareholders reached $2.6B, with EBITDA at $5.94B and free cash flow at ~$1.8B.

• Adjusted diluted EPS was $2.71, with a return on equity of 18.3% and ROCE of 12.2%.

• Leverage ratio stands at 2.18x, with a target comfort zone of 2.25x and investment-grade credit ratings.

• CapEx as a percentage of EBITDA was 39% in FY2025, with a disciplined capital allocation process and dividends growing at a 14% CAGR since 2015.

• Balanced debt maturity profile and incremental balance sheet capacity of ~$10B support future investments.

Operational scale and market presence

• Operates ~17,000 stores globally, serving ~8.5M customers daily and selling ~42M gallons of fuel per day.

• Core network spans 29 countries and 30 business units, with leading market share in North America and Europe.

• 90% of stores offer fuel, with ~9,000 branded fuel sites and a fleet of ~575 trucks and 1,050 drivers.

• Merchandise and service sales reached $18.4B, with fuel gallons sold totaling 15.4B in FY2025.

• Maintains scale advantages in fuel supply chain, logistics, and site-level operations, enabling dynamic value capture.