Alimentation Couche-Tard (ATD) Investor presentation summary

Strategic vision and growth initiatives

• Aims to become the world's preferred destination for convenience and mobility, focusing on customer-centricity and operational excellence.

• Pursues the "10 for the Win" strategy, targeting $10B in EBITDA by FY2028 through organic growth and M&A.

• Five focus areas: Win in Food & Own Thirst, Gain Share in Fuel, Fast/Friendly/In-Stock, Lowest Cost Operator, and Digital Acceleration.

• Major recent acquisitions include 2,175 retail assets from TotalEnergies in Europe, expanding presence and synergy potential.

• Strong balance sheet with ~$10B capacity for acquisitions and a disciplined capital allocation process targeting 15% ROCE.

Financial performance and key metrics

• FY2024 net earnings attributable to shareholders reached $2.7B, with EBITDA at $5.6B and free cash flow at $1.7B.

• Adjusted EBITDA grew 11.3% year-over-year; diluted EPS increased 4.6% to $2.82.

• Return on equity was 21.2%, and return on capital employed (ROCE) was 13.2% as of April 28, 2024.

• Leverage ratio stands at 2.07x, with investment grade credit ratings and a balanced debt maturity profile.

• CapEx as a percentage of EBITDA was ~35% in FY2024, with a focus on network development and commercial programs.

Operational scale and market presence

• Operates nearly 17,000 stores across 29 countries, serving ~8.7 million customers daily and selling 38 million gallons of fuel per day.

• Core network includes 7,400 branded fuel sites and 5,800 locations offering fresh food.

• Leading market share in many European markets, with a coast-to-coast presence in Canada and operations in 47 U.S. states.

• Significant expansion in EV charging infrastructure, with over 2,600 points in Europe and 260 in North America.