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Alimentation Couche-Tard Inc

ALIMENTATION COUCHE-TARD ANNOUNCES ITS RESULTS FOR ITS FOURTH QUARTER AND FISCAL YEAR 2025

LAVAL, QC, June 25, 2025 /CNW/ - Alimentation Couche-Tard Inc. ("Couche-Tard" or the "Corporation") (TSX: ATD) announces its results for its fourth quarter ended April 27, 2025.

Executive Comments on the Quarter

Alex Miller, President and Chief Executive Officer, said: "As we conclude this milestone year, the 45th year since we opened our first store, we are proud of the resilience of our business and the award-winning engagement of our team members. During the fourth quarter, in the face of difficult economic and geopolitical conditions, we held the line in same-store sales in the United States and had strong positive results in Canada and Europe. Our initiatives to provide compelling value to our customers with exclusive food and beverage offers are performing well across the network. Compared to the same period last year, in our fuel business, we had positive volumes in Canada, and in the United States, we maintained market share and margins aligned with recent quarters. As we move into the new fiscal year, we remain confident in the strength of our global scale, long-term strategy, and customer-centric teams."

Filipe  Da Silva, Chief Financial Officer, added: "We closed the fourth quarter and fiscal year with disciplined financial results that reflect the strength and operational effectiveness of our business, supported by continued investment in technology and customer value. The integration of our TotalEnergies assets progressed according to plan, and our focus on efficiency enabled us to pursue strategic initiatives while preserving healthy margins. As we enter the new fiscal year, we remain focused on controlling costs, delivering shareholder value, and making impactful capital investments to support our long-term growth agenda."

Quarterly Highlights

  • Net earnings attributable to shareholders of the Corporation were $439.4 million for the fourth quarter of fiscal 2025 compared with $453.0 million for the fourth quarter of fiscal 2024. Adjusted net earnings attributable to shareholders of the Corporation1 were approximately $441.0 million compared with $461.0 million for the corresponding quarter of last year, representing a decrease of 4.3%.
  • Net earnings attributable to shareholders of the Corporation were $0.46 per diluted share for the fourth quarter of fiscal 2025 compared with $0.47 per diluted share for the fourth quarter of fiscal 2024. Adjusted diluted net earnings per share1 were $0.46, representing a decrease of 4.2% from $0.48 for the corresponding quarter of last year.
  • Total merchandise and service revenues of $4.2 billion, an increase of 2.0%. Same-store merchandise revenues2 decreased by 0.4% in the United States, while it increased by 3.4% in Europe and other regions1, and by 3.5% in Canada.
  • Merchandise and service gross margin1 decreased by 0.2% in the United States to 33.9%, by 0.6% in Europe and other regions to 38.6%, and by 0.8% in Canada to 34.1%.
  • Same-store road transportation fuel volumes decreased by 1.9% in the United States, by 0.6% in Europe and other regions, while it increased by 3.7% in Canada.
  • Road transportation fuel gross margin1 of 43.27¢ per gallon in the United States, an increase of 4.48¢ per gallon, US 9.57¢ per liter in Europe and other regions, an increase of US 1.27¢ per liter, and CA 14.05¢ per liter in Canada, an increase of CA 0.37¢ per liter.

__________

1

Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS® Accounting Standards.

2

This measure represents the growth of (decrease in) cumulative merchandise revenues between the current period and comparative period for those stores that were open for at least 23 days out of every 28-day period included in the reported periods. Merchandise revenues are defined as Merchandise and service revenues excluding service revenues.

Fiscal Year 2025 Highlights

  • Net earnings per diluted share of $2.71 compared with $2.82 for fiscal 2024, a decrease of 3.9%, while adjusted diluted net earnings per share1 were $2.71 compared with $2.81 for fiscal 2024, a decrease of 3.6%.
  • During fiscal 2025, we repurchased 8.7 million shares for an amount of $518.9 million.
  • Solid pipeline execution with 97 new-to-industry openings, and 20 relocated or reconstructed stores during fiscal 2025. As of April 27, 2025, another 41 stores were under construction and should open in the upcoming quarters.
  • Increase in the annual dividend declared for fiscal 2025 of 14.3%, from CA 66.50¢ to CA 76.00¢.

Summary of the Fourth Quarter of Fiscal 2025

For its fourth quarter ended April 27, 2025, Couche-Tard reported net earnings attributable to shareholders of the Corporation of $439.4 million, representing $0.46 per share on a diluted basis, compared with $453.0 million for the corresponding quarter of fiscal 2024, representing $0.47 per share on a diluted basis. The results for the fourth quarter of fiscal 2025 were affected by a pre-tax net foreign exchange gain of $7.1 million and by pre-tax acquisition costs of $6.7 million. The results for the comparable quarter of fiscal 2024 were affected by a pre-tax net foreign exchange loss of $5.2 million, and by pre-tax acquisition costs of $4.8 million. Excluding these items, the adjusted net earnings attributable to shareholders of the Corporation3 were approximately $441.0 million, or $0.46 per share on a diluted basis for the fourth quarter of fiscal 2025, compared with $461.0 million, or $0.48 per share on a diluted basis for the corresponding quarter of fiscal 2024, a decrease of 4.2% in the adjusted diluted net earnings per share1. This decrease is primarily driven by higher quarterly income tax rate on net earnings and the impact of strategic investments on operating expenses and depreciation, partly offset by a significant improvement in the road transportation fuel gross margin1. All financial information presented is in US dollars unless stated otherwise.

__________

1

Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.

Significant Items of the Fourth Quarter of Fiscal 2025

  • Subsequent to the end of the fourth quarter of fiscal 2025, our commercial paper program was amended and the aggregate principal amount of unsecured commercial paper notes outstanding at any given time was increased to an amount that cannot exceed $3.5 billion.
  • On June 2, 2025, subsequent to the end of the fourth quarter of fiscal 2025, we fully repaid, upon maturity, our CA $700.0 million Canadian-dollar-denominated senior unsecured notes issued on June 2, 2015. The repayment of CA $700.0 million ($507.0 million) was settled using our available cash and existing credit facilities, including our United States commercial paper program. On the same date, we also settled the cross-currency interest rate swaps associated with the notes.

Changes in our Network during the Fourth Quarter of Fiscal 2025

  • We acquired two company-operated stores and settled these transactions using our available cash.
  • We completed the construction of 41 stores and the relocation or reconstruction of 7 stores, reaching a total of 117 stores since the beginning of fiscal 2025. As of April 27, 2025, another 41 stores were under construction and should open in the upcoming quarters.

The following tables present certain information regarding changes in our store network over the 12 and 52-week periods ended April 27, 2025(1):

12-week period ended April 27, 2025

Type of site

Company-
operated


CODO


DODO


Franchised and

 other affiliated


Total

Number of sites, beginning of period

10,467


1,392


1,435


1,186


14,480

Acquisitions

2


—


—


—


2

Openings / constructions / additions

41


3


11


4


59

Closures / disposals / withdrawals

(24)


(2)


(20)


(18)


(64)

Store conversions

1


(7)


(2)


8


—

Number of sites, end of period

10,487


1,386


1,424


1,180


14,477

Circle K branded sites under licensing agreements









2,474

Total network









16,951

Number of automated fuel stations included in the period-end

   figures

1,172


—


107


—


1,279

 

52-week period ended April 27, 2025

Type of site

Company-
operated


CODO


DODO


Franchised and
other affiliated


Total

Number of sites, beginning of period

10,445


1,409


1,464


1,227


14,545

Acquisitions

42


—


—


—


42

Openings / constructions / additions

97


7


34


30


168

Closures / disposals / withdrawals

(115)


(9)


(67)


(87)


(278)

Store conversions

18


(21)


(7)


10


—

Number of sites, end of period

10,487


1,386


1,424


1,180


14,477

Circle K branded sites under licensing agreements









2,474

Total network









16,951

(1)

Stores which are part of Circle K Belgium SA's network are included at 100%, while stores operated through our RDK joint venture are included at 50%.

Exchange Rate Data

We use the US dollar as our reporting currency, which provides more relevant information given the predominance of our operations in the United States.

The following table sets forth information about exchange rates based upon closing rates expressed as US dollars per comparative currency unit:

12-week periods ended

52-week periods ended


April 27, 2025

April 28, 2024

April 27, 2025

April 28, 2024

Average for the period(1)





Canadian dollar

0.7020

0.7369

0.7175

0.7406

Norwegian krone

0.0923

0.0937

0.0920

0.0938

Swedish krone

0.0973

0.0949

0.0946

0.0940

Danish krone

0.1444

0.1448

0.1443

0.1452

Zloty

0.2564

0.2505

0.2521

0.2447

Euro

1.0782

1.0798

1.0772

1.0828

Hong Kong dollar

0.1286

0.1278

0.1284

0.1278

(1)

Calculated by taking the average of the closing exchange rates of each day in the applicable period.

For the analysis of consolidated results, the impact of the translation of our foreign currency operations into US dollars is defined as the impact from the translation of our Canadian, European, Asian, and corporate operations into US dollars. Variances of our foreign currency operations into US dollars are determined as being the difference between the corresponding period results in local currencies translated at the current period average exchange rate and the corresponding period results in local currencies translated at the corresponding period average exchange rate.

Summary Analysis of Consolidated Results for the Fourth Quarter and Fiscal 2025

The following table highlights certain information regarding our operations for the 12 and 52-week periods ended April 27, 2025 and April 28, 2024, and the results analysis in this section should be read in conjunction with this table. The results from our operations in Europe and Asia are presented together as Europe and other regions.

12-week periods ended

52-week periods ended

(in millions of US dollars, unless otherwise stated)

April 27,

2025

April 28,

2024

Variation

%

April 27,

2025

April 28,

2024

Variation

%

Statement of Operations Data:







Merchandise and service revenues(1):







United States

2,842.9

2,823.2

0.7

12,407.3

12,334.5

0.6

Europe and other regions

844.2

769.9

9.7

3,602.7

2,750.3

31.0

Canada

499.7

513.6

(2.7)

2,349.4

2,451.1

(4.1)

Total merchandise and service revenues

4,186.8

4,106.7

2.0

18,359.4

17,535.9

4.7

Road transportation fuel revenues:







United States

6,502.4

7,208.5

(9.8)

29,141.9

31,531.1

(7.6)

Europe and other regions

4,278.8

4,811.7

(11.1)

19,139.5

13,581.1

40.9

Canada

1,164.5

1,278.9

(8.9)

5,623.3

5,911.0

(4.9)

Total road transportation fuel revenues

11,945.7

13,299.1

(10.2)

53,904.7

51,023.2

5.6

Other revenues(2):







United States

11.4

16.9

(32.5)

48.0

45.6

5.3

Europe and other regions

118.6

161.9

(26.7)

510.6

622.9

(18.0)

Canada

8.0

8.1

(1.2)

34.1

35.9

(5.0)

Total other revenues

138.0

186.9

(26.2)

592.7

704.4

(15.9)

Total revenues

16,270.5

17,592.7

(7.5)

72,856.8

69,263.5

5.2

Merchandise and service gross profit(1)(3):







United States

962.8

961.8

0.1

4,200.1

4,192.6

0.2

Europe and other regions

326.1

301.5

8.2

1,401.9

1,079.3

29.9

Canada

170.6

179.2

(4.8)

791.3

833.5

(5.1)

Total merchandise and service gross profit

1,459.5

1,442.5

1.2

6,393.3

6,105.4

4.7

Road transportation fuel gross profit(3):







United States

911.5

821.7

10.9

4,165.2

4,152.5

0.3

Europe and other regions

393.6

342.1

15.1

1,701.1

1,103.7

54.1

Canada

124.2

123.6

0.5

551.2

560.7

(1.7)

Total road transportation fuel gross profit

1,429.3

1,287.4

11.0

6,417.5

5,816.9

10.3

Other revenues gross profit(2)(3):







United States

11.4

10.3

10.7

41.8

39.0

7.2

Europe and other regions

25.8

34.3

(24.8)

137.7

106.5

29.3

Canada

7.0

7.0

—

31.0

30.1

3.0

Total other revenues gross profit

44.2

51.6

(14.3)

210.5

175.6

19.9

Total gross profit(3)

2,933.0

2,781.5

5.4

13,021.3

12,097.9

7.6

Operating, selling, general and administrative expenses

1,724.8

1,642.5

5.0

7,143.2

6,525.2

9.5

Loss (gain) on disposal of property and equipment and other assets

6.3

4.3

46.5

(33.4)

2.4

(1,491.7)

Depreciation, amortization and impairment

540.8

492.5

9.8

2,105.4

1,760.1

19.6

Operating income

661.1

642.2

2.9

3,806.1

3,810.2

(0.1)

Net financial expenses

120.0

139.9

(14.2)

512.5

387.9

32.1

Net earnings

442.3

454.5

(2.7)

2,592.4

2,732.2

(5.1)

Less: Net earnings attributable to non-controlling interests

(2.9)

(1.5)

93.3

(12.0)

(2.5)

380.0

Net earnings attributable to shareholders of the Corporation

439.4

453.0

(3.0)

2,580.4

2,729.7

(5.5)

Per Share Data:







Basic net earnings per share (dollars per share)

0.46

0.47

(2.1)

2.72

2.82

(3.5)

Diluted net earnings per share (dollars per share)

0.46

0.47

(2.1)

2.71

2.82

(3.9)

Adjusted diluted net earnings per share (dollars per share)(3)

0.46

0.48

(4.2)

2.71

2.81

(3.6)

 

12-week periods ended

52-week periods ended

(in millions of US dollars, unless otherwise stated)

April 27,

2025

April 28,

2024

Variation

%

April 27,

2025

April 28,

2024

Variation

%

Other Operating Data:







Merchandise and service gross margin(1)(3):







Consolidated

34.9 %

35.1 %

(0.2)

34.8 %

34.8 %

—

United States

33.9 %

34.1 %

(0.2)

33.9 %

34.0 %

(0.1)

Europe and other regions

38.6 %

39.2 %

(0.6)

38.9 %

39.2 %

(0.3)

Canada

34.1 %

34.9 %

(0.8)

33.7 %

34.0 %

(0.3)

Growth of (decrease in) same-store merchandise revenues(4):







United States (5)(6)

(0.4 %)

(0.5 %)


(0.8 %)

(0.1 %)


Europe and other regions(3)(7)

3.4 %

(2.0 %)


0.4 %

0.1 %


Canada (5)(6)

3.5 %

(3.4 %)


(0.1 %)

0.9 %


Road transportation fuel gross margin(3):







United States (cents per gallon)

43.27

38.79

11.5

45.39

45.28

0.2

Europe and other regions (cents per liter)

9.57

8.30

15.3

9.50

8.73

8.8

Canada (CA cents per liter)

14.05

13.68

2.7

13.51

13.35

1.2

Total volume of road transportation fuel sold:







United States (millions of gallons)

2,106.7

2,118.1

(0.5)

9,176.1

9,171.7

—

Europe and other regions (millions of liters)

4,114.4

4,120.2

(0.1)

17,906.6

12,640.5

41.7

Canada (millions of liters)

1,257.2

1,226.5

2.5

5,683.1

5,665.9

0.3

Growth of (decrease in) same-store road transportation fuel volumes(5):







United States

(1.9 %)

(1.6 %)


(2.0 %)

(0.8 %)


Europe and other regions(7)

(0.6 %)

(1.7 %)


(0.7 %)

(1.5 %)


Canada

3.7 %

(3.5 %)


1.5 %

1.6 %


 

(in millions of US dollars, unless otherwise stated)

As at
April 27, 2025

As at

April 28, 2024 (8)

Variation

$

Balance Sheet Data:




Total assets

38,301.9

37,218.0

1,083.9

Interest-bearing debt(3)

13,956.3

14,690.9

(734.6)

Equity attributable to shareholders of the Corporation

14,946.8

13,189.2

1,757.6

Indebtedness Ratios(3):




Net interest-bearing debt/total capitalization

              0.44 : 1   

              0.50 : 1   


Leverage ratio

              1.96 : 1   

              2.25 : 1


Returns(3):




Return on equity

18.3 %

21.2 %


Return on capital employed

12.2 %

13.2 %


(1)

Includes revenues derived from franchise fees, royalties, suppliers' rebates on some purchases made by franchisees and licensees, as well as from wholesale of merchandise. Franchise fees from international licensed stores are presented in the United States.

(2)

Includes revenues from the rental of assets and from the sale of energy for stationary engines and aviation fuel.

(3)

Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on our performance measures not defined by IFRS Accounting Standards, as well as our capital management measure.

(4)

This measure represents the growth of (decrease in) cumulative merchandise revenues between the current period and comparative period for those stores that were open for at least 23 days out of every 28-day period included in the reported periods. Merchandise revenues are defined as Merchandise and service revenues excluding service revenues.

(5)

For company-operated stores only.

(6)

Calculated based on respective functional currencies.

(7)

Growth of (decrease in) same-store merchandise revenues and growth of (decrease in) same-store road transportation fuel volumes for Europe and other regions include results from the acquisition of certain European retail assets from TotalEnergies SE starting December 28, 2023.

(8)

The information as at April 28, 2024 has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for the acquisition of convenience retail and fuel sites operating under the MAPCO brand, and for the acquisition of certain European retail assets from TotalEnergies SE.

Revenues

Our revenues were $16.3 billion for the fourth quarter of fiscal 2025, down by $1.3 billion, a decrease of 7.5% compared with the corresponding quarter of fiscal 2024, mainly attributable to lower average road transportation fuel selling price, as well as softness in fuel demand in the United States, partly offset by the net impact from organic changes to our network. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $33.0 million on our revenues for the fourth quarter.

For fiscal 2025, our revenues increased by $3.6 billion, or 5.2%, compared with fiscal 2024, mainly attributable to the contribution from acquisitions, higher revenues in our wholesale fuel business, as well as the net impact from organic changes to our network, partly offset by a lower average road transportation fuel selling price, and softness in fuel demand and traffic in the United States. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $237.0 million on our revenues.

Merchandise and service revenues

Total merchandise and service revenues for the fourth quarter of fiscal 2025 were $4.2 billion, an increase of $80.1 million compared with the corresponding quarter of fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $19.0 million. The remaining increase of approximately $99.0 million, or 2.4%, is primarily attributable to organic growth, the net impact from organic changes to our network, and the contribution from acquisitions, which amounted to approximately $22.0 million. Same-store merchandise revenues decreased by 0.4% in the United States as customers remain prudent in their spending, partly offset by growth in our dispensed and packaged beverage categories as customers appreciate the value we are offering them. Same-store merchandise revenues increased by 3.4% in Europe and other regions1, supported by cigarettes sales in the Netherlands as new legislation continues to be favorable to our industry, partly offset by the continued struggle of this category in Asia. In Canada, same-store merchandise revenues increased by 3.5%, driven by a strong growth of the alcohol category, partly offset by a decrease in other nicotine products revenues, both also impacted by new legislation.

For fiscal 2025, the growth in merchandise and service revenues was $823.5 million, or 4.7%, compared with fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $76.0 million. The remaining increase of approximately $899.0 million, or 5.1%, is mainly attributable to the contribution from acquisitions, which amounted to approximately $910.0 million, partly offset by softness in traffic. Same-store merchandise revenues decreased by 0.8% in the United States, increased by 0.4% in Europe and other regions1, and decreased by 0.1% in Canada.

Road transportation fuel revenues

Total road transportation fuel revenues for the fourth quarter of fiscal 2025 were $11.9 billion, a decrease of $1.4 billion compared with the corresponding quarter of fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $13.0 million. The remaining decrease of approximately $1.3 billion, or 10.1%, is mainly attributable to a lower average road transportation fuel selling price, which had a negative impact of approximately $1.3 billion, and softness in fuel demand, partly offset by the net impact from organic changes to our network. Same-store road transportation fuel volumes decreased by 1.9% in the United States, impacted by lower industry demand, decreased by 0.6% in Europe and other regions, and increased by 3.7% in Canada, driven by higher demand and a slight increase in our market share.

For fiscal 2025, the road transportation fuel revenues increased by $2.9 billion, or 5.6% compared with fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $158.0 million. The remaining increase of approximately $3.0 billion, or 6.0%, is mainly attributable to the contribution from acquisitions, which amounted to approximately $6.8 billion, and higher revenues in our European wholesale activities following a change in our business model, partly offset by the lower average road transportation fuel selling price, which had a negative impact of approximately $4.2 billion, and softness in fuel demand in the United States. Same-store road transportation fuel volumes decreased by 2.0% in the United States, decreased by 0.7% in Europe and other regions, and increased by 1.5% in Canada, driven by a higher demand in the second half of the fiscal year.

The following table shows the average selling price of road transportation fuel of our company-operated stores in our various markets for the last eight quarters. The average selling price of road transportation fuel consists of the road transportation fuel revenues divided by the volume of road transportation fuel sold:

Quarter

1ˢᵗ

2ⁿᵈ

3ʳᵈ

4ᵗʰ

Weighted
average

52-week period ended April 27, 2025







United States (US dollars per gallon)

3.44

3.22

3.03

3.09

3.18


Europe and other regions (US cents per liter)

120.73

115.46

114.06

115.07

116.23


Canada (CA cents per liter)

149.20

140.32

137.05

133.74

139.95

52–week period ended April 28, 2024







United States (US dollars per gallon)

3.52

3.76

3.18

3.40

3.44


Europe and other regions (US cents per liter)

98.02

108.87

112.53

125.90

113.64


Canada (CA cents per liter)

142.77

152.03

136.26

143.91

143.28

_________

1

Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.

Other revenues

Total other revenues for the fourth quarter of fiscal 2025 were $138.0 million, a decrease of $48.9 million compared with the corresponding quarter of fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $1.0 million. The remaining decrease of approximately $48.0 million, or 25.7%, is primarily driven by lower revenues from our heating oil and marine fuel products following a decrease in both demand and retail prices.

For fiscal 2025, total other revenues were $592.7 million, a decrease of $111.7 million compared with fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $4.0 million. The remaining decrease of $108.0 million, or 15.3%, is mainly attributable to similar factors as those of the fourth quarter, partly offset by the contribution from acquisitions, which amounted to approximately $45.0 million.

Gross profit1

Our gross profit was $2.9 billion for the fourth quarter of fiscal 2025, up by $151.5 million, or 5.4%, compared with the corresponding quarter of fiscal 2024, mainly attributable to higher road transportation fuel gross margin1. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $10.0 million.

For fiscal 2025, our gross profit increased by $923.4 million, or 7.6%, compared with fiscal 2024, mainly attributable to the contribution from acquisitions, and higher road transportation fuel gross margin1, partly offset by softness in fuel demand and traffic in the United States, as low income consumers were impacted by challenging economic conditions. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $47.0 million.

___________

1

Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.

Merchandise and service gross profit

In the fourth quarter of fiscal 2025, our merchandise and service gross profit was $1.5 billion, an increase of $17.0 million compared with the corresponding quarter of fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $7.0 million. The remaining increase of approximately $24.0 million, or 1.7%, is primarily attributable to organic growth in Europe and other regions and in Canada, and to the contribution from acquisitions, which amounted to approximately $7.0 million. Our merchandise and service gross margin1 decreased by 0.2% in the United States to 33.9%, where improved food execution was offset by higher spoilage on tobacco products. Our merchandise and service gross margin1 decreased by 0.6% to 38.6% in Europe and other regions, and by 0.8% in Canada to 34.1%, both impacted by changes in product mix with the implementation of new legislation in our various locations.

During fiscal 2025, our merchandise and service gross profit was $6.4 billion, an increase of $287.9 million compared with fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $27.0 million. The remaining increase of $315.0 million, or 5.2%, is primarily attributable to the contribution from acquisitions, which amounted to approximately $316.0 million, and organic growth in Europe and other regions, partly offset by softness in traffic in the United States, and Asia. Our merchandise and service gross margin1 decreased by 0.1% to 33.9% in the United States, by 0.3% in Europe and other regions to 38.9%, and by 0.3% in Canada to 33.7%.

Road transportation fuel gross profit

In the fourth quarter of fiscal 2025, our road transportation fuel gross profit was $1.4 billion, an increase of $141.9 million compared with the corresponding quarter of fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $3.0 million. The remaining increase of approximately $145.0 million, or 11.3%, is mainly driven by improved road transportation fuel gross margin1 in all regions, partly offset by softness in fuel demand in the United States. In the United States, our road transportation fuel gross margin1 was 43.27¢ per gallon, an increase of 4.48¢ per gallon, in Europe and other regions, it was US 9.57¢ per liter, an increase of US 1.27¢ per liter, and in Canada, it was CA 14.05¢ per liter, an increase of CA 0.37¢ per liter. Fuel margins remained healthy throughout our network, due the continued work on the optimization of our supply chain and strong execution in our stores.

During fiscal 2025, our road transportation fuel gross profit was $6.4 billion, an increase of $600.6 million compared with fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $19.0 million. The remaining increase of approximately $620.0 million, or 10.7%, is mainly driven by the contribution from acquisitions, which amounted to approximately $452.0 million, and improved road transportation fuel gross margin1 in all regions, partly offset by softness in fuel demand in the United States. The road transportation fuel gross margin1 was 45.39¢ per gallon in the United States, US 9.50¢ per liter in Europe and other regions, and CA 13.51¢ per liter in Canada.

The road transportation fuel gross margin1 of our company-operated stores in the United States and the impact of expenses related to electronic payment modes for the last eight quarters, were as follows:

(US cents per gallon)






Quarter

1ˢᵗ

2ⁿᵈ

3ʳᵈ

4ᵗʰ

Weighted
average

52-week period ended April 27, 2025






Before deduction of expenses related to electronic payment modes

49.49

47.57

45.35

43.86

46.51

Expenses related to electronic payment modes(1)

6.16

6.02

5.84

6.09

6.02

After deduction of expenses related to electronic payment modes

43.33

41.55

39.51

37.77

40.49

52–week period ended April 28, 2024






Before deduction of expenses related to electronic payment modes

51.26

51.15

44.38

39.28

46.38

Expenses related to electronic payment modes(1)

6.13

6.04

5.77

6.03

5.98

After deduction of expenses related to electronic payment modes

45.13

45.11

38.61

33.25

40.40

(1)

Expenses related to electronic payment modes are determined by allocating the portion of total electronic payment modes, which are included in Operating, selling, general and administrative expenses, deemed related to our United States company-operated stores road transportation fuel transactions.

The road transportation fuel gross margin1 of our network in Europe and other regions and in Canada for the last eight quarters, were as follows:

Quarter

1ˢᵗ

2ⁿᵈ

3ʳᵈ

4ᵗʰ

Weighted
average

52-week period ended April 27, 2025






Europe and other regions (US cents per liter)

8.68

10.51

9.29

9.57

9.50

Canada (CA cents per liter)

13.11

13.35

13.54

14.05

13.51

52–week period ended April 28, 2024






Europe and other regions (US cents per liter)

8.21

10.20

8.56

8.30

8.73

Canada (CA cents per liter)

13.25

13.63

12.99

13.68

13.35

Generally, road transportation fuel gross margins1 can be volatile from one quarter to another but tend to be more stable over longer periods. In Europe and other regions, fuel margin volatility is impacted by a longer supply chain due to a more integrated model. In Europe and other regions and in Canada, expenses related to electronic payment modes are not as volatile as in the United States.

_________

1

Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.

Other revenues gross profit

In the fourth quarter of fiscal 2025, other revenues gross profit was $44.2 million, a decrease of $7.4 million, or 14.3%, compared with the corresponding quarter of fiscal 2024. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $1.0 million. The remaining decrease of approximately $8.0 million, or 15.5%, is primarily driven by lower revenues from our heating oil products following a decrease in demand.

During fiscal 2025, other revenues gross profit was $210.5 million, an increase of $34.9 million, or 19.9%, compared with fiscal 2024, mainly attributable to the contribution from acquisitions, which amounted to approximately $43.0 million. The translation of our foreign currency operations into US dollars had no impact on other revenues gross profit.

Operating, selling, general and administrative expenses ("expenses")

For the fourth quarter and fiscal 2025, expenses increased by 5.0% and 9.5%, respectively, compared with the corresponding periods of fiscal 2024. Normalized growth of expenses1 was 4.6% and 3.3%, respectively, as shown in the table below:

12-week periods ended

52-week periods ended


April 27, 2025

April 28, 2024

April 27, 2025

April 28, 2024

Growth of expenses, as reported

5.0 %

1.7 %

9.5 %

2.6 %

Adjusted for:





Increase from incremental expenses related to acquisitions

(0.4 %)

(9.9 %)

(6.4 %)

(4.7 %)

Increase from incremental system integration costs related to acquisitions

(0.4 %)

—

(0.2 %)

—

Decrease from the net impact of foreign exchange translation

0.3 %

—

0.4 %

—

Decrease from changes in electronic payment fees, excluding acquisitions

0.2 %

1.1 %

—

1.1 %

Increase from changes in acquisition costs recognized to earnings

(0.1 %)

—

—

(0.1 %)

Normalized growth of (decrease in) expenses1

4.6 %

(7.1 %)

3.3 %

(1.1 %)

Normalized growth of expenses1 for the fourth quarter and fiscal 2025 was mainly driven by inflationary pressures and incremental investments to support our strategic initiatives, as well as by changes in general liabilities, legal and environmental reserves for specific events totaling approximately $20.0 million during the quarter, and $44.0 million during fiscal 2025, while being partly offset by the continued strategic efforts to control our expenses, including labor efficiency in our stores. 

Earnings before interest, taxes, depreciation, amortization and impairment ("EBITDA1") and adjusted EBITDA1

During the fourth quarter of fiscal 2025, EBITDA stood at $1.2 billion, an increase of $66.9 million, or 5.9%, compared with the corresponding quarter of fiscal 2024. Adjusted EBITDA for the fourth quarter of fiscal 2025 increased by $68.8 million, or 6.0%, compared with the corresponding quarter of fiscal 2024, mainly due to improved road transportation fuel gross margin1, partly offset by the impact of strategic investments on operating expenses. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $4.0 million.

During fiscal 2025, EBITDA stood at $5.9 billion, an increase of $343.9 million, or 6.1%, compared with fiscal 2024. Adjusted EBITDA for fiscal 2025 increased by $345.2 million, or 6.1%, compared with fiscal 2024, mainly attributable to the contribution from acquisitions, which amounted to approximately $395.0 million, and improved road transportation fuel gross margin1, partly offset by the impact of strategic investments on operating expenses, softness in traffic and fuel demand in the Unites States as low income consumers were impacted by challenging economic conditions. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $19.0 million.

__________

1

Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.

Depreciation, amortization and impairment ("depreciation")

For the fourth quarter of fiscal 2025, our depreciation expense increased by $48.3 million, or 9.8%, compared with the fourth quarter of fiscal 2024, mainly driven by the replacement of equipment, the ongoing improvements made to our network, as well as the deployment of strategic initiatives in the last year. The translation of our foreign currency operations into US dollars had a net favorable impact of approximately $1.0 million on depreciation. 

For fiscal 2025, our depreciation expense increased by $345.3 million, compared with fiscal 2024. The translation of our foreign currency operations into US dollars had a net favorable impact of approximately $7.0 million. The remaining increase of $352.0 million, or 20.0%, is mainly driven by the impact from investments made through business acquisitions, which amounted to approximately $205.0 million, as well as to similar factors as those of the fourth quarter.

Net financial expenses

Net financial expenses for the fourth quarter and fiscal 2025 were $120.0 million and $512.5 million, respectively, a decrease of $19.9 million and an increase of $124.6 million, respectively, compared with the corresponding periods of fiscal 2024. A portion of the variation is explained by certain items that are not considered indicative of future trends, as shown in the table below:

12-week periods ended

52-week periods ended

(in millions of US dollars)

April 27, 2025

April 28, 2024

Variation

April 27, 2025

April 28, 2024

Variation

Net financial expenses, as reported

120.0

139.9

(19.9)

512.5

387.9

124.6

Explained by:







Net foreign exchange gain (loss)

7.1

(5.2)

12.3

30.6

6.2

24.4

Change in fair value of financial instruments classified at fair value through earnings or loss

(1.7)

1.1

(2.8)

(2.8)

(10.7)

7.9

Reclassification adjustment of gain on forward starting interest rate swaps

—

—

—

—

32.9

(32.9)

Remaining variation

125.4

135.8

(10.4)

540.3

416.3

124.0

The remaining variation of the fourth quarter of fiscal 2025 is mainly driven by lower level of net debt compared with the corresponding quarter of fiscal 2024. The remaining variation for fiscal 2025 is mainly driven by higher average debt in connection with our recent acquisitions.

Income taxes

The income tax rate for the fourth quarter was 18.8% compared with 10.2% for the corresponding quarter of fiscal 2024. In the corresponding quarter of fiscal 2024, the income tax rate included a net tax benefit derived from an internal reorganization, which had a favorable impact of 6.5% on the tax rate. The remaining increase of 2.1% is mainly stemming from the impact of a different mix in our earnings across the various jurisdictions in which we operate.

The income tax rate for fiscal 2025 was 22.0% compared with 20.8% for fiscal 2024. The difference is mainly attributable to similar factors as those of the fourth quarter.

Net earnings attributable to shareholders of the Corporation and adjusted net earnings attributable to shareholders of the Corporation1

Net earnings attributable to shareholders of the Corporation for the fourth quarter of fiscal 2025 were $439.4 million, compared with $453.0 million for the fourth quarter of fiscal 2024, a decrease of $13.6 million, or 3.0%. Diluted net earnings per share stood at $0.46, compared with $0.47 for the corresponding quarter of the previous fiscal year. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $2.0 million on net earnings attributable to shareholders of the Corporation for the fourth quarter of fiscal 2025.

Adjusted net earnings attributable to shareholders of the Corporation for the fourth quarter of fiscal 2025 were approximately $441.0 million, compared with $461.0 million for the fourth quarter of fiscal 2024, a decrease of $20.0 million, or 4.3%. Adjusted diluted net earnings per share1 were $0.46 for the fourth quarter of fiscal 2025, compared with $0.48 for the corresponding quarter of fiscal 2024, a decrease of 4.2%.

For fiscal 2025, net earnings attributable to shareholders of the Corporation stood at $2.6 billion, a decrease of $149.3 million, or 5.5%, compared with fiscal 2024. Diluted net earnings per share stood at $2.71, compared with $2.82 for fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $9.0 million on net earnings attributable to shareholders of the Corporation for fiscal 2025.

Adjusted net earnings attributable to shareholders of the Corporation for fiscal 2025 stood at $2.6 billion, a decrease of $139.0 million, or 5.1%, compared with fiscal 2024. Adjusted diluted net earnings per share1 were $2.71 for fiscal 2025, compared with $2.81 for fiscal 2024, a decrease of 3.6%.

Dividends

During its June 25, 2025 meeting, the Board of Directors declared a quarterly dividend of CA 19.5¢ per share for the fourth quarter of fiscal 2025 to shareholders on record as at July 7, 2025, and approved its payment effective July 21, 2025. This is an eligible dividend within the meaning of the Income Tax Act (Canada).

___________

1

Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.

Non-IFRS Accounting Standards Measures

To provide more information for evaluating the Corporation's performance, the financial information included in our financial documents contains certain data that are not performance measures under IFRS® Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), which are also calculated on an adjusted basis to exclude specific items. Those performance measures are called "Non-IFRS Accounting Standards measures". We believe that providing those Non-IFRS Accounting Standards measures is useful to management, investors, and analysts, as they provide additional information to measure the performance and financial position of the Corporation.

The following Non-IFRS Accounting Standards financial measures are used in our financial disclosures:

  • Gross profit;
  • Earnings before interest, taxes, depreciation, amortization and impairment ("EBITDA") and adjusted EBITDA;
  • Adjusted net earnings attributable to shareholders of the Corporation;
  • Interest-bearing debt.

The following Non-IFRS Accounting Standards ratios are used in our financial disclosures:

  • Merchandise and service gross margin and Road transportation fuel gross margin;
  • Normalized growth of (decrease in) operating, selling, general and administrative expenses;
  • Growth of (decrease in) same-store merchandise revenues for Europe and other regions;
  • Adjusted diluted net earnings per share;
  • Leverage ratio;
  • Return on equity and return on capital employed.

The following capital management measure is used in our financial disclosures:

  • Net interest-bearing debt/total capitalization.

Supplementary financial measures are also used in our financial disclosures and those measures are described where they are presented.

Non-IFRS Accounting Standards financial measures and ratios, as well as the capital management measure, are mainly derived from the consolidated financial statements but do not have standardized meanings prescribed by IFRS Accounting Standards. These Non-IFRS Accounting Standards measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS Accounting Standards. In addition, our definitions of Non-IFRS Accounting Standards measures may differ from those of other public corporations. Any such modification or reformulation may be significant. These measures are also adjusted for the pro forma impact of our acquisitions and impacts of new accounting standards if they are considered to be material.

Gross profit. Gross profit consists of Revenues less the Cost of sales, excluding depreciation, amortization and impairment. This measure is considered useful for evaluating the underlying performance of our operations.

The table below reconciles Revenues and Cost of sales, excluding depreciation, amortization and impairment, as per IFRS Accounting Standards, to Gross profit:

12-week periods ended

52-week periods ended

(in millions of US dollars)

April 27, 2025

April 28, 2024

April 27, 2025

April 28, 2024

Revenues

16,270.5

17,592.7

72,856.8

69,263.5

Cost of sales, excluding depreciation, amortization and impairment

13,337.5

14,811.2

59,835.5

57,165.6

Gross profit

2,933.0

2,781.5

13,021.3

12,097.9

Please note that the same reconciliation applies in the determination of gross profit by category and by geography presented in the section "Summary Analysis of Consolidated Results".

Merchandise and service gross margin. Merchandise and service gross margin consists of Merchandise and service gross profit divided by Merchandise and service revenues, both measures are presented in the section "Summary Analysis of Consolidated Results". Merchandise and service gross margin is considered useful for evaluating how efficiently we generate gross profit by dollar of revenue.

Road transportation fuel gross margin. Road transportation fuel gross margin consists of Road transportation fuel gross profit divided by Total volume of road transportation fuel sold. For the United States and Europe and other regions, both measures are presented in the section "Summary Analysis of Consolidated Results". For Canada, this measure is presented in functional currency and the table below reconciles, for road transportation fuel, Revenues and Cost of sales, excluding depreciation, amortization and impairment, as per IFRS Accounting Standards, to Gross profit and the resulting road transportation fuel gross margin. This measure is considered useful for evaluating how efficiently we generate gross profit by gallon or liter of road transportation fuel sold.

12-week periods ended

52-week periods ended

(in millions of Canadian dollars, unless otherwise noted)

April 27, 2025

April 28, 2024

April 27, 2025

April 28, 2024

Road transportation fuel revenues

1,658.4

1,736.0

7,828.0

7,978.0

Road transportation fuel cost of sales, excluding depreciation, amortization and impairment

1,481.8

1,568.2

7,060.3

7,221.4

Road transportation fuel gross profit

176.6

167.8

767.7

756.6

Total road transportation fuel volume sold (in millions of liters)

1,257.2

1,226.5

5,683.1

5,665.9

Road transportation fuel gross margin (CA cents per liter)

14.05

13.68

13.51

13.35

Normalized growth of (decrease in) operating, selling, general and administrative expenses ("normalized growth of (decrease in) expenses"). Normalized growth of (decrease in) expenses consists of the growth of (decrease in) Operating, selling, general and administrative expenses adjusted for the impact of the changes in our network, the impact from changes in accounting policies and adoption of accounting standards, the impact of more volatile items over which we have limited control including, but not limited to, the net impact of foreign exchange translation, electronic payment fees excluding acquisitions, acquisition costs, and incremental system integration costs related to acquisitions, as well as other specific items for which the impact on consolidated results is not deemed indicative of future trends. Please note that the composition of this measure was adjusted to include the incremental system integration costs related to acquisitions, given the level of associated efforts is related to the magnitude and complexity of the acquired businesses. This measure is considered useful for evaluating our ability to control our expenses on a comparable basis.

The tables below reconcile growth of (decrease in) Operating, selling, general and administrative expenses to normalized growth of (decrease in) expenses:

12-week period
ended

12-week period
ended


12-week period
ended

13-week period
ended


(in millions of US dollars, unless otherwise noted)

April 27, 2025

April 28, 2024

Variation

April 28, 2024

April 30, 2023

Variation

Operating, selling, general and administrative expenses, as published

1,724.8

1,642.5

5.0 %

1,642.5

1,614.6

1.7 %

Adjusted for:







Increase from incremental system integration costs related to acquisitions

(7.2)

—

(0.4 %)

—

—

—

Increase from incremental expenses related to acquisitions

(5.9)

—

(0.4 %)

(160.1)

—

(9.9 %)

Decrease from the net impact of foreign exchange translation

5.5

—

0.3 %

—

—

—

Decrease from changes in electronic payment fees, excluding acquisitions

2.8

—

0.2 %

17.5

—

1.1 %

Increase from changes in acquisition costs recognized to earnings

(1.9)

—

(0.1 %)

(0.3)

—

—

Normalized growth of (decrease in) expenses

1,718.1

1,642.5

4.6 %

1,499.6

1,614.6

(7.1 %)

 

52-week period
ended

52-week period
ended


52-week period
ended

53-week period
ended


(in millions of US dollars, unless otherwise noted)

April 27, 2025

April 28, 2024

Variation

April 28, 2024

April 30, 2023

Variation

Operating, selling, general and administrative expenses, as published

7,143.2

6,525.2

9.5 %

6,525.2

6,361.8

2.6 %

Adjusted for:







Increase from incremental expenses related to acquisitions

(416.3)

—

(6.4 %)

(298.7)

—

(4.7 %)

Decrease (increase) from the net impact of foreign exchange translation

27.6

—

0.4 %

(1.4)

—

—

Increase from incremental system integration costs related to acquisitions

(16.1)

—

(0.2 %)

—

—

—

Decrease from changes in electronic payment fees, excluding acquisitions

1.6

—

—

68.0

—

1.1 %

Increase from changes in acquisition costs recognized to earnings

(1.3)

—

—

(4.4)

—

(0.1 %)

Normalized growth of (decrease in) expenses

6,738.7

6,525.2

3.3 %

6,288.7

6,361.8

(1.1 %)

Growth of (decrease in) same-store merchandise revenues for Europe and other regions. Same-store merchandise revenues represent cumulative merchandise revenues between the current period and comparative period for those stores that were open for at least 23 days out of every 28-day period included in the reported periods. Merchandise revenues are defined as Merchandise and service revenues excluding service revenues. For Europe and other regions, the growth of (decrease in) same-store merchandise revenues is calculated based on constant currencies using the respective current period average exchange rate for both the current and corresponding period. In Europe and other regions, same-store merchandise revenues include same-store revenues from company-operated stores, as well as CODO and DODO stores which are not included in our consolidated results. This measure is considered useful for evaluating our ability to generate organic growth on a comparable basis in our overall European and other regions store network. Growth of (decrease in) same-store merchandise revenues for Europe and other regions include results from the acquisition of certain European retail assets from TotalEnergies SE starting December 28, 2023.

The tables below reconcile Merchandise and service revenues, as per IFRS Accounting Standards, to same-store merchandise revenues for Europe and other regions and the resulting percentage of growth (decrease):

12-week period
ended

12-week period
ended

12-week period
ended

13-week period
ended


(in millions of US dollars, unless otherwise noted)

April 27, 2025

April 28, 2024

April 28, 2024

April 30, 2023


Merchandise and service revenues for Europe and other regions

844.2

769.9

769.9

585.7


Adjusted for:






Service revenues

(122.5)

(101.3)

(101.3)

(60.5)


Net foreign exchange impact

—

1.4

—

1.8


Merchandise revenues not meeting the definition of same-store

(11.2)

(6.1)

(193.6)

(12.5)


Same-store merchandise revenues from stores not included in our consolidated results, including the impact of store conversions

337.5

350.1

88.4

60.6


Total same-store merchandise revenues for Europe and other regions

1,048.0

1,014.0

563.4

575.1


Growth of (decrease in) same-store merchandise revenues for Europe and other regions

3.4 %


(2.0 %)



 

52-week period
ended

52-week period
ended

52-week period
ended

53-week period
ended

(in millions of US dollars, unless otherwise noted)

April 27, 2025

April 28, 2024

April 28, 2024

April 30, 2023

Merchandise and service revenues for Europe and other regions

3,602.7

2,750.3

2,750.3

2,386.7

Adjusted for:





Service revenues

(456.9)

(277.3)

(277.3)

(200.5)

Net foreign exchange impact

—

(0.7)

—

39.8

Merchandise revenues not meeting the definition of same-store

(713.2)

(62.3)

(313.9)

(51.6)

Same-store merchandise revenues from stores not included in our consolidated results, including the impact of store conversions

663.5

672.9

324.6

308.0

Total same-store merchandise revenues for Europe and other regions

3,096.1

3,082.9

2,483.7

2,482.4

Growth of same-store merchandise revenues for Europe and other regions

0.4 %


0.1 %


Earnings before interest, taxes, depreciation, amortization and impairment ("EBITDA") and adjusted EBITDA. EBITDA represents Net earnings plus Income taxes, Net financial expenses, and Depreciation, amortization and impairment. Adjusted EBITDA represents the EBITDA adjusted for acquisition costs, the impact from changes in accounting policies and adoption of accounting standards, as well as other specific items for which the impact on consolidated results is not deemed indicative of future trends. These performance measures are considered useful to facilitate the evaluation of our ongoing operations and our ability to generate cash flows to fund our cash requirements, including our capital expenditures program, share repurchases, and payment of dividends.

The table below reconciles Net earnings, as per IFRS Accounting Standards, to EBITDA and adjusted EBITDA:

12-week periods ended

52-week periods ended

(in millions of US dollars)

April 27, 2025

April 28, 2024

April 27, 2025

April 28, 2024

Net earnings

442.3

454.5

2,592.4

2,732.2

Add:





Income taxes

102.1

51.4

729.7

715.9

Net financial expenses

120.0

139.9

512.5

387.9

Depreciation, amortization and impairment

540.8

492.5

2,105.4

1,760.1

EBITDA

1,205.2

1,138.3

5,940.0

5,596.1

Adjusted for:





Acquisition costs

6.7

4.8

19.4

18.1

Adjusted EBITDA

1,211.9

1,143.1

5,959.4

5,614.2

Adjusted net earnings attributable to shareholders of the Corporation and adjusted diluted net earnings per share. Adjusted net earnings attributable to shareholders of the Corporation represents Net earnings attributable to shareholders of the Corporation adjusted for net foreign exchange gains or losses, acquisition costs, the impact from changes in accounting policies and adoption of accounting standards, impairment on goodwill, investments in subsidiaries, joint ventures and associated companies, as well as other specific items for which the impact on consolidated results is not deemed indicative of future trends, and the impact of the non-controlling interests on the items mentioned previously. These measures are considered useful for evaluating the underlying performance of our operations on a comparable basis.

The table below reconciles Net earnings attributable to shareholders of the Corporation, as per IFRS Accounting Standards, with adjusted net earnings attributable to shareholders of the Corporation and adjusted diluted net earnings per share:

(in millions of US dollars, except per share amounts, or unless otherwise noted)

12-week periods ended

52-week periods ended

















April 27, 2025

April 28, 2024

April 27, 2025

April 28, 2024

















Net earnings attributable to shareholders of the Corporation

439.4

453.0

2,580.4

2,729.7

















Adjusted for:





















Net foreign exchange gain (loss)

(7.1)

5.2

(30.6)

(6.2)

















Acquisition costs

6.7

4.8

19.4

18.1

















Reclassification adjustment of gain on forward starting interest rate swaps

—

—

—

(32.9)

















Impairment of our investment in Fire & Flower

—

—

—

2.0

















Tax impact of the items above and rounding

2.0

(2.0)

7.8

5.3

















Adjusted net earnings attributable to shareholders of the Corporation

441.0

461.0

2,577.0

2,716.0

















Weighted average number of shares - diluted (in millions)

948.6

961.5

950.6

968.2

















Adjusted diluted net earnings per share

0.46

0.48

2.71

2.81

















Interest-bearing debt. This measure represents the sum of the following balance sheet accounts: Short-term debt and current portion of long-term debt, Long-term debt, Current portion of lease liabilities and Lease liabilities. This measure is considered useful to facilitate the understanding of our financial position in relation with financing obligations. The calculation of this measure of financial position is detailed in the "Net interest-bearing debt/total capitalization" section below.

Net interest-bearing debt/total capitalization. This measure represents the basis for monitoring our capital and is considered useful to assess our financial health, risk profile, and ability to meet our financing obligations. It also provides insights into how our financing obligations are structured in relation with our total capitalization. 

The table below presents the calculation of this performance measure:

(in millions of US dollars, except ratio data)

As at April 27, 2025

As at April 28, 20241

Short-term debt and current portion of long-term debt

690.2

1,066.8

Current portion of lease liabilities

523.9

510.1

Long-term debt

8,776.8

9,226.5

Lease liabilities

3,965.4

3,887.5

Interest-bearing debt

13,956.3

14,690.9

Less: Cash and cash equivalents

(2,263.0)

(1,309.0)

Net interest-bearing debt

11,693.3

13,381.9

Equity attributable to shareholders of the Corporation

14,946.8

13,189.2

Net interest-bearing debt

11,693.3

13,381.9

Total capitalization

26,640.1

26,571.1

Net interest-bearing debt to total capitalization ratio

0.44 : 1

0.50 : 1

Leverage ratio. This measure represents a measure of financial condition considered useful to assess our financial leverage and our ability to cover our net financing obligations in relation to our adjusted EBITDA.

__________

1

The information as at April 28, 2024 has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for the acquisition of convenience retail and fuel sites operating under the MAPCO brand, and for the acquisition of certain European retail assets from TotalEnergies SE.

The table below reconciles net interest-bearing debt and adjusted EBITDA, for which the calculation methodologies are described in other tables of this section, as well as the pro forma impact of the acquisition of certain European retail assets from TotalEnergies SE, with the leverage ratio:

52-week periods ended

(in millions of US dollars, except ratio data)

April 27, 2025

April 28, 2024 1

Net interest-bearing debt

11,693.3

13,381.9

Adjusted EBITDA

5,959.4

5,614.2

Pro forma adjustments(1)

—

328.7

Adjusted EBITDA and pro forma adjustments

5,959.4

5,942.9

Leverage ratio

1.96 : 1

2.25 : 1

(1)

Represents the pre-acquisition EBITDA estimate of the European retail assets acquired from TotalEnergies SE, as well as the estimated impact of synergies and required capital expenditures for the same period. EBITDA used in determining this adjustment is derived from unaudited financial information. Please refer to the "Forward-Looking Statements'' section for additional information on expected synergies.

Return on equity. This measure is considered useful to assess the relationship between our profitability and our net assets and it also provides insights into how efficiently we are using our equity to generate returns for our shareholders. Average equity attributable to shareholders of the Corporation is calculated by taking the average of the opening and closing balance for the 52-week periods.

The table below reconciles Net earnings attributable to shareholders of the Corporation, as per IFRS Accounting Standards, with the ratio of return on equity:

52-week periods ended

(in millions of US dollars, unless otherwise noted)

April 27, 2025

April 28, 2024

Net earnings attributable to shareholders of the Corporation

2,580.4

2,729.7

Equity attributable to shareholders of the Corporation - Opening balance

13,189.2

12,564.5

Equity attributable to shareholders of the Corporation - Ending balance

14,946.8

13,189.2

Average equity attributable to shareholders of the Corporation

14,068.0

12,876.9

Return on equity

18.3 %

21.2 %

Return on capital employed. This measure is considered useful as it provides insights into our ability to generate returns from the total amount of capital invested in our operations and it also helps in assessing our operational efficiency and capital allocation decisions. Earnings before interest and taxes ("EBIT") represents Net earnings plus Income taxes and Net financial expenses. Capital employed represents total assets less short-term liabilities not bearing interest, which excludes the Short-term debt and current portion of long-term debt and Current portion of lease liabilities. Average capital employed is calculated by taking the average of i) the opening balance of capital employed for the 52-week periods and pro forma adjustments and ii) the ending balance of capital employed for the 52-week periods.

The table below reconciles Net earnings, as per IFRS Accounting Standards, to EBIT with the ratio of Return on capital employed, including the pro forma impact of the acquisition of certain European retail assets from TotalEnergies SE:

52-week periods ended

(in millions of US dollars, unless otherwise noted)

April 27, 2025

April 28, 2024 1

Net earnings

2,592.4

2,732.2

Add:



Income taxes

729.7

715.9

Net financial expenses

512.5

387.9

EBIT

3,834.6

3,836.0

Pro forma adjustments(1)

—

142.6

EBIT and pro forma adjustments

3,834.6

3,978.6

Capital employed - Opening balance(2)

30,962.0

24,330.7

Pro forma adjustments(3)

—

5,116.3

Capital employed - Opening balance and pro forma adjustments

30,962.0

29,447.0

Capital employed - Ending balance(2)

31,898.7

30,962.0

Average capital employed

31,430.4

30,204.5

Return on capital employed

12.2 %

13.2 %

(1)

Represents the pre-acquisition EBIT estimate of the European retail assets acquired from TotalEnergies SE as well as the estimated impact of synergies and required capital expenditures for the same period. EBIT used in determining this adjustment is derived from unaudited financial information. Please refer to the "Forward-Looking Statements'' section for additional information on expected synergies.

(2)

The table below reconciles balance sheet line items, as per IFRS Accounting Standards, to capital employed:

(in millions of US dollars)

As at April 27, 2025

As at April 28, 20241

As at April 30, 2023

Total Assets

38,301.9

37,218.0

29,058.4

Less: Current liabilities

(7,617.3)

(7,832.9)

(5,166.5)

Add: Short-term debt and current portion of long-term debt

690.2

1,066.8

0.7

Add: Current portion of lease liabilities

523.9

510.1

438.1

Capital employed

31,898.7

30,962.0

24,330.7

(3)

Represents the estimated impact of the European retail assets acquired from TotalEnergies SE on the opening balance of capital employed, using the same calculation methodology and based on the final estimates of the fair value of assets acquired and liabilities assumed for this acquisition at the acquisition date.

___________

1

The information as at April 28, 2024 has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for the acquisition of convenience retail and fuel sites operating under the MAPCO brand, and for the acquisition of certain European retail assets from TotalEnergies SE.

Profile

Couche-Tard is a global leader in convenience and mobility, operating in 29 countries and territories, with close to 17,000 stores, of which approximately 13,000 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, Belgium, as well as in Ireland. It also has an important presence in Luxembourg, Germany, the Netherlands, Poland, as well as in Hong Kong Special Administrative Region of the People's Republic of China. Approximately 146,000 people are employed throughout its network.

For more information on Alimentation Couche-Tard Inc., or to consult its audited annual Consolidated Financial Statements, and Management Discussion and Analysis, please visit: https://corpo.couche-tard.com .

Forward-looking statements

The statements set forth in this press release, which describes Couche-Tard's objectives, projections, estimates, expectations, or forecasts, may constitute forward-looking statements within the meaning of securities legislation. Positive or negative verbs such as "believe", "can", "shall", "intend", "expect", "estimate", "assume", and other related expressions are used to identify such statements. Couche-Tard would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated in or underlying these statements, or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Couche-Tard's actual results and the projections or expectations set forth in the forward-looking statements include the effects of the integration of acquired businesses and the ability to achieve projected synergies, ongoing military conflicts, fluctuations in margins on motor fuel sales, competition in the convenience store and retail motor fuel industries, exchange rate variations, and such other risks as described in detail from time to time in the reports filed by Couche-Tard with securities authorities in Canada and the United States. Among other things, our synergies objective is based on our comparative analysis of organizational structures and current level of spending across our network as well as on our ability to bridge the gap, where relevant. Our synergies objective is also based on our assessment of current contracts in the geographical areas of operations and how we expect to be able to renegotiate these contracts to take advantage of our increased purchasing power. In addition, our synergies objective assumes that we will be able to establish and maintain an effective process for sharing best practices across our network. Finally, our objective is also based on our ability to integrate acquired business. An important change in these facts and assumptions could significantly impact our synergies estimate as well as the timing of the implementation of our different initiatives. Unless otherwise required by applicable securities laws, Couche-Tard disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this release is based on information available as of the date of the release.

Webcast on June 26, 2025 at 8:00 A.M. (EDT)

Couche-Tard invites analysts known to the Corporation to ask their questions to its management on June 26, 2025, during the question and answer period of the webcast.

Financial analysts, investors, media, and other interested parties are invited to join the webcast on June 26, 2025, at 8:00 A.M. (EDT). A presentation will include slides detailing the quarterly and fiscal year results. The webcast can be accessed via the "Investors/Events & Presentations" section on the Corporation's website https://corpo.couche-tard.com/ or directly via this link https://emportal.ink/4jTS00p to join the call without operator assistance.

Another option could be to access the conference call through an operator by dialing 1-289-819-1299 or the international number 1-800-990-4777.

Rebroadcast: For individuals who will not be able to listen to the live webcast, a recording of the webcast will be available on the Corporation's website for a period of 90 days.

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SOURCE Alimentation Couche-Tard Inc.