ALIMENTATION COUCHE-TARD ANNOUNCES ITS RESULTS FOR ITS THIRD QUARTER OF FISCAL YEAR 2026

Mar 17 2026 21:05 BST

LAVAL, QC, March 17, 2026 /CNW/ - Alimentation Couche-Tard Inc. ("Couche-Tard" or the "Corporation") (TSX: ATD) announces its results for its third quarter ended February 1, 2026.

Executive Comments on the Quarter

Alex Miller, President and Chief Executive Officer, said: "For the third consecutive quarter, we delivered positive same-store sales across every region and once again outperformed the broader industry. Customers continue to respond to the value and ease of our offer, from Meal Deals to our compelling Thirst and Nicotine programs, which along with healthy fuel margins and deepening loyalty program engagement are feeding our momentum as we execute our refreshed Core + More strategy. Heading into the fourth quarter of our fiscal year, I couldn't be prouder of the teams driving these results, focused on winning our customers and embracing our vision to become the world's favorite stop for people on the go."

Filipe Da Silva, Chief Financial Officer, added: "We delivered one of our best quarterly performance in over two years, with same-store sales accelerating as the quarter progressed and contributing to solid growth in both adjusted EBITDA¹ and earnings per share. These results validate that the actions outlined in our Business Strategy Update are translating into measurable outcomes. Continued focus on traffic, customer value and operational execution is strengthening our growth algorithm and driving long-term value creation."

Quarterly Highlights

Net earnings attributable to shareholders of the Corporation were $757.2 million for the third quarter of fiscal 2026 compared with $641.4 million for the third quarter of fiscal 2025. Adjusted net earnings attributable to shareholders of the Corporation¹ were approximately $751.0 million compared with $641.0 million for the corresponding quarter of last year, representing an increase of 17.2%.
Net earnings attributable to shareholders of the Corporation were $0.82 per diluted share for the third quarter of fiscal 2026 compared with $0.68 per diluted share for the third quarter of fiscal 2025. Adjusted diluted net earnings per share¹were $0.81, representing an increase of 19.1% from $0.68 for the corresponding quarter of last year.
Total merchandise and service revenues of $5.8 billion, an increase of 8.7%. Same-store merchandise revenues² increased by 2.8% in the United States, by 0.4% in Europe and other regions¹, and by 0.3% in Canada. Consolidated same-store merchandise revenues¹ increased by 2.0%.
Merchandise and service gross margin¹ decreased by 0.1% in the United States to 33.9%, and by 0.1% in Europe and other regions to 38.9%, while it increased by 0.1% in Canada to 32.5%.
Same-store road transportation fuel volumes decreased by 0.4% in the United States, and by 1.6% in Europe and other regions, while it increased by 4.2% in Canada.
Road transportation fuel gross margin¹ of 47.71¢ per gallon in the United States, an increase of 3.43¢ per gallon, US 10.87¢ per liter in Europe and other regions, an increase of US 1.58¢ per liter, and CA 15.82¢ per liter in Canada, an increase of CA 2.28¢ per liter.
Solid pipeline execution with 37 new-to-industry openings, and 8 relocated or reconstructed stores, reaching a total of 80 stores since the beginning of fiscal 2026. As of February 1, 2026, another 58 stores were under construction and should open in the upcoming quarters.

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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.

Summary of the Third Quarter of Fiscal 2026

For its third quarter ended February 1, 2026, Couche-Tard reported net earnings attributable to shareholders of the Corporation of $757.2 million, representing $0.82 per share on a diluted basis, compared with $641.4 million for the corresponding quarter of fiscal 2025, representing $0.68 per share on a diluted basis. The results for the third quarter of fiscal 2026 were affected by a pre-tax net foreign exchange gain of $13.5 million and by pre-tax acquisition costs of $3.9 million. The results for the comparable quarter of fiscal 2025 were affected by a pre-tax net foreign exchange gain of $12.3 million and by pre-tax acquisition costs of $8.7 million. Excluding these items, the adjusted net earnings attributable to shareholders of the Corporation¹ were approximately $751.0 million, or $0.81 per share on a diluted basis for the third quarter of fiscal 2026, compared with $641.0 million, or $0.68 per share on a diluted basis for the corresponding quarter of fiscal 2025, an increase of 19.1% in the adjusted diluted net earnings per share¹. This increased is primarily driven by the contribution from acquisitions, by higher road transportation fuel gross margin¹ and by positive organic growth in our convenience activities across all our geographies, partly offset by the impact of inflation and strategic investments on our operating expenses and depreciation. All financial information presented is in US dollars unless stated otherwise.

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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 Third Quarter of Fiscal 2026

During the third quarter and first three quarters of fiscal 2026, we repurchased 12.9 million and 29.6 million shares, respectively. These repurchases were settled for amounts of $684.4 million and $1.6 billion, which includes associated taxes of $13.5 million and $30.9 million, respectively. Subsequent to the end of the quarter, 0.4 million shares were repurchased for an amount of $21.6 million.

Changes in our Network during the Third Quarter of Fiscal 2026

We acquired 12 company-operated stores, reaching a total of 26 company-operated stores acquired through various transactions since the beginning of fiscal 2026. We settled these transactions using our available cash.
During the quarter, we completed the construction of 37 stores and the relocation or reconstruction of 8 stores, reaching a total of 80 stores since the beginning of fiscal 2026. As of February 1, 2026, another 58 stores were under construction and should open in the upcoming quarters.

Summary of changes in our store network

The following table presents certain information regarding changes in our store network over the 16–week period ended February 1, 2026⁽¹⁾:

	16–week period ended February 1, 2026
Type of site	Company- operated	CODO	DODO	Franchised and other affiliated	Total
Number of sites, beginning of period	10,710	1,376	1,398	1,153	14,637
Acquisitions	12	—	—	—	12
Openings / constructions / additions	37	—	3	10	50
Closures / disposals / withdrawals	(46)	(4)	(24)	(31)	(105)
Store conversions	9	(10)	(3)	4	—
Number of sites, end of period	10,722	1,362	1,374	1,136	14,594
Circle K branded sites under licensing agreements					2,682
Total network					17,276
Number of automated fuel stations included in the period-end figures	1,165	2	102	—	1,269

(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:

	16–week periods ended		40-week periods ended
	February 1, 2026	February 2, 2025	February 1, 2026	February 2, 2025
Average for the period⁽¹⁾
Canadian dollar	0.7191	0.7073	0.7228	0.7223
Norwegian krone	0.0993	0.0897	0.0990	0.0919
Swedish krone	0.1072	0.0917	0.1057	0.0938
Danish krone	0.1561	0.1414	0.1554	0.1443
Zloty	0.2757	0.2458	0.2732	0.2509
Euro	1.1658	1.0550	1.1604	1.0769
Hong Kong dollar	0.1285	0.1286	0.1281	0.1283

(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 Third Quarter and First Three Quarters of Fiscal 2026

The following table highlights certain information regarding our operations for the 16 and 40-week periods ended February 1, 2026 and February 2, 2025, 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.

	16–week periods ended			40-week periods ended
(in millions of US dollars, unless otherwise stated)	February 1, 2026	February 2, 2025	Variation %	February 1, 2026	February 2, 2025	Variation %
Statement of Operations Data:
Merchandise and service revenues⁽¹⁾:
United States	3,888.2	3,591.0	8.3	10,128.1	9,564.4	5.9
Europe and other regions	1,193.1	1,036.3	15.1	3,110.3	2,758.5	12.8
Canada	669.8	665.3	0.7	1,883.2	1,849.7	1.8
Total merchandise and service revenues	5,751.1	5,292.6	8.7	15,121.6	14,172.6	6.7
Road transportation fuel revenues:
United States	8,442.7	8,205.5	2.9	22,442.4	22,639.5	(0.9)
Europe and other regions	5,869.7	5,556.1	5.6	15,009.2	14,860.7	1.0
Canada	1,545.7	1,657.1	(6.7)	3,990.9	4,458.8	(10.5)
Total road transportation fuel revenues	15,858.1	15,418.7	2.8	41,442.5	41,959.0	(1.2)
Other revenues⁽²⁾:
United States	15.0	12.6	19.0	39.2	36.6	7.1
Europe and other regions	171.3	169.4	1.1	390.9	392.0	(0.3)
Canada	10.2	10.2	—	24.5	26.1	(6.1)
Total other revenues	196.5	192.2	2.2	454.6	454.7	—
Total revenues	21,805.7	20,903.5	4.3	57,018.7	56,586.3	0.8
Merchandise and service gross profit⁽¹⁾⁽³⁾:
United States	1,316.4	1,220.2	7.9	3,478.9	3,237.3	7.5
Europe and other regions	464.6	404.5	14.9	1,210.4	1,075.8	12.5
Canada	218.0	215.6	1.1	630.7	620.7	1.6
Total merchandise and service gross profit	1,999.0	1,840.3	8.6	5,320.0	4,933.8	7.8
Road transportation fuel gross profit⁽³⁾:
United States	1,387.9	1,204.6	15.2	3,437.0	3,253.7	5.6
Europe and other regions	574.2	483.2	18.8	1,525.8	1,307.5	16.7
Canada	205.5	166.3	23.6	493.7	427.0	15.6
Total road transportation fuel gross profit	2,167.6	1,854.1	16.9	5,456.5	4,988.2	9.4
Other revenues gross profit⁽²⁾⁽³⁾:
United States	14.9	11.7	27.4	39.1	30.4	28.6
Europe and other regions	44.8	49.1	(8.8)	117.9	111.9	5.4
Canada	9.1	9.0	1.1	22.7	24.0	(5.4)
Total other revenues gross profit	68.8	69.8	(1.4)	179.7	166.3	8.1
Total gross profit⁽³⁾	4,235.4	3,764.2	12.5	10,956.2	10,088.3	8.6
Operating, selling, general and administrative expenses	2,364.6	2,136.0	10.7	5,860.8	5,418.4	8.2
Loss (gain) on disposal of property and equipment and other assets	2.3	3.7	(37.8)	(59.2)	(39.7)	49.1
Depreciation, amortization and impairment	723.9	656.2	10.3	1,785.8	1,564.6	14.1
Operating income	1,144.6	968.3	18.2	3,368.8	3,145.0	7.1
Net financial expenses	185.5	159.6	16.2	439.2	392.5	11.9
Net earnings	757.5	645.0	17.4	2,286.9	2,150.1	6.4
Less: Net earnings attributable to non-controlling interests	(0.3)	(3.6)	(91.7)	(6.6)	(9.1)	(27.5)
Net earnings attributable to shareholders of the Corporation	757.2	641.4	18.1	2,280.3	2,141.0	6.5
Per Share Data:
Basic net earnings per share (dollars per share)	0.82	0.68	20.6	2.44	2.25	8.4
Diluted net earnings per share (dollars per share)	0.82	0.68	20.6	2.43	2.25	8.0
Adjusted diluted net earnings per share (dollars per share)⁽³⁾	0.81	0.68	19.1	2.37	2.25	5.3

	16–week periods ended			40-week periods ended
(in millions of US dollars, unless otherwise stated)	February 1, 2026	February 2, 2025	Variation %	February 1, 2026	February 2, 2025	Variation %
Other Operating Data:
Merchandise and service gross margin⁽¹⁾⁽³⁾:
Consolidated	34.8 %	34.8 %	—	35.2 %	34.8 %	0.4
United States	33.9 %	34.0 %	(0.1)	34.3 %	33.8 %	0.5
Europe and other regions	38.9 %	39.0 %	(0.1)	38.9 %	39.0 %	(0.1)
Canada	32.5 %	32.4 %	0.1	33.5 %	33.6 %	(0.1)
Growth of (decrease in) same-store merchandise revenues⁽⁴⁾:
Consolidated⁽³⁾⁽⁵⁾	2.0 %	0.5 %		1.8 %	(1.0 %)
United States ⁽⁵⁾⁽⁶⁾	2.8 %	(0.1 %)		1.5 %	(0.9 %)
Europe and other regions⁽³⁾⁽⁷⁾	0.4 %	0.2 %		1.5 %	(1.0 %)
Canada ⁽⁵⁾⁽⁶⁾	0.3 %	2.8 %		3.1 %	(1.0 %)
Road transportation fuel gross margin⁽³⁾:
United States (cents per gallon)	47.71	44.28	7.7	46.02	46.02	—
Europe and other regions (cents per liter)	10.87	9.29	17.0	11.23	9.48	18.5
Canada (CA cents per liter)	15.82	13.54	16.8	15.11	13.35	13.2
Total volume of road transportation fuel sold:
United States (millions of gallons)	2,909.2	2,720.7	6.9	7,467.7	7,069.5	5.6
Europe and other regions (millions of liters)	5,283.5	5,204.0	1.5	13,586.9	13,791.7	(1.5)
Canada (millions of liters)	1,804.1	1,735.9	3.9	4,518.6	4,425.9	2.1
Growth of (decrease in) same-store road transportation fuel volumes⁽⁵⁾:
United States	(0.4 %)	(3.0 %)		(0.6 %)	(2.1 %)
Europe and other regions⁽⁷⁾	(1.6 %)	(0.9 %)		(1.5 %)	(0.8 %)
Canada	4.2 %	3.6 %		2.7 %	0.9 %

(in millions of US dollars, unless otherwise stated)	As at February 1, 2026	As at April 27, 2025	Variation $
Balance Sheet Data:
Total assets	40,893.5	38,301.9	2,591.6
Interest-bearing debt⁽³⁾	15,778.9	13,956.3	1,822.6
Equity attributable to shareholders of the Corporation	15,591.1	14,946.8	644.3
Indebtedness Ratios⁽³⁾:
Net interest-bearing debt/total capitalization	0.48 : 1	0.44 : 1
Leverage ratio	2.25 : 1	1.96 : 1
Returns⁽³⁾:
Return on equity	18.3 %	18.3 %
Return on capital employed	12.4 %	12.2 %

(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

Revenues

Our revenues were $21.8 billion for the third quarter of fiscal 2026, up by $902.2 million, an increase of 4.3% compared with the corresponding quarter of fiscal 2025, mainly attributable to the impact from the translation of our European operations into US dollars, the contribution from acquisitions, organic growth and higher revenues in our wholesale fuel business, partly offset by a lower average road transportation fuel selling price and the impact of regulatory divestiture related to the GetGo acquisition. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $811.0 million on our revenues for the third quarter.

For the first three quarters of fiscal 2026, our revenues increased by $432.4 million, or 0.8%, compared with fiscal 2025, mainly attributable to the impact from the translation of our European operations into US dollars, the contribution from acquisitions, organic growth and the net impact from organic changes to our network, partly offset by a lower average road transportation fuel selling price, softness in fuel demand in Europe and other regions and the impact of regulatory divestiture related to the GetGo acquisition. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $1.5 billion on our revenues.

Merchandise and service revenues

Total merchandise and service revenues for the third quarter of fiscal 2026 were $5.8 billion, an increase of $458.5 million compared with the corresponding quarter of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $108.0 million. The remaining increase of approximately $351.0 million, or 6.6%, is primarily attributable to the contribution from acquisitions, which amounted to approximately $205.0 million and organic growth, partly offset by the impact of regulatory divestiture related to the GetGo acquisition, which amounted to approximately $23.0 million. Same-store merchandise revenues increased by 2.8% in the United States, driven by good execution of our food service program and the continued success of our Meal Deals offers. In Europe and other regions¹, same-store merchandise revenues increased by 0.4% and by 0.3% in Canada. The growing success of our food service program, as well as, the expansion of the packaged beverages and the other nicotine products category contributed to the growth of most regions but were partly offset by the challenges of the cigarette industry.

For the first three quarters of fiscal 2026, merchandise and service revenues increase by $949.0 million, or 6.7%, compared with fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $187.0 million. Same-store merchandise revenues increased by 1.5% in the United States, by 1.5% in Europe and other regions¹ and by 3.1% in Canada.

Road transportation fuel revenues

Total road transportation fuel revenues for the third quarter of fiscal 2026 were $15.9 billion, an increase of $439.4 million compared with the corresponding quarter of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $685.0 million. The remaining decrease of approximately $246.0 million, or 1.6%, is mainly attributable to a lower average road transportation fuel selling price, which amounted to approximately $952.0 million and the impact of regulatory divestiture related to the GetGo acquisition, which amounted to approximately $51.0 million, partly offset by the contribution from acquisitions, which amounted to approximately $571.0 million, and higher revenues in our wholesale fuel business. Same-store road transportation fuel volumes decreased by 0.4% in the United States and by 1.6% in Europe and other regions, both driven by lower demand, while it increased by 4.2% in Canada, favorably impacted by good execution and market growth.

For the first three quarters of fiscal 2026, the road transportation fuel revenues decreased by $516.5 million, or 1.2% compared with fiscal 2025, is mainly attributable to similar factors as those of the third quarter. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $1.3 billion. Same-store road transportation fuel volumes decreased by 0.6% in the United States and by 1.5% in Europe and other regions, while it increased by 2.7% in Canada.

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¹ Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.

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		4ᵗʰ	1ˢᵗ	2ⁿᵈ	3ʳᵈ	Weighted average
52-week period ended February 1, 2026
	United States (US dollars per gallon)	3.09	3.06	3.07	2.89	3.02
	Europe and other regions (US cents per liter)	115.07	118.99	124.25	124.86	121.04
	Canada (CA cents per liter)	133.74	125.55	126.13	120.48	125.88
52–week period ended February 2, 2025
	United States (US dollars per gallon)	3.40	3.44	3.22	3.03	3.26
	Europe and other regions (US cents per liter)	125.90	120.73	115.46	114.06	118.84
	Canada (CA cents per liter)	143.91	149.20	140.32	137.05	142.19

Other revenues

Total other revenues for the third quarter of fiscal 2026 were $196.5 million, an increase of $4.3 million compared with the corresponding quarter of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $19.0 million. The remaining decrease of $15.0 million, or 7.8%, is primarily driven by lower revenues from our heating oil fuel products following a decrease in both demand and retail prices.

For the first three quarters of fiscal 2026, total other revenues were $454.6 million, a decrease of $0.1 million compared with fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $33.0 million. The remaining decrease of $33.0 million, or 7.3%, is mainly attributable to similar factors as those of the third quarter.

Gross profit¹

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¹ Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.

Our gross profit was $4.2 billion for the third quarter of fiscal 2026, up by $471.2 million, or 12.5%, compared with the corresponding quarter of fiscal 2025, mainly attributable to the contribution from acquisitions, higher road transportation fuel gross margin¹, as well as organic growth, partly offset by the impact of regulatory divestiture related to the GetGo acquisition. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $104.0 million.

For the first three quarters of fiscal 2026, our gross profit increased by $867.9 million, or 8.6%, compared with the first three quarters of fiscal 2025, mainly attributable to similar factors as those of the third quarter. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $191.0 million.

Merchandise and service gross profit

In the third quarter of fiscal 2026, our merchandise and service gross profit was $2.0 billion, an increase of $158.7 million compared with the corresponding quarter of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $44.0 million. The remaining increase of approximately $115.0 million, or 6.2%, is mainly driven by the contribution from acquisitions, which amounted to approximately $71.0 million, as well as by organic growth, partly offset by the impact of regulatory divestiture related to the GetGo acquisition which amounted to approximately $8.0 million. Our merchandise and service gross margin¹ decreased by 0.1% in the United States to 33.9%, by 0.1% in Europe and other regions to 38.9%, and increased by 0.1% in Canada to 32.5%.

During the first three quarters of fiscal 2026, our merchandise and service gross profit was $5.3 billion, an increase of $386.2 million compared with the first three quarters of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $77.0 million. Our merchandise and service gross margin¹ increased by 0.5% to 34.3% in the United States, decreased by 0.1% in Europe and other regions to 38.9%, and by 0.1% in Canada to 33.5%.

Road transportation fuel gross profit

In the third quarter of fiscal 2026, our road transportation fuel gross profit was $2.2 billion, an increase of $313.5 million compared with the corresponding quarter of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $55.0 million. The remaining increase of approximately $259.0 million, or 14.0%, is mainly driven by the contribution from acquisitions, which amounted to approximately $100.0 million, as well as by improved road transportation fuel gross margin¹ in all of our geographies, partly offset by the impact of regulatory divestiture related to the GetGo acquisition which amounted to approximately $8.0 million. In the United States, our road transportation fuel gross margin¹ was 47.71¢ per gallon, an increase of 3.43¢ per gallon, in Europe and other regions, it was US 10.87¢ per liter, an increase of US 1.58¢ per liter, and in Canada, it was CA 15.82¢ per liter, an increase of CA 2.28¢ per liter. Fuel margins remained healthy throughout our network, due to the continued work on the optimization of our supply chain and strong execution in our stores.

During the first three quarters of fiscal 2026, our road transportation fuel gross profit was $5.5 billion, an increase of $468.3 million compared with the first three quarters of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $102.0 million. The road transportation fuel gross margin¹ was 46.02¢ per gallon in the United States, US 11.23¢ per liter in Europe and other regions, and CA 15.11¢ 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	4ᵗʰ	1ˢᵗ	2ⁿᵈ	3ʳᵈ	Weighted average
52-week period ended February 1, 2026
Before deduction of expenses related to electronic payment modes	43.86	44.81	46.92	49.26	46.47
Expenses related to electronic payment modes⁽¹⁾	6.09	5.34	5.62	5.49	5.62
After deduction of expenses related to electronic payment modes	37.77	39.47	41.30	43.77	40.85
52–week period ended February 2, 2025
Before deduction of expenses related to electronic payment modes	39.28	49.49	47.57	45.35	45.45
Expenses related to electronic payment modes⁽¹⁾	6.03	6.16	6.02	5.84	6.00
After deduction of expenses related to electronic payment modes	33.25	43.33	41.55	39.51	39.45

(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	4ᵗʰ	1ˢᵗ	2ⁿᵈ	3ʳᵈ	Weighted average
52-week period ended February 1, 2026
Europe and other regions (US cents per liter)	9.57	11.41	11.51	10.87	10.84
Canada (CA cents per liter)	14.05	14.21	15.07	15.82	14.88
52–week period ended February 2, 2025
Europe and other regions (US cents per liter)	8.30	8.68	10.51	9.29	9.21
Canada (CA cents per liter)	13.68	13.11	13.35	13.54	13.42

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.

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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 third quarter of fiscal 2026, other revenues gross profit was $68.8 million, a decrease of $1.0 million, or 1.4%, compared with the corresponding quarter of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $6.0 million.

During the first three quarters of fiscal 2026, other revenues gross profit was $179.7 million, an increase of $13.4 million, or 8.1%, compared with fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $10.0 million.

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

For the third quarter and first three quarters of fiscal 2026, expenses increased by 10.7% and 8.2%, respectively, compared with the corresponding periods of fiscal 2025. Normalized growth of expenses¹was 4.0% and 3.3%, respectively, as shown in the table below:

________________

¹ Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.

	16–week periods ended		40-week periods ended
	February 1, 2026	February 2, 2025	February 1, 2026	February 2, 2025
Growth of expenses, as reported	10.7 %	8.1 %	8.2 %	11.0 %
Adjusted for:
Increase from incremental expenses related to acquisitions	(4.4 %)	(6.1 %)	(3.4 %)	(8.4 %)
(Increase) decrease from the net impact of foreign exchange translation	(2.8 %)	1.0 %	(2.0 %)	0.4 %
Decrease from changes in electronic payment fees, excluding acquisitions and disposals	0.4 %	—	0.6 %	—
Increase from changes in incremental system integration costs related to acquisitions	(0.3 %)	(0.3 %)	(0.3 %)	(0.2 %)
Decrease from expenses related to disposals	0.3 %	—	0.3 %	—
Decrease (increase) from changes in acquisition costs recognized to earnings	0.2 %	(0.1 %)	—	—
(Increase) decrease of net impact from changes in corporate stores network, excluding acquisitions, disposals and electronic payment fees	(0.1 %)	0.3 %	(0.1 %)	0.2 %
Normalized growth of expenses¹	4.0 %	2.9 %	3.3 %	3.0 %

Normalized growth of expenses¹for the third quarter of fiscal 2026 was mainly driven by inflationary pressures, incremental investments to support our strategic initiatives, as well as investments to support the acceleration of our food service program and ensure our stores remain customer ready, partly offset by the continued strategic efforts to control our expenses.

For the first three quarters of fiscal 2026, our disciplined approach over expenses remained evidenced by our normalized growth of expenses¹remaining close to the average inflation observed throughout our network. This proven approach positions us well to control our normalized growth of expense¹ over time.

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

During the third quarter of fiscal 2026, EBITDA stood at $1.9 billion, an increase of $245.6 million, or 15.0%, compared with the corresponding quarter of fiscal 2025. Adjusted EBITDA for the third quarter of fiscal 2026 increased by $240.7 million, or 14.7%, compared with the corresponding quarter of fiscal 2025, mainly due to higher road transportation fuel gross margin¹, the contribution from acquisitions, which amounted to approximately $79.0 million, as well as to organic growth in our convenience activities, partly offset by the increase in operating expenses and by the impact of regulatory divestiture related to the GetGo acquisition which amounted to approximately $9.0 million. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $45.0 million.

During the first three quarters of fiscal 2026, EBITDA stood at $5.2 billion, an increase of $445.3 million, or 9.4%, compared with the first three quarters of fiscal 2025. Adjusted EBITDA for the first three quarters of fiscal 2026 increased by $380.3 million, or 8.0%, compared with the first three quarters of fiscal 2025, mainly attributable to similar factors as those of the third quarter. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $88.0 million.

Depreciation, amortization and impairment ("depreciation")

For the third quarter of fiscal 2026, our depreciation expense increased by $67.7 million, or 10.3%, compared with the third quarter of fiscal 2025, mainly driven by the impact from investments made through business acquisitions, which amounted to approximately $28.0 million, the replacement of equipment, as well as the ongoing improvements made to our network. The translation of our foreign currency operations into US dollars had a net unfavorable impact of approximately $22.0 million on depreciation.

For the first three quarters of fiscal 2026, our depreciation expense increased by $221.2 million, compared with the first three quarters of fiscal 2025. The translation of our foreign currency operations into US dollars had a net unfavorable impact of approximately $37.0 million. The remaining increase of $184.0 million, or 11.8%, is mainly attributable to similar factors as those of the third quarter.

Net financial expenses

Net financial expenses for the third quarter and first three quarters of fiscal 2026 were $185.6 million and $439.2 million, respectively, an increase of $26.0 million and $46.7 million, respectively, compared with the corresponding periods of fiscal 2025. A portion of the variation is explained by certain items that are not considered indicative of future trends, as shown in the table below:

	16–week periods ended			40-week periods ended
(in millions of US dollars)	February 1, 2026	February 2, 2025	Variation	February 1, 2026	February 2, 2025	Variation
Net financial expenses, as reported	185.6	159.6	26.0	439.2	392.5	46.7
Explained by:
Net foreign exchange gain	13.4	12.3	1.1	36.6	23.5	13.1
Change in fair value of financial instruments classified at fair value through earnings or loss	(0.1)	0.8	(0.9)	0.9	(1.1)	2.0
Remaining variation	198.9	172.7	26.2	476.7	414.9	61.8

The remaining variation of the third quarter and first three quarters of fiscal 2026 is partly driven by higher average short-term and long-term debt in connection with our recent acquisitions.

Income taxes

The income tax rate for the third quarter was 21.8% compared with 21.0% for the corresponding quarter of fiscal 2025. The increase 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 the first three quarters of fiscal 2026 was 22.6%, similar to the corresponding period of fiscal 2025.

__________________

¹ Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.

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 third quarter of fiscal 2026 were $757.2 million, compared with $641.4 million for the third quarter of fiscal 2025, an increase of $115.8 million, or 18.1%. Diluted net earnings per share stood at $0.82, compared with $0.68 for the corresponding quarter of the previous fiscal year. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $22.0 million on net earnings attributable to shareholders of the Corporation for the third quarter of fiscal 2026.

Adjusted net earnings attributable to shareholders of the Corporation for the third quarter of fiscal 2026 were approximately $751.0 million, compared with $641.0 million for the third quarter of fiscal 2025, an increase of $110.0 million, or 17.2%. Adjusted diluted net earnings per share¹ were $0.81 for the third quarter of fiscal 2026, compared with $0.68 for the corresponding quarter of fiscal 2025, an increase of 19.1%.

For the first three quarters of fiscal 2026, net earnings attributable to shareholders of the Corporation stood at $2.3 billion, an increase of $139.3 million, or 6.5%, compared with the first three quarters of fiscal 2025. Diluted net earnings per share stood at $2.43, compared with $2.25 for the corresponding period of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $48.0 million on net earnings attributable to shareholders of the Corporation for the first three quarters of fiscal 2026.

Adjusted net earnings attributable to shareholders of the Corporation for the first three quarters of fiscal 2026 stood at $2.2 billion, an increase of $86.0 million, or 4.0%, compared with the first three quarters of fiscal 2025. Adjusted diluted net earnings per share[9] were $2.37 for the first three quarters of fiscal 2026, compared with $2.25 for the first three quarters of fiscal 2025, an increase of 5.3%.

______________________

¹ Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.

Dividends

During its March 17, 2026 meeting, the Board of Directors declared a quarterly dividend of CA 21.5¢ per share for the third quarter of fiscal 2026 to shareholders on record as at March 26, 2026, and approved its payment effective April 9, 2026. This is an eligible dividend within the meaning of the Income Tax Act (Canada).

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 operating, selling, general and administrative expenses;
Growth of (decrease in) consolidated same-store merchandise revenues;
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 may also be 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:

	16–week periods ended		40-week periods ended
(in millions of US dollars)	February 1, 2026	February 2, 2025	February 1, 2026	February 2, 2025
Revenues	21,805.7	20,903.5	57,018.7	56,586.3
Cost of sales, excluding depreciation, amortization and impairment	17,570.3	17,139.3	46,062.5	46,498.0
Gross profit	4,235.4	3,764.2	10,956.2	10,088.3

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.

	16–week periods ended		40-week periods ended
(in millions of Canadian dollars, unless otherwise noted)	February 1, 2026	February 2, 2025	February 1, 2026	February 2, 2025
Road transportation fuel revenues	2,149.2	2,342.8	5,520.5	6,169.6
Road transportation fuel cost of sales, excluding depreciation, amortization and impairment	1,863.8	2,107.7	4,837.6	5,578.6
Road transportation fuel gross profit	285.4	235.1	682.9	591.0
Total road transportation fuel volume sold (in millions of liters)	1,804.1	1,735.9	4,518.6	4,425.9
Road transportation fuel gross margin (CA cents per liter)	15.82	13.54	15.11	13.35

Normalized growth of operating, selling, general and administrative expenses ("normalized growth of expenses"). Normalized growth of expenses consists of the growth of 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. Moreover, the "impact of the changes in our network" component of this measure has been modified to systematically consider the impact of openings, constructions, additions, closures, disposals and withdrawals of company operated stores occurring during the reported period until such openings, constructions, additions, closures, disposals or withdrawals for company operated stores have cycled one fiscal year. This modification is reflected on the line "(Increase) decrease of net impact from changes in corporate stores network, excluding acquisitions, disposals and electronic payment fees" in the table below and is aimed at improving the comparability of expenses in our store network. This measure is considered useful for evaluating our ability to control our expenses on a comparable basis.

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

	16–week periods ended
(in millions of US dollars, unless otherwise noted)	February 1, 2026	February 2, 2025	Variation	February 2, 2025	February 4, 2024	Variation
Operating, selling, general and administrative expenses, as published	2,364.6	2,136.0	10.7 %	2,136.0	1,975.3	8.1 %
Adjusted for:
Increase from incremental expenses related to acquisitions	(93.2)	—	(4.4 %)	(119.8)	—	(6.1 %)
(Increase) decrease from the net impact of foreign exchange translation	(60.4)	—	(2.8 %)	19.4	—	1.0 %
Decrease from changes in electronic payment fees, excluding acquisitions and disposals	7.6	—	0.4 %	0.4	—	—
Decrease from expenses related to disposals	7.2	—	0.3 %	—	—	—
Increase from changes in incremental system integration costs related to acquisitions	(6.7)	—	(0.3 %)	(6.7)	—	(0.3 %)
Decrease (increase) from changes in acquisition costs recognized to earnings	4.8	—	0.2 %	(2.9)	—	(0.1 %)
(Increase) decrease of net impact from changes in corporate stores network, excluding acquisitions, disposals and electronic payment fees	(3.2)	—	(0.1 %)	6.3	—	0.3 %
Normalized growth of expenses	2,220.7	2,136.0	4.0 %	2,032.7	1,975.3	2.9 %

	40-week periods ended
(in millions of US dollars, unless otherwise noted)	February 1, 2026	February 2, 2025	Variation	February 2, 2025	February 4, 2024	Variation
Operating, selling, general and administrative expenses, as published	5,860.8	5,418.4	8.2 %	5,418.4	4,882.7	11.0 %
Adjusted for:
Increase from incremental expenses related to acquisitions	(185.9)	—	(3.4 %)	(410.6)	—	(8.4 %)
(Increase) decrease from the net impact of foreign exchange translation	(103.8)	—	(2.0 %)	22.1	—	0.4 %
Decrease (increase) from changes in electronic payment fees, excluding acquisitions and disposals	33.8	—	0.6 %	(1.2)	—	—
Increase from changes in incremental system integration costs related to acquisitions	(15.6)	—	(0.3 %)	(8.9)	—	(0.2 %)
Decrease from expenses related to disposals	13.9	—	0.3 %	—	—	—
(Increase) decrease of net impact from changes in corporate stores network, excluding acquisitions, disposals and electronic payment fees	(4.6)	—	(0.1 %)	10.0	—	0.2 %
(Increase) decrease from changes in acquisition costs recognized to earnings	(1.5)	—	—	0.8	—	—
Normalized growth of expenses	5,597.1	5,418.4	3.3 %	5,030.6	4,882.7	3.0 %

Growth of (decrease in) consolidated same-store merchandise revenues. Consolidated same-store merchandise revenues represents the cumulative consolidated merchandise revenues between the current period and comparative period for those corporate stores that were open for at least 23 days out of every 28-day period included in the reported periods. Consolidated merchandise revenues are defined as Merchandise and service revenues excluding service revenues. Growth of (decrease in) consolidated 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. This measure is considered useful for evaluating our ability to generate organic growth on a comparable basis in our network.

The table below reconciles Merchandise and service revenues, as per IFRS Accounting Standards, to the consolidated same-store merchandise revenues and the resulting percentage rate of growth (decrease):

	16–week periods ended
(in millions of US dollars, unless otherwise noted)	February 1, 2026	February 2, 2025	February 2, 2025	February 4, 2024
Merchandise and service revenues	5,751.1	5,292.6	5,292.7	5,039.5
Adjusted for:
Service revenues	(379.9)	(333.5)	(333.4)	(277.5)
Net foreign exchange impact	—	95.5	—	(38.7)
Merchandise revenues not meeting the definition of same-store	(349.6)	(130.9)	(318.7)	(104.8)
Total same-store merchandise revenues	5,021.6	4,923.7	4,640.6	4,618.5
Growth of consolidated same-store merchandise revenues	2.0 %		0.5 %

	40-week periods ended
(in millions of US dollars, unless otherwise noted)	February 1, 2026	February 2, 2025	February 2, 2025	February 4, 2024
Merchandise and service revenues	15,121.6	14,172.6	14,172.6	13,429.2
Adjusted for:
Service revenues	(925.0)	(829.7)	(829.6)	(687.6)
Net foreign exchange impact	—	163.3	—	(47.8)
Merchandise revenues not meeting the definition of same-store	(839.5)	(388.4)	(1,048.6)	(277.9)
Total same-store merchandise revenues	13,357.1	13,117.8	12,294.4	12,415.9
Growth of (decrease in) consolidated same-store merchandise revenues	1.8 %		(1.0 %)

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):

	16–week periods ended
(in millions of US dollars, unless otherwise noted)	February 1, 2026	February 2, 2025	February 2, 2025	February 4, 2024
Merchandise and service revenues for Europe and other regions	1,193.1	1,036.3	1,036.3	787.5
Adjusted for:
Service revenues	(171.3)	(136.9)	(136.9)	(78.7)
Net foreign exchange impact	—	82.6	—	(12.6)
Merchandise revenues not meeting the definition of same-store	(69.8)	(32.9)	(212.6)	(17.6)
Same-store merchandise revenues from stores not included in our consolidated results, including the impact of store conversions	405.1	402.0	157.5	164.3
Total same-store merchandise revenues for Europe and other regions	1,357.1	1,351.1	844.3	842.9
Growth of same-store merchandise revenues for Europe and other regions	0.4 %		0.2 %

	40-week periods ended
(in millions of US dollars, unless otherwise noted)	February 1, 2026	February 2, 2025	February 2, 2025	February 4, 2024
Merchandise and service revenues for Europe and other regions	3,110.3	2,758.5	2,758.5	1,980.4
Adjusted for:
Service revenues	(408.6)	(334.4)	(334.4)	(176.0)
Net foreign exchange impact	—	161.0	—	(2.1)
Merchandise revenues not meeting the definition of same-store	(171.9)	(104.7)	(702.0)	(56.2)
Same-store merchandise revenues from stores not included in our consolidated results, including the impact of store conversions	1,087.3	1,083.2	326.0	322.8
Total same-store merchandise revenues for Europe and other regions	3,617.1	3,563.6	2,048.1	2,068.9
Growth of (decrease in) same-store merchandise revenues for Europe and other regions	1.5 %		(1.0 %)

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:

	16–week periods ended		40-week periods ended
(in millions of US dollars)	February 1, 2026	February 2, 2025	February 1, 2026	February 2, 2025
Net earnings	757.5	645.0	2,286.9	2,150.1
Add:
Income taxes	211.1	171.6	668.2	627.6
Net financial expenses	185.5	159.6	439.2	392.5
Depreciation, amortization and impairment	723.9	656.2	1,785.8	1,564.6
EBITDA	1,878.0	1,632.4	5,180.1	4,734.8
Adjusted for:
Acquisition costs	3.9	8.7	14.2	12.7
Gain on regulatory divestiture related to GetGo acquisition	—	—	(66.4)	—
Adjusted EBITDA	1,881.9	1,641.1	5,127.9	4,747.5

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)	16–week periods ended		40-week periods ended
	February 1, 2026	February 2, 2025	February 1, 2026	February 2, 2025
Net earnings attributable to shareholders of the Corporation	757.2	641.4	2,280.3	2,141.0
Adjusted for:
Net foreign exchange gain	(13.5)	(12.3)	(36.6)	(23.5)
Acquisition costs	3.9	8.7	14.2	12.7
Gain on regulatory divestiture related to GetGo acquisition	—	—	(66.4)	—
Tax impact of the items above and rounding	3.4	3.2	30.5	5.8
Adjusted net earnings attributable to shareholders of the Corporation	751.0	641.0	2,222.0	2,136.0
Weighted average number of shares - diluted (in millions)	924.5	948.7	936.6	951.3
Adjusted diluted net earnings per share	0.81	0.68	2.37	2.25

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 capital management measure:

(in millions of US dollars, except ratio data)	As at February 1, 2026	As at April 27, 2025
Short-term debt and current portion of long-term debt	1,235.9	690.2
Current portion of lease liabilities	542.2	523.9
Long-term debt	9,589.3	8,776.8
Lease liabilities	4,411.5	3,965.4
Interest-bearing debt	15,778.9	13,956.3
Less: Cash and cash equivalents	(1,527.3)	(2,263.0)
Net interest-bearing debt	14,251.6	11,693.3
Equity attributable to shareholders of the Corporation	15,591.1	14,946.8
Net interest-bearing debt	14,251.6	11,693.3
Total capitalization	29,842.7	26,640.1
Net interest-bearing debt to total capitalization ratio	0.48 : 1	0.44 : 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.

The table below reconciles net interest-bearing debt and adjusted EBITDA, for which the calculation methodologies are described in other tables of this section, with the leverage ratio:

	52-week periods ended
(in millions of US dollars, except ratio data)	February 1, 2026	April 27, 2025
Net interest-bearing debt	14,251.6	11,693.3
Adjusted EBITDA	6,339.7	5,959.4
Leverage ratio	2.25 : 1	1.96 : 1

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)	February 1, 2026	April 27, 2025
Net earnings attributable to shareholders of the Corporation	2,719.7	2,580.4
Equity attributable to shareholders of the Corporation - Opening balance	14,202.6	13,189.2
Equity attributable to shareholders of the Corporation - Ending balance	15,591.1	14,946.8
Average equity attributable to shareholders of the Corporation	14,896.9	14,068.0
Return on equity	18.3 %	18.3 %

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 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:

	52-week periods ended
(in millions of US dollars, unless otherwise noted)	February 1, 2026	April 27, 2025
Net earnings	2,729.2	2,592.4
Add:
Income taxes	770.3	729.7
Net financial expenses	559.2	512.5
EBIT	4,058.7	3,834.6
Capital employed - Opening balance⁽¹⁾	30,979.0	30,962.0
Capital employed - Ending balance⁽¹⁾	34,678.1	31,898.7
Average capital employed	32,828.6	31,430.4
Return on capital employed	12.4 %	12.2 %

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

(in millions of US dollars)	As at February 1, 2026	As at February 2, 2025	As at April 27, 2025	As at April 28, 2024¹
Total Assets	40,893.5	36,566.5	38,301.9	37,218.0
Less: Current liabilities	(7,993.5)	(7,084.1)	(7,617.3)	(7,832.9)
Add: Short-term debt and current portion of long-term debt	1,235.9	1,001.3	690.2	1,066.8
Add: Current portion of lease liabilities	542.2	495.3	523.9	510.1
Capital employed	34,678.1	30,979.0	31,898.7	30,962.0

____________________________

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 27 countries and territories, with close to 17,300 stores, of which approximately 13,200 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 149,500 people are employed throughout its network.

For more information on Alimentation Couche-Tard Inc., or to consult its audited annual Consolidated Financial Statements, unaudited interim condensed consolidated financial statements and Management Discussion and Analysis or other filings made with Canadian securities regulatory authorities, please visit: https://corpo.couche-tard.com or SEDAR+ under Couche-Tard's profile at www.sedarplus.ca.

Webcast on March 18, 2026 at 8:00 A.M. (EDT)

Couche-Tard invites analysts known to the Corporation to ask their questions to its management on March 18, 2026, during the question and answer period of the webcast.

Financial analysts, investors, media, and other interested parties are invited to join the webcast on March 18, 2026, 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/3HqoQrB 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.

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. Although we base the forward-looking statements contained in this press release on assumptions that we believe are reasonable, by their very nature, forward-looking statements involve risks and uncertainties such that actual results (including our results of operations, financial condition and liquidity, the achievement of our targets, goals and commitments, the development of the industry in which we operate or the measures we adopt) 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 or expectation. Couche-Tard's guidance is notably based on the following material assumptions: our ability to execute development initiatives across same-store operations and merchandise to drive growth and enhance profitability; our ability to leverage the nicotine transition, increase our growth from thirst and deliver through the 4 Growth Pillars of our food journey; our ability to manage total road transportation fuel gross profit and volume through Supply Chain, B2C, B2B, and Development initiatives to sustain growth and profitability; our ability to strategically invest in and expand sites, distribution centers, eMobility, Car Wash businesses, new revenue initiatives such as Full Circle Media and technology initiatives to support long-term growth; our ability to generate sufficient cash flows each year to support share repurchases; our capacity to expand our network on the basis of development initiatives, targeted investments, selective acquisitions of individual sites, and organic franchise growth (provided that our guidance does not take into account the completion of any transactions that would significantly alter our portfolio, business segments, or strategic direction); the growth of revenues from our food channels to outperform merchandise revenues; sustained efforts towards technology investments in fiscal 2026; our ability to achieve our objectives with respect to controlling incremental operating, selling, general and administrative expenses and our Fit-to-Serve program which we expect to constitute EBITDA value of approximately US$850M by fiscal 2030; our ability to bolster our working capital through optimized receivables and payables structures, enhanced inventory management, and to implement a disciplined approach to capital expenditures; and long-term volume assumptions based on market trends and third-party reporting and analysis. Couche-Tard's guidance is also based on a number of market and economic assumptions, including without limitation: the primary currencies used in the Corporation's operations remaining at near-current levels; stable industry trends and macroeconomic environment; the absence of significant changes in tax laws or treaties applicable to the Corporation; the absence of material financial, operational or competitive consequences resulting from changes in, or the implementation of, regulations affecting the Corporation's worldwide operations; and consumer price index ("CPI"), defined as the official consumer price index published by the relevant governmental or statistical authority in each country in which the Corporation operates (which the Corporation uses as the basis for inflation determinations), remaining at or near current levels. Further information relating to Couche-Tard's guidance and related assumptions is provided in the 2026 Business Strategy Update presentation materials, which are publicly available on the Corporation's website. Major factors that may lead to a material difference between Couche-Tard's long-term and fiscal 2026 and actual results include such risks as described in detail from time to time in the reports filed by Couche-Tard with securities authorities in Canada available on SEDAR+ under Couche-Tard's profile at www.sedarplus.ca, including under "Business Risks" in our management discussion and analysis for the 52-week period ended April 27, 2025. The risks described therein are not the only ones that we face. Additional risks not presently known to us or that we currently deem immaterial may also significantly impair our business, financial position or results of operations. 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.

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SOURCE Alimentation Couche-Tard Inc.

Company Announcements

ALIMENTATION COUCHE-TARD ANNOUNCES ITS RESULTS FOR ITS THIRD QUARTER OF FISCAL YEAR 2026