ALIMENTATION COUCHE-TARD ANNOUNCES ITS RESULTS FOR ITS FOURTH QUARTER AND FISCAL YEAR 2026

Jun 22 2026 22:05 BST

LAVAL, QC, June 22, 2026 /CNW/ - Alimentation Couche-Tard Inc. ("Couche-Tard" or the "Corporation") (TSX: ATD) announces its results for its fourth quarter ended April 26, 2026.

LOGO

Executive Comments on the Quarter

Alex Miller, President and Chief Executive Officer, said: "Our focus on delivering on our customer promise through our Core + More strategy is driving strong momentum across our U.S. business, with improved traffic and ongoing growth in key categories such as food and packaged beverages; meanwhile, our teams are leaning into the strength and agility of our fuel supply chain as well as our global scale to capture opportunities across our network as market conditions evolve. Overall, the commitment and resilience of our teams is reinforcing the progress we are making in the business as we continue to win in the markets we serve."

Filipe Da Silva, Chief Financial Officer, added: "We delivered a solid fourth quarter to close the year, driven by the quality of our underlying results, even excluding the impact of certain favorable items. Disciplined execution enabled us to maintain our normalized growth of expenses¹ below inflation, protecting profitability while continuing to invest in the business to support improved return metrics. Our results highlight the consistency and durability of our earnings and reinforce our confidence as we continue delivering against our Core + More strategy into the new fiscal year."

Quarterly Highlights

Net earnings attributable to shareholders of the Corporation were $863.4 million for the fourth quarter of fiscal 2026 compared with $439.4 million for the fourth quarter of fiscal 2025. Adjusted net earnings attributable to shareholders of the Corporation¹ were approximately $667.0 million compared with $441.0 million for the corresponding quarter of last year, representing an increase of 51.2%. Net earnings attributable to shareholders of the Corporation were adjusted, among other items, by the net recovery on the resolution and remeasurement of certain long-standing legal matters for a pre-tax amount of $260.9 million.
Net earnings attributable to shareholders of the Corporation were $0.94 per diluted share for the fourth quarter of fiscal 2026 compared with $0.46 per diluted share for the fourth quarter of fiscal 2025. Adjusted diluted net earnings per share¹were $0.73, representing an increase of 58.7% from $0.46 for the corresponding quarter of last year.
Total merchandise and service revenues of $4.5 billion, an increase of 7.7%. Same-store merchandise revenues² increased by 3.4% in the United States, and by 1.1% in Europe and other regions¹, while it decreased by 0.9% in Canada. Consolidated same-store merchandise revenues¹ increased by 2.2%.
Merchandise and service gross margin¹ increased by 0.5% in the United States to 34.4%, and by 1.0% in Europe and other regions to 39.6%, while it decreased by 0.6% in Canada to 33.5%.
Same-store road transportation fuel volumes decreased by 2.1% in the United States, and by 4.4% in Europe and other regions, while it increased by 2.0% in Canada.
Road transportation fuel gross margin¹ of 52.44¢ per gallon in the United States, an increase of 9.17¢ per gallon, US 13.44¢ per liter in Europe and other regions, an increase of US 3.87¢ per liter, and CA 17.28¢ per liter in Canada, an increase of CA 3.23¢ per liter.
Successful issuance of Euro-denominated senior unsecured notes of €750.0 million ($882.0 million).

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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.

Fiscal Year 2026 Highlights

Net earnings per diluted share of $3.37 compared with $2.71 for fiscal 2025, an increase of 24.4%, while adjusted diluted net earnings per share¹ were $3.10 compared with $2.71 for fiscal 2025, an increase of 14.4%.
During fiscal 2026, we repurchased 30.0 million shares for an amount of $1.6 billion.
Strong improvement on return on capital employed¹, increasing from 12.2% to 13.7%, driven by robust earnings, which include the net recovery on the resolution and remeasurement of certain long-standing legal matters, which had a favorable impact of 0.8% on this metric.
Solid pipeline execution with 103 new-to-industry openings, and 27 relocated or reconstructed stores, reaching a total of 130 stores during fiscal 2026. As of April 26, 2026, another 34 stores were under construction and should open in the upcoming quarters.
Increase in the annual dividend declared for fiscal 2026 of 10.5%, from CA 76.00¢ to CA 84.00¢.

Summary of the Fourth Quarter of Fiscal 2026

For its fourth quarter ended April 26, 2026, Couche-Tard reported net earnings attributable to shareholders of the Corporation of $863.4 million, representing $0.94 per share on a diluted basis, compared with $439.4 million for the corresponding quarter of fiscal 2025, representing $0.46 per share on a diluted basis. The results for the fourth quarter of fiscal 2026 were affected by a pre-tax net recovery from the resolution and remeasurement of certain long-standing legal matters of $260.9 million, by a pre-tax net foreign exchange gain of $5.9 million and by pre-tax acquisition costs of $3.3 million. The results for the comparable 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. Excluding these items, the adjusted net earnings attributable to shareholders of the Corporation¹ were approximately $667.0 million, or $0.73 per share on a diluted basis for the fourth quarter of fiscal 2026, compared with $441.0 million, or $0.46 per share on a diluted basis for the corresponding quarter of fiscal 2025, an increase of 58.7% in the adjusted diluted net earnings per share¹. This increase is primarily driven by higher road transportation fuel gross margin¹, by positive organic growth in our convenience activities and by the contribution from acquisitions, partly offset by the impact of inflation and strategic investments on our operating expenses and by the higher quarterly income tax rate. 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 Fourth Quarter of Fiscal 2026

During the fourth quarter and fiscal 2026, we repurchased 0.4 million and 30.0 million shares, respectively. These repurchases were settled for amounts of $22.6 million and $1.6 billion, which includes associated taxes of $0.7 million and $31.6 million, respectively.
On April 21, 2026, we issued Euro-denominated senior unsecured notes totaling €750.0 million ($882.0 million) with a coupon rate of 3.90% and maturing in 2033. The $875.8 million net proceeds from the issuance were used for the repayment of outstanding indebtedness, including the repayment, subsequent to the end of the quarter, of our €750.0 million Euro-denominated senior unsecured notes maturing on May 6, 2026.
Approximately two years after the acquisition of certain European retail assets from TotalEnergies, our annual synergies² run rate reached approximately €61.0 million ($71.4 million) on operating expenses, as well as on the merchandise and road transportation fuel cost of sales. The synergies run rate is progressing according to plan and is still expected to reach €120.0 million ($140.5 million) in fiscal 2027 and €170.0 million ($199.1 million) in fiscal 2029. These synergies² should result in reductions in operating, selling, administrative and general expenses, reduction in cost of sales, as well as in sales uplift from the introduction of the Corporation's best practices in operations, customer offerings and concepts.
During the fourth quarter of fiscal 2026, we recorded a net recovery of $260.9 million related to the resolution and remeasurement of certain long-standing legal matters. This amount reflects compensation received in connection with the settlement of payment card interchange fee litigation in the United States where we are a plaintiff, partially offset by provisions recognized in respect of other legacy legal matters where we are a defendant. The net impact was recorded in Operating, selling, general and administrative expenses in the consolidated statement of earnings.

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²	Expected synergies represent forward-looking information and are destined to illustrate additional benefits expected to stem from these transactions. They might not be suitable for other needs. For additional information, please refer to the "Forward-Looking Statements'' section.

Changes in our Network during the Fourth Quarter of Fiscal 2026

We acquired 3 company-operated stores, reaching a total of 29 company-operated stores acquired through various transactions since the beginning of fiscal 2026. We settled these transactions using our available cash.
We also acquired 3 fuel terminals in Germany and settled this transaction using our available cash.
During the quarter, we completed the construction of 37 stores and the relocation or reconstruction of 13 stores, reaching a total of 130 stores since the beginning of fiscal 2026. As of April 26, 2026, another 34 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 26, 2026⁽¹⁾:

	12-week period ended April 26, 2026
Type of site	Company- operated	CODO	DODO	Franchised and other affiliated	Total
Number of sites, beginning of period	10,722	1,362	1,374	1,136	14,594
Acquisitions	3	--	--	--	3
Openings / constructions / additions	37	--	5	8	50
Closures / disposals / withdrawals	(33)	(1)	(9)	(41)	(84)
Store conversions	1	(7)	(1)	7	--
Number of sites, end of period	10,730	1,354	1,369	1,110	14,563
Circle K branded sites under licensing agreements					2,704
Total network					17,267
Number of automated fuel stations included in the period-end figures	1,161	2	100	--	1,263

	52-week period ended April 26, 2026
Type of site	Company- operated	CODO	DODO	Franchised and other affiliated	Total
Number of sites, beginning of period	10,487	1,386	1,424	1,180	14,477
Acquisitions	299	--	--	--	299
Openings / constructions / additions	103	--	12	32	147
Closures / disposals / withdrawals	(171)	(10)	(63)	(116)	(360)
Store conversions	12	(22)	(4)	14	--
Number of sites, end of period	10,730	1,354	1,369	1,110	14,563
Circle K branded sites under licensing agreements					2,704
Total network					17,267

(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 26, 2026	April 27, 2025	April 26, 2026	April 27, 2025
Average for the period ⁽¹⁾
Canadian dollar	0.7295	0.7020	0.7243	0.7175
Norwegian krone	0.1044	0.0923	0.1002	0.0920
Swedish krone	0.1088	0.0973	0.1064	0.0946
Danish krone	0.1564	0.1444	0.1557	0.1443
Zloty	0.2752	0.2564	0.2737	0.2521
Euro	1.1689	1.0782	1.1623	1.0772
Hong Kong dollar	0.1278	0.1286	0.1281	0.1284

(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 2026

The following table highlights certain information regarding our operations for the 12 and 52-week periods ended April 26, 2026 and April 27, 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.

	12-week periods ended			52-week periods ended
(in millions of US dollars, unless otherwise stated)	April 26, 2026	April 27, 2025	Variation %	April 26, 2026	April 27, 2025	Variation %
Statement of Operations Data:
Merchandise and service revenues⁽¹⁾:
United States	3,066.7	2,842.9	7.9	13,194.8	12,407.3	6.3
Europe and other regions	934.6	844.2	10.7	4,044.9	3,602.7	12.3
Canada	507.2	499.7	1.5	2,390.4	2,349.4	1.7
Total merchandise and service revenues	4,508.5	4,186.8	7.7	19,630.1	18,359.4	6.9
Road transportation fuel revenues:
United States	8,008.5	6,502.4	23.2	30,450.9	29,141.9	4.5
Europe and other regions	5,473.2	4,278.8	27.9	20,482.4	19,139.5	7.0
Canada	1,315.8	1,164.5	13.0	5,306.7	5,623.3	(5.6)
Total road transportation fuel revenues	14,797.5	11,945.7	23.9	56,240.0	53,904.7	4.3
Other revenues⁽²⁾:
United States	10.0	11.4	(12.3)	49.2	48.0	2.5
Europe and other regions	163.6	118.6	37.9	554.5	510.6	8.6
Canada	8.3	8.0	3.8	32.8	34.1	(3.8)
Total other revenues	181.9	138.0	31.8	636.5	592.7	7.4
Total revenues	19,487.9	16,270.5	19.8	76,506.6	72,856.8	5.0
Merchandise and service gross profit⁽¹⁾⁽³⁾:
United States	1,055.3	962.8	9.6	4,534.2	4,200.1	8.0
Europe and other regions	369.8	326.1	13.4	1,580.2	1,401.9	12.7
Canada	169.8	170.6	(0.5)	800.5	791.3	1.2
Total merchandise and service gross profit	1,594.9	1,459.5	9.3	6,914.9	6,393.3	8.2
Road transportation fuel gross profit⁽³⁾:
United States	1,157.7	911.5	27.0	4,594.7	4,165.2	10.3
Europe and other regions	528.6	393.6	34.3	2,054.4	1,701.1	20.8
Canada	161.5	124.2	30.0	655.2	551.2	18.9
Total road transportation fuel gross profit	1,847.8	1,429.3	29.3	7,304.3	6,417.5	13.8
Other revenues gross profit⁽²⁾⁽³⁾:
United States	10.1	11.4	(11.4)	49.2	41.8	17.7
Europe and other regions	43.0	25.8	66.7	160.9	137.7	16.8
Canada	6.8	7.0	(2.9)	29.5	31.0	(4.8)
Total other revenues gross profit	59.9	44.2	35.5	239.6	210.5	13.8
Total gross profit ⁽³⁾	3,502.6	2,933.0	19.4	14,458.8	13,021.3	11.0
Operating, selling, general and administrative expenses	1,631.3	1,724.8	(5.4)	7,492.1	7,143.2	4.9
Loss (gain) on disposal of property and equipment and other assets	26.4	6.3	319.0	(32.8)	(33.4)	(1.8)
Depreciation, amortization and impairment	572.6	540.8	5.9	2,358.4	2,105.4	12.0
Operating income	1,272.3	661.1	92.5	4,641.1	3,806.1	21.9
Net financial expenses	141.0	120.0	17.5	580.2	512.5	13.2
Net earnings	862.9	442.3	95.1	3,149.8	2,592.4	21.5
Less: Net loss (earnings) attributable to non-controlling interests	0.5	(2.9)	(117.2)	(6.1)	(12.0)	(49.2)
Net earnings attributable to shareholders of the Corporation	863.4	439.4	96.5	3,143.7	2,580.4	21.8
Per Share Data:
Basic net earnings per share (dollars per share)	0.94	0.46	104.3	3.37	2.72	23.9
Diluted net earnings per share (dollars per share)	0.94	0.46	104.3	3.37	2.71	24.4
Adjusted diluted net earnings per share (dollars per share)⁽³⁾	0.73	0.46	58.7	3.10	2.71	14.4


	12-week periods ended			52-week periods ended
(in millions of US dollars, unless otherwise stated)	April 26, 2026	April 27, 2025	Variation %	April 26, 2026	April 27, 2025	Variation %
Other Operating Data:
Merchandise and service gross margin⁽¹⁾⁽³⁾:
Consolidated	35.4 %	34.9 %	0.5	35.2 %	34.8 %	0.4
United States	34.4 %	33.9 %	0.5	34.4 %	33.9 %	0.5
Europe and other regions	39.6 %	38.6 %	1.0	39.1 %	38.9 %	0.2
Canada	33.5 %	34.1 %	(0.6)	33.5 %	33.7 %	(0.2)
Growth of (decrease in) same-store merchandise revenues⁽⁴⁾:
Consolidated⁽³⁾⁽⁵⁾	2.2 %	1.3 %		1.9 %	(0.4 %)
United States ⁽⁵⁾⁽⁶⁾	3.4 %	(0.4 %)		1.9 %	(0.8 %)
Europe and other regions⁽³⁾⁽⁷⁾	1.1 %	3.4 %		1.4 %	0.4 %
Canada ⁽⁵⁾⁽⁶⁾	(0.9 %)	3.5 %		2.3 %	(0.1 %)
Road transportation fuel gross margin⁽³⁾:
United States (cents per gallon)	52.44	43.27	21.2	47.49	45.39	4.6
Europe and other regions (cents per liter)	13.44	9.57	40.4	11.73	9.50	23.5
Canada (CA cents per liter)	17.28	14.05	23.0	15.59	13.51	15.4
Total volume of road transportation fuel sold:
United States (millions of gallons)	2,207.6	2,106.7	4.8	9,675.4	9,176.1	5.4
Europe and other regions (millions of liters)	3,933.8	4,114.4	(4.4)	17,520.7	17,906.6	(2.2)
Canada (millions of liters)	1,280.8	1,257.2	1.9	5,799.4	5,683.1	2.0
Growth of (decrease in) same-store road transportation fuel volumes⁽⁵⁾:
United States	(2.1 %)	(1.9 %)		(1.0 %)	(2.0 %)
Europe and other regions⁽⁷⁾	(4.4 %)	(0.6 %)		(2.2 %)	(0.7 %)
Canada	2.0 %	3.7 %		2.5 %	1.5 %


(in millions of US dollars, unless otherwise stated)	As at April 26, 2026	As at April 27, 2025	Variation $
Balance Sheet Data:
Total assets	43,516.7	38,301.9	5,214.8
Interest-bearing debt⁽³⁾	16,446.0	13,956.3	2,489.7
Equity attributable to shareholders of the Corporation	16,178.9	14,946.8	1,232.1
Indebtedness Ratios ⁽³⁾ :
Net interest-bearing debt/total capitalization	0.45 : 1	0.44 : 1
Leverage ratio	1.99 : 1	1.96 : 1
Returns ⁽³⁾ :
Return on equity	20.2 %	18.3 %
Return on capital employed	13.7 %	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 $19.5 billion for the fourth quarter of fiscal 2026, up by $3.2 billion, an increase of 19.8% compared with the corresponding quarter of fiscal 2025, mainly attributable to higher average road transportation fuel selling price, the contribution from acquisitions, the impact from the translation of our European operations into US dollars and organic growth in our convenience activities, partly offset by softness in fuel demand. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $526.0 million on our revenues for the fourth quarter.

For fiscal 2026, our revenues increased by $3.6 billion, or 5.0%, compared with fiscal 2025, mainly attributable to the contribution from acquisitions, the impact from the translation of our European operations into US dollars, organic growth in our convenience activities 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 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 $2.0 billion on our revenues.

Merchandise and service revenues

Total merchandise and service revenues for the fourth quarter of fiscal 2026 were $4.5 billion, an increase of $321.7 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 $80.0 million. The remaining increase of approximately $242.0 million, or 5.8%, is primarily attributable to the contribution from acquisitions, which amounted to approximately $137.0 million and organic growth. Same-store merchandise revenues increased by 3.4% in the United States and by 1.1% in Europe and other regions¹, driven by the continued growth in the other nicotine products and the packaged beverages categories. In Canada, same-store merchandise revenues decreased by 0.9%, driven by the tobacco industry challenges, partly offset by the strong performance of the alcohol category.

For fiscal 2026, merchandise and service revenues increased by $1.3 billion, or 6.9%, compared with fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $267.0 million. The remaining increase of approximately $1.0 billion, or 5.5%, is mainly attributable to similar factors as those of the fourth quarter. Same-store merchandise revenues increased by 1.9% in the United States, by 1.4% in Europe and other regions¹ and by 2.3% in Canada.

Road transportation fuel revenues

Total road transportation fuel revenues for the fourth quarter of fiscal 2026 were $14.8 billion, an increase of $2.9 billion 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 $434.0 million. The remaining increase of approximately $2.4 billion, or 20.2%, is primarily attributable to the impact of a higher average road transportation fuel selling price, which amounted to approximately $2.2 billion and the contribution from acquisitions, which amounted to approximately $480.0 million, partly offset by softness in fuel demand. Same-store road transportation fuel volumes decreased by 2.1% in the United States and by 4.4% in Europe and other regions, both driven by lower demand from higher retail prices, as market shares remained stable. In Canada, same-store road transportation fuel volumes increased by 2.0%, favorably impacted by good execution and market growth.

For fiscal 2026, the road transportation fuel revenues increased by $2.3 billion, or 4.3% compared with fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $1.7 billion. The remaining increase of approximately $636.0 million, or 1.2%, is mainly attributable to the contribution from acquisitions, which amounted to approximately $1.7 billion, 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 and by the impact of regulatory divestiture related to the GetGo acquisition, which amounted to approximately $140.0 million. Same-store road transportation fuel volumes decreased by 1.0% in the United States and by 2.2% in Europe and other regions, while it increased by 2.5% 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		1ˢᵗ	2ⁿᵈ	3ʳᵈ	4ᵗʰ	Weighted average
52-week period ended April 26, 2026
	United States (US dollars per gallon)	3.06	3.07	2.89	3.60	3.14
	Europe and other regions (US cents per liter)	118.99	124.25	124.86	152.25	129.39
	Canada (CA cents per liter)	125.55	126.13	120.48	142.43	127.84
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

Other revenues

Total other revenues for the fourth quarter of fiscal 2026 were $181.9 million, an increase of $43.9 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 $12.0 million. The remaining increase of approximately $32.0 million, or 23.2%, is primarily driven by higher revenues from our heating oil fuel products.

For fiscal 2026, total other revenues were $636.5 million, an increase of $43.8 million compared with fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $45.0 million.

Gross profit ¹

Our gross profit was $3.5 billion for the fourth quarter of fiscal 2026, up by $569.6 million, or 19.4%, compared with the corresponding quarter of fiscal 2025, mainly due to higher road transportation fuel gross margin¹, the contribution from acquisitions, as well as to organic growth in our convenience activities. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $73.0 million.

For fiscal 2026, our gross profit increased by $1.4 billion, or 11.0%, compared with fiscal 2025, mainly attributable to similar factors as those of the fourth quarter. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $264.0 million.

Merchandise and service gross profit

In the fourth quarter of fiscal 2026, our merchandise and service gross profit was $1.6 billion, an increase of $135.4 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 $32.0 million. The remaining increase of approximately $103.0 million, or 7.1%, is mainly driven by the contribution from acquisitions, which amounted to approximately $50.0 million, by organic growth, as well as by improved merchandise and service gross margin¹. Our merchandise and service gross margin¹ increased by 0.5% in the United States to 34.4%, driven by strong execution, retail prices optimization and partnerships with vendors. Our merchandise and service gross margin¹ increased by 1.0% in Europe and other regions to 39.6%, driven by changes in product mix, while it decreased by 0.6% in Canada to 33.5%, impacted by changes in product mix and by the impact of competitive pressure.

During fiscal 2026, our merchandise and service gross profit was $6.9 billion, an increase of $521.6 million compared with fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $110.0 million. The remaining increase of approximately $412.0 million, or 6.4%, is mainly attributable to similar factors as those of the fourth quarter. Our merchandise and service gross margin¹ increased by 0.5% to 34.4% in the United States, by 0.2% in Europe and other regions to 39.1%, and decreased by 0.2% in Canada to 33.5%.

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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.

Road transportation fuel gross profit

In the fourth quarter of fiscal 2026, our road transportation fuel gross profit was $1.8 billion, an increase of $418.5 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 $37.0 million. The remaining increase of approximately $382.0 million, or 26.7%, is mainly due to higher road transportation fuel gross margin¹ and the contribution from acquisitions, which amounted to approximately $65.0 million, partly offset by lower demand driven by higher retail prices in many of our geographies. In the United States, our road transportation fuel gross margin¹ was 52.44¢ per gallon, an increase of 9.17¢ per gallon, in Europe and other regions, it was US 13.44¢ per liter, an increase of US 3.87¢ per liter, and in Canada, it was CA 17.28¢ per liter, an increase of CA 3.23¢ per liter. Fuel margins were noticeably strong during the fourth quarter, driven by the volatility in commodity markets and amplified by the advantages of our integrated fuel supply chain. Our global supply capabilities, logistics reach, and market positioning enabled us to effectively capture margin opportunities as market conditions evolved, especially in Europe, due to our longer supply chain.

During fiscal 2026, our road transportation fuel gross profit was $7.3 billion, an increase of $886.8 million compared with fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $139.0 million. The remaining increase of approximately $748.0 million, or 11.7%, is mainly attributable to similar factors as those of the fourth quarter. The road transportation fuel gross margin¹ was 47.49¢ per gallon in the United States, US 11.73¢ per liter in Europe and other regions, and CA 15.59¢ 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 26, 2026
Before deduction of expenses related to electronic payment modes	44.81	46.92	49.26	53.75	48.68
Expenses related to electronic payment modes⁽¹⁾	5.34	5.62	5.49	6.26	5.66
After deduction of expenses related to electronic payment modes	39.47	41.30	43.77	47.49	43.02
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

(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 margin¹of 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 26, 2026
Europe and other regions (US cents per liter)	11.41	11.51	10.87	13.44	11.73
Canada (CA cents per liter)	14.21	15.07	15.82	17.28	15.59
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

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 2026, other revenues gross profit was $59.9 million, an increase of $15.7 million, or 35.5%, 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 $3.0 million. The remaining increase of approximately $13.0 million, or 29.4%, is primarily driven by improved other fuel product margin following favorable market conditions.

During fiscal 2026, other revenues gross profit was $239.6 million, an increase of $29.1 million, or 13.8%, compared with fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $14.0 million. The remaining increase of approximately $15.0 million, or 7.1%, is mainly attributable to similar factors as those of the fourth quarter.

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

For the fourth quarter and fiscal 2026, expenses decreased by 5.4% and increased by 4.9%, respectively, compared with fiscal 2025. Normalized growth of expenses¹ was 2.6% and 3.1%, respectively, as shown in the table below:

	12-week periods ended		52-week periods ended
	April 26, 2026	April 27, 2025	April 26, 2026	April 27, 2025
(Decrease in) growth of expenses, as reported	(5.4 %)	5.0 %	4.9 %	9.5 %
Adjusted for:
Decrease from resolution and remeasurement of certain long-standing legal matters	15.1 %	--	3.6 %	--
Increase from incremental expenses related to acquisitions	(4.0 %)	(0.4 %)	(3.6 %)	(6.4 %)
(Increase) decrease from the net impact of foreign exchange translation	(2.8 %)	0.3 %	(2.1 %)	0.4 %
Increase from changes in incremental system integration costs related to acquisitions	(0.5 %)	(0.4 %)	(0.3 %)	(0.2 %)
(Increase) decrease from changes in electronic payment fees, excluding acquisitions and disposals	(0.4 %)	0.2 %	0.3 %	--
Decrease from expenses related to disposals	0.3 %	--	0.3 %	--
Decrease (increase) from changes in acquisition costs recognized to earnings	0.2 %	(0.1 %)	--	--
Decrease (increase) of net impact from changes in corporate stores network, excluding acquisitions, disposals and electronic payment fees	0.1 %	(0.2 %)	--	0.1 %
Normalized growth of expenses ¹	2.6 %	4.4 %	3.1 %	3.4 %

Normalized growth of expenses¹for the fourth quarter of fiscal 2026 was mainly driven by inflationary pressures, incremental investments to support our strategic initiatives, partly offset by the continued strategic efforts to control our expenses, which remained below the average inflation observed throughout our network.

Normalized growth of expenses¹for fiscal 2026 remained close to the average inflation observed in our network, mainly driven by similar factors as those of the fourth quarter.

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

Earnings before interest, taxes, depreciation, amortization and impairment ("EBITDA ¹ ") and adjusted EBITDA ¹

During the fourth quarter of fiscal 2026, EBITDA stood at $1.8 billion, an increase of $638.3 million, or 53.0%, compared with the corresponding quarter of fiscal 2025. Adjusted EBITDA for the fourth quarter of fiscal 2026 increased by $374.0 million, or 30.9%, compared with the corresponding quarter of fiscal 2025, mainly due to higher road transportation fuel gross margin¹, organic growth in our convenience activities, as well as the contribution from acquisitions, which amounted to approximately $47.0 million, partly offset by the increase in operating expenses. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $24.0 million.

During fiscal 2026, EBITDA stood at $7.0 billion, an increase of $1.1 billion, or 18.2%, compared with fiscal 2025. Adjusted EBITDA for fiscal 2026 increased by $754.4 million, or 12.7%, compared with fiscal 2025, mainly attributable to similar factors as those of the fourth quarter. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $111.0 million.

Depreciation, amortization and impairment ("depreciation")

For the fourth quarter of fiscal 2026, our depreciation expense increased by $31.8 million, or 5.9%, compared with the fourth quarter of fiscal 2025, mainly driven by the impact from investments made through business acquisitions, which amounted to approximately $20.0 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 $15.0 million on depreciation.

For fiscal 2026, our depreciation expense increased by $253.0 million, compared with fiscal 2025. The translation of our foreign currency operations into US dollars had a net unfavorable impact of approximately $52.0 million. The remaining increase of $201.0 million, or 9.5%, is mainly attributable to similar factors as those of the fourth quarter.

Net financial expenses

Net financial expenses for the fourth quarter and fiscal 2026 were $141.0 million and $580.2 million, respectively, an increase of $21.0 million and $67.7 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:

	12-week periods ended			52-week periods ended
(in millions of US dollars)	April 26, 2026	April 27, 2025	Variation	April 26, 2026	April 27, 2025	Variation
Net financial expenses, as reported	141.0	120.0	21.0	580.2	512.5	67.7
Explained by:
Net foreign exchange gain	5.9	7.1	(1.2)	42.5	30.6	11.9
Change in fair value of financial instruments classified at fair value through earnings or loss	3.3	(1.7)	5.0	4.2	(2.8)	7.0
Remaining variation	150.2	125.4	24.8	626.9	540.3	86.6

The remaining variation of the fourth quarter and fiscal 2026 is mainly driven by higher average short-term and long-term debt in connection with our recent acquisitions, including lease liabilities.

Income taxes

The income tax rate for the fourth quarter was 23.7% compared with 18.8% 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 as our results of the fourth quarter were significantly higher in jurisdictions where we have a higher income tax rate compared with the corresponding quarter of fiscal 2025.

The income tax rate for fiscal 2026 was 22.9% compared with 22.0% for fiscal 2025. 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 Corporation ¹

Net earnings attributable to shareholders of the Corporation for the fourth quarter of fiscal 2026 were $863.4 million, compared with $439.4 million for the fourth quarter of fiscal 2025, an increase of $424.0 million, or 96.5%, including the net recovery on the resolution and remeasurement of certain long-standing legal matters for a pre-tax amount of $260.9 million. Diluted net earnings per share stood at $0.94, compared with $0.46 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 $8.0 million on net earnings attributable to shareholders of the Corporation for the fourth quarter of fiscal 2026.

Adjusted net earnings attributable to shareholders of the Corporation for the fourth quarter of fiscal 2026 were approximately $667.0 million, compared with $441.0 million for the fourth quarter of fiscal 2025, an increase of $226.0 million, or 51.2%. Adjusted diluted net earnings per share¹ were $0.73 for the fourth quarter of fiscal 2026, compared with $0.46 for the corresponding quarter of fiscal 2025, an increase of 58.7%.

For fiscal 2026, net earnings attributable to shareholders of the Corporation stood at $3.1 billion, an increase of $563.3 million, or 21.8%, including the net recovery on the resolution and remeasurement of certain long-standing legal matters for a pre-tax amount of $260.9 million, compared with fiscal 2025. Diluted net earnings per share stood at $3.37, compared with $2.71 for the corresponding period of fiscal 2025. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $57.0 million on net earnings attributable to shareholders of the Corporation for fiscal 2026.

Adjusted net earnings attributable to shareholders of the Corporation for fiscal 2026 stood at $2.9 billion, an increase of $312.0 million, or 12.1%, compared with fiscal 2025. Adjusted diluted net earnings per share¹ were $3.10 for fiscal 2026, compared with $2.71 for fiscal 2025, an increase of 14.4%.

___________________________________
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 June 22, 2026 meeting, the Board of Directors declared a quarterly dividend of CA 21.5¢ per share for the fourth quarter of fiscal 2026 to shareholders on record as at July 9, 2026, and approved its payment effective July 23, 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 may also be 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:

	12-week periods ended		52-week periods ended
(in millions of US dollars)	April 26, 2026	April 27, 2025	April 26, 2026	April 27, 2025
Revenues	19,487.9	16,270.5	76,506.6	72,856.8
Cost of sales, excluding depreciation, amortization and impairment	15,985.3	13,337.5	62,047.8	59,835.5
Gross profit	3,502.6	2,933.0	14,458.8	13,021.3

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.

	12-week periods ended		52-week periods ended
(in millions of Canadian dollars, unless otherwise noted)	April 26, 2026	April 27, 2025	April 26, 2026	April 27, 2025
Road transportation fuel revenues	1,804.5	1,658.4	7,325.0	7,828.0
Road transportation fuel cost of sales, excluding depreciation, amortization and impairment	1,583.1	1,481.8	6,420.7	7,060.3
Road transportation fuel gross profit	221.4	176.6	904.3	767.7
Total road transportation fuel volume sold (in millions of liters)	1,280.8	1,257.2	5,799.4	5,683.1
Road transportation fuel gross margin (CA cents per liter)	17.28	14.05	15.59	13.51

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 and disposals, 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 "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 "Decrease (increase) of net impact from changes in corporate stores network, excluding acquisitions, disposals and electronic payment fees" in the tables 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:

	12-week periods ended
(in millions of US dollars, unless otherwise noted)	April 26, 2026	April 27, 2025	Variation	April 27, 2025	April 28, 2024	Variation
Operating, selling, general and administrative expenses, as published	1,631.3	1,724.8	(5.4 %)	1,724.8	1,642.5	5.0 %
Adjusted for:
Decrease from resolution and remeasurement of certain long-standing legal matters	260.9	--	15.1 %	--	--	--
Increase from incremental expenses related to acquisitions	(68.7)	--	(4.0 %)	(5.9)	--	(0.4 %)
(Increase) decrease from the net impact of foreign exchange translation	(48.7)	--	(2.8 %)	5.5	--	0.3 %
Increase from changes in incremental system integration costs related to acquisitions	(8.8)	--	(0.5 %)	(7.2)	--	(0.4 %)
(Increase) decrease from changes in electronic payment fees, excluding acquisitions and disposals	(6.5)	--	(0.4 %)	2.8	--	0.2 %
Decrease from expenses related to disposals	5.8	--	0.3 %	--	--	--
Decrease (increase) from changes in acquisition costs recognized to earnings	3.4	--	0.2 %	(1.9)	--	(0.1 %)
Decrease (increase) of net impact from changes in corporate stores network, excluding acquisitions, disposals and electronic payment fees	1.4	--	0.1 %	(2.9)	--	(0.2 %)
Normalized growth of expenses	1,770.1	1,724.8	2.6 %	1,715.2	1,642.5	4.4 %

	52-week periods ended
(in millions of US dollars, unless otherwise noted)	April 26, 2026	April 27, 2025	Variation	April 27, 2025	April 28, 2024	Variation
Operating, selling, general and administrative expenses, as published	7,492.1	7,143.2	4.9 %	7,143.2	6,525.2	9.5 %
Adjusted for:
Decrease from resolution and remeasurement of certain long-standing legal matters	260.9	--	3.6 %	--	--	--
Increase from incremental expenses related to acquisitions	(254.6)	--	(3.6 %)	(416.3)	--	(6.4 %)
(Increase) decrease from the net impact of foreign exchange translation	(152.5)	--	(2.1 %)	27.6	--	0.4 %
Decrease from changes in electronic payment fees, excluding acquisitions and disposals	27.3	--	0.3 %	1.6	--	--
Increase from changes in incremental system integration costs related to acquisitions	(24.4)	--	(0.3 %)	(16.1)	--	(0.2 %)
Decrease from expenses related to disposals	19.7	--	0.3 %	--	--	--
(Increase) decrease of net impact from changes in corporate stores network, excluding acquisitions, disposals and electronic payment fees	(3.2)	--	--	7.1	--	0.1 %
Decrease (increase) from changes in acquisition costs recognized to earnings	1.9	--	--	(1.3)	--	--
Normalized growth of expenses	7,367.2	7,143.2	3.1 %	6,745.8	6,525.2	3.4 %

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

	12-week periods ended
(in millions of US dollars, unless otherwise noted)	April 26, 2026	April 27, 2025	April 27, 2025	April 28, 2024
Merchandise and service revenues	4,508.5	4,186.8	4,186.8	4,106.7
Adjusted for:
Service revenues	(321.3)	(284.4)	(284.4)	(261.6)
Net foreign exchange impact	--	73.7	--	(20.5)
Merchandise revenues not meeting the definition of same-store	(223.8)	(99.4)	(94.6)	(66.5)
Total same-store merchandise revenues	3,963.4	3,876.7	3,807.8	3,758.1
Growth of consolidated same-store merchandise revenues	2.2 %		1.3 %

	52-week periods ended
(in millions of US dollars, unless otherwise noted)	April 26, 2026	April 27, 2025	April 27, 2025	April 28, 2024
Merchandise and service revenues	19,630.1	18,359.4	18,359.4	17,535.9
Adjusted for:
Service revenues	(1,246.3)	(1,114.0)	(1,114.0)	(949.2)
Net foreign exchange impact	--	237.0	--	(68.3)
Merchandise revenues not meeting the definition of same-store	(1,063.3)	(487.8)	(1,143.2)	(344.4)
Total same-store merchandise revenues	17,320.5	16,994.6	16,102.2	16,174.0
Growth of (decrease in) consolidated same-store merchandise revenues	1.9 %		(0.4 %)

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 periods ended
(in millions of US dollars, unless otherwise noted)	April 26, 2026	April 27, 2025	April 27, 2025	April 28, 2024
Merchandise and service revenues for Europe and other regions	934.6	844.2	844.2	769.9
Adjusted for:
Service revenues	(150.5)	(122.5)	(122.5)	(101.3)
Net foreign exchange impact	--	55.0	--	1.4
Merchandise revenues not meeting the definition of same-store	(9.4)	(3.8)	(11.2)	(6.1)
Same-store merchandise revenues from stores not included in our consolidated results, including the impact of store conversions	346.8	336.5	337.5	350.1
Total same-store merchandise revenues for Europe and other regions	1,121.5	1,109.4	1,048.0	1,014.0
Growth of same-store merchandise revenues for Europe and other regions	1.1 %		3.4 %

	52-week periods ended
(in millions of US dollars, unless otherwise noted)	April 26, 2026	April 27, 2025	April 27, 2025	April 28, 2024
Merchandise and service revenues for Europe and other regions	4,044.9	3,602.7	3,602.7	2,750.3
Adjusted for:
Service revenues	(559.1)	(456.9)	(456.9)	(277.3)
Net foreign exchange impact	--	216.0	--	(0.7)
Merchandise revenues not meeting the definition of same-store	(181.3)	(108.5)	(713.2)	(62.3)
Same-store merchandise revenues from stores not included in our consolidated results, including the impact of store conversions	1,434.1	1,419.7	663.5	672.9
Total same-store merchandise revenues for Europe and other regions	4,738.6	4,673.0	3,096.1	3,082.9
Growth of same-store merchandise revenues for Europe and other regions	1.4 %		0.4 %

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 26, 2026	April 27, 2025	April 26, 2026	April 27, 2025
Net earnings	862.9	442.3	3,149.8	2,592.4
Add:
Income taxes	267.0	102.1	935.2	729.7
Net financial expenses	141.0	120.0	580.2	512.5
Depreciation, amortization and impairment	572.6	540.8	2,358.4	2,105.4
EBITDA	1,843.5	1,205.2	7,023.6	5,940.0
Adjusted for:
Net recovery on the resolution and remeasurement of certain long-standing legal matters	(260.9)	--	(260.9)	--
Acquisition costs	3.3	6.7	17.5	19.4
Gain on regulatory divestiture related to GetGo acquisition	--	--	(66.4)	--
Adjusted EBITDA	1,585.9	1,211.9	6,713.8	5,959.4

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 26, 2026	April 27, 2025	April 26, 2026	April 27, 2025
Net earnings attributable to shareholders of the Corporation	863.4	439.4	3,143.7	2,580.4
Adjusted for:
Net recovery on the resolution and remeasurement of certain long-standing legal matters	(260.9)	--	(260.9)	--
Net foreign exchange gain	(5.9)	(7.1)	(42.5)	(30.6)
Acquisition costs	3.3	6.7	17.5	19.4
Gain on regulatory divestiture related to GetGo acquisition	--	--	(66.4)	--
Tax impact of the items above and rounding	67.1	2.0	97.6	7.8
Adjusted net earnings attributable to shareholders of the Corporation	667.0	441.0	2,889.0	2,577.0
Weighted average number of shares - diluted (in millions)	918.9	948.6	932.6	950.6
Adjusted diluted net earnings per share	0.73	0.46	3.10	2.71

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 April 26, 2026	As at April 27, 2025
Short-term debt and current portion of long-term debt	879.1	690.2
Current portion of lease liabilities	559.0	523.9
Long-term debt	10,420.1	8,776.8
Lease liabilities	4,587.8	3,965.4
Interest-bearing debt	16,446.0	13,956.3
Less: Cash and cash equivalents	(3,111.3)	(2,263.0)
Net interest-bearing debt	13,334.7	11,693.3
Equity attributable to shareholders of the Corporation	16,178.9	14,946.8
Net interest-bearing debt	13,334.7	11,693.3
Total capitalization	29,513.6	26,640.1
Net interest-bearing debt to total capitalization ratio	0.45 : 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)	April 26, 2026	April 27, 2025
Net interest-bearing debt	13,334.7	11,693.3
Adjusted EBITDA	6,713.8	5,959.4
Leverage ratio	1.99 : 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)	April 26, 2026	April 27, 2025
Net earnings attributable to shareholders of the Corporation	3,143.7	2,580.4
Equity attributable to shareholders of the Corporation - Opening balance	14,946.8	13,189.2
Equity attributable to shareholders of the Corporation - Ending balance	16,178.9	14,946.8
Average equity attributable to shareholders of the Corporation	15,562.9	14,068.0
Return on equity	20.2 %	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)	April 26, 2026	April 27, 2025
Net earnings	3,149.8	2,592.4
Add:
Income taxes	935.2	729.7
Net financial expenses	580.2	512.5
EBIT	4,665.2	3,834.6
Capital employed - Opening balance⁽¹⁾	31,898.7	30,962.0
Capital employed - Ending balance⁽¹⁾	36,028.1	31,898.7
Average capital employed	33,963.4	31,430.4
Return on capital employed	13.7 %	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 April 26, 2026	As at April 27, 2025	As at April 28, 2024¹
Total Assets	43,516.7	38,301.9	37,218.0
Less: Current liabilities	(8,926.7)	(7,617.3)	(7,832.9)
Add: Short-term debt and current portion of long-term debt	879.1	690.2	1,066.8
Add: Current portion of lease liabilities	559.0	523.9	510.1
Capital employed	36,028.1	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 145,000 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 June 23, 2026 at 8:00 A.M. (EDT)

Couche-Tard invites analysts known to the Corporation to ask their questions to its management on June 23, 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 June 23, 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://link.meetingpanel.com 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

This press release includes certain statements that are "forward-looking statements" within the meaning of the securities laws of Canada. Any statement in this press release that is not a statement of historical fact may be deemed to be a forward-looking statement. When used in this press release, the words "believe", "could", "should", "intend", "expect", "estimate", "assume", "aim", "align", "maintain", "continue", "effect", "growth", "position", "seek", "strategy", "strive", "will", "may", "might" and other similar expressions, or the negative of these terms are generally intended to identify forward-looking statements. Couche-Tard's guidance is notably based on the material assumptions used in determining the forward-looking statements. See also the section "Business Outlook" of our management discussion and analysis for the 52-week period ended April 26, 2026, which is available on SEDAR+ under Couche-Tard's profile at www.sedarplus.ca.

Although we base the forward-looking statements contained in this press release on assumptions that we believe are reasonable, it is important to know that the forward‑looking statements in this press release describe our expectations in light of the information available to us as at June 22, 2026, which are inherently not guarantees of the future performance of Couche-Tard or its industry, and involve known and unknown risks and uncertainties that may cause Couche‑Tard's or the industry's outlook, 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), performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such statements. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of all relevant information. Although we believe there is a reasonable basis for the forward-looking statements, our actual results could be materially different from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. A change affecting an assumption can also have an impact on the degree of realization of a particular projection or other interrelated assumptions, which could increase or diminish the effect of the change. Assumptions such as synergies objective are based on our comparative analysis of organizational structures and current level of spending across Couche-Tard's network as well as on Couche-Tard's ability to bridge the gap, where relevant, and Couche-Tard's assessment of current contracts in the geographical areas of operations and how Couche-Tard expects 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. The achievement of our objectives is also based on assumptions relative to our ability to execute our development initiatives and strategic investments as planned, as well as market and economic assumptions relative to, among other, currencies, industry trends and macroeconomic development, tax laws or treaties applicable to Couche-Tard, regulations affecting our operations, and inflation rates. Finally, the achievement of 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. As a result, we cannot guarantee that any forward-looking statement will materialize and, accordingly, the reader is urged to consider the risks, uncertainties, and assumptions carefully in evaluating the forward-looking statements and is cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements do not take into account the effect that transactions or special items announced or occurring after the statements are made may have on our business. For example, they do not include sales of assets, monetization, mergers, acquisitions, other business combinations or transactions, asset write-down, the impact of pandemics and geopolitical conflicts and tensions, including, without limitation, the impacts of the hostilities and geopolitical tensions in the Middle East, or other charges announced or occurring after forward-looking statements are made.

The foregoing risks and uncertainties include the risks set forth under "Business Risks" in our management discussion and analysis for the 52-week period ended April 26, 2026, as well as other risks detailed from time to time in reports filed by Couche-Tard with securities authorities in Canada and available on SEDAR+ under Couche-Tard's profile at www.sedarplus.ca. The risks described in this press release and in those reports 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. None of the statements contained in this press release are intended to be, nor shall be deemed to be, representations or warranties of Couche-Tard and its affiliates. Where the information is from third-party sources, the information is from sources believed to be reliable, but Couche-Tard has not independently verified any of such information contained herein.

Our forward-looking statements in this press release speak only as of June 22, 2026, and unless otherwise required by applicable securities laws, we expressly disclaim any intention or obligation to update or revise forward‑looking statements, whether as a result of new information, future events or otherwise. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

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SOURCE Alimentation Couche-Tard inc.

Company Announcements

ALIMENTATION COUCHE-TARD ANNOUNCES ITS RESULTS FOR ITS FOURTH QUARTER AND FISCAL YEAR 2026