Core Strategy - Alimentation Couche-Tard Inc. introduced its "Core + More" strategy, which aims to strengthen core platforms while pursuing targeted investment opportunities for long-term profitable growth [1][2] - The strategy is designed to leverage the company's scale, network, and technology to enhance customer value and drive shareholder returns [2] Long-term Guidance - The company aims for a compound annual growth rate (CAGR) of 10% or more for adjusted diluted net earnings per share from the end of fiscal 2026 to fiscal 2030 [3] - Free cash flow for fiscal 2026 is expected to exceed US$2.5 billion [4] Financial Performance Metrics - The company projects a year-over-year growth rate of consolidated same-store merchandise revenues of 2% to 3% and total merchandise and service revenues growth of 4% to 5% [7] - Adjusted EBITDA is expected to grow by 6% to 8% [7] Recent Financial Results - For fiscal 2025, consolidated same-store merchandise revenues decreased by 0.4%, while total merchandise and service revenues were US$18.4 billion [8] - The total road transportation fuel gross profit for fiscal 2025 was US$6.4 billion, with total road transportation fuel revenues of US$53.9 billion [8] Operational Insights - The company employs approximately 149,500 people across its network of nearly 17,300 stores in 29 countries and territories [11] - Couche-Tard is recognized as a leader in the convenience store industry and road transportation fuel retail in various regions, including Canada and the United States [11]

Summary of Alimentation Couche-Tard 2026 Investor Day Company Overview - Alimentation Couche-Tard operates nearly 17,300 locations worldwide and employs approximately 150,000 team members, making it a leading destination for convenience and mobility [2][4] Strategic Growth Plans - The company plans to open over 100 new stores across North America this year, with over 1,000 new locations in the pipeline for future development [3] - The Fresh Food Fast program has gained momentum, with over 6,000 stores globally offering meal deals that are popular in North America [4] Customer Engagement and Loyalty - The Inner Circle loyalty program has surpassed 12.5 million members in the U.S., while the Extra 2.0 program is being rolled out in Europe [5] - The company sold 15.4 billion gallons of fuel last year, emphasizing its role in fueling customer journeys [4] Supply Chain and Operational Improvements - Three new U.S. distribution centers are being established to support 1,600 stores, enhancing delivery speed and reliability [7] - The RELEX inventory platform is being implemented to improve accuracy and reduce spoilage, with plans for rollout in North America [7] Employee Engagement and Culture - Couche-Tard has been recognized as an exceptional workplace by Gallup for four consecutive years, highlighting the importance of its one-team culture [8] Challenges and Learnings - The company faced unexpected consumer softness and inflationary pressures, which impacted the execution of its "10 For The Win" strategy [20] - Category changes and food execution complexities were identified as areas needing improvement [21] Successes and Achievements - Improved core operating metrics and people metrics have been noted, with a disciplined approach to network growth [22] - Digital transformation efforts have advanced significantly, positioning the company ahead in this area [23] Vision and Future Strategy - The new vision is to become the world's favorite stop for people on the go, adapting to changing consumer behaviors and preferences [46] - The strategy focuses on long-term profitable growth, emphasizing core business areas such as fuel, nicotine, and thirst [57] Financial Performance and Market Position - The company aims to grow organically, with a focus on increasing traffic to its stores [58] - Positive trends in traffic and market share in core categories have been observed, with a commitment to maintaining competitive fuel margins [71] Customer Promise and Values - The company emphasizes convenience, speed, and efficiency as key customer expectations, with ongoing investments in technology to enhance customer readiness [51] - Core values include humility, customer obsession, and a decentralized operating model that empowers local teams [27][28] Conclusion - Alimentation Couche-Tard is committed to leveraging its scale and operational excellence to drive growth and enhance customer experiences, while continuously adapting to market changes and consumer needs [64]

BUSINESS STRATEGY UPDATE 2026 2026 BUSINESS STRATEGY UPDATE 1 Video: Introduction 2026 BUSINESS STRATEGY UPDATE 2 INTRODUCTION Forward-Looking Statements The statements set forth in this presentation, which describes Couche-Tard's objectives, projections, estimates, expectations, and forecasts, including Couche-Tard's long-term and fiscal 2026 guidance, may constitute forward-looking statements within the meaning of securities legislation. Positive or negative verbs such as "believe", "can", "shall", "inten ...

Group 1 - Sunoco acquired Parkland Corp. for $9.1 billion in 2025, gaining over 3,600 retail sites in North America, including nearly 700 convenience stores in the U.S. [3] - Instead of selling the retail locations, Sunoco is expanding its retail presence, as evidenced by its recent acquisition of Duck Thru, which focuses solely on retail locations [4][7] - The Duck Thru acquisition includes 56 stores located in eastern North Carolina and southeast Virginia, which will be integrated into Sunoco Retail [7] Group 2 - Jernigan Oil Company, which began as a farm machinery business in 1948, plans to reinvest the proceeds from the sale of Duck Thru into its other business operations, including propane distribution and fuels transportation [5] - The acquisition of Pops Mart earlier in the year, which included 36 stores and a wholesale business, further demonstrates Sunoco's commitment to expanding its convenience store portfolio [4][7]

Core Insights - Kent Companies is undergoing a corporate reorganization to enhance leadership focus and support its significant expansion across nine states [9] - The company has more than doubled its store count since 2020, now operating 132 stores, with recent acquisitions and new store openings [6] Company Structure - The reorganization will split Kent's operations into two divisions: a retail group focused on convenience stores and a services group for other operations [9] - Brett Giseki has been appointed as president of the retail group, overseeing convenience store, foodservice, and merchandising operations [9] - Todd Watkins will lead the services group, which includes car-care businesses and other operational segments [10] Leadership Experience - Brett Giseki brings over 30 years of experience in the c-store industry, having previously served as president of Enmarket, where he oversaw growth from 57 to 139 locations [8] - Todd Watkins has been with Kent since 2017 and has played a key role in the company's expansion as COO [11]

Core Insights - VenHub is expanding its presence in the convenience store (c-store) industry with plans to grow its number of locations and enhance its technology offerings [3][6] - The company recently went public on the Nasdaq exchange and currently operates two autonomous c-stores [3][6] - VenHub has hired industry experts Tarang Sethia and Ian Rasmussen to lead its technology and global expansion efforts, indicating a commitment to leveraging experienced leadership for growth [4][6] Company Developments - Tarang Sethia has been appointed as executive vice president of product and technology, bringing significant experience from 7-Eleven and BP [6][8] - Sethia's role will focus on developing scalable tech systems to support VenHub's growth and improve unit economics [6][8] - Ian Rasmussen, known for his work on Amazon's Just Walk Out technology, has also joined VenHub to aid in its expansion and partnerships [4][6] Leadership and Strategy - CEO Shahan Ohanessian emphasized Sethia's expertise in transforming retail operations into technology-driven enterprises, which aligns with VenHub's innovation goals [5][6] - The hiring of experienced leaders from established companies reflects VenHub's strategy to enhance its industry reputation and operational capabilities [4][6][9] - Sethia's previous achievements include building BP's retail operating system and advancing digital platforms at 7-Eleven, showcasing his capability to drive technological advancements [8][9]

Core Viewpoint - Investors should closely monitor Casey's General Stores, Inc. (CASY) stock due to significant movements in the options market, particularly the high implied volatility of the Feb. 20, 2026 $370 Put option [1] Company Analysis - Casey's General Stores currently holds a Zacks Rank 1 (Strong Sell) within the Retail - Convenience Stores industry, which ranks in the top 2% of the Zacks Industry Rank [3] - Over the past 60 days, two analysts have raised their earnings estimates for the current quarter, resulting in an increase of the Zacks Consensus Estimate from $2.93 per share to $2.94 [3] Options Market Insights - The high implied volatility surrounding Casey's shares indicates that options traders are anticipating a significant price movement, which could suggest an upcoming event that may lead to a substantial rally or sell-off [2][4] - Seasoned options traders often seek to sell premium on options with high implied volatility, aiming to benefit from the decay of the option's value if the underlying stock does not move as much as expected [4]

Core Insights - Maverik has appointed Meghann Erhart as chief commercial officer to drive business-to-business growth and expand strategic partnerships [1][2] - Erhart brings over 15 years of experience from Pilot Company and two years from Relay Payments, indicating a strong background in supply chain, logistics, and technology [2] - The company has undergone significant leadership changes recently, including the hiring of several new executives and the dismissal of its chief development officer [5][6] Group 1 - Meghann Erhart's role will focus on shaping Maverik's commercial roadmap and accelerating growth [1][2] - Erhart expressed enthusiasm for Maverik's mission and the opportunity to contribute to its growth [3][5] - The company has completed the rebranding of nearly 400 Kum & Go convenience stores, marking a significant integration milestone [6] Group 2 - Recent leadership changes at Maverik include the appointment of Brian Hyde as VP of optimization and Steven Rupe as VP of finance [5] - The company aims to leverage its new leadership to foster innovation and drive momentum in the market [6] - Erhart's appointment is part of a broader strategy to enhance Maverik's competitive position in the convenience store industry [1][6]

Group 1 - RaceTrac is enhancing its loyalty program in collaboration with Capillary Technologies, focusing on AI-led solutions to improve customer engagement and retention [5][8] - The updated loyalty program will feature a tiered structure that allows customers to stack and combine offers, providing more personalized promotions across RaceTrac's 600+ stores [8] - The trend of tiered loyalty programs is gaining traction in the convenience retail sector, with other companies like Circle K and Sheetz also implementing similar strategies to reward loyal customers and incentivize infrequent visitors [6][8] Group 2 - RaceTrac has been making significant technological advancements, including appointing its first chief information officer and introducing new fuel pump technology, which positions the company as a leader in operational innovation within the c-store industry [3][4] - The partnership with Capillary aims to create a modern loyalty program that not only meets current customer expectations but also anticipates future needs, enhancing the emotional connection with customers [5]

Casino Group and Spar International commit to a long-term partnership Paris, 5 February 2026 Casino Group announces a major development in its partnership with SPAR International, marking the transition from an agreement that was historically renewable every ten years to an agreement secured until 2039 and designed to continue beyond. Building on nearly 30 years of collaboration, Casino Group and SPAR International have chosen to anticipate the expiry of the current contract in order to place their relation ...