Alimentation Couche-tard Stock Earnings Reports

Key points for investors: Couche-Tard delivered another quarter of operational momentum with positive same-store sales across all major geographies (U.S. +1.2%, Canada +5.4%, Europe & other +0.5%). Food continues to be a primary growth driver—meal-deal adoption accelerated (10M bundles sold in the quarter and the company surpassed 1 million meal deals per week early in Q3), contributing to traffic, basket growth and margin expansion (food-service gross margin +400 bps y/y; shrink at a 9-quarter low). Loyalty progress: Inner Circle surpassed ~12.5 million U.S. members with strong engagement metrics (85% fuel activation, 65% in-store). Supply-chain and distribution investments progressed: first of three new U.S. DCs opened (supporting ~1,600 stores per the three DCs) and ~3,200 stores in North America to be supported by self-distribution; RELEX pilot and other digital/operational investments underway. E-mobility and rebranding: Circle K branded fast chargers and TotalEnergies retail rebrands advancing in Europe. Financials: adjusted net earnings returned to positive territory (reported net earnings attributable to shareholders $741M; adjusted net earnings ~$734M, +5.4% y/y); adjusted EBITDA +6.2% y/y. Merchandise & service gross margins expanded across regions and fuel margins improved; normalized SG&A growth remains controlled (in line with inflation) while targeted investments continue. Capital allocation: ~16.6M shares repurchased (~$900M) in the quarter (plus subsequent repurchases), $1.6B of net debt refinancing, CAD 0.215 quarterly dividend (+10.3%), ~$2B cash and $3B available on revolver; leverage ~2.21x. Management tone: cautiously optimistic — focused on execution, margin expansion, disciplined investment and M&A pipeline activity, while recognizing macro/consumer risks.