#1Couche Tord Q3-FY24 Investor Presentation DELIVERED DO FAVOR Cohe Tand0 3. O 1349 CIRCLE CIRCLE K CIRCLE K Omiles Omiles omil ⑩ Omiles PLUS Omiles PLUS ingo le bec 04#2Forward-Looking Statements Certain statements in this presentation may constitute forward looking statements within the meaning of securities laws of Canada, including Couche-Tard's financial outlook and related EBITDA ambition. Any statement in this presentation that is not a statement of historical fact may be deemed to be a forward-looking statement. When used in this presentation, the words "believe", "could", "should", "intend", "expect", "estimate", "assume", and other similar expressions are generally intended to identify forward-looking statements. Such statements are based upon the current beliefs and expectations of Couche-Tard and are subject to significant risks and uncertainties outside of Couche-Tard's control, which may cause actual results to differ materially from the expectations expressed in its forward-looking statements. Forward-looking statements do not consider the effect that transactions or special items announced or occurring after the statements are made may have on Couche-Tard's business. Couche-Tard's financial outlook and related EBITDA ambition for fiscal 2028 are based on the following material assumptions: • A comprehensive evaluation of each initiative (Winning Offer, Winning Fuel, Winning the Customer and Winning Growth, all supported by the Foundation, which includes Fit to Serve, all described in more detail in this presentation and the fact that Couche-Tard will be able to execute according to the established plans when it relates to organic growth initiatives; ⚫Our ability to identify and complete strategic acquisitions and expected synergies to be realized through business acquisitions; • Synergies and cost savings objective that 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; ⚫ Couche-Tard's ability to establish and maintain an effective process for sharing best practices across its network; • Our ability to integrate acquired businesses; and ⚫ Couche-Tard's best assessment of the current macroeconomic environment, including ongoing global supply chain and inflationary pressures, foreign currency volatility, the repercussions of the ongoing military conflict between Ukraine and Russia, COVID-19 variants, other related disruptions and other risks described in the section "Business Risks" of our Management Discussion & Analysis for the year ended April 30, 2023, as filed on SEDAR+ at www.sedarplus.ca. Couche-Tard would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated in or underlying these statements, or could have an impact on the degree of realization of a particular projection. For a description of certain material risk factors that may cause actual results to differ materially from forward-looking information, please also refer to the section "Business Risks" of our Management Discussion & Analysis for the year ended April 30, 2023, as well as other risks detailed from time to time in reports filed by Couche-Tard with securities regulators in Canada as filed on SEDAR+ at www.sedarplus.ca. Unless otherwise required by applicable securities laws, Couche-Tard disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this presentation is based on information available as of the date of the presentation. This presentation is not, and under no circumstances is to be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of securities. Under no circumstances should the information contained herein be considered an offer to sell or a solicitation of an offer to buy any securities. While the information contained in this presentation is believed to be accurate, Couche Tard expressly disclaims any and all liability for any losses, claims or damages of whatsoever kind based upon the information contained in, or omissions from, this presentation or any oral communication transmitted in connection therewith. In addition, none of the statements contained in this presentation 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. Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#3Non-IFRS® Accounting Standards Measures Q3-24 ACT Investor Presentation CIRCLE K ingo#4Non-IFRS Accounting Standards Measures Non-IFRS Accounting Standards Measures To provide more information for evaluating the Corporation's performance, the financial information included in this presentation 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 this presentation: 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 and net interest-bearing debt; Free cash flow, including Net capex and Other. The following Non-IFRS Accounting Standards ratios are used in this presentation: Road transportation fuel gross margin and Road transportation fuel breakeven gross margin; 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; Capex as % of EBITDA; Free cash flow to EBITDA. 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 are mainly derived from the consolidated financial statements, but do not have standardized meanings prescribed by IFRS Accounting Standards. These Non-IFRS Accounting Standards measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS Accounting Standards. In addition, our definitions of Non-IFRS Accounting Standards measures may differ from those of other public corporations. Any such modification or reformulation may be significant. These measures are also adjusted for the pro forma impact of our acquisitions and impacts of new accounting standards, if they are considered to be material. Gross profit. Gross profit consists of revenues less the cost of sales, excluding depreciation, amortization and impairment. This measure is considered useful for evaluating the underlying performance of our operations. The table below reconciles revenues and cost of sales, excluding depreciation, amortization and impairment, as per IFRS Accounting Standards, to gross profit: (in millions of US dollars) Revenues Cost of sales, excluding depreciation, amortization and impairment Gross profit 16-week period 16-week period ended ended February 4, 2024 January 29, 2023 19,622.0 16,180.5 3,441.5 53-week period ended April 30, 2023 20.055.1 71,856.7 16.654.6 59.804.6 52-week period ended April 24, 2022 62,809.9 51,805.1 3,400.5 12.052.1 11,004.8 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" of our Management Discussion & Analysis for the 53-week period ended April 30, 2023 and for the 16 and 40-week periods ended February 4, 2024 available on SEDAR+ at www.sedarplus.ca. Q3-24 ACT Investor Presentation CIRCLE ingo#5Non-IFRS Accounting Standards Measures Road transportation fuel gross margin. Road transportation fuel gross margin consists of Road transportation fuel gross profit Road transportation fuel breakeven gross margin. Road transportation fuel breakeven gross margin consists of Road divided by total volume of road transportation fuel sold. For the United States and Europe and other regions, both measures transportation fuel gross profit, for which the calculation methodology is described in another table of this section, less are presented in US dollars. For Canada, this measure is presented in functional currency. The tables below reconcile, for road Earnings before income taxes divided by total volume of road transportation fuel sold. This measure is considered useful for transportation fuel, Revenues and Cost of sales, excluding depreciation, amortization and impairment, as per IFRS Accounting evaluating the underlying performance and efficiency of our operations. 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. For Canada (in millions of Canadian dollars, unless otherwise noted) Road transportation fuel revenues Road transportation fuel cost of sales, excluding depreciation, amortization and impairment Road transportation fuel gross profit Total road transportation fuel volume sold (in millions of liters) Road transportation fuel gross margin (CA cents per liter) For United States (in millions of US dollars, unless otherwise noted) Road transportation fuel revenues Road transportation fuel cost of sales, excluding depreciation, amortization and impairment Road transportation fuel gross profit Total road transportation fuel volume sold (in millions of gallons) Road transportation fuel gross margin (US cents per gallon) For Europe and other regions (in millions of US dollars, unless otherwise noted) Road transportation fuel revenues Road transportation fuel cost of sales, excluding depreciation, amortization and impairment. Road transportation fuel gross profit Total road transportation fuel volume sold (in millions of liters) Road transportation fuel gross margin (US cents per liter) 16-week period 16-week period 53-week period 52-week period ended February 4, 2024 ended January 29, 2023 ended April 30, 2023 ended April 24, 2022 (in millions of US dollars, unless otherwise noted) Road transportation fuel gross profit Earnings before income taxes 2.273.7 2,475.2 8,412.4 6,703.8 Road transportation fuel breakeven 2,053.3 2.253.7 220.4 221.5 1,696.9 12.99 1,769.0 12.52 7,686.7 725.7 5,690.1 12.75 6,085.5 618.3 5,264.8 11.74 Total road transportation fuel volume sold (millions of gallons) Road transportation fuel breakeven gross margin (US cents per gallon) 16-week period ended February 4, 2024 8,737.7 16-week period ended January 29, 2023 9,411.5 53-week period ended April 30, 2023 35.232.1 52-week period ended April 24, 2022 30.115.0 7,545.9 8.145.6 30.856.5 26.488.6 1,191.8 1,265.9 4,375.6 3.626.4 2,759.2 43.19 2,702.2 46.85 9.209.7 47.51 9.152.9 39.62 16-week period ended February 4, 2024 3,918.5 16-week period ended January 29, 2023 3,475.5 53-week period ended April 30, 2023 11.837.7 52-week period ended April 24, 2022 9.892.0 3,607.3 3,222.7 10,803.3 8,834.3 311.2 3,634.8 252.8 3,157.0 1,034.4 1.057.7 10.365.7 10.722.7 8.56 8.01 9.98 9.86 Q3-24 ACT Investor Presentation 53-week period ended April 30, 2023 5,956.6 52-week period ended April 24, 2022 5,177.1 3,929.1 3,417.6 2,027.5 1,759.5 13,451.2 15.07 13,376.4 13.15 CIRCLE ingo#6Non-IFRS Accounting Standards Measures 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. 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): (in millions of US dollars, unless otherwise noted) Merchandise and service revenues for Europe and other regions. Adjusted for: Service revenues Net foreign exchange impact 16 week periods ended February 4, 2024 January 29, 2023 January 29, 2023 January 30, 2022 787.5 713.0 713.0 715.9 (78.7) (61.3) (61.3) (61.4) 15.3 (55.2) Merchandise revenues not meeting the definition of same-store Same-store merchandise revenues from stores not included in our consolidated results, including the impact of store conversions (78.6) (9.2) (27.9) (2.8) 73.7 48.2 92.8 95.7 Total Same-store merchandise revenues for Europe and other regions Growth of (decrease in) same-store merchandise revenues for Europe and other regions 703.9 706.0 716.6 692.2 (0.3%) 3.5% (in millions of US dollars, unless otherwise noted) Merchandise and service revenues for Europe and other regions Adjusted for: Service revenues Net foreign exchange impact Merchandise revenues not meeting the definition of same-store Same-store merchandise revenues from stores not included in our consolidated results, including the impact of store conversions Total Same-store merchandise revenues for Europe and other regions Growth of same-store merchandise revenues for Europe and other regions Q3-24 ACT Investor Presentation 53 week period ended April 30, 2023 2,386.7 52 week period ended April 24, 2022 2.429.1 52-week period ended April 24, 2022 2,429.1 52-week period ended April 25, 2021 1,830.8 (200.5) (205.0) (205.0) (178.4) (178.4) (21.9) (93.9) (50.5) (1472) (152.0) 332.7 357.1 400.0 859.7 2,425.0 2.352.3 2,476.9 2,338.2 3.1% 5.9% CIRCLE ingo#7Non-IFRS Accounting Standards Measures 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: (in millions of US dollars) Net eamings Add: Income taxes Net financial expenses Depreciation, amortization and impairment EBITDA Adjusted for: 16-week period ended February 4, 2024 16-week period 53 week period ended January 29, 2023 624.4 737.4 ended April 30, 2023 3,090.9 52-week period ended April 24, 2022 2.683.3 176.2 206.7 838.2 734.3 130.3 82.5 306.7 281.0 537.5 463.2 1.525.9 1,545.7 1.468.4 1,489.8 5,761.7 5.244.3 Acquisition costs 5.6 2.7 13.7 6.7 Cloud computing transition adjustment Adjusted EBITDA 1.474.0 1,492.5 5.775.4 15.1 5,266.1 Q3-24 ACT Investor Presentation CIRCLE ingo#8Non-IFRS Accounting Standards Measures Earnings before interest, taxes, depreciation, amortization and impairment ("EBITDA") ambition for fiscal 2028. The table below reconciles EBITDA for the 53-week period ended April 30, 2023, for which the calculation methodology is described in another table of the section, to the EBITDA ambition for fiscal 2028. Every mention of the EBITDA ambition for fiscal 2028 in this presentation should be read in conjunction with this table. EBITDA ambition for fiscal 2028 represents a Non-IFRS Accounting Standards measure that is forward-looking information, please refer to the "Forward-Looking Statements" section of this presentation for additional information. (in millions of US dollars) EBITDA for the 53-week period ended April 30, 2023 Add: Impact of initiatives Winning offer Win in food Own thirst Private brands Winning Fuel Winning the customer Build fans through loyalty Other initiatives Winning growth 5,761.7 150.0 250.0 120.0 450.0 200.0 70.0 New to industry, Raze and rebuild and relocations 400.0 New mergers and acquisitions opportunities 1,100.0 Acquisition of certain retail assets from TotalEnergies SE 700.0 Fit to serve EBITDA ambition for fiscal 2028 800.0 10.001.7 Q3-24 ACT Investor Presentation CIRCLE ingo#9Non-IFRS Accounting Standards Measures 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, such as the reclassification adjustment of gain on forward starting interest rate swaps, and the impact of the non- controlling interests on the items mentioned previously. Please note that the changes in the composition of this measure relating to the net earnings attributable to shareholders of the Corporation and the impact of the non-controlling interests on the items mentioned previously are to reflect the impact of the addition of non-controlling interests during the quarter. 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: Interest-bearing debt, net interest-bearing debt and leverage ratio. Interest bearing-debt is 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, and is considered useful to facilitate the understanding of our financial position in relation with financing obligations. Net interest-bearing debt corresponds to the previous measure minus Cash and cash equivalents and is considered useful to assess our financial health, risk profile, and ability to meet our financing obligations. Leverage ratio 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 and pro forma impact of the acquisition of certain European retail assets from TotalEnergies SE for the 53-week period ended February 4, 2024. Please note that the change in the composition of this measure relating to the pro forma impact of the acquisition of certain European retail assets from TotalEnergies SE is, as described in the opening remarks of this section, to reflect the impact of acquisitions deemed materiall in our ability to cover our net financing obligations for the period where the financing obligations related to the acquisition are included in net interest-bearing debt. The table below reconciles net interest-bearing debt and adjusted EBITDA, for which the calculation methodology is described in another table of this section, as well as the pro forma impact of the acquisition of certain European retail assets from TotalEnergies SE, with the leverage ratio: (in millions of US dollars, except per share amounts, or unless otherwise noted) Net earnings attributable to shareholders of the Corporation Adjusted for: Acquisition costs 16-week period ended February 4, 2024 16-week period ended January 29, 2023 623.4 737.4 53 week period ended April 30, 2023 3,090.9 52-week period ended April 24, 2022 2,683.3 Net foreign exchange (gain) loss Loss on convertible promissory notes recorded at fair value through earnings or loss prior to their maturity 5.6 2.7 13.7 (5.4) 1.6 0.7 6.7 (20.7) (in millions of US dollars, except ratio data) Short-term debt and current portion of long-term debt Current portion of lease liabilities Long-term debt Lease liabilities Interest-bearing debt Less: Cash and cash equivalents Net interest-bearing debt 26.4 Adjusted EBITDA Impairment of our investment in Fire & Flower 23.9 33.7 Pro forma adjustments) Impairment and impact of deconsolidation of Russian subsidiaries 56.2 Adjusted EBITDA and pro forma adjustments Leverage ratio 53-week period ended 53-week period ended As at 52-week period ended February 4, 2024 2,162.9 503.2 April 30, 2023 0.7 438.1 April 24, 2022 1.4 425.4 8.376.0 5.888.31 5,963.6 3,648.5 3.146.5 3,049.5 14,690.6 9,473.6 9.439.9 (1,036.1) (834.2) (2.143.9) 13,654.5 8,639.4 7,296.0 5,794.5 5,775.4 5,266.1 445.9 6,240.4 5,775,4 5,266. 2.19:1 1.50:1 1.39:1 Cloud computing transition adjustment 15.1 Tax impact of the items above and rounding 1.4 Adjusted net earnings attributable to shareholders of the Corporation Weighted average number of shares diluted (in millions) 625.0 (0.7) 741.0 963.8 1,005.9 (3.6) 3,152.0 1.009.5 (4.3) (1) 2,770.0 1,063.5 Adjusted diluted net earnings per share 0.65 0.74 3.12 2.60 The information as at April 30, 2023, has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for the acquisition of True Blue Car Wash LLC. (2) Represents the pre-acquisition EBITDA estimate of the European retail assets acquired from TotalEnergies SE from January 30, 2023 to the acquisition date, as well as the estimated impact of synergies stemming from the transaction for the same period. EBITDA used in determining this adjustment is derived from unaudited financial information. Please refer to the "Forward-Looking Statements" section of this presentation for additional information on expected synergies. Q3-24 ACT Investor Presentation CIRCLE ingo#10Non-IFRS Accounting Standards Measures Free cash flow, including Net capex and Other items. Free cash flow consists of EBITDA minus i) Purchase of property and equipment, intangible assets and other assets ("Capex") net of Proceeds from disposal of property and equipment and other assets (together "Net Capex") and ii) Interest and early redemption premiums paid, Principal elements of lease payments, Income taxes paid net and Cash dividends paid, net of Interest and dividends received (together "Other items"). This measure is considered useful to management, investors and analysts as it demonstrates our efficiency at generating cash. The table below reconciles EBITDA, for which the calculation methodology is described in "Earnings before interest, taxes, depreciation, amortization and impairment ("EBITDA") and adjusted EBITDA" of this section, to free cash flow: (in millions of US dollars) Free cash flow to EBITDA. Free cash flow to EBITDA consists of Free cash flow divided by Earnings before interest, taxes, depreciation, amortization and impairment ("EBITDA"), for which the calculation methodologies are described in other tables of this section. This measure is considered useful to management, investors and analysts as it demonstrates our efficiency at generating free cash flows. (in millions of US dollars, unless otherwise noted) Free cash flow EBITDA Free cash flow to EBITDA 53-week period 52-week period ended ended April 30, 2023 5,761.7 April 24, 2022 5.244.3 53-week period ended 52-week period ended April 30, 2023 2,377.8 5,761.7 41 % April 24, 2022 2,203.0 5,244.3 42 % EBITDA Less: Purchase of property and equipment, intangible assets and other assets ("Capex") Less: Proceeds from disposal of property and equipment, assets held for sale and other assets Net Capex Less: Interest and early redemption premiums paid Principal elements of lease payments Income taxes paid, net Cash dividends paid Less: Interest and dividends received Other items Free cash flow Q3-24 ACT Investor Presentation 1,803.8 262.1 1,541.7 1,664.5 403.3 1,261.2 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 53 and 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: 353.6 329.7 438.9 443.6 (in millions of US dollars, unless otherwise noted) 794.5 714.6 377.7 330.1 122.5 37.9 1,842.2 1,780.1 2,377.8 2,203.0 Net earnings attributable to shareholders of the Corporation Equity attributable to shareholders of the Corporation - Opening balance Equity attributable to shareholders of the Corporation - Ending balance Average equity attributable to shareholders of the Corporation Return on equity 53-week period ended April 30, 2023 3,090.9 52-week period ended April 24, 2022 2,683.3 12.437.6 12.180.9 12,564.5 12.437.6 12.501.1 24.7% 12.309.3 21.8% CIRCLE ingo#11Non-IFRS Accounting Standards Measures 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 the opening and ending balance of capital employed for the 53 and 52-week periods. The table below reconciles net earnings, as per IFRS Accounting Standards, to EBIT with the ratio of return on capital employed: Capex as % of EBITDA. Capex as % of EBITDA consists of Purchases of property and equipment, intangibles assets and other assets ("Capex"), divided by Earnings before interest, taxes, depreciation, amortization and impairment ("EBITDA"), for which the calculation methodology is described in "Earnings before interest, taxes, depreciation, amortization and impairment ("EBITDA") and adjusted EBITDA" of this section. This measure is considered useful to management, investors and analysts as it puts into relation our financial performance and the level of capital investments we are making in our network. (in millions of US dollars, unless otherwise noted) 53-week period 52-week period Purchases of property and equipment, intangible assets and other assets ("Capex") EBITDA ended April 30, 2023 3,090.9 ended April 24, 2022 2,683.3 Capex as % of EBITDA 53-week period ended April 30, 2023 1,803.8 5,761.7 31 % 52-week period ended April 24, 2022 1,664.5 5,244.3 32 % (in millions of US dollars, unless otherwise noted) Net earnings Add: EBIT Income taxes Net financial expenses Capital employed - Opening balance) Capital employed - Ending balance Average capital employed Return on capital employed 838.2 306.7 734.3 281.0 4,235.8 3,698.6 24,001.0 23,971.5 24,330.7 24,001.0 24,165.9 23,986.3 17.5% 15.4% (1) The information as at April 30, 2023, has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for the acquisition of True Blue Car Wash LLC. (2) The table below reconciles balance sheet line items, as per IFRS Accounting Standards, to capital employed: As at As at As at (in millions of US dollars). Total Assets Less: Current liabilities Add: Short-term debt and current portion of long-term debt Add: Current portion of lease liabilities April 30, 2023 29,058.4 (5,166.5) 0.7 438.1 April 24, 2022 29.591.6 (6,017.4) 1.4 425.4 April 25, 2021 28,394.5 5,949.7 1,107.3 419.4 Capital employed 24,330.7 24,001.0 23,971.5 Q3-24 ACT Investor Presentation CIRCLE ingo#12Company Highlights Q3-24 ACT Investor Presentation CIRCLE K ingo#13A Storied History of Entrepreneurship & Dynamic Growth Couche-Tard BIGFORT STATOIL TOPAZ Circle K 180kW Alain Bouchard, Jacques D'Amours, Richard Fortin, Réal Plourde, Our Founders 2001 Entry into U.S. Acquired Bigfoot stores in the Midwest 2012 Expansion into Europe Acquired Statoil Fuel & Retail, a leading Scandinavian fuel and convenience retailer 2016 Expansion in Ireland & Canada Acquired Topaz, a leader in Ireland and Esso-branded fuel and retail sites in Ontario & Quebec 2020 Grow into Asia Acquired Circle K franchise stores in Hong Kong and Macau 2022 Started EV journey in NA Launched first Couche-Tard & Circle K EV chargers in South Carolina & Quebec 1980-2000 2000-2010 2010-2016 2017-2020 2021-present 1980 Opened our first convenience store in Laval, Québec 2003 Purchased Circle Corporation from ConocoPhillips 2015 Launched our global Circle K brand Added the Pantry, Inc., in the Southeastern U.S K CORNER 2017 Acquired CST and Holiday Station stores in the U.S 2021-22 Winning culture Named a Forbes World's Best Workplaces of 2021 & recognized as a Gallup Exceptional Workplace 2023-24 Transformative Acquisition in Europe 2,175 retail assets in Germany and the Benelux Te TotalEnergies Q3-24 ACT Investor Presentation CIRCLE ingo#14Spanning Continents and Bridging Markets OUR SITES TOTAL UNITED-STATES 16,715 7,153 CANADA 2,154 EUROPE AND OTHER REGIONS1 5,288 INTERNATIONAL² 2,120 29 Countries³ and 29 Business Units³ Core network International licensees Coast-to-coast presence in Canada and located in 47 of 50 U.S. states and leading market share across many markets in Europe Note: Store count as of February 4, 2024. Includes 1259 automats. 1 Europe and Other Regions store count includes 386 stores in Hong Kong. 2 International store count is comprised of stores operating under license. 3 As at end of Q3-2024. Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#15Our Executive Leadership Team Brian Hannasch President and Alex Miller Chief Operating Officer Kevin Lewis Chief Growth Officer Ina Strand Chief People Officer Filipe Da Silva Chief Financial Officer Chief Executive Officer Ed Dzadovsky Chief Technology Officer Mette Uglebjerg Interim SVP, Operations Jørn Madsen SVP, Operations Trey Powell SVP, Global Merchandising Louise Warner SVP, Global Fuels Brian Bednarz SVP, Operations Mathieu Bolté SVP, Finance Q3-24 ACT Investor Presentation Kathleen Cunnington SVP, Global Business Services Suzanne Poirier SVP, Operations Stéphane Trudel SVP, Operations Melanie Charbonneau Chief Legal Officer Hans-Olav Høidahl EVP, Operations, Europe Niall Anderton SVP, Strategy and Transformation Aaron Brooks SVP, Real Estate CIRCLE ingo#16Global Retailer in Fuel and Convenience CHCLEQ no nn K ~16,700 stores globally ~5,700 sites offering Fresh Food, Fast 150,000 employees CIRCLE ~35 million gallons of fuel sold per day¹ ~6,400 sites offering Circle K Fuel ~8.5 million customers served per day¹ Note: All figures as of February 4, 2024, unless otherwise noted 1 As at April 30, 2023 Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#17Revenue and Gross Profit¹ Mix Geographic Mix 13% 12% 21% 17% 71% 66% Revenue Product Mix 2% 24% 1% Gross Profit 1,2- 50% 49% 74% United States Europe & Other Canada Merchandise and Service Fuel Other ~65% of transactions are convenience only, while ~25% are fuel only, and ~10% are a mix of both Note: All figures based on results for fiscal year ended April 30, 2023 1 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 2 For additional information on reconciling these measures with our consolidated results, please refer to the section "Summary analysis of consolidated results for fiscal 2023" of our Management Discussion & Analysis for the 53-week period ended April 30, 2023, available on SEDAR+ at www.sedarplus.ca. Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#18Latest Highlights Merch. SSS - US¹ (1.5%) FY2023 Q3-2024 Merch. SSS - Europe and Other Regions² (0.3%) Merch. SSS - Canada¹ (1.2%) Merch. & Service Sales $17.3 billion Fuel Gallons Sold4 13.5 billion SS Volume - US¹ (0.8%) Net Earnings Growth Y/Y3 (15.3%) Adj. EBITDA Growth Y/Y2,3 (1.2%) SS Volume - Europe and Other Regions¹ (1.9%) Diluted EPS Growth Y/Y3 (11.0%) Leverage Ratio 2,4 2.19 SS Volume - Canada¹ +0.2% Adj. Diluted EPS Growth Y/Y2,3 (12.2%) Adj. EBITDA 2,4 $5.8 billion Diluted EPS4 $3.06 Return on Equity2,4 24.7% Net Earnings4 $3.1 billion Adj. Diluted EPS2,4 $3.12 ROCE 2,4 17.5% 1 For company-operated stores only. For Merch. SSS, this measure represents the growth of (decrease in) cumulated 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. Presented on a comparable basis of 16 and 52 weeks. 2 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 3 Year-over-year growth calculated from January 29, 2023 to February 4, 2024. 4 On a 53-week basis Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#19Our Vision and Our Mission Our Vision Our Mission To become the world's preferred destination for convenience and mobility. ୦୦୧ K One Team CBCLI Do The Right Thing сиси To make our customers' lives a little easier every day. Q3-24 ACT Investor Presentation Take Ownership CHICLE Play To Win CRCU CIRCLE ingo#2010 for the Win Compelling Investment Opportunity Untapped organic growth Sustainability of fuel gross margins Financial discipline & cost efficiencies Power of Circle K brand & loyalty Ticker Symbol TSX: ATD Mastering the Customer Journey and Offering Advantaged Fuel Gross Margins Low-Cost Operator; Generating synergies¹ between 30% to 60% of the pre-closing EBITDA² High Customer Satisfaction: NPS Excellence Strong balance sheet for M&A ambitions >>>> Culture & Team Superior Capital Cost Advantage One team, Take ownership, Do the right thing, Play to win 1 Synergies are destined to illustrate additional benefits stemming from business acquisitions. They might not be suitable for other needs. 2 EBITDA, which refers to earnings before interest, taxes, depreciation, amortization and impairment, does not represent a performance measure under IFRS Accounting Standards and does not have standardized meanings prescribed by IFRS Accounting Standards. This non-IFRS Accounting Standards measure should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS Accounting Standards. In addition, the definitions of non-IFRS Accounting Standards measures may differ from those of other public corporations, including Couche-Tard's. Any such modification or reformulation may be significant. Q3-24 ACT Investor Presentation CIRCLE ingo#21Industry Overview Q3-24 ACT Investor Presentation CIRCLE K ingo#22Revenues billions USD Source: Nielsen IQ 15-year CAGR % The Dynamic Momentum of Convenience $286.5 United States +2.6%¹ 2022 2027 $326.4 Q3-24 ACT Investor Presentation Revenues in billions USD 2022 $8.1 Canada +3.0%¹ 2027 $9.4 Revenues in billions USD $228.1 2022 Europe +2.7%¹ 2027 $260.9 CIRCLE ingo#232006 145,119 Fragmented U.S. Market Provides Consolidation Opportunities Total stores 175,000 150,000 125,000 100,000 75,000 50,000 25,000 0 89,957 90,683 55,162 55,611 89,567 55,308 90,049 54,492 91,815 54,526 Source: NACS State of the Industry Report of 2022 Data. ■Single Stores ■Chain Stores 93,209 54,917 93,819 55,401 95,056 56,226 96,318 56,476 Chain Size 2022 150,174 Total stores 97,359 56,836 97,504 57.031 97,643 57,315 95,445 57,792 95,108 57,612 92,196 58,078 89,336 58,690 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q3-24 ACT Investor Presentation 90,423 59,751 101-500 500+ 21% 7% 11-100 9% Single 60% 2-10 3% CIRCLE Ⓡ ingo#242005 I$151.1 2006 $163.6 2007 $168.5 2008 $173.9 2009 $182.4 2010 $190.4 2011 Source: NACS State of the Industry Report of 2022 Data. Attractive Channel Within Broader Retail Industry Inside Sales (in billions) Pretax Income (in billions) 2012 2013 2014 2015 CAGR 4.2% $195.0 $199.3 $204.0 2016 $213.5 $225.8 $233.0 2017 2018 $237.0 $242.2 2019 $251.9 2020 2021 2022 $255.6 $277.9 $302.9 Q3-24 ACT Investor Presentation 2005 $5.9 2006 $4.8 2007 $3.5 Industry inside sales grew for the 17th consecutive year 2008 $5.2 2009 $4.8 2010 $6.5 2011 $7.0 2012 $7.2 2013 $7.1 2014 $10.4 2015 $10.6 2016 $10.2 CAGR 11.8% 2017 $10.4 2018 $11.0 2019 $11.9 2020 $16.0 2021 $17.5 2022 $39.3 | CIRCLE ⑬ ingo#25Recession Resilient 25.0% 20.0% Growth of (Decrease in) Same-Store Merchandise Revenues (%)¹ US SSS² EUR SSS CAN SSS 15.0% 10.0% 5.0% (5.0%) (10.0%) (15.0%) 88888888888888888 15.0% 10.0% 5.0% (5.0%) (10.0%) (15.0%) (20.0%) (25.0%) (30.0%) 444444444 4444444444444 8888888888888888888 60.00 50.00 40.00 30.00 20.00 10.00 Growth of (Decrease in) Same-Store RTF Volume (%)² US SSV 16.00 EUR SSV CAN SSV 14.00 12.00 10.00 8.00 6.00 4.00 2.00 222- 3333 8888888888888888 588 1688 U.S. RTF Gross Margin (CPG)³ 333333333 888 888888888888888888888888888 Canada RTF Gross Margin (CPL)³ 1 For Same-Store Merchandise Revenues (SSS), this measure represents the growth of (decrease in) cumulated 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. Presented on a comparable basis of 12 weeks or 16 weeks for the third quarter. If a quarter has 13 weeks, it is compared on a 12-week basis. Merchandise revenues are defined as Merchandise and service revenues excluding service revenues. 2 For company-operated stores only. Presented on a comparable basis of 12 weeks or 16 weeks for the third quarter. If a quarter has 13 weeks, it is compared on a 12-week basis. 3 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#26$2,500.0 $2,000.0 $1,500.0 $1,000.0 $500.0 S- Q1-FY04 Q2-FY04 Q3-FY04 Q4-FY04 Q3-24 ACT Investor Presentation Q1-FY05 Q2-FY05 Q3-FY05 Q4-FY05 Q1-FY06 Q2-FY06 03-FY06 04-FY06 Q1-FY07 Q2-FY07 03-FY07 04-FY07 Q1-FY08 Q2-FY08 Q3-FY08 Q4-FY08 Q1-FY09 Q2-FY09 03-FY09 Q4-FY09 01-FY10 Q2-FY10 03-FY10 Q1-FY11 Q2-FY11 04-FY10 Q3-FY11 Q4-FY11 Q1-FY12 Total RTF Gross Profit¹ dollars help offset increases in Operating Expenses 1 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 2 For additional information on reconciling these measures with our consolidated results, please refer to the section "Summary analysis of consolidated results for the Third Quarter of Fiscal 2024" of our Management Discussion & Analysis for the 16 and 40-week periods ended February 4, 2024, available on SEDAR+ at www.sedarplus.ca. 3 Operating, selling, general and administrative expenses (OpEx). Total RTF Gross Profit1 Dollars Strongly Correlated to OpEx Fuel Gross Profit $ 1,2 OpEx³ 02-FY12 Q3-FY12 04-FY12 Q1-FY13 Q2-FY13 03-FY13 04-FY13 Q1-FY14 Q2-FY14 Q3-FY14 04-FY14 01-F115. Q2-FY15 Q3-FY15 Q4-FY15 Q1-FY16 Q2-FY16 Q3-FY16 04-FY16 Q1-FY17 Q2-FY17 Q3-FY17 Q4-FY17 Q1-FY18 Q2-FY18 03-FY18 Q4-FY18 Q1-FY19 Q2-FY19 Q3-FY19 Q4-FY19 Q1-FY20 Q2-FY20 Q3-FY20 Q4-FY20 01-FY21 Q2-FY21 Q3-FY21 04-FY21 Q1-FY22 Q2-FY22 Q3-FY22 04-FY22 01-FY23 CIRCLE Ⓡ ingo Q2-FY23 03-FY23 04-FY23 91-FY24 Q2-FY24 Q3-FY24#2710 FOR THE WIN Q3-24 ACT Investor Presentation CIRCLE K ingo#28The Lighthouses Guiding Our Voyage To Be The Most Trusted Brand in Convenience and Mobility Winning Offer Win in Food Own Thirst Private Brands Winning Fuel B2C value proposition B2B value proposition Fuel supply chain Winning the Customer Build fans through loyalty Digital experience Operations First Winning Growth NTIS, R&R, RELO M&A TotalEnergies The Foundation Customer-centric team Responsible Retailer Q3-24 ACT Investor Presentation E-mobility Fortified Fundamentals Fit to Serve Supply Chain Automation Data and analytics CIRCLE ingo#29Win in Food The opportunity . Recent progress Winning Offer Win in Food • Convenience food market is > $700B across North America & Europe1 59% of fast-food customers consider purchasing a meal from a c-store² . Expand share of stomach - LIMITED TIME OFFER - philly cheesesteak . Fresh Food, Fast in ~5,000 sites globally over and above other food concepts in Europe Current sales penetration of ~11% $4.99 99 each CIRCLE K What success looks like 1 As per Statista 2 As per Bluedot • Continue localizing assortment to grow sales FY2028 Ambition -150 to 200 million in EBITDA3 Expand QSR & Fresh Food, Fast store count Optimize supply chain Target mix - Holiday-like penetration 3 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the "EBITDA ambition for fiscal 2028" section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. Q3-24 ACT Investor Presentation CIRCLE ingo#30Own Thirst The opportunity Recent progress #1 reason customers visit us and growing • We service multiple thirst occasions across competitive channels Expanded capacity with more than 3,000 sites installed with new cooler solution Consumer recognition as one stop for all thirst occasions What success looks like • Significant expansion of cold space availability • Expand assortment • Utilize our scale to lead on innovation FY2028 Ambition ~250 million in EBITDA1 Winning Offer Own Thirst stay cool wherever you go! K FRE 1 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the "EBITDA ambition for fiscal 2028" section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. Q3-24 ACT Investor Presentation CIRCLE ingo#31Private Brands The opportunity Recent progress What success looks like 1 Includes tobacco Boost wallet share and profit by optimizing distribution, growing product lines, and entering new categories Merged global beverage teams into a single "Thirst Team" for unified strategy and scale. Current sales penetration of ~4%¹ Winning Offer Private Brands COULS FY2028 DUAL USB-C Ambition L-TYPE MAGNETIC ~120 million in EBITDA² • Known for value via strong Private Brands • Boost loyalty with digital marketing and in-store promos • Innovate and expand portfolio with new partnerships and products Pachat de CT DUAL USB-C OOC 10 up to RO SERIES ULTRA PRO 55 PHONE RING HOLDER KICKSTAND K 2 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the "EBITDA ambition for fiscal 2028" section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. Q3-24 ACT Investor Presentation CIRCLE ingo#32Leveraging Scale Advantages • ACT perspective on industry margins Macro-economic trends persist, margins rising with business costs Outcomes for market participants will differ based on location of networks and company positions, with scale and offer becoming bigger differentiators • 2022 extends trends, adding volatility and price compensation • K CIRCLE Unleaded CREDIT Diesel ACT will continue to outperform industry Advantaged geographies and locations • Winning formula for fuel and mobility customers . Ability to capture end-to-end value dynamically as market conditions change • Scale advantages (company, fuel supply chain and site level) Our assessment for US Fuel CPG1 is low 40s, adjusted for inflation and market factors 1 US Fuel CPG refers to United States Road transportation fuel gross margin. Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#33Circle K Fuel - Strengthened Network and Value Chain Fuel Gallons Sold¹ US Fuel CPG1,4 47.51 CIRCLE K CIRCLE 13.5 billion Stores offering fuel / % of total network²,3 ~13,100/~90% Our Fleet ~600 trucks, ~1,100 drivers Circle K Fuel Branded Stores² ~6,400 Number of B2B customers >60 million transactions per year it easy CIRCLE CIR 1 For the fiscal year ended April 30, 2023 2 As at end of Q3-2024 3 Excluding licensees 4 US Fuel CPG refers to United States Road transportation fuel gross margin. Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#34US RTF Performance - Understanding The Fundamentals US RTF Gross Margin¹ (cpg) 50 45 40 20 15 10 35 30 25 1222 14.5 13.1 +1.4 1.45 47.5 +3.9 43.6 1.40 1.35 1.30 1.25 1.20 1.15 1.10 1.05 1.00 CPI (2009 base year) US RTF Gross Margin¹ (cpg) 40.0 36.0 32.0 28.0 24.0 20.0 16.0 12.0 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 Rack-to-Retail FY2019 ACT FY2020 FY2021 FY2022 FY2023 3,4 8.0 FY2018 1 ACT B/E FY2019 FY2020 2,3 US C-store 4Q B/E FY20215 FY2022 FY2023 2,3 US C-store 4Q Actual 1 "B/E" refers to Road transportation fuel breakeven gross margin. Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 2 Source: NACS State of the Industry Report of 2017, 2018, 2019, 2020, 2021 and 2022 Data. 3 ACT presented using financial year and industry presented using calendar year. Industry data does not coincide exactly with ACT financial years 4 Source: U.S. Bureau of Labor Statistics 5 Year 2020 NACS data excluded due to the one-off effects of the COVID-19 pandemic; NACS 2020 data points for US C-store 4Q B/E and US C-store 4Q Actual were 55.2 and 29.6, respectively. Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#35B2C - Delivering on our Customer Promise GET YOUR FAVORITES CIRCLE K Fuel Day ET Mobile CINCL CHIR Winning Fuel B2C value proposition RCLE K Achievements • National Fuel Days and events • First US fuel marketing campaign • Forecourt first initiatives • Easy payment options • FY24+ Initiatives Ongoing surprise and delight celebrations Direct relationships through Inner Circle and Extra programs Broader mobility offers Tailored pricing 1 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the "EBITDA ambition for fiscal 2028" section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. FY2028 Ambition ~400 to 600 million in EBITDA1 Q3-24 ACT Investor Presentation CIRCLE ingo#36B2B - Circle K Fuel Enables Future Opportunity with Enterprises • Global scale leveraging Europe capability and US Growth opportunity Direct relationships with Business customers a key strength in our Europe business . • Business traffic has become more local and regional, with the majority of truck trips centered around hubs Improved Circle K Fuel brand recognition and network size enables relationships with business owners Over-the-road segment (Inter-regional and National) is well serviced by national networks --> opportunity to better service fleets operating regionally and during the day Driver numbers continue to grow, with Circle K advantaged by our world-class store offer • • US growth • • FY24+ Initiatives Winning Fuel B2B value proposition Upside by driving awareness of Circle K network and offer Direct relationships and industry-leading customer service, including focus on driver experience in store Targeted truck-friendly locations (~800), focused on local and regional traffic Europe extension Sustainable energy options (EV, H2, biofuels etc.) One-stop shop for mobility, including services Frictionless payment Global: Improved technology and offer • Driver loyalty expansion Fast and Easy Customer service, including direct integrations Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#37Fuel Supply Chain - Enabling Outperformance Winning Fuel Fuel Supply Chain . Value through scale and targeted control One of the largest independent fuel supply chains in the world, enabled by the Circle K fuel brands Platforms for sourcing and supplying our fuel products successfully established • • US: strategic partnership with Musket in Houston; targeted asset acquisitions, majority-controlled fleet for reliability and optimizations Europe: team located in Geneva, key location for both traditional and biofuels markets Common principles • Focused on product sourcing, conservative risk position, no speculation Control of supply chain important, with asset operation and ownership only where advantaged • • . • FY24+ Initiatives Continue to expand flexibility in sourcing relationships and types Further expansion of value creation from controlled supply chain, e.g., parcel size optimization, logistics, blending, storage, etc. Dynamic re-optimization to market conditions Consider additional asset-backed opportunities where advantaged CIRCLE FOLLOW ME IF YOU'RE THIRSTY. Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#38Our Membership Programs Bring "Easy" to Life For consumers 1 Value ✓ Benefits across the entire offer (Fuel, Merchandise and Services) ✓ Tiered value ✓ Unified store & digital experience Ease ✓ Differentiated products and services ✓ Integrated value proposition Personal Connection ✓ Relevant content and offers ✓ Personalized experiences Q3-24 ACT Investor Presentation 2 $ Winning the Customer Build fans through loyalty For ACT Acquire valuable customer data to deliver insights, prioritize customers and personalize experiences Migrate high-margin customers by capturing a greater share of trips Defend most-valuable customers to retain margin and create brand promoters Discover and invest in high-potential customers CIRCLE Ⓡ ingo#39Europe United States Inner Circle - Accelerated Rollout Fueled by Promising Early Successes FY2028 Ambition ~200 million in EBITDA1 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 1H FY25 ~400 stores ~1,900 stores ~3,000 stores ~1,000 stores ~1,400 stores -4,000 stores -2,600 stores Expected to be rolled out in ~4,400 stores globally by end of FY2024 1 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the "EBITDA ambition for fiscal 2028" section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. Q3-24 ACT Investor Presentation CIRCLE ingo#40A View Into Our Present Future Winning the Customer Digital Experience Placera. pk yan Separera. prede Betala. mashgin Smart Checkout mashgin Placera. Q3-24 ACT Investor Presentation Separera. Betala, 10 Smart Checkout Gen that back 1128 CIRCLE Ⓡ ingo#41Operations First Winning the Customer Operations First People People-Friendly, safe and engaged teams Our goal is to increase: Customers Making life easier with a great experience Our goal is to improve: This one won't cost a bean • Retention • Engagement • Diversity & Inclusion • Safety Q3-24 ACT Investor Presentation • Customer wait time • Store cleanliness • Team member friendliness • In stock position för 2 • Food Safety CIRCLE Ⓡ ingo#42The Foundation (Fit to Serve) Building A World Class Cost Structure For Agility -$250 million ~$50 million FY2028 Ambition $800mm of EBITDA4 FY2028 Ambition $350mm $400mm of cash and cash equivalents generation? -$200 million -$200 million ~$50 million ~$800 million ~$200 million -$200 million ~$400 million Merch COGS 5 GNFR 1 COGS refers to cost of sales, excluding depreciation, amortization and impairment G&A 6 Store Ops Fuel COGS Controllables P&L (Operating Income) CapEx2 2 Capex refers to Purchase of Property and Equipment, Intangible Assets and Other Assets 3 Changes in NWC refers to Changes in non-cash working capital 3 Changes in NWC Total Balance Sheet (Cash and Cash Equivalents) 4 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the "EBITDA ambition for fiscal 2028" section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. 5 Goods not for resale 6 General and administrative expenses 7 Represents forward-looking information, please refer to the "Forward-looking statements" section of this presentation for additional information. Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#43Fit to Serve Total Balance Sheet (Cash and Cash Equivalents) P&L (Operating Income) • • • Merch COGS¹ Leverage global scale / enhance margin Drive customer-led negotiations Enhance by-market decision with data Rethink procurement structure/process Store Ops Intensify efforts to simplify operations . • and deliver on our customer promise Reduce labor costs Capital Expenditure² Optimize productivity of CapEx spend . Goods Not For Resale • Leverage scale globally to reduce per unit spend • Prioritize electronic payment fees, R&M, environment costs, IT spend, etc. Fuel COGS¹ Controllables Optimize forecourt spending activities General & Administrative Expenses Find and reduce repetitive tasks Optimize labor by capitalization on global talent • Enhance fuel logistics efficiencies . Reduce fuel shrink Changes in Net Working Capital³ Optimize working capital and free up cash 1 COGS refers to cost of sales, excluding depreciation, amortization and impairment 2 Capital expenditure refers to Purchase of property and equipment, intangible assets and other assets 3 Changes in Net working capital refers to changes in non-cash working capital Q3-24 ACT Investor Presentation CIRCLE ingo#44Growth Model - Disciplined, Strategic and Ambitious • Fragmented industry where scale matters Ability to leverage scale and operating model to all forms of growth; Strong balance sheet and organizational ability to execute growth at any scale . Disciplined portfolio management and capital recycling . ROCE 1,2 hurdle rate for new projects minimum 15% . Expect 75% of spend to be NTIs and 25% Raze & Rebuilds or Relocations ~1,000 projects (mostly NTIs) in existing pipeline) K HO FROSTER Pich FY2028 Ambition ~300 million to 500 million in EBITDA1 Winning Growth NTIS, R&R, RELO Franchise Expansion NTI Growth & Network Investments Regional Acquisitions Large-Scale M&A Market Penetration Product/Service Extension Market Expansion Proven growth model with over 7,900 units added in past 10 years, with ample room to continue 1 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the "EBITDA ambition for fiscal 2028" section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. 2 ROCE refers to Return on Capital Employed Q3-24 ACT Investor Presentation CIRCLE ingo#45Accretive M&A Fuels Financial Breakthroughs Te TotalEnergies MAPCO TRUE BLUE CARWASH Winning Growth M&A STORES Wilsons go! gas stops STORE Synergies¹ expected to reach ~$240mm over 5 years 1 These synergies should mainly result from improvements in the convenience activities as well as from reductions in operating, selling, general and administrative expenses. 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 section "Forward-Looking Statements" of this presentation as well as the section « Business Risks » of our Management Discussion & Analysis for the 53-week period ended April 30, 2023, available on SEDAR+ at www.sedarplus.ca. Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#46M&A Strategy Our Competitive Advantage We are experts in closing and integrating M&A around the globe • ~73% of our current network has been sourced from M&A We have the balance sheet to consider very large deals where only a few others can play • We have ~$10B2 in capacity for an all-cash acquisition Our decentralized approach allows us to move quickly on deals of any size • • We generally target 11% - 15% Return on Capital Employed¹ Regional deals are led by the BUS 3 Our Approach FY2028 Ambition $1.1B EBITDA from new M&A opportunities Consolidating the US market remains a priority • • • ACT is #2 in the market, representing only -5% of the total c-stores in the US Over 60% of stores are operated by single-store operators Latin America and Southeast Asia remain highly attractive expansion markets With their own unique timelines for EV adoption, this presents an opportunity to deploy a strategically calibrated approach We are seeking to partner with strong management teams to build a platform in these regions In Europe, significant synergies to be unlocked by filling in the regional gaps for our current network Once the acquisition of the proposed European retail assets from TotalEnergies closes, we will seek to bolster our position in key markets We also seek to enter major markets in Europe opportunistically Adjacent retail We actively pursue M&A opportunities with a disciplined focus on returns 1 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the "EBITDA ambition for fiscal 2028" section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. For greater clarity, the Total Energies and MAPCO transactions are not considered as new M&A opportunities, as they were previously announced. 2 Company estimate based on LTM EBITDA ; does not include potential to leverage a hypothetical target Q3-24 ACT Investor Presentation CIRCLE ingo#47Proven Ability to Integrate Acquisitions CLARK Statoil Fuel & Retail TOPAZ CRACKE CHARREL TEXAS Publix. PHILUPS 66 Premium 7 Esso tote " Holiday FAST MAX Super Pantry ExxonMobil TRUE BLUE The store PRIDE C STORE= Convenience Retail Asia Wilsons go! gasstops Fiscal Year 2004 2005- 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Deals 2 34 7 4 3 4 3 3 0 1 3 4 5 Stores 1,706 1,137 2,506 166 1,660 515 442 2,055 0 30 367 91 345 Since 2004, Couche-Tard has successfully completed a total of 73 deals, adding ~11,000 stores globally. Note: As of April 30, 2023. Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#48Leverage Ratio¹ 4.18x 2.97x 2.48x K 3.15x |- - - - - -➖ ➖ ➖ ➖➖ ➖ 3.19x Q3-24 ACT Investor Presentation 2.88x 2.67x 2.10x Rapid deleveraging after transformational acquisition Solid Balance Sheet and Capacity to Invest Target threshold of 2.07x 2.25 3.05x 2.44x Strong credit metrics for several years Leverage after SFR lower than after Circle K 1 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 2 On a 53-week basis 3 The information as at April 30, 2023, has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for the acquisition of True Blue Car Wash LLC. 2.17x 1.98x تان 2.02x K KANGAROO TOPAZ 3.13x 2.09x 1.54x 1.32x CIRCLE Ⓡ ingo Esso Holiday 1.39x 1.50x TotalEnergies; a transformative acquisition in Europe that significantly expands and diversifies our network CST Jet-Pep= TRUE BLUE CARWASH Big Rech TotalEnergies Wilsons go! MAPCO 2.19x#49TotalEnergies – Leading Network in - Continental Europe Winning Growth TotalEnergies Natural expansion of ACT's core business in Europe Strong growth drivers with top-line and OpEx synergy potential • 2,175 prime locations in Key European markets • .. Retail operations in scope include Fuel, Shop and Wash sales EV operations on site and new DC charging opportunities in scope • B2B card sales 5-year fuel supply agreement . Purchase price €3.4 billion, including preliminary adjustments, and subject to post closing adjustments Ownership • • • Attractive organic growth opportunities through further roll out of our high-quality European convenience concept Strong B2B position enables an attractive corridor into current European markets Highly attractive markets to scale E-mobility to a leadership position in Europe Significant opportunity to lift store topline and profitability through improved offer Strong potential on procurement, back-end efficiency and cross market collaboration Network Composition Q3-24 ACT Investor Presentation T Couche Hard Te 40% 60% 100% 100% TE Retail Germany TE Retail Netherlands TE Retail Belgium 100% TE Retail Luxembourg Netherlands, 378 Luxembourg, 44 Belgium, 562 Germany, 1,191 CIRCLE Ⓡ ingo#50Transformative Synergies Synergy Assessment per Region 35% ■ Germany ■ BeNeLux 65% 120 Synergy Capture Timeline Revised 170 FY2028 Ambition $0.7B EBITDA¹ from TotalEnergies proposed acquisition FY27 Synergies Initially Disclosed FY29 ■Synergies Revised We've revised synergies² from 120 million € over 3 years to 170 million € over 5 years 1 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the "EBITDA ambition for fiscal 2028" section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. 2 These synergies should mainly result from improvements in the convenience activities as well as from reductions in operating, selling, general and administrative expenses. Expected synergies represent forward-looking information and are destined to illustrate additional benefits expected to stem from this transaction. They might not be suitable for other needs. For additional information, please refer to the section "Forward-Looking Statements" of this presentation as well as the section << Business Risks » of our Management Discussion & Analysis for the 53-week period ended April 30, 2023, available on SEDAR+ at www.sedarplus.ca. Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#51Ready to Lead the Electric Vehicle Transition . . • Circle K is a leader in most of its European markets Our leading convenience & service offer will provide the EV customer with a charging experience beyond charging alone We excel in operational efficiency, driving top profitability With 3.4 million EXTRA loyalty users, we can craft tailored EV customer offers Our strong B2B position in Europe means we are well positioned for increasing EV adoption Competence, experience and solutions scalable to North America Q3-24 ACT Investor Presentation CIRCLE K UPP TILL 360 kW CIRCLE K Winning Growth E-Mobility GAS V6 CIRCLE ingo#52Our Location in Bamble, Norway Recognized as "most important store of 2020" by ShopTalk LIVE Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#53The Preferred Destination for Charging On-the-Go Position CK as the Mobility Partner of Choice for B2B ON-THE-GO 1000+ Total charging stalls in Europe WORKPLACE HOME 700+ Partner Charging Stalls Office and Guest Charging 550+ Active Workplace Units 10k Combined B2B Fuel and EV Card Home Charging Total Home Units for B2B and B2C Circle K Charge App nominated to the UX Nordic price! Effortless charging Autocharge and improved payment solutions Leading provider of charging solutions at work Tap B2B card Start/stop charging at the workplace, at home or On-the-Go, one invoice Pay G Pay Vopps A An easy and holistic charging offer Note: figures in this slide exclude all chargers added from the acquisition of 2,175 retail assets from TotalEnergies Q3-24 ACT Investor Presentation Reimbursement A focused offer of Electricity Cost Reimbursement solutions for B2B, partnership strategy for B2C Home CIRCLE Home | CIRCLE ingo#54Strong Contribution to Convenience Business Traffic to store post EV charger installation on site EV customer vs. ICE1 customer² 1 Internal combustion engine. +8% Incremental number of store visits Average merchandise revenue lift Average merchandise & service gross +11% +15% profit³ lift +27% % of active in-store customers % of active car wash customers +6% +12% Generating additional value from EV on top of increase traffic to site 2 Source: CK Extra program statistics Norway - April 1, 2022 - March 31, 2023 3 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. Q3-24 ACT Investor Presentation ستان CIRCLE Ⓡ ingo#55Spotlight on Each Lighthouse's Contribution Winning Offer Win in Food Own Thirst Private Brands $0.5-$0.6B in EBITDA¹ Winning Fuel Winning the Customer Winning Growth NTIS, R&R, RELO B2C value proposition B2B value proposition Fuel supply chain Build fans through loyalty Digital experience Operations First $0.4 $0.6B in EBITDA1 $0.2 $0.4B in EBITDA¹ The Foundation Customer-centric team Responsible Retailer M&A TotalEnergies E-mobility $2.1-$2.3B in EBITDA¹ Fit to Serve $0.8B in EBITDA1 Fortified Fundamentals Supply Chain Automation Data and analytics 1 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the "EBITDA ambition for fiscal 2028" section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#56Our Five Focus Areas Q3-24 ACT Investor Presentation Win in Food & Own Thirst Gain Share in Fuel Digital Acceleration Fast, Friendly & In-Stock Lowest Cost Operator CIRCLE ingo#57The ACT Path $10B EBITDA1 $1,376 $573 EBITDA ■Net Earnings + 11.7 % CAGR $5,244 $5,762 $3,091 $2,683 $1,100 from new M&A $8,900 from organic growth including TotalEnergies $10,000 2013 2014 2015 2016 2017 2018 2022 2023 2024 2025 2026 2027 2028 2019 2020 2021 Ambition fueled by organic and inorganic growth 1 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the "EBITDA ambition for fiscal 2028" section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#5810 for the Win! Our North Star is to be the most trusted brand in convenience and mobility After our Double Again achievement - there were some additional opportunities left and we developed our 10 For The Win strategy building upon the lighthouse strategy; goal of reaching 10B$1 in EBITDA¹, from ~5.8B$ in FY2023. Organic growth and M&A both continue to be key drivers for future growth 10 for the WIN 1 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. More specifically, this slide should be read in conjunction with the "EBITDA ambition for fiscal 2028" section, which represents a non-IFRS Accounting Standards measure that is forward-looking information. Q3-24 ACT Investor Presentation CIRCLE ingo#5910 for the Win – Compelling Investment Opportunity Untapped organic growth Sustainability of fuel gross margins Financial discipline & cost efficiencies Power of Circle K brand & loyalty Mastering the Customer Journey and Offering Advantaged Fuel Gross Margins Low-Cost Operator; Generating synergies¹ between 30% to 60% of the pre-closing EBITDA² High Customer Satisfaction: NPS Excellence Strong balance sheet for M&A ambitions >>>> Culture & Team Superior Capital Cost Advantage One team, Take ownership, Do the right thing, Play to win 1 Synergies are destined to illustrate additional benefits stemming from business acquisitions. They might not be suitable for other needs. 2 EBITDA, which refers to earnings before interest, taxes, depreciation, amortization and impairment, does not represent a performance measure under IFRS Accounting Standards and does not have standardized meanings prescribed by IFRS Accounting Standards. This non-IFRS Accounting Standards measure should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS Accounting Standards. In addition, the definitions of non-IFRS Accounting Standards measures may differ from those of other public corporations, including Couche-Tard's. Any such modification or reformulation may be significant. Q3-24 ACT Investor Presentation CIRCLE ingo#60ACT A Responsible Retailer - ESG Ambitions Performance Highlights PLANET EV much competed with the coeningen US form waste by products and derived products homebod lunch 20 years ago 2yring the Exception Workplace Amador Galup pureyndigh Couch-Tard wanamed one of Monta's Top Employe + program rolled out i preantation on surub Le Coachment of out members Sustainability Materiality Ading convence and mobility providers and are fund by ever yubiy tapes Our Duty Mr the mue for our company and our Internal Executive ship with the Dead Cybercury increased on the Couche CIRCLE K TAKE OWNERSHIP PEOPLE PROSPERITY Our 2025 Goals and Associated Initiatives Some key achievements so far Sustainability Report 2023 ستان CIRCLE K Ingo Q3-24 ACT Investor Presentation Fa 12% reduction in our gehuse gas footprint vargy 20% reduction in slectricity consumption per ste by Engagement ? Packaging 25% increase in sustainable rood pechaging in our own products monplace the Canad During conducted a wate Save motion in solatalan with Toood Tid unced Un C in robberies and work-related injuries oty hard Un sort y ace their son and inclusion 35% women directors & up Recent the communities we serve representation Directors and up Increceracially diverse groups within VP postions to the US Formation of BRANE BAG supporting our millary veterans CERCLE • . 10% greater than global legislation on renewable fuel 100% of our packaging will be recyclable or reusable 30% of our sites to be carbon neutral Zero Harm for people, customers, employees and suppliers Equitable representation, opportunities and pay CIRCLE Ⓡ ingo#61ACT A Responsible Retailer CIRCLE D This truck o hydrotreated vegetable o miles HV0100 HVO 100 miles Too Good To Go C CNSOR SUSTAINALYTICS ESG INDUSTRY TOP RATED 2023 CIRCLE K Express Yoursel CIRCLE K UPP TILL 300kW Fuel: EV charging in Europe and N. America, renewable fuel expansion attracts new customers Energy: Lower consumption in Europe, Energy Management System in 3,000 N. American locations Packaging and waste: 40M single-use cups eliminated, food waste converted to income via Too Good to Go Workplace safety: 50% reduction in robberies and work injuries Diversity & Inclusion: Inclusive culture, career and educational advancement pipelines Reputation & Awards: Awards bolster recruitment and brand loyalty Q3-24 ACT Investor Presentation CIRCLE ingo#62Celebrating Our Progress in Sustainable Practices BRONZE 2023 ecovadis Sustainability Rating MORNINGSTAR SUSTAINALYTICS ESG INDUSTRY TOP RATED 2023 MSCI ESG RATINGS CCC B AA BB BBB A AA AAA Awarded by the world's most trusted providers of business sustainability ratings! The European business exceeded industry average in all categories. Celebrating our second year receiving this award, which recognizes companies that have demonstrated a high level of commitment to ESG practices. Q3-24 ACT Investor Presentation Scoring among the highest with an AA rating as a leader within our industry in managing the most significant ESG risks and opportunities. CIRCLE ingo#63Increasing Shareholder Value Q3-24 ACT Investor Presentation CIRCLE K ingo#64Recent Financial Highlights and Stock Performance in US$ millions FY2018 FY2019 FY2020 FY2021 FY2022 FY20231 5-year CAGR Total Revenues $51,394 $59,118 $54,132 $45,760 $62,810 $71,857 6.9% Total Gross Profit³ $8,112 $9,195 $9,644 $10,115 $11,005 $12,052 8.2% I EBITDA³ $2,980 $3,583 $4,525 $5,061 $5,244 $5,762 14.1% Net Earnings $1,671 $1,834 $2,354 $2,705 $2,683 $3,091 13.1% Diluted EPS $1.48 $1.63 $2.09 $2.44 $2.52 $3.06 15.6% I 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% -20.0% -40.0% 2018 1 FY2023 consists of 53 weeks 2019 2020 •АСТ SPTSX 2021 wwww 102.9%² 2022 2023 2 Price appreciation from January 22, 2018, to April 28, 2023; Source: Bloomberg 3 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. Q3-24 ACT Investor Presentation 26.2%² CIRCLE ingo#65FY2013 $573 A Cash Generation Powerhouse Net Earnings EBITDA1 +18.4%² wwwwwwwwo FY2023 $3,091 FY2013 Q3-24 ACT Investor Presentation $1,376 +15.4%² FY2023 $5,762 +12.9%² Net CapEx¹ Free Cash Flow¹ 1 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 2 10-year CAGR% FY2013 $457 $1,542 Free Cash Flow is growing and close to $2.4B (~41% of Free Cash Flow to EBITDA¹) FY2023 FY2013 $614 CIRCLE Ⓡ ingo +14.5%² FY2023 $2,378#66Optimizing Capital Allocation for Strategic Priorities and Measurable Returns • • . • Aiming to reinvest 35-40% of EBITDA¹ ~31% of CapEx as a % of EBITDA¹ for FY2023 Network Development: ~30% Commercial Programs: ~35% Stay in Business: ~25% • • . • Emerging Business and Innovation: ~10% Target of 15% Return on Capital Employed (ROCE)¹ 17.5% ROCE¹ as at April 30, 2023 Financial discipline and rigorous capital allocation process to ensure quality investments Seeking a 15% ROCE¹ over a three-year period on new investments • • Our leverage ratio¹ comfort Strong Free Cash Flow¹ generation of ~$2.4B in FY2023 zone is 2.25x Leverage ratio1 of 1.50x2 as at April 30, 2023 Buyback shares until Comfort Zone reached Dividends increased > 10x since 2013 (~27% CAGR) 1 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 2 The information as at April 30, 2023, has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for the acquisition of True Blue Car Wash LLC. Q3-24 ACT Investor Presentation CIRCLE Ⓡ ingo#67Principal in millions of USD SA $200 $400 $600 $523 $1,000 $800 $588 $816 $1,000 Balanced Maturity Curve with Effective Financing Cost ACT Senior Unsecured Notes - Debt Maturity Profile 2,4 Leverage Ratio 1.2 2.19 $374 $750 $598 $650 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY42 FY48 FY50 FY52 Year of Maturity Q3-24 ACT Investor Presentation $500 $750 Incremental Balance Sheet Capacity³ of ~$10 billion 'Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 2 As at February 4, 2024. 3 Company estimate based on LTM EBITDA, does not include potential to leverage a hypothetical target 4 Based on spot rate as at February 4, 2024 for balances for which the underlying currency differs from the US dollar $350 Share Repurchases FY2024YTD ~ 21 million shares / ~ $1.1 billion Weighted Average Coupon Rate on Outstanding Debt² 3.58% Weighted Average Term to Maturity² ~11.0 Investment Grade Credit Rating² BBB+ (S&P)/Baa1 (Moody's) CIRCLE Ⓡ ingo#68Historical Financial Highlights in US$ millions, unless otherwise noted Total revenues Gross profit¹ EBITDA1 Operating income Net Earnings Diluted EPS Adj. diluted EPS1 Merchandise SSS - United States² Merchandise SSS - Europe and Other Regions 1,2 Merchandise SSS - Canada² SS Fuel Volume United States² SS Fuel Volume - Europe and Other Regions² SS Fuel Volume - Canada² Fuel Margin - United States (in USD cents per gallon)1 Fuel Margin - Europe and Other Regions (in USD cents per litre)1 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 CAGR 35,549 37,962 34,530 34,145 37,905 51,394 59,118 54,132 45,760 62,810 71,857 4,607 4,988 5,268 6,082 6,482 8,112 9,195 9,644 10,115 11,005 12,052 1,376 1,640 1,876 2,331 2,396 2,980 3,583 4,525 5,061 5,244 5,762 839 1,034 1,320 1,668 1,698 2,037 2,489 3,163 3,676 3,679 4,232 573 812 930 1,191 1,209 1,671 1,834 2,354 2,705 2,683 3,091 $0.51 $0.72 $0.82 $1.05 $1.06 $1.48 $1.63 $2.09 $2.44 $2.52 $0.56 $0.68 $0.90 $1.04 $1.11 $1.30 $1.66 $1.97 $2.45 $2.60 1.0% 3.8% 3.9% 4.6% 2.0% 0.8% 4.1% 2.1% 5.6% 1.9% n/a 1.6% 2.0% 2.8% 3.5% 2.7% 4.8% 0.1% 6.1% 5.9% 3.1% 2.0% 1.9% 3.4% 2.9% 0.1% 0.4% 5.2% 2.8% 9.5% -3.4% 0.6% 1.7% 3.4% 6.6% 2.6% -0.4% 0.7% -3.9% -12.9% 4.0% n/a 2.5% 2.4% 2.6% 1.0% 0.0% -0.9% -3.9% -6.4% 0.0% 1.3% -0.1% 0.9% -0.3% -1.4% -1.6% 18.77 18.11 21.74 20.15 18.56 19.39 22.38 7.3% 10.1% 15.4% 17.6% 18.4% $3.06 19.6% $3.12 18.8% 4.3% 1.2% -1.9% 3.8% -3.2% -6.0% -14.9% 29.62 35.28 6.1% -0.1% 39.62 47.51 9.7% 9.88 10.94 10.33 8.82 8.22 8.72 8.61 8.48 10.99 9.86 9.98 0.1% Fuel Margin - Canada (in CAD cents per litre)1 5.84 5.98 6.35 6.41 7.66 8.84 8.38 7.88 10.36 11.74 12.75 8.1% Cash flow from operations 1,161 1,429 1,715 1,888 1,926 2,163 3,084 3,721 Dividends per share (in CAD cents per share) 5.00 6.80 9.50 13.38 Leverage ratio1,3 1.99 1.32 1.18 0.95 ROCE (%)1 11.0% 13.3% 16.2% 19.2% 15.8% 12.0% 17.38 18.50 22.50 26.50 1.09 2.46 1.61 1.54 14.1% 15.0% 4,087 33.25 1.32 1.39 1.50 15.9% 15.4% 17.5% 3,945 4,387 14.2% 41.75 53.00 26.6% Notes: Fiscal years 2017 and 2023 consist of 53 weeks; all results are prior to the transition to IFRS 16 lease accounting standard 1 Please refer to the "Non-IFRS Accounting Standards Measures" section of this presentation for additional information on performance measures not defined by IFRS Accounting Standards. 2 FY2017 and FY2023 are presented on a basis of 52 weeks. 3 The information as at April 30, 2023, has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for the acquisition of True Blue Car Wash LLC. Q3-24 ACT Investor Presentation CIRCLE ingo#69Investor Relations Contact >>>> >>> Mathieu Brunet, CPA Vice President, Investor Relations and Treasury [email protected] Alex Limosani, CFA Manager, Investor Relations [email protected] Q3-24 ACT Investor Presentation CIRCLE ingo#70Thank you! 20 K ingo