#1MC CIRCLE K ingo ALIMENTATION COUCHE-TARD INVESTOR PRESENTATION June 2023 K Dagens 79- CLE CIRCLE K Couche-Tard Omiles Omiles omiles omiles Omiles Omiles PLUS Ome alles Omilles PLUS PLUS Omiles LUS PLUS#2FORWARD-LOOKING STATEMENTS This presentation and the accompanying oral presentation contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "projected", "estimate", "may", "anticipate", "believe", "expect", "plan", "intend" or similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact contained in these slides are forward-looking statements. Forward-looking statements involve numerous assumptions, risks and uncertainties. A variety of factors, many of which are beyond Alimentation Couche-Tard Inc.'s ("Couche-Tard") control, may cause actual results to differ materially from the expectations expressed in its forward-looking statements. These factors include, but are not limited to, the effects of the integration of acquired businesses and the ability to achieve projected synergies, uncertainty related to the duration and severity of the current COVID-19 pandemic, fluctuations in margins on motor fuel sales, competition in the convenience store and retail motor fuel industries, foreign exchange rate fluctuations, and such other risks as described in detail from time to time in documents filed by Couche-Tard with securities regulatory authorities in Canada, including those risks described in Couche-Tard's management's discussion and analysis (MD&A) for the year ended April 30, 2023. Couche-Tard's MD&A and other publicly filed documents are available on SEDAR at www.sedar.com. Unless otherwise required by law, Couche-Tard does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by it or on its behalf. No financial information presented in this presentation as of a date more recent than April 30, 2023, has been audited. 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. 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. Note: All figures include contribution from CAPL unless otherwise noted. Alimentation Couche-Tard | Investor Presentation 2 3 CIRCLE K ingo#3A HISTORY OF ENTREPRENEURSHIP & GROWTH BIGFOOT O STATOIL TOPAZ ESSO Circle K Alain Bouchard Our Founder Couche-Tard 1980-1990 2001 Entry into U.S. Acquired Bigfoot stores in the Midwest. Cauchen JUSOLA 180kW 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 1991-2010 1980 Opened our first convenience store in Laval, Québec. 2003 Purchased Circle K Corporation from ConocoPhillips K Alimentation Couche-Tard | Investor Presentation 2011-2016 2015 2017 Acquired CST and Holiday Station stores in the U.S. Launched our global Circle K brand Added the Pantry, Inc., in the South Eastern U.S. K 3 CORNER Holiday 2017-2020 2021 - present 2021 Shaping the future of convenience Opened Couche-Tard Connecté Innovation Lab in Montreal 2021-22 Winning culture Named a Forbes World's Best Workplaces of 2021 & recognized as a Gallup Exceptional Workplace 3 CIRCLE K ingo#4VALUES WE LIVE BY Values we live by One Team Do The Right Thing Take Ownership Play To Win Values we live by One Team We work together to make it easier for our customers and colleagues. We stay humble and celebrate shared successes. We have fun and care for each other. Take Ownership We treat the business as our own. We seek out problems, act quickly to solve them, and deliver better results. We take responsibility, and when we make mistakes, we learn from them. Do the Right Thing We act with honesty & integrity. We are inclusive: we treat each other, our customers, and our suppliers with respect. We strive towards a cleaner, safer, equitable workplace and planet. Alimentation Couche-Tard | Investor Presentation 4 g Play to Win We challenge ourselves to play offense, not defense, which means we need to be quick and innovative. We show up every day ready and committed to make an impact using our talents and hard work. 3 CIRCLE K TH ingo#5INVESTMENT HIGHLIGHTS . Size and Scale Strong Culture Attractive Channel Organic Growth • M&A Expertise • Capital Allocation • • Global rebrand initiative permits better leverage of broad scale. More flexibility to compete compared to small-size operators. Decentralized model drives accountability and entrepreneurship. Cost discipline and lean operations are a major part of our DNA. We sell time and convenience (80% of in-store merchandise is consumed within one hour of purchase¹) and have proximity to customers. Solid pipeline of current initiatives, with many opportunities around customer journey, innovation, and deployment of retail capabilities. Long track record of successful integrations and synergy capture. Significant runway remains globally, with a focus on U.S. and Asia. Strong cash flow generation supports capex and growth plans. Dividend increased more than 10-fold since 2013 (~27% CAGR²). 1 Per National Association of Convenience Stores (NACS) Convenience Tracking Program data 2 Please refer to page 57 for more information on dividends. Alimentation Couche-Tard | Investor Presentation 5 3 CIRCLE K ingo#6RECENT HIGHLIGHT - ACT ACQUIRES BIG RED STORES Red STORES ➤ A successful company originally founded in 1997 that has grown mainly organically by opening new sites over the years All 45 sites are company-owned, company- operated sites of which real estate is owned for 44 sites and leased for 1 site The network predominantly features large format stores that have ample space for enhanced foodservice and product offerings Transaction closed during Q4 of FY23 45 modern, high-quality, and well-located sites across the state of Arkansas Alimentation Couche-Tard | Investor Presentation 6 3 CIRCLE K ingo#7RECENT HIGHLIGHT - ACT ACQUIRES ALL OF THE MEMBERSHIP INTERESTS OF TRUE BLUE CAR WASH LLC CLEANEROAK ➤ True Blue currently operates 65 car washes conveniently located in high-traffic areas in Arizona, Texas, Illinois, and Indiana with a strong pipeline of future NTI sites planned and under development Couche-Tard believes these sites are also a natural extension of its current car wash network of more than 2,500 locations and will further enhance the customer experience Transaction closed during Q4 of FY23 True Blue operates tunnel car wash sites under the Clean Freak brand in the American Southwest as well as the Rainstorm brand in the American Midwest Alimentation Couche-Tard | Investor Presentation 7 3 CIRCLE K ingo#8GREAT SYNERGISTIC OPPORTUNITIES WITH OUR CAR WASH BUSINESS Incremental Fuel Volume Car Wash Membership base (currently > 180,000) will receive unique fuel discounts based on membership class Incremental Merchandise Sales An increase in basket size resulting from higher traffic from fuel customers NEW PREMIUM CAR WASH MEMBERS SAVE 20€ PER GALLON ON EVERY FILL UP 20 CIRCLE K FUEL CARD SAVE 20% OFF PER GALLON Retain & Gain Membership Base Increase in membership retention through reoccurring value from fuel discounts CLEANFREAK CAR WASH Powered by CIRCLE K Optimize Membership Base By offering membership tiered fuel discounts, the membership base is being optimized to increase the percentages of Premium vs. Basic members Alimentation Couche-Tard | Investor Presentation 8 CLEAN FREAK Car Wash Day TODAY - ONLY!' NEW MEMBERS GET FIRST MONTH FREE! JOIN THE CLUB AND SAVE! 3 CIRCLE K ingo#9CONTENT 7 1 Company Highlights 2 U.S. Industry Overview 3 Competitive Advantages 4 Our Ambition 5 EV Transition 6 Sustainability Increasing Shareholder Value Alimentation Couche-Tard | Investor Presentation 9 3 CIRCLE K ingo#10COMPANY HIGHLIGHTS Ticker Symbol TSX: ATD ➤ Coast-to-coast presence in Canada and located in 47 of 50 U.S. states. ➤ Leading market share across many markets in Europe. ➤ EBITDA¹ CAGR of 15%² since 2013 and profitable since IPO in 1986. ➤ Track record of generating shareholder value with average ROCE 1,3 of 15.4%² since 2013. ➤ Investment grade rating (BBB, Baa1) and significant balance sheet flexibility. 1 Please refer to the "Non-IFRS Measures" section of this presentation for additional information on performance measures not defined by IFRS. 2 Includes impact from transition to IFRS 16 lease accounting standard in 2020 3 Return on capital employed. Alimentation Couche-Tard | Investor Presentation 10 MC CIRCLE K TH ingo#11GLOBAL LEADER IN FUEL & CONVENIENCE RETAIL Store Count 14,468 incl. int'l licensees Fuel Gallons Sold ~37 million per day Note: All figures as of April 30, 2023, unless otherwise noted Sites Offering Fresh Food Fast ~4,860 Our People ~128,000 globally Customers Served ~8.5 million per day Alimentation Couche-Tard | Investor Presentation 11 Sites Offering Circle K Fuel ~4,200 Countries / Territories 24 incl. int'l licensees Business Units 27 globally 3 CIRCLE K ingo#12REVENUE AND GROSS PROFIT MIX 12% Gross Profit(1,2) Revenue Geographic Mix 17% 21% 12% 66% 71% ■ United States ■ Europe & Other ■ Canada 49% 74% 1% 2% 24% 49% ■ Merchandise and Service Fuel ■ Other Product Mix ~65% of transactions are convenience only, while ~25% are fuel only, and ~10% are a mix of both. Alimentation Couche-Tard | Investor Presentation Note: All figures based on results for fiscal year ended April 30, 2023 1 Please refer to the "Non-IFRS Measures" section of this presentation for additional information on performance measures not defined by IFRS. 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.sedar.com. 12 14 3 MC CIRCLE K ingo#13INVESTMENT HIGHLIGHTS Merch. SSS - US¹ +3.3% SS Volume - US1 +0.8% Net Earnings Growth Y/Y3 +40.4% Q4 Merch. SSS - Europe and Other Regions² +3.0% SS Volume - Europe and Other Regions¹ (2.4%) Diluted EPS Growth Y/Y3 +47.8% Adj. EBITDA Growth Y/Y2,3 +16.7% Merch. SSS - Canada¹ +5.9% SS Volume - Canada¹ +6.0% 1 Adj. Diluted EPS Growth Y/Y2,3 +29.1% Leverage Ratio² 1.49 2 FY'23 Merch. & Service Sales $17.3 billion Fuel Gallons Sold 13.5 billion Adj. EBITDA² $5.8 billion Net Earnings $3.1 billion Diluted EPS Return on Equity² $3.06 24.7% Adj. Diluted EPS² $3.12 ROCE² 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 12 and 52 weeks. 2 Please refer to the "Non-IFRS Measures" section of this presentation for additional information on performance measures not defined by IFRS. 3 Year-over-year growth calculated from April 24, 2022, to April 30, 2023. Q4 FY2022 contains 12 weeks while Q4 FY2023 contains 13 weeks. FY2022 contains 52 weeks while FY2023 contains 53 weeks. Alimentation Couche-Tard | Investor Presentation 13 3 CIRCLE K ingo#14OUR VISION AND MISSION Our Vision To become the world's preferred destination for convenience and mobility. Our Mission To make our customers' lives a little easier every day. Alimentation Couche-Tard | Investor Presentation 74 MC 14 CIRCLE K TH ingo#15CONTENT 7 1 Company Highlights 2 U.S. Industry Overview 3 Competitive Advantages 4 Our Ambition 5 EV Transition 6 Sustainability Increasing Shareholder Value Alimentation Couche-Tard | Investor Presentation 15 75 3 CIRCLE K ingo#16Source: NACS State of the Industry Report of 2022 Data. 2006 145,119 total stores 175000 150000 125000 100000 75000 50000 25000 0 Alimentation Couche-Tard | Investor Presentation 89,957 55,162 ■Single Stores SNAPSHOT OF U.S. FUEL & CONVENIENCE INDUSTRY Population of U.S. Convenience Stores Store Type 90,683 55,611 89,567 55,308 90,049 54,492 91,815 54,526 93,209 54,917 93,819 55,401 95,056 56,226 96,318 56,476 97,359 56,836 97,504 57,031 97,643 57,315 Chain Stores 95,445 57,792 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 95,108 57,612 92,196 58,078 89,336 58,690 Couche-Tard's market share at ~5% in the U.S.; high fragmentation leaves ample room for consolidation. 16 90,423 3 2-10 3% 59,751 101-500 7% 2022 150,174 total Non-Fuel stores 21% 500+ 21% Single 11-100 9% 60% CIRCLE K ingo Chain Size Fuel 79%#17ATTRACTIVE CHANNEL WITHIN BROADER RETAIL... (in billions) Industry Inside Sales $302.9 (in billions) Pretax Income Source: NACS State of the Industry Report of 2022 Data. 2005 $151.1 2006 $163.6 2007 $168.5 2008 $173.9 2009 $182.4 2010 $190.4 2011 2012 2013 2014 2015 CAGR 4.2% $195.0 $199.3 $204.0 $213.5 2016 2017 2018 2019 2020 2021 2022 $225.8 $233.0 $237.0 $242.2 $251.9 $255.6 $277.9 Alimentation Couche-Tard | Investor Presentation 2005 $5.9 2006 $4.8 2007 $3.5 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 Industry inside sales grew for the 17th consecutive year. 17 3 CIRCLE K ingo#18$99.8 AND RECESSION RESILIENT Industry Inside Sales (in billions) Dot-Com Bubble +5% Great Recession +8% $104.1 $112.0 $109.3 $116.2 $132.1 $151.1 $163.6 $168.5 $173.9 $182.4 $190.4 $195.0 Source: NACS State of the Industry Report of 2022 Data; Federal Reserve Bank of St. Louis. Alimentation Couche-Tard | Investor Presentation 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Convenience sales grew during the last two recessions. 18 3 CIRCLE K ingo $277.9 $302.9#19(10.0%) (20.0%) (30.0%) 20.0% 10.0% (5.0%) (10.0%) 25.0% 20.0% 15.0% 10.0% 5.0% 3 2 US SSS EUR SSS CAN SSS ACT PERFORMANCE DURING PAST RECESSIONS Growth of Same-Store Merchandise Revenues (%) 1 U.S. RTF Gross Margin (CPG) ³ Q2-FY04 Q4-FY04 Q2-FY05 Q4-FY05 Q2-FY06 Q4-FY06 Q2-FY07 Q4-FY07 Q2-FY08 Q4-FY08 Q2-FY09 Q4-FY09 Q2-FY10 Q4-FY10 Q2-FY11 Q4-FY11 $50.00 $44.00 $38.00 $32.00 $26.00 $20.00 $14.00 $8.00 Growth of Same-Store RTF Volume (%) 2 Canada RTF Gross Margin (CPL)³ ⚫ US SSF EUR SSF ⚫CAN SSF $16.00 Q2-FY12 Q4-FY 12 Q2-FY13 Q4-FY13 Q2-FY14 Q4-FY14 Q2-FY15 Q4-FY15 Q2-FY16 Q4-FY16 Q2-FY17 Q4-FY17 Q2-FY18 Q4-FY18 Q2-FY19 Q4-FY19 Q2-FY20 Q4-FY20 Q2-FY21 Q4-FY21 Q2-FY22 Q4-FY22 Q2-FY23 Q4-FY23 $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 1-FY04 88 ត 38 88 Resilient performance during past recessionary environments 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. 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. 3 Please refer to the "Non-IFRS Measures" section of this presentation for additional information on performance measures not defined by IFRS. 4 For additional information on reconciling these measures with our consolidated results, please refer to the section "Summary analysis of consolidated results for the Fourth Quarter of Fiscal 2023" of our Management Discussion & Analysis for the 53-week period ended April 30, 2023, available on SEDAR at www.sedar.com. 5 Operating, selling, general and administrative expenses (OPEX). 3 CIRCLE K TH ingo#20$500.0 Q1-FY04 Q2-FY04 Q3-FY04 Q4-FY04 Q1-FY05 Q2-FY05 Q3-FY05 Q4-FY05 Q1-FY06 Q2-FY06 Q3-FY06 Q4-FY06 $1,000.0 Q1-FY07 Q2-FY07 Q3-FY07 Q4-FY07: Q1-FY08: Q2-FY08* Q3-FY08: Q4-FY08 1 Please refer to the "Non-IFRS Measures" section of this presentation for additional information on performance measures not defined by IFRS. 2 For additional information on reconciling these measures with our consolidated results, please refer to the section "Summary analysis of consolidated results for the Fourth Quarter of Fiscal 2023" of our Management Discussion & Analysis for the 53-week period ended April 30, 2023, available on SEDAR at www.sedar.com. 3 Operating, selling, general and administrative expenses (OPEX). 20 20 Q1-FY09: Q2-FY09 Q3-FY09 Q4-FY09 Q1-FY10 $1,500.0 Q2-FY10 Q3-FY10 Q4-FY10 Q1-FY11 Q2-FY11 Q3-FY11 Q4-FY11 Q1-FY12 Q2-FY12 $2,000.0 Q3-FY12 Q4-FY12 Q1-FY13 Q2-FY13 Q3-FY13 Q4-FY13 Q1-FY14 TOTAL RTF GROSS PROFIT DOLLARS STRONGLY CORRELATED TO OPEX $2,500.0 Total RTF Gross Profit dollars help offset increases in Operating Expenses Q2-FY14 Q3-FY14 Q4-FY14 Q1-FY15 Q2-FY15 Q3-FY15 Q4-FY15 Q1-FY16 Q2-FY16 Q3-FY16 Q4-FY16 1, 2 3 -Fuel Gross Profit $ OpEx м M Q1-FY17 Q2-FY17 Q3-FY17 04-FX17 Q4-FY17 Q1-FY18 Q2-FY18 QS-FY18 Q4-FY18 Q1-FY19 Q2-FY19 CIRCLE K Q3-FY19 Q4-FY19 Q1-FY20 Q2-FY20 Q3-FY20 Q4-FY20 Q1-FY21 Q2-FY21 Q3-FY21 ingo Q4-FY21 Q1-FY22 Q2-FY22 Q3-FY22 Q4-FY22 Q1-FY23 Q2-FY23 Q3-FY23 Q4-FY23#21Source: Nielsen IQ Connect (2022 data). 100% 90% 80% 88% %96 EXPERT IN SALE OF AGE-RESTRICTED PRODUCTS Product Category Share by Channel 70% 60% 50% 40% 30% 20% 10% 53% 29% 22% 15% 0% Convenience Alimentation Couche-Tard | Investor Presentation Convenience store channel continues to be a leader in sales of age-restricted products. 2% 2% 32% 37% J 26% 46% %9 0% 2% 3% 10% 3% Food ■Cigarettes ■ OTP ■Beer ■Packaged Beverages Drug Candy *All Other Channels ■Salty Snacks Age-restricted categories are expected to contribute nicely to c-store traffic in the future. 21 4% 2% 13% 31% 41% 36% 3 CIRCLE K ingo#22U.S. NATIONAL RTF MARGIN¹ TRENDING HIGHER 18.1 13.1 2020-2022 average: 36.6 cpg 43.6 2008-2013 average: 17.2 cpg 2014-2019 average: 22.2 cpg 35.2 16.3 19.0 18.5 18.4 24.8 24.0 22.4 21.8 20.4 19.9 CAGR 6.5% 30.9 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Rising breakeven point for single-store and small-chain operators is contributing to higher overall fuel margin. Source: NACS State of the Industry Report of 2022 Data. 1 Please refer to the "Non-IFRS Measures" section of this presentation for additional information on performance measures not defined by IFRS. Alimentation Couche-Tard | Investor Presentation 22 3 CIRCLE K ingo#23US C-STORE RTF BREAKEVEN GROSS MARGIN (CPG) 1,2 60.0 56.0 52.0 48.0 44.0 40.0 36.0 32.0 28.0 24.0 20.0 16.0 +8.8 12.0 8.0 FY2018 FY2019 FY2020 FY2021 FY2022 -ACT B/E --US c-store bottom quartile B/E -US c-store bottom quartile actual FY2023 +10.4 Fuel breakeven margins have increased and the spread between ACT and the bottom quartile has widened Source: NACS State of the Industry Report of 2017, 2018, 2019, 2020, 2021 and 2022 Data. 1 ACT presented using financial year and industry presented using calendar year. Industry data does not coincide exactly with ACT financial years. 2 Please refer to the "Non-IFRS Measures" section of this presentation for additional information on performance measures not defined by IFRS. Alimentation Couche-Tard | Investor Presentation 23 3 CIRCLE K ingo#24Source: NACS State of the Industry Report of 2022 Data. COST HEADWINDS FAVOUR LARGER CHAINS Card Costs to Industry (in billions) $3.8 $5.4 $6.6 $7.6 $8.4 $7.4 $9.0 Alimentation Couche-Tard | Investor Presentation 2012 2013 2014 SSSS $11.1 $11.2 $11.2 $11.4 2015 $10.0 2016 $9.5 $10.1 $11.1 $11.8 $10.7 $13.5 $19.5 Average Associate Wage (in dollars per hour) 2008 $8.37 2009 $8.27 2010 $8.46 2011 $8.56 2012 $8.51 2013 $8.76 2014 $9.02 2015 $9.44 2016 $9.99 $10.19 $10.74 $11.49 $11.30 $12.80 $14.18 Scale and geographic diversification provides Couche-Tard with flexibility to offset industry headwinds. 24 3 CIRCLE K ingo#25Empty#26COMPETITIVE ADVANTAGES ➤ Significant scale and buying power through broad footprint and global brand. ➤ Strong leadership team and decentralized business model. ➤ Long-standing cost discipline embedded in company culture and DNA. ➤ Proven ability to integrate acquisitions. ➤ Solid balance sheet and capacity to invest. MC Alimentation Couche-Tard | Investor Presentation 26 CIRCLE K TH ingo#27OUR SITES A GLOBAL FAMILY OF MERCHANTS TOTAL UNITED-STATES 14,468 7,070 CANADA 2,261 EUROPE AND OTHER REGIONS1 3,101 INTERNATIONAL² Note: Store count as of April 30, 2023. Includes 983 automats 1 Europe and Other Regions store count includes 390 stores in Hong Kong 2 International store count is comprised of stores operating under license. Alimentation Couche-Tard | Investor Presentation 2,036 Core network International licensees 27 3 24 COUNTRIES CIRCLE K ingo#28GOING GLOBAL WITH CIRCLE K BRAND Higher brand awareness and loyalty Unified corporate culture Greater purchasing power Rollout of national promotions Exclusive product launches Private label and product innovation CIRCLE K ~91% of stores in the U.S. are operating under the Circle K banner, 97% in Canada, and all stores in Europe¹. 1 Percentage of in-scope corporate stores and franchisees as of April 30, 2023. For Canada, the province of Quebec is not in-scope as stores are operating under the Couche-Tard banner. For Europe, automats are not in-scope. Alimentation Couche-Tard | Investor Presentation 28 3 CIRCLE K ingo#29HIGHLY EXPERIENCED RETAIL & FUEL EXECUTIVE TEAM Brian Hannasch President and Chief Executive Officer Filipe Da Silva Chief Financial Officer¹ Alex Miller Hans-Olav Høidahl Chief Operating Officer EVP, Operations, Europe Ed Dzadovsky Chief Technology Officer Kevin Lewis Chief Growth Officer Ina Strand Chief People Officer Aaron Brooks SVP, Real Estate Louise Warner SVP, Global Fuels ¹Claude Tessier, currently Executive Vice President and Chief Financial Officer, will be stepping down from this position on July 1, 2023. Filipe Da Silva will be appointed as Executive Vice President and Chief Financial Officer on July 1, 2023, to succeed him. For more information on ACT's company officers, please visit https://corpo.couche-tard.com/en/our-company/leadership-governance/executive-management/ Alimentation Couche-Tard | Investor Presentation 29 29 3 CIRCLE K ingo#30LONG-STANDING COST DISCIPLINE Lean corporate structure Decentralized business units Normalized Growth of Expenses¹ Procurement efficiency Continuous benchmarking 0.2% 0.8% Cost efficient systems Automation and robotics Alimentation Couche-Tard | Investor Presentation 1 Please refer to the "Non-IFRS Measures" section of this presentation for additional information on performance measures not defined by IFRS. 2014 2015 2016 2.1% 1.5% 2.0% 2017 2.9% average 2018 2019 3.7% 2.5% Though inflation and wage pressures are having an impact, cost containment is part of Couche-Tard's DNA. 30 2020 -1.2% 3 2021 CIRCLE K ingo 9.4% 8.3%#31COST OPTIMIZATION & EFFICIENCIES ARA Store Labor Management Store Supplies Bl Fuel and Merchandise Distribution Costs Merchandise and Marketing Expense III Construction Costs Store Maintenance Waste Management Energy Services E Hardware and Software Costs Telecommunication Costs Office Supplies Shipping Costs ARA Overhead Optimization Targeted Centers of Excellence RPA and Automation Travel Costs Optimizing costs across broad range of categories Alimentation Couche-Tard | Investor Presentation 31 3 CIRCLE K ingo#32PROVEN ABILITY TO INTEGRATE ACQUISITIONS Note: As of April 30, 2023. Revenues K CLARK thestore PRIDE C STORE CST Convenience Retail Asia TOPAZ CHARRE Premium 7 Publix. Esso PHILUPS 66 tote Holiday K KANGAROO FAST MAX Super Pantry Statoil Fuel & ExxonMobil Retail 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. Alimentation Couche-Tard | Investor Presentation 32 3 CIRCLE K ingo#33UNIQUELY POSITIONED TO WIN Highly Convenient Strong core capabilities and customer value Adapt to evolving consumer demands Localized Complete localized pricing across network and work on data-driven assortment and promotion EV charging solutions Frictionless technology Circle K venture fund Innovating for future Cannabis partnerships Strong offering Expansion of Fresh Food, Fast a priority Age-restricted products Scaled and efficient Pilot multiple concepts across the world, get it right and execute with speed and efficiency Network optimization Alimentation Couche-Tard | Investor Presentation 33 7178 CIRCLE K K TIXE CIRCLE K 3 PHO ANG BUOM CIRCLE K CIRCLE K ingo#34IMPRESSIVE EBITDA TO FREE CASH FLOW1 CONVERSION 39% 32% 34% 39% 41% 39% 32% 32% 32% 31% 23% Aiming to deploy 35% to 40% of EBITDA¹ towards purchase of property and equipement, intangible assets and other assets ("Capex") 573 1,376 457 614 305 2013 812 1,640 866 315 930 1,876 884 428 1,191 2,331 807 540 984 2016 1,209 2,396 688 809 668 1,671 2,980 1,037 673 1,269 1,834 3,583 930 809 1,844 2,354 4,446 1,133 1,068 2,244 2,705 5,061 1,606 2,447 800' 2,683 5,244 1,261 1,780 2,203 3,091 5,762 2014 2015 2017 2018 2019 2020 2021 2022 2023 1 1 1 1 EBITDA Net Capex Other Free Cash Flow Net Earnings Capex (as % of EBITDA) 1,542 1,842 2,378 Target Allocation of Capex Network Development 35% of total Capex Commercial Programs 30% of total Capex Maintenance & Improvements 25% of total Capex Emerging Business & Innovation 10% of total Capex Converted 45% of EBITDA to free cash flow 1 since 2012, and 41% in 2023. 1 Please refer to the "Non-IFRS Measures" section of this presentation for additional information on performance measures not defined by IFRS. Alimentation Couche-Tard | Investor Presentation 34 3 CIRCLE K ingo#35EFFICIENT STRUCTURE BELOW EBITDA LINE EBITDA 1 D&A 2 Net financial expenses Income taxes Net earnings 100% 26% 5% 15% 54% Low cost of debt and global corporate structure permits high conversion of EBITDA to net earnings. 1 Please refer to the "Non-IFRS Measures" section of this presentation for additional information on performance measures not defined by IFRS. 2 Depreciation, amortization and impairment. Alimentation Couche-Tard | Investor Presentation 35 3 CIRCLE K ingo#36SOLID BALANCE SHEET AND CAPACITY TO INVEST LEVERAGE RATIO 3 2004 Circle K Rapid deleveraging after transformational acquisition 2,247 stores acquired K $840M ་ 4.18 2.97 2.48 No transformational acquisition Strong credit metrics for several years 596 stores acquired Target threshold of 2.25 3.15 3.19 2.88 2.67 2.10 2.07 Statoil Fuel & Retail, The Pantry Leverage after SFR lower than after Circle K 4,332 stores acquired Topaz, IOL, CST, Cracker Barrel, Holiday, Jet Pep CRACKE 3,387 stores acquired Investment Grade Credit Rating BBB / Baa1 S&P/Moody's Leverage Ratio²,3 Q4/23 1.49 below 2.25 target Jet-Pep= Esso K $1.3B Holiday $6.5B KANGAROO $1.7B TOPAZ $570M 3.13 $3.6B 3.60 3.05 2.44 2.17 1.98 2.02 2.09 1.54 1.32 1.39 1.49 2005 2006 2007 2008 2009 2010 2011 2012 Pro forma 2013 2014 20150 20160 20170 20180 2019 2020 2021 2022 2023 Incremental Balance Sheet Capacity4 ~ $10 billion incremental debt Repurchased 52.0 million shares for ~$2.3 billion during fiscal year 2023. 1 Pro forma ratios based on inclusion of acquisitions in full year results; transaction values include assumed debt 2 Post-IFRS 16 lease accounting standard; all figures in graphic prior to 2020 are reported under IAS 17 3 Please refer to the "Non-IFRS Measures" section of this presentation for additional information on performance measures not defined by IFRS. 4 Company estimate based on LTM EBITDA; does not include potential to leverage a hypothetical target. Alimentation Couche-Tard | Investor Presentation 36 3 CIRCLE K ingo#37CONTENT 7 1 Company Highlights 2 U.S. Industry Overview 3 Competitive Advantages 4 Our Ambition 5 EV Transition 6 Sustainability Increasing Shareholder Value Alimentation Couche-Tard | Investor Presentation 37 3 CIRCLE K ingo#38PRINCIPLES FOR PROFITABLE GROWTH ROCE1 Aim to deliver an EBIT-based return on capital employed of more than 15%. Leverage Ratio1 Aim to keep our adjusted net debt-to-EBITDA ratio below 2.25, allowing for flexibility following significant acquisitions. Capital Expenditures Aim to maintain a level of Capex spending at 35% to 40% of EBITDA1. 1 Please refer to the "Non-IFRS Measures" section of this presentation for additional information on performance measures not defined by IFRS. Alimentation Couche-Tard | Investor Presentation 38 3 CIRCLE K ingo#39MORE BALANCED GROWTH GOING FORWARD Historical Acquisitions 70% Projected Organic 30% Acquisitions 40% Organic 60% Greater focus on the offering and customer journey is expected to drive higher share of organic growth. Alimentation Couche-Tard | Investor Presentation 39 3 CIRCLE K ingo#40CORE INITIATIVES CUSTOMER JOURNEY OFFERING NETWORK • Making Circle K the convenience brand of choice • Customer journey innovation • Customer loyalty • Operational excellence • Brand differentiation • Food at scale Merchandise pricing, promotion, and assortment • Age-restricted products • Fuel pricing Claim the EV customer in specific markets • U.S. expansion • Profitable ramp-up of new stores . • Profitable remodels • Convenience-only in high foot traffic locations Disciplined entry into Asia Pacific Investments in Our People Optimization of Business Systems FOUNDATIONAL ELEMENTS Sustain investments in learning and development • Attract and hire people along core company values Improve HR support and costs through digitalization • Processes, technology and data Cost base • Supply chain Alimentation Couche-Tard | Investor Presentation 40 40 3 CIRCLE K ingo#41UPDATE ON CORE INITIATIVES OFFERING CUSTOMER JOURNEY Solid progress expanding Circle K fuel brand in North America in FY23 with additional ~700 sites (FY23 total of ~ 4,200) • ~365,000 signed up to Sip-n-Save in the U.S at the end of FY23 Fresh Food, Fast -4,860 stores at the end of FY23 with plans for broad expansion across network Completed localized pricing across network and working on data-driven assortment and promotion •~1,600 EV chargers at ~325 stations and ~10,100 home chargers and workplace chargers in Scandinavia at the end of FY23 NETWORK Strong rollout on New-to-Industry(NTI) with a total of 127 (including 22 R&R sites) in FY23 • Optimization of network through divestiture of non-core sites Builds have exceeded target of 15% ROCE 12 on average FOUNDATIONAL ELEMENTS Investments in Our People Optimization of Business Systems Named a Forbes World's Best Workplaces of 2022 & recognized as a Gallup Exceptional Workplace • Easy Office initiative to reduce administrative hours • Rollout of ~5,500 Smart Safes enabling managers to streamline cash handling 1 Please refer to the "Non-IFRS Measures" section of this presentation for additional information on performance measures not defined by IFRS. 2 Return on capital employed. Alimentation Couche-Tard | Investor Presentation 41 3 CIRCLE K ingo#42CONTENT 7 1 Company Highlights 2 U.S. Industry Overview 3 Competitive Advantages 4 Our Ambition 5 EV Transition 6 Sustainability Increasing Shareholder Value Alimentation Couche-Tard | Investor Presentation 42 42 3 CIRCLE K ingo#43EV Transition ➤ Developments in Scandinavia; participation in several value pools ➤ Key learnings ➤ North America remains the world's largest market for internal combustion engines, and despite regulatory attention, energy transition for transportation is only at a formative stage ➤ The co-existence of EV and ICE is expected for many years due to light vehicle life spans (~12.2 years in the US and ~11.8 years in Europe¹) which slows the turnover of large existing ICE fleet, the transition is gradual ➤Supply and demand challenges to EV adoption include material and labor shortage, increased focus on energy security as a result of geopolitical conflicts and global tightening on monetary policy ➤ Availability of charging infrastructure remains a challenge for customers ➤ Scaling in Europe and penetrate North America 1S&P Global Mobility, May 2022 and ACEA- European Automobile Manufactures Association, April 2022 Alimentation Couche-Tard | Investor Presentation 43 MC CIRCLE K TH ingo#44DEVELOPMENTS IN SCANDINAVIA Number of chargers (1) 738 600 FY2020 FY2021 977 FY2022 Number of sites with chargers (1) 191 159 142 1,571 Number of home and workplace chargers (1) 10,100 7,349 4,648 1,099 FY2023 FY2020 FY2021 FY2022 FY2023 324 Circle K application users 108,116 35,218 310,000 272,547 FY2020 FY2021 FY2022 FY2023 FY2020 FY2021 FY2022 FY2023 Alimentation Couche-Tard | Investor Presentation 44 (1) Includes Circle K and partner chargers 3 CIRCLE K ingo#45KEY LEARNINGS ➤ Longer dwell times in relation to chargers have led to an increase in traffic in our stores and ultimately a positive lift in sales Positive incremental impact of installing additional chargers on our sites ➤ Increased engagement with customers as evidenced by the increase in Circle K application users Alimentation Couche-Tard | Investor Presentation 45 UNNGA LADEKO! OFTAR EN LADOLAS ELEC APP NESTE LANGENDE CRCLE K 3 150KW CIRCLE K CIRCLE K ingo#46SCALING IN EUROPE AND PENETRATE NORTH AMERICA Steady network expansion in Scandinavia EU Invest to achieve > 25% market share Explore B2B possibilities Build a team and operating platform N.A Execute transit charging pilots Collaborate with other fuel retailers Announced rollout of 200 sites across North America by 2024 Alimentation Couche-Tard | Investor Presentation 45 46 3 CIRCLE K ingo#47OUR LOCATION IN BAMBLE, NORWAY K 363 70 Recognized as “most important store of 2020" by Shop Talk LIVE Alimentation Couche-Tard | Investor Presentation 47 3 CIRCLE K ingo#48CONTENT 7 1 Company Highlights 2 U.S. Industry Overview 3 Competitive Advantages 4 Our Ambition 5 EV Transition 6 Sustainability Increasing Shareholder Value Alimentation Couche-Tard | Investor Presentation 48 3 CIRCLE K ingo#49SUSTAINABILITY ➤ ESG journey ➤ Our sustainability framework ➤ Our external commitments ➤ Celebrating our progress in sustainable practices MC Alimentation Couche-Tard | Investor Presentation 49 CIRCLE K TH ingo#50ESG JOURNEY 2019 Working Together for a Responsible Future As we evolve on our journey, together we can make a difference Surtarability Report 2010 CIRCLE June 2019 CIRCLE Launch of the first report - Set our baseline Oct 2019 Sustainability as a lens - Responsible Retailer 2020 June 2020 Launch of the four priorities: Fuel, Energy, Packaging and Waste and Workplace Safety including GRI+SASB indexes GRI Alimentation Couche-Tard | Investor Presentation GREEN BOND FRAMEWORK Cour the Tong 2021 CRCLE4 Our sustainability journey continues CHICLE Sudy Report 201 CRCLE Do the right thing 2022 May 2021 Green Bonds additional focus on investments Added D&I as a 5th priority Employer branding June 2021 Developed our new Sustainability Framework to align with ESG terminology: Planet, People, Prosperity SUSTAINABILITY + TCFD 50 3 CIRCLE K ingo#51OUR SUSTAINABILITY FRAMEWORK COMMITMENTS FOCUS AREAS GLOBAL GOALS PILLARS Planet 12 AND PRODUCTION Q People DECENT WORK AND ECOND M GROWTH EQUALLY Our Offering Our Sites Our Team Our Customers Provide easy access to more sustainable food, fuel, and car wash options Reduce our carbon footprint and improve resource efficiency Foster a safe, diverse, and inclusive culture where our people can grow together Fuel 10% Energy 30% Workplace Safety ZERO greater than global legislation on renewable fuel by 2030 Packaging and Waste 100% of our sites to be carbon neutral by 2030 harm for people, customers, employees and suppliers by 2030 Diversity and Inclusion EQUITABLE Act as a responsible retailer for our customers and communities Our Governance Drive a strong values-based culture adhering to high standards of conduct and compliance Prosperity 16 PEACE, JUSTICE AND STROM Y 17 FOR THE GOALS Our Suppliers Collaborate to promote environmentally and socially responsible procurement practices CI Our Communities Contribute to people's lives by investing and engaging in the areas where we operate lens, we Following our 2019 decision to elevate sustainability to a business have continued to develop to develop our Environmental, Social and Governance all (ESG) our Sustainability Framework. This is how we approach sustainability and categorize of aspects sustainability work and impact. We believe that this will help us integrate sustainability into everything deliver we do, Commitments and Targets, and ultimately ensure our long-term business success. on our of our packaging will be recyclable or reusable by 2030 representation, opportunities and pay Alimentation Couche-Tard | Investor Presentation 55 51 3 CIRCLE K ingo#52OUR EXTERNAL COMMITMENTS S AREAS Our Sustainability Framework and 2030 Ambitions Planet People Prosperity 5 QO Our Offering Our Our Sites Team Our Customers Our Governance Our Suppliers Communities Our Fuel 10% greater than global legislation on renewable fuel Energy 30% of our sites to be carbon neutral Workplace Safety ZERO HARM for people, customers, employees and suppliers Packaging/ and waste 100% of our packaging will be recyclable or reusable Diversity and Inclusion EQUITABLE representation, opportunities and pay Our 2025 targets and associated initiatives Some key achievements so far Performance Highlights PLANET PEOPLE PROSPERITY Fuel 12% reduction in our greenhouse gas footprint from our fuel offer Energy 20% reduction in electricity consumption per site Packaging and waste 25% increase in sustainable food packaging in our own products Increase in renewable fuel offer • Expansion of electric vehicle charging solutions Piloting carbon neutral eFuels in Denmark $346.1 million investment in low carbon projects Established a centralized Energy Program • Development of a Renewable Energy Roadmap Investment in energy management systems Collaboration with global suppliers to develop more sustainable packaging • Reusable cups initiatives in all of our markets Over 1,000 electric vehicle chargers across our network One of the leading suppliers of HVO (Hydrotreated Vegetable Oil) biofuel globally First retailer to trial carbon neutral Power-to-X (PtX) eFuel 80% of water used in our new car washes in North America recovered YAP 1 time recognition in Gallup's 2022 Exceptional Workplace Award Launched global fund-raising campaign, aiming to raise $4 million for Red Cross' relief efforts in Ukraine 95% participation and highest ever engagement scores recorded in our annual employee engagement survey 29% women on our Executive Leadership Team Awarded "Best Convenience Store Diversity & Inclusion Employer Global 2021" by the international journal CFI (Capital Finance International) No. 1 industry ranking for Latvia, Lithuania and Sweden in Europe's largest brand study on sustainability $346.1 million allocated to support sustainable solutions through our Green Bonds program Supported large-scale Covid-19 vaccination clinics in Quebec, Canada Polay Pop Workplace Safety 50% decrease in robberies and work-related injuries Established a standardized global reporting system. Launched global initiatives on robbery prevention • Developed gamified Safety Training for associates For more information on ACT's company officers, please visit Report & Indexes - Couche-Tard Corpo Alimentation Couche-Tard | Investor Presentation Diversity and Inclusion 35% women directors & up and represent the communities we serve Maintained 30% women at our Board of Directors Achieved 45.8% women in Market Manager roles Launched a global mentorship program Implemented a leadership development program for our minority managers CIRCLE K 52 To date, almost 500,000 meals redeemed via "Too Good to Go" food saving program Entered the Norwegian market as an electric power supplier, offering electricity from renewable sources. 800 sites in Europe enable customers to pay for fuel using license plate recognition CIRCLE K 3 CIRCLE K CIRCLE K TH ingo#53CELEBRATING OUR PROGRESS IN SUSTAINABLE PRACTICES BRONZE 2023 ecovadis Sustainability Rating MORNINGSTAR SUSTAINALYTICS ESG INDUSTRY TOP RATED 2023 MSCI AA ESG RATINGS CCC B 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. Scoring among the highest with an AA rating as a leader within our industry in managing the most significant ESG risks and opportunities. Alimentation Couche-Tard | Investor Presentation 53 3 CIRCLE K ingo#54CONTENT 7 1 Company Highlights 2 U.S. Industry Overview 3 Competitive Advantages 4 Our Ambition 5 EV Transition 6 Sustainability Increasing Shareholder Value Alimentation Couche-Tard | Investor Presentation 54 3 CIRCLE K ingo#55INCREASING SHAREHOLDER VALUE ➤ Long track record of delivering solid results. ➤ Increasing free cash flow generation. ➤ Rewarding shareholders through a steadily increasing dividend. ➤ Strong focus on reinvesting profitably in our operations and improving the ROCE. Alimentation Couche-Tard | Investor Presentation 55 MC CIRCLE K TH ingo#56Alimentation Couche-Tard | Investor Presentation in US$ millions in millions of gallons 2013 7,602 6,945 2014 7,953 7,626 8,135 10,502 Fuel Volume Sold CAGR 6.8% 11,793 14,525 15,626 14,916 12,774 13,376 13,451 8,276 10,072 10,724 12,976 14,505 14,666 DELIVERING STRONG RESULTS... Merchandise and Service Revenues CAGR 8.6% Merchandise and Service Gross Profit CAGR 8.6% Note: Starting in fiscal 2020, revenue and gross profit figures include impact from transition to IFRS 16 lease accounting standard 1 Please refer to the "Non-IFRS Measures" section of this presentation for additional information on performance measures not defined by IFRS. 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.sedar.com. 56 15,873 16,604 17,283 in US$ millions in US$ millions 2013 2013 2,596 1,664 2014 2014 2,699 1,888 2015 2,806 2015 2,129 2016 2,440 2017 2,587 2018 3,387 2019 3,949 CAGR 13.6% 2020 4,437 (1,2) Fuel Gross Profit 2016 3,431 2017 3,682 2018 4,469 2019 5,006 2020 4,968 2021 5,315 4,607 2022 5,662 5,177 2023 5,939 5,957 3 CIRCLE K TH ingo (1,2)#57Alimentation Couche-Tard | Investor Presentation in CAD cents per share 2013 5.00 2014 6.80 ... AND REWARDING SHAREHOLDERS ACCORDINGLY Dividend per Share CAGR 26.6% 2015 9.50 13.38 17.38 18.50 22.50 Announced quarterly dividend of CA 14¢ in Q4 2023 representing an annualized payment of CA 56¢ per share. 57 3 CIRCLE K ingo 26.50 33.25 41.75 53.00#58STRONG ORGANIC GROWTH DRIVING RETURNS We have repeatedly proven our ability to increase our ROCE following the integration of large acquisitions Return on Capital Employed' avg. 15.4% IAS 17 IFRS 16 Alimentation Couche-Tard | Investor Presentation 1 Please refer to the "Non-IFRS Measures" section of this presentation for additional information on performance measures not defined by IFRS. 2014 2015 2016 Looking to maintain ROCE above our objective of 15%, driven primarily by organic growth initiatives. 58 3 CIRCLE K ingo#590% Jun-13 100% Dec-13 Jun-14 200% Source: Bloomberg, based on the closing prices at the end of June 19, 2023, trading day. Alimentation Couche-Tard | Investor Presentation Dec-14 300% Jun-15 400% Dec-15 Jun-16 500% Dec-16 600% Jun-17 59 Dec-17 700% RELATIVE STOCK PERFORMANCE 10-Year Stock Performance vs. Key Indices -Alimentation Couche-Tard -S&P/TSX Composite S&P 500 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 3 Dec-21 Jun-22 Dec-22 CIRCLE K ingo Jun-23 58.1% 168.8% 567.0%#60FINANCIAL HIGHLIGHTS in US$ millions, unless otherwise noted 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 CAGR 7% Total revenues Gross profit¹ EBITDA¹ Operating income Net Earnings Diluted EPS Adj. diluted EPS1 1,376 1,640 1,876 839 1,034 1,320 573 812 $0.51 $0.72 930 $0.82 $0.56 $0.68 $0.90 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 2,331 2,396 2,980 3,583 4,525 5,061 5,244 5,7621 1,668 1,698 2,037 2,489 3,163 3,676 3,679 4,232 1,191 1,209 1,671 1,834 2,354 2,705 2,683 $1.05 $1.06 $1.48 $1.63 $2.44 $ 2.52 $1.04 $1.11 $1.30 $2.45 $ 2.60 10%! 15% 18% 3,091! 18% $2.09 $3.06 20% $1.66 $1.97 $3.12 19% Merchandise SSS - United States² 2 1.0% 3.8% Merchandise SSS - Europe and Other Regions 1 Merchandise SSS - Canada² SS Fuel Volume - United States' 12 n/a 2.0% 3.9% 4.6% 2.0% 1.6% 2.0% 2.8% 3.5% 2.7% 1.9% 3.4% 2.9% 0.1% 0.4% 0.8% 4.1% 2.1% 5.6% 1.9% 4.3% 4.8% 0.1% 5.2% 2.8% 6.1% 5.9% 3.1% 9.5% -3.4% 1.2% 2 SS Fuel Volume - Europe and Other Regions² 0.6% n/a 2.5% 1.7% 3.4% 2.4% 6.6% 2.6% SS Fuel Volume - Canada² 0.0% 1.3% -0.1% 0.9% 2.6% -0.4% 1.0% 0.0% -0.3% 0.7% -0.9% -1.4% -1.6% -6.0% -14.9% -3.9% -3.9% -6.4% 3.8% -3.2% 6.1% -0.1%! -12.9% 4.0% -1.9% Fuel Margin - United States (in USD cents per gallon) 1 18.77 18.11 21.74 20.15 18.56 19.39 22.38 29.62 35.28 Fuel Margin - Europe and Other Regions (in USD cents per litre) 1 Fuel Margin - Canada (in CAD cents per litre) 1 9.88 10.94 10.33 8.82 8.22 8.72 8.61 5.84 5.98 6.35 6.41 7.66 8.84 8.38 8.48 7.88 10.99 39.62 9.86 47.511 9.98 10% 0% 10.36 11.74 12.75 8% Cash flow from operations 1,161 1,429 1,715 1,888 1,926 2,163 3,084 3,721 4,087 3,945 4,387 14% Dividends per share (in CAD cents per share) 5.00 6.80 9.50 13.38 17.38 18.50 22.50 26.50 33.25 41.75 53.001 27%! Leverage ratio¹ ROCE (%)¹ 1.99 1.32 1.18 0.95 11.0% 13.3% 16.2% 19.2% 1.09 15.8% 2.46 12.0% 1.61 14.1% 1.54 1.32 1.39 1.49 15.0% 15.9% 15.4% 17.5% Alimentation Couche-Tard | Investor Presentation Notes: Fiscal years 2012, 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 Measures" section of this presentation for additional information on performance measures not defined by IFRS. 2 FY2023 is presented on a basis of 52 weeks. 60 CIRCLE K ingo#61NON-IFRS MEASURES Non-IFRS 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 ("non-IFRS measures"), which are also calculated on an adjusted basis to exclude specific items. We believe that providing those non-IFRS 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 financial measures are used in this presentation: Gross profit; Earnings before interest, taxes, depreciation, amortization and impairment ("EBITDA") and adjusted EBITDA Adjusted net earnings; Interest-bearing debt; and Free cash flow, including Net capex and Other. The following non-IFRS ratios are used in our financial disclosures: • Road transportation fuel gross margin and Road transportation fuel breakeven gross margin; Normalized growth of operating, selling, general and administrative expenses; Growth of 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); and EBITDA to Free cash flow Supplementary financial measures are also used in our financial disclosures and those measures are described where they are presented. Non-IFRS financial measures and ratios are mainly derived from the consolidated financial statements, but do not have standardized meanings prescribed by IFRS. These non-IFRS measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS. In addition, our definitions of non-IFRS 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. Alimentation Couche-Tard | Investor Presentation 61 3 CIRCLE K ingo#62The table below reconciles revenues and cost of sales, excluding depreciation, amortization and impairment, as per IFRS, to gross profit: NON-IFRS MEASURES Gross profit. Gross profit consists of revenues less the cost of sales, excluding depreciation, amortization and impairment. This Adjusted net earnings and adjusted diluted net earnings per share. Adjusted net earnings represents net earnings adjusted for measure is considered useful for evaluating the underlying performance of our operations. 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. These measures are considered useful for evaluating the underlying performance of our operations on a comparable basis. 13 week period 12-week period 53-week period 52-week period The table below reconciles net earnings, as per IFRS, with adjusted net earnings and adjusted diluted net earnings per share: ended (in millions of US dollars) Revenues April 30, 2023 16,264.4 Cost of sales, excluding depreciation, amortization and impairment Gross profit 13,355.8 2.908.6 ended April 24, 2022 16,434.9 13,877.9 2,557.0 ended April 30, 2023 ended 71.856.7 59.804.6 12.052.1 April 24, 2022 62,809.9 51.805.1 11,004.8 (in millions of US dollars, except per share amounts, or unless otherwise noted) Net earnings Adjusted for: 13-week period ended April 30, 2023 670.7 12-week period ended April 24, 2022 477.7 53-week period ended April 30, 2023 3,090.9 52-week period ended April 24, 2022 2,683.3 Loss on convertible promissory notes recorded at fair value through earnings or loss prior to their maturity Please note that the same reconciliation applies in the determination of gross profit by category and by geography. 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 tables below reconcile net earnings, as per IFRS, to EBITDA and adjusted EBITDA: (in millions of US dollars) Acquisition costs Net foreign exchange (gain) loss 26.4 26.4 4.5 0.9 13.7 6.7 (0.4) (3.0) 0.7 (20.7) Impairment of our investment in Fire & Flower 33.7 23.9 33.7 Impairment and impact of deconsolidation of Russian subsidiaries Cloud computing transition adjustment 56.2 56.2 15.1 15.1 Gain on disposal of properties Impact of the redemption notice of senior unsecured notes Tax impact of the items above and rounding Adjusted net earnings 13 week period ended April 30, 2023 12-week period ended April 24, 2022 670.7 477.7 53-week period ended April 30, 2023 3.090.9 52-week period ended April 24, 2022 2,683.3 Weighted average number of shares - diluted (in millions) Adjusted diluted net earnings per share (3.2) (7.6) (3.6) (4.3) 698.0 573.0 3.152.0 2.770.0 985.4 1,046.1 0.71 0.55 1,009.5 3.12 1,063.5 2.60 Net eamings Add: Income taxes 159.6 139.2 838.2 734.3 Net financial expenses 99.0 51.5 306.7 Depreciation, amortization and impairment 389.6 449.4 EBITDA 1,318.9 1,117.8 1,525.9 5.761.7 281.0 1.545.7 5.244.3 Adjusted for: Acquisition costs Cloud computing transition adjustment 4.5 0.9 15.1 13.7 6.7 15.1 Gain on disposal of properties Adjusted EBITDA Alimentation Couche-Tard | Investor Presentation 1.323.4 1,133.8 5,775.4 5,266.1 62 3 CIRCLE K ingo#63NON-IFRS MEASURES Road transportation fuel gross margin. Road transportation fuel gross margin consists of Road transportation fuel gross profit divided by total volume of road transportation fuel sold. For the United States and Europe and other regions, both measures are presented in US dollars. For Canada, this measure is presented in functional currency. The tables below reconcile, for road transportation fuel, Revenues and Cost of sales, excluding depreciation, amortization and impairment 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 Road transportation fuel gross margin (CA cents per liter) April 30, 2023 52-week period ended Road transportation fuel breakeven gross margin. Road transportation fuel breakeven gross margin consists of Road transportation fuel gross profit, for which the calculation methodology is described in another table of this section, less Earnings before income taxes divided by total volume of road transportation fuel sold. This measure is considered useful for evaluating the underlying performance and efficiency of our operations. (in millions of US dollars, unless otherwise noted) Road transportation fuel gross profit Earnings before income taxes Total road transportation fuel volume sold (millions of gallons) Road transportation fuel breakeven gross margin (US cents per gallon) 13-week period ended 1,894.7 12-week period ended April 24, 2022 1,686.8 53-week period ended April 30, 2023 8,412.4 April 24, 2022 6,703.8 Road transportation fuel breakeven 1,724.5 1,534.3 7,686.7 6,085.5 170.2 152.5 1.403.6 12.13 1,136.9 13.41 725.7 5,690.1 12.75 618.3 5.264.8 11.74 53-week period ended April 30, 2023 52-week period ended April 24, 2022 5,956.6 5,177.1 3,929.1 3,417.6 2.027.5 1.759.5 13,451.2 13,376.4 15.07 13.15 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 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 Road transportation fuel gross margin (US cents per liter) 13-week period ended 12-week period 53-week period ended ended April 30, 2023 7,903.2 April 24, 2022 8,050.9 April 30, 2023 35,232.1 52-week period ended April 24, 2022 30,115.0 6,882.9 7,108.9 30,856.5 26,488.6 1,020.3 2,250.3 942.0 2,042.5 4,375.6 3,626.4 45.34 46.12 9,209.7 47.51 9,152.9 39.62 13-week period ended 12-week period ended April 30, 2023 April 24, 2022 April 30, 2023 2,548.8 2,992.2 11,837.7 53-week period ended 52-week period ended April 24, 2022 9,892.0 2,289.7 259.1 2,801.2 10,803.3 8,834.3 2,443.7 191.0 2,542.9 1,034.4 10,365.7 1,057.7 10,722.7 10.60 7.51 9.98 9.86 Alimentation Couche-Tard | Investor Presentation 63 3 CIRCLE K ingo#64NON-IFRS MEASURES Growth of same-store merchandise revenues for Europe and other regions. Same-store merchandise revenues represent 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. For Europe and other regions, the growth of 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, CODO and DODO stores, as well as Asian corporate stores prior to their acquisition date of December 21, 2020. These last two items 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, to same-store merchandise revenues for Europe and other regions and the resulting percentage of growth: (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 12-week periods ended Interest-bearing debt, net interest-bearing debt and leverage ratio. Interest bearing-debt is the sum of the following balance sheet accounts: Current portion of long-term debt, Long-term debt, Current portion of lease liabilities and Lease liabilities. Net interest-bearing debt correspond to the previous measure minus Cash and cash equivalents. Leverage ratio represents a measure of financial condition that is especially used in the financial community. The three measures are considered useful to facilitate the understanding of our financial position in relation with financing obligations. The table below reconciles net interest-bearing debt and adjusted EBITDA, for which the calculation methodology is described in a previous slide of this presentation, with the leverage ratio: (in millions of US dollars, except ratio data) Current portion of long-term debt Current portion of lease liabilities Long-term debt Lease liabilities Interest-bearing debt Less: Cash and cash equivalents 13 week period ended 12 week period ended 12-week periods ended April 30, 2023 April 24, 2022 April 24, 2022 585.7 571.4 571.4 April 25, 2021 551.9 Net interest-bearing debt Adjusted EBITDA Leverage ratio (60.5) (57.8) (57.8) (55.0) (17.9) (30.0) (25.1) (12.5) (71.8) (50.7) 75.3 75.4 78.8 74.0 575.4 558.6 520.6 3.0% 6.2% As at As at April 30, 2023 0.7 April 24, 2022 1.4 438.1 425.4 5,888.3 5,963.6 3,138.8 3,049.5 9,465.9 9,439.9 834.2 2,143.9 8,631.7 7,296.0 5,775.4 5,266.1 1.49 1 1.39 1 Return on equity. This measure is used to assess the relation between our profitability and our net assets. Average equity is 490.2 calculated by taking the average of the opening and closing balance for the 53 and 52-week periods. The table below reconciles net earnings, as per IFRS, with the ratio of return on equity: 53 week period ended April 30, 2023 52-week period ended April 24, 2022 2,386.7 2,429.1 52-week periods ended April 24, 2022 2,429.1 52-week periods ended April 25, 2021 1,830.8 (in millions of US dollars, unless otherwise noted) Net earnings (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 Equity - Opening balance (200.5) (205.0) (205.0) (178.4) Equity - Ending balance Average equity (178.4) (21.9) Return on equity (93.9) (50.5) (147.2) (152.0) 332.7 357.1 400.0 859.7 Total Same-store merchandise revenues for Europe and other regions Growth of same-store merchandise revenues for Europe and other regions 2,425.0 2,352.3 2,476.9 2.338.2 3.1% 5.9% Alimentation Couche-Tard | Investor Presentation 64 5.9 3 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 12,309.3 24.7% 21.8% CIRCLE K ingo#65NON-IFRS MEASURES Return on capital employed. This measure is used to measure the relation between our profitability and capital efficiency. 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 current portion of long-term debt and current portion of lease liabilities. Average capital employed is calculated by taking the average of the beginning and ending balance of capital employed for the 53 and 52-week periods. The table below reconciles net earnings, as per IFRS, to EBIT with the ratio of return on capital employed: (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(1) Average capital employed Return on capital employed (1) The table below reconciles balance sheet line items, as per IFRS, to capital employed: (in millions of US dollars) Total Assets Less: Current liabilities Add: Current portion of long-term debt Add: Current portion of lease liabilities Capital employed 52-week period 53-week period ended April 30, 2023 3,090.9 ended April 24, 2022 2,683.3 Normalized growth of operating, selling, general and administrative expenses ("normalized growth of expenses'). Normalized growth of expenses consists of the growth of Operating, selling, general and administrative expenses adjusted for the impact of the changes in our network, the impact from changes in accounting policies and adoption of accounting standards, the impact of more volatile items over which we have limited control including, but not limited to, the net impact of foreign exchange translation, electronic payment fees excluding acquisitions, and acquisition costs, as well as other specific items for which the impact on consolidated results is not deemed indicative of future trends. Please note that the description of this measure was modified to clarify its composition. This measure is considered useful for evaluating our ability to control our expenses on a comparable basis. The table below reconciles growth of Operating, selling, general and administrative expenses to normalized growth of expenses: 52-week periods ended April 25, 2021 53-week period 838.2 306.7 734.3 ended 4,235.8 24.001.0 24,323.4 281.0 3.698.6 23,971.5 (in millions of US dollars, unless otherwise noted) Operating, selling, general and administrative expenses, as published Adjusted for: April 30, 2023 52-week period ended April 24, 2022 Variation 52-week periods ended April 24, 2022 6,361.8 5.884.5 8.1% 5.884.5 Variation 5,148.6 14.3% 24,162.2 17.5% 24,001.0 23,986.3 Decrease (increase) from the net impact of foreign exchange translation 159.6 2.7% (17.4) (0.3%) 15.4% Increase from higher electronic payment fees, excluding acquisitions (98.6) (1.7%) (135.6) (2.6%) Increase from incremental expenses related to acquisitions (59.3) (1.0%) (90.8) (1.8%) Prior year cloud computing transition adjustment 15.1 0.3% (15.1) (0.3%) As at April 30, 2023 29,049.6 5,165.0 0.7 438.1 24,323.4 As at April 24, 2022 29.591.6 6,017.4 1.4 425.4 As at April 25, 2021 28,394.5 5,949.7 (Increase) decrease from changes in acquisition costs recognized to earnings Normalized growth of expenses (7.0) (0.1%) 5.1 0.1% 6.371.6 5.884.5 8.3% 5.630.7 5.148.6 9.4% 1,107.3 419.4 24,001.0 23,971.5 Alimentation Couche-Tard | Investor Presentation 65 59 3 CIRCLE K ingo#66NON-IFRS 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 53-week period ended April 30, 2023 5,761.7 52-week period ended April 24, 2022 5,244.3 EBITDA EBITDA to free cash flow 53-week period ended April 30, 2023 2,377.8 5,761.7 41 % 52-week period ended 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 1,803.8 262.1 Net Capex 1,541.7 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 Alimentation Couche-Tard | Investor Presentation 1,664.5 403.3 1,261.2 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. 353.6 329.7 438.9 443.6 794.5 714.6 (in millions of US dollars, unless otherwise noted) 377.7 330.1 122.5 37.9 1,842.2 1,780.1 Purchases of property and equipment, intangible assets and other assets ("Capex") EBITDA 2,377.8 2,203.0 Capex (as % of EBITDA) 66 99 3 53-week period ended April 30, 2023 1,803.8 52-week period ended April 24, 2022 1,664.5 5,761.7 5,244.3 31.3 % 32 % CIRCLE K ingo#67INVESTOR RELATIONS CONTACT >>> Jean-Philippe D. Lachance Vice President, Investor Relations and Treasury [email protected] Alimentation Couche-Tard | Investor Presentation 59 TH 67 CIRCLE K ingo#68THANK YOU MC CIRCLE K TM ingo K Dagens 79- CLE CIRCLE K Couche-Tard Omiles Omiles omiles omiles Omiles Omiles PLUS Ome alles Omilles PLUS PLUS Omiles LUS PLUS