{"success":true,"data":{"pressRelease":{"id":"133237","rtpr_id":"nPn7tVTP1a","ticker":"ATD","exchange":"TSX","all_tickers":["ATD"],"title":"ALIMENTATION COUCHE-TARD ANNOUNCES ITS RESULTS FOR ITS FIRST QUARTER OF FISCAL YEAR 2027","author":"PR Newswire","published_at":"2026-09-01T21:05:00.329Z","article_body":"ALIMENTATION COUCHE-TARD ANNOUNCES ITS RESULTS FOR ITS FIRST QUARTER OF FISCAL YEAR 2027\n\nPR Newswire\n\nLAVAL, QC, Sept. 1, 2026\n\nLAVAL, QC, Sept. 1, 2026 /PRNewswire/ -- Alimentation Couche-Tard Inc.\n(\"Couche-Tard\" or the \"Corporation\") (TSX: ATD) announces its results for its\nfirst quarter ended July 19, 2026.\n\nExecutive Comments on the Quarter\n\nAlex Miller, President and Chief Executive Officer, said: \"We are encouraged\nby the start to fiscal 2027 and the continued progress we are making through\nCore + More. We delivered our fifth consecutive quarter of positive same-store\nmerchandise sales growth in the U.S., supported by continued momentum in food,\nenergy drinks and other nicotine products. Our fuel business remained a source\nof strength, delivering solid profitability and demonstrating the resilience\nof our network. We are also looking forward to welcoming Żabka Group into the\nCouche-Tard family, which will strengthen our capabilities in food, digital\nengagement and supply chain and complement our organic growth initiatives\nwhile expanding our scale in Central and Eastern Europe.\"\n\nFilipe Da Silva, Chief Financial Officer, added: \"The first quarter\ndemonstrates the balance we are achieving across the business, delivering\nadjusted EBITDA(1) growth of 10.5% and adjusted diluted earnings per share(1\n)growth of 15.4%, while maintaining normalized expense(1) growth well below\ninflation. At the same time, we continue to invest in customer value and\ntraffic-driving initiatives, advancing our strategic priorities and focusing\non delivering sustainable long-term earnings growth.\"\n\nQuarterly Highlights\n\n * Net earnings attributable to shareholders of the Corporation were $828.5\nmillion for the first quarter of fiscal 2027 compared with $782.5 million for\nthe first quarter of fiscal 2026. Adjusted net earnings attributable to\nshareholders of the Corporation(1) were approximately\n$827.0 million compared with $737.0 million for the corresponding quarter\nof last year, representing an increase of 12.2%.\n * Net earnings attributable to shareholders of the Corporation were $0.90 per\ndiluted share for the first quarter of fiscal 2027 compared with $0.82 per\ndiluted share for the first quarter of fiscal 2026. Adjusted diluted net\nearnings per share(1 )were $0.90, representing an increase of 15.4% from $0.78\nfor the corresponding quarter of last year.\n * Total merchandise and service revenues of $4.9 billion, an increase of 4.1%.\nSame-store merchandise revenues(2) increased by 1.7% in the United States,\nand by 1.2% in Europe and other regions(1), while it remained stable in\nCanada. Consolidated same-store merchandise revenues(1) increased by 1.6%.\n * Merchandise and service gross margin(1) decreased by 0.5% in the United States\nto 34.1% and by 0.6% in Canada to 33.3%, while it increased by 0.7% in Europe\nand other regions to 39.6%.\n * Same-store road transportation fuel volumes decreased by 1.6% in the United\nStates and by 4.3% in Europe and other regions, while it increased by 1.1% in\nCanada.\n * Road transportation fuel gross margin(1) of 52.61¢ per gallon in the\nUnited States, an increase of 8.61¢ per gallon, US 11.34¢ per liter in\nEurope and other regions, a decrease of US 0.07¢ per liter, and CA 16.79¢\nper liter in Canada, an increase of CA 2.58¢ per liter.\n * Subsequent to the end of the first quarter of fiscal 2027, the Corporation\nannounced plans to acquire all of the issued and outstanding shares of Żabka\nGroup (Żabka), Poland's largest convenience retailer, operating more than\n13,000 convenience stores across Poland and Romania. Shareholders owning\napproximately 57% of Żabka's issued and outstanding shares, have entered into\nseparate hard irrevocable agreements to tender all of their shares of Żabka\ninto the voluntary tender offer initiated by the Corporation. ______________________________________\n (1 )  Please refer to the \"Non-IFRS Accounting Standards Measures\" section for\n       additional information on performance measures not defined by\n       IFRS(®) Accounting Standards.\n (2 )  This measure represents the growth of (decrease in) cumulative merchandise\n       revenues between the current period and comparative period for those stores\n       that were open for at least 23 days out of every 28-day period included in the\n       reported periods. Merchandise revenues are defined as Merchandise and service\n       revenues excluding service revenues.\n\nSummary of the First Quarter of Fiscal 2027\n\nFor its first quarter ended July 19, 2026, Couche-Tard reported net earnings\nattributable to shareholders of the Corporation of $828.5 million,\nrepresenting $0.90 per share on a diluted basis, compared with\n$782.5 million for the corresponding quarter of fiscal 2026, representing\n$0.82 per share on a diluted basis. The results for the\nfirst quarter of fiscal 2027 were affected by a pre-tax net foreign\nexchange gain of $2.7 million and by pre-tax acquisition costs of\n$0.6 million. The results for the comparable quarter of fiscal 2026 were\naffected by a pre-tax gain of $66.4 million on regulatory divestitures\nrelated to the GetGo acquisition, by a pre-tax net foreign exchange gain of\n$14.2 million and by pre-tax acquisition costs of $10.0 million. Excluding\nthese items, the adjusted net earnings attributable to shareholders of the\nCorporation(3) were approximately $827.0 million, or $0.90 per share on a\ndiluted basis for the first quarter of fiscal 2027, compared with\n$737.0 million, or $0.78 per share on a diluted basis for the corresponding\nquarter of fiscal 2026, an increase of 15.4% in the adjusted diluted net\nearnings per share(1). This increase is primarily driven by higher road\ntransportation fuel gross margin(1), by the contribution from acquisitions, by\npositive organic growth in our convenience activities as well as by the impact\nof share repurchases, partly offset by the impact of inflation and strategic\ninvestments on our operating expenses. All financial information presented is\nin US dollars unless stated otherwise.\n _____________________________________\n (1)  Please refer to the \"Non-IFRS Accounting Standards Measures\" section for\n      additional information on performance measures not defined by IFRS Accounting\n      Standards.\n\nSignificant Items of the First Quarter of Fiscal 2027\n\n * Renewal of the share repurchase program, effective on July 23, 2026, allowing\nto repurchase up to 74.2 million shares, representing 10.0% of public float as\nat July 9, 2026, and ending no later than July 22, 2027. During the first\nquarter of fiscal 2027, we repurchased 0.4 million shares for an amount of\n$26.0 million, which includes associated taxes of $0.5 million.\n * On May 6, 2026, we fully repaid, upon maturity, our €750.0 million ($876.5\nmillion) Euro-denominated senior unsecured notes issued on May 6, 2016.\n * On July 31, 2026, subsequent to the end of the quarter, we announced our plans\nto acquire all of the issued and outstanding shares of publicly traded Żabka\nGroup (\"Żabka\"), Poland's largest convenience retailer, through a voluntary\ntender offer launched by our wholly owned subsidiary, Circle K Polska sp. z\no.o. The offer values Żabka at approximately PLN 32.6 billion\n($8.6 billion). Founded in 1998 and headquartered in Poznań, Poland, Żabka\nhas a network of more than 13,000 convenience stores across Poland and\nRomania, operating through an entrepreneurial franchise model. The transaction\nis subject to customary regulatory approvals and other closing conditions and\nis expected to close before the end of fiscal 2027. The transaction would\nprovide us with a scaled convenience retail platform in Central and Eastern\nEurope while complementing our existing operations in Poland and is expected\nto be financed using available cash and new and existing credit facilities. In\nrelation with the transaction and subsequent to the end of the quarter, we\nhave entered into certain currency derivatives to manage our exposure to the\nfact that the purchase of the shares through the tender offer would be\nsettled, at the election of each selling shareholder, either in polish zloty\nor in euro.\nChanges in our Network during the First Quarter of Fiscal 2027\n\n * We acquired two company-operated stores. We settled the transactions using our\navailable cash.\n * During the quarter, we completed the construction of 12 stores and the\nrelocation or reconstruction of 8 stores reaching a total of 20 stores since\nthe beginning of fiscal 2027. As of July 19, 2026, another 42 stores were\nunder construction and should open in the upcoming quarters.\nSummary of changes in our store network\n\nThe following table presents certain information regarding changes in our\nstore network over the 12-week period ended July 19, 2026((1)):\n                                                                    12-week period ended July 19, 2026\n Type of site                                                       Company-          CODO          DODO          Franchised and              Total\n                                                                    operated\n other affiliated\n Number of sites, beginning of period                               10,730            1,354         1,369         1,110                       14,563\n Acquisitions                                                       2                 —             —             —                           2\n Openings / constructions / additions                               12                —             6             6                           24\n Closures / disposals / withdrawals                                 (51)              —             (6)           (23)                        (80)\n Store conversions                                                  —                 (5)           —             5                           —\n Number of sites, end of period                                     10,693            1,349         1,369         1,098                       14,509\n Circle K branded sites under licensing agreements                                                                                            2,711\n Total network                                                                                                                                17,220\n Number of automated fuel stations included in the period-end       1,162             2             99            —                           1,263\n\n   figures\n\n (1)  Stores which are part of Circle K Belgium SA's network are included at 100%,\n      while stores operated through our RDK joint venture are included at 50%.\n\nExchange Rate Data\n\nWe use the US dollar as our reporting currency, which provides more relevant\ninformation given the predominance of our operations in the United States.\n\nThe following table sets forth information about exchange rates based upon\nclosing rates expressed as US dollars per comparative currency unit:\n                                     12-week periods ended\n                                     July 19, 2026    July 20, 2025\n Average for the period((1)    )\n Canadian dollar                     0.7178           0.7270\n Norwegian krone                     0.1054           0.0983\n Swedish krone                       0.1057           0.1041\n Danish krone                        0.1547           0.1537\n Zloty                               0.2711           0.2692\n Euro                                1.1561           1.1465\n Hong Kong dollar                    0.1276           0.1277\n\n (1)  Calculated by taking the average of the closing exchange rates of each day in\n      the applicable period.\n\nFor the analysis of consolidated results, the impact of the translation of our\nforeign currency operations into US dollars is defined as the impact from the\ntranslation of our Canadian, European, Asian, and corporate operations into\nUS dollars. Variances of our foreign currency operations into US dollars are\ndetermined as being the difference between the corresponding period results in\nlocal currencies translated at the current period average exchange rate and\nthe corresponding period results in local currencies translated at the\ncorresponding period average exchange rate.\n\nSummary Analysis of Consolidated Results for the First Quarter of Fiscal 2027\n\nThe following table highlights certain information regarding our operations\nfor the 12-week periods ended July 19, 2026, and July 20, 2025, and the\nresults analysis in this section should be read in conjunction with this\ntable. The results from our operations in Europe and Asia are presented\ntogether as Europe and other regions.\n                                                                      12-week periods ended\n (in millions of US dollars, unless otherwise stated)                 July 19, 2026    July 20, 2025    Variation %\n Statement of Operations Data:\n Merchandise and service revenues((1)):\n United States                                                        3,260.3          3,095.0          5.3\n Europe and other regions                                             1,024.7          983.2            4.2\n Canada                                                               599.9            615.6            (2.6)\n Total merchandise and service revenues                               4,884.9          4,693.8          4.1\n Road transportation fuel revenues:\n United States                                                        9,472.6          6,819.8          38.9\n Europe and other regions                                             5,662.7          4,491.9          26.1\n Canada                                                               1,539.4          1,223.3          25.8\n Total road transportation fuel revenues                              16,674.7         12,535.0         33.0\n Other revenues((2)):\n United States                                                        14.7             12.8             14.8\n Europe and other regions                                             123.4            98.0             25.9\n Canada                                                               7.1              7.3              (2.7)\n Total other revenues                                                 145.2            118.1            22.9\n Total revenues                                                       21,704.8         17,346.9         25.1\n Merchandise and service gross profit((1)(3)):\n United States                                                        1,111.0          1,070.5          3.8\n Europe and other regions                                             405.5            382.4            6.0\n Canada                                                               199.9            208.5            (4.1)\n Total merchandise and service gross profit                           1,716.4          1,661.4          3.3\n Road transportation fuel gross profit((3)):\n United States                                                        1,215.9          982.2            23.8\n Europe and other regions                                             457.8            475.4            (3.7)\n Canada                                                               165.4            140.4            17.8\n Total road transportation fuel gross profit                          1,839.1          1,598.0          15.1\n Other revenues gross profit((2)(3)):\n United States                                                        14.7             12.9             14.0\n Europe and other regions                                             26.7             34.8             (23.3)\n Canada                                                               6.4              6.9              (7.2)\n Total other revenues gross profit                                    47.8             54.6             (12.5)\n Total gross profit((3))                                              3,603.3          3,314.0          8.7\n Operating, selling, general and administrative expenses              1,835.0          1,709.2          7.4\n Gain on disposal of property and equipment and other assets          (6.4)            (60.0)           (89.3)\n Depreciation, amortization and impairment                            551.0            527.8            4.4\n Operating income                                                     1,223.7          1,137.0          7.6\n Net financial expenses                                               145.7            118.3            23.2\n Net earnings                                                         832.5            786.1            5.9\n Less: Net earnings attributable to non-controlling interests         (4.0)            (3.6)            11.1\n Net earnings attributable to shareholders of the Corporation         828.5            782.5            5.9\n Per Share Data:\n Basic net earnings per share (dollars per share)                     0.90             0.83             8.4\n Diluted net earnings per share (dollars per share)                   0.90             0.82             9.8\n Adjusted diluted net earnings per share (dollars per share)((3))     0.90             0.78             15.4\n\n                                                                                 12-week periods ended\n (in millions of US dollars, unless otherwise stated)                            July 19, 2026    July 20, 2025    Variation %\n Other Operating Data:\n Merchandise and service gross margin((1)(3)):\n Consolidated                                                                    35.1 %           35.4 %           (0.3)\n United States                                                                   34.1 %           34.6 %           (0.5)\n Europe and other regions                                                        39.6 %           38.9 %           0.7\n Canada                                                                          33.3 %           33.9 %           (0.6)\n Growth of (decrease in) same-store merchandise revenues((4)):\n Consolidated((3)(5))                                                            1.6 %            1.8 %\n United States((5)(6))                                                           1.7 %            0.4 %\n Europe and other regions((3))                                                   1.2 %            3.8 %\n Canada((5)(6))                                                                  — %              4.1 %\n Road transportation fuel gross margin((3)):\n United States (cents per gallon)                                                52.61            44.00            19.6\n Europe and other regions (cents per liter)                                      11.34            11.41            (0.6)\n Canada (CA cents per liter)                                                     16.79            14.21            18.2\n Total volume of road transportation fuel sold:\n United States (millions of gallons)                                             2,311.3          2,232.1          3.5\n Europe and other regions (millions of liters)                                   4,037.7          4,164.8          (3.1)\n Canada (millions of liters)                                                     1,371.8          1,358.1          1.0\n Growth of (decrease in) same-store road transportation fuel volumes((5)):\n United States                                                                   (1.6 %)          (0.9 %)\n Europe and other regions                                                        (4.3 %)          (1.3 %)\n Canada                                                                          1.1 %            2.2 %\n\n (in millions of US dollars, unless otherwise stated)           As at July 19, 2026                   As at April 26, 2026                   Variation $\n Balance Sheet Data:\n Total assets                                                   42,730.8                              43,516.7                               (785.9)\n Interest-bearing debt((3))                                     15,379.2                              16,446.0                               (1,066.8)\n Equity attributable to shareholders of the Corporation         16,682.0                              16,178.9                               503.1\n Indebtedness Ratios((3)):\n Net interest-bearing debt/total capitalization                            0.42  : 1                             0.45  : 1\n Leverage ratio                                                            1.77  : 1                             1.99  : 1\n Returns((3)):\n Return on equity                                               19.7 %                                20.2 %\n Return on capital employed                                     13.7 %                                13.7 %\n\n (1)  Includes revenues derived from franchise fees, royalties, suppliers' rebates\n      on some purchases made by franchisees and licensees, as well as from wholesale\n      of merchandise. Franchise fees from international licensed stores are\n      presented in the United States.\n (2)  Includes revenues from the rental of assets and from the sale of energy for\n      stationary engines and aviation fuel.\n (3)  Please refer to the \"Non-IFRS Accounting Standards Measures\" section for\n      additional information on our performance measures not defined by IFRS\n      Accounting Standards, as well as our capital management measure.\n (4)  This measure represents the growth of (decrease in) cumulative merchandise\n      revenues between the current period and comparative period for those stores\n      that were open for at least 23 days out of every 28-day period included in the\n      reported periods. Merchandise revenues are defined as Merchandise and service\n      revenues excluding service revenues.\n (5)  For company-operated stores only.\n (6)  Calculated based on respective functional currencies.\n\nRevenues\n\nOur revenues were $21.7 billion for the first quarter of fiscal 2027, up\nby $4.4 billion, an increase of 25.1% compared with the corresponding quarter\nof fiscal 2026, mainly attributable to a higher average road transportation\nfuel selling price, to the contribution from acquisitions, as well as to\norganic growth in our convenience activities, partially offset by softness in\nfuel demand. The translation of our foreign currency operations into US\ndollars had a net positive impact of approximately $64.0 million on our\nrevenues for the first quarter.\n\nMerchandise and service revenues\n\nTotal merchandise and service revenues for the\nfirst quarter of fiscal 2027 were $4.9 billion, an increase of $191.1\nmillion compared with the corresponding quarter of fiscal 2026. The\ntranslation of our foreign currency operations into US dollars had a net\npositive impact of approximately $5.0 million. The remaining increase of\napproximately $186.0 million, or 4.0%, is primarily attributable to the\ncontribution from acquisitions, which amounted to approximately $112.0\nmillion, as well as to organic growth. Same-store merchandise revenues\nincreased by 1.7% in the United States driven by the growth in innovative\ncategories such as Energy drinks and Other Nicotine Products where we are\ngrowing market shares, partially offset by deliberate pricing decisions\ndesigned to support customer value and engagement in a selective spending\nenvironment. Same-store merchandise revenues increased by 1.2% in Europe and\nother regions(1), supported by growth of the same categories. In Canada,\nsame-store merchandise revenues were stable, as growth in the packaged\nbeverage and alcohol categories was offset by the impact from regulations and\ncompetition on tobacco.\n\nRoad transportation fuel revenues\n\nTotal road transportation fuel revenues for the\nfirst quarter of fiscal 2027 were $16.7 billion, an increase of $4.1\nbillion compared with the corresponding quarter of fiscal 2026. The\ntranslation of our foreign currency operations into US dollars had a net\npositive impact of approximately $57.0 million. The remaining increase of\napproximately $4.1 billion, or 32.6%, is mainly attributable to the impact of\nhigher average road transportation fuel selling price, which amounted to\napproximately $3.9 billion, the contribution from acquisitions, which\namounted to approximately $436.0 million partly offset by the softness in fuel\ndemand. Same-store road transportation fuel volumes decreased by 1.6% in the\nUnited States, and by 4.3% in  Europe and other regions, both driven by\nlower demand from high retail prices, while it increased by 1.1% in Canada,\nfavorably impacted by promotional activities and market growth.\n\nThe following table shows the average selling price of road transportation\nfuel of our company-operated stores in our various markets for the last eight\nquarters. The average selling price of road transportation fuel consists of\nthe road transportation fuel revenues divided by the volume of road\ntransportation fuel sold:\n Quarter                                                                     2ⁿᵈ      3ʳᵈ     4ᵗʰ     1ˢᵗ     Weighted\n                                                                                                              average\n 52-week period ended July 19, 2026\n                       United States (US dollars per gallon)                 3.07     2.89    3.60    4.06    3.37\n                       Europe and other regions (US cents per liter)         124.25   124.86  152.25  152.30  137.23\n                       Canada (CA cents per liter)                           126.13   120.48  142.43  157.99  135.48\n 52‑week period ended July 20, 2025\n                       United States (US dollars per gallon)                 3.22     3.03    3.09    3.06    3.10\n                       Europe and other regions (US cents per liter)         115.46   114.06  115.07  118.99  115.79\n                       Canada (CA cents per liter)                           140.32   137.05  133.74  125.55  134.35\n\nOther revenues\n\nTotal other revenues for the first quarter of fiscal 2027 were $145.2\nmillion, an increase of $27.1 million compared with the corresponding quarter\nof fiscal 2026. The translation of our foreign currency operations into US\ndollars had a net positive impact of approximately $1.0 million. The\nremaining increase of approximately $26.0 million, or 22.0%, is primarily\ndriven by higher revenues from our heating oil activities following an\nincrease in retail prices.\n _____________________________________\n (1 )  Please refer to the \"Non-IFRS Accounting Standards Measures\" section for\n       additional information on performance measures not defined by IFRS Accounting\n       Standards.\n\nGross profit(1)\n\nOur gross profit was $3.6 billion for the first quarter of fiscal 2027,\nup by $289.3 million, or 8.7%, compared with the corresponding quarter of\nfiscal 2026, mainly attributable to higher road transportation fuel gross\nmargin(1), and to the contribution from acquisitions, which amounted to\napproximately $98.0 million, partially offset by softness in fuel demand. The\ntranslation of our foreign currency operations into US dollars had a net\npositive impact of approximately $9.0 million.\n\nMerchandise and service gross profit\n\nIn the first quarter of fiscal 2027, our merchandise and service gross profit\nwas $1.7 billion, an increase of $55.0 million compared with the corresponding\nquarter of fiscal 2026. The translation of our foreign currency operations\ninto US dollars had a net positive impact of approximately $3.0 million. The\nremaining increase of approximately $52.0 million, or 3.1%, is primarily\nattributable to the contribution from acquisitions, which amounted to\napproximately $38.0 million and to organic growth in all regions. Our\nmerchandise and service gross margin(5) decreased by 0.5% in the\nUnited States to 34.1% and by 0.6% in Canada to 33.3%, reflecting shifts in\ncategory mix, as well as deliberate pricing decisions designed to support\ncompelling value for our customers. Our merchandise and service gross margin(1\n)increased by 0.7% to 39.6% in Europe and other regions, impacted by changes\nin product mix.\n\nRoad transportation fuel gross profit\n\nIn the first quarter of fiscal 2027, our road transportation fuel gross\nprofit was $1.8 billion, an increase of $241.1 million compared with the\ncorresponding quarter of fiscal 2026. The translation of our foreign currency\noperations into US dollars had a net positive impact of approximately\n$5.0 million. The remaining increase of approximately $236.0 million, or\n14.8%, is mainly driven by stronger road transportation fuel gross margin(1),\nthe contribution from acquisitions, which amounted to approximately $59.0\nmillion, partly offset by softness in fuel demand. In the United States and\nCanada, our road transportation fuel gross margin(1) was 52.61¢ per gallon,\nan increase of 8.61¢ per gallon and CA 16.79¢ per liter an increase of CA\n2.58¢ per liter, respectively, both driven by our ability to seize market\nopportunities, advantageous supply conditions and strong execution. In Europe\nand other regions, it was US 11.34¢ per liter, a decrease of US 0.07¢ per\nliter, mostly driven by structural changes in the German market environment\npartly offset by the favorable impact of European currencies translation. Fuel\nmargins remained healthy throughout our network, due to the continued work on\nthe optimization of our supply chain and strong execution in our stores.\n\nThe road transportation fuel gross margin(1) of our company-operated stores\nin the United States and the impact of expenses related to electronic payment\nmodes for the last eight quarters, were as follows:\n (US cents per gallon)\n Quarter                                                                  2ⁿᵈ      3ʳᵈ     4ᵗʰ     1ˢᵗ     Weighted\n                                                                                                           average\n 52-week period ended July 19, 2026\n Before deduction of expenses related to electronic payment modes         46.92    49.26   53.75   53.87   50.79\n Expenses related to electronic payment modes((1))                        5.62     5.49    6.26    6.57    5.95\n After deduction of expenses related to electronic payment modes          41.30    43.77   47.49   47.30   44.84\n 52‑week period ended July 20, 2025\n Before deduction of expenses related to electronic payment modes         47.57    45.35   43.86   44.81   45.40\n Expenses related to electronic payment modes((1))                        6.02     5.84    6.09    5.34    5.82\n After deduction of expenses related to electronic payment modes          41.55    39.51   37.77   39.47   39.58\n\n (1)  Expenses related to electronic payment modes are determined by allocating the\n      portion of total electronic payment modes, which are included in Operating,\n      selling, general and administrative expenses, deemed related to our United\n      States company-operated stores road transportation fuel transactions.\n\nThe road transportation fuel gross margin(1 )of our network in Europe and\nother regions and in Canada for the last eight quarters, were as follows:\n Quarter                                               2ⁿᵈ      3ʳᵈ     4ᵗʰ     1ˢᵗ     Weighted\n                                                                                        average\n 52-week period ended July 19, 2026\n Europe and other regions (US cents per liter)         11.51    10.87   13.44   11.34   11.54\n Canada (CA cents per liter)                           15.07    15.82   17.28   16.79   16.20\n 52‑week period ended July 20, 2025\n Europe and other regions (US cents per liter)         10.51    9.29    9.57    11.41   10.15\n Canada (CA cents per liter)                           13.35    13.54   14.05   14.21   13.77\n\nGenerally, road transportation fuel gross margins(1) can be volatile from one\nquarter to another but tend to be more stable over longer periods. In Europe\nand other regions, fuel margin volatility is impacted by a longer supply chain\ndue to a more integrated model. In Europe and other regions and in Canada,\nexpenses related to electronic payment modes are not as volatile as in the\nUnited States.\n _____________________________________\n (1)  Please refer to the \"Non-IFRS Accounting Standards Measures\" section for\n      additional information on performance measures not defined by IFRS Accounting\n      Standards.\n\nOther revenues gross profit\n\nIn the first quarter of fiscal 2027, other revenues gross profit\nwas $47.8 million, a decrease of $6.8 million, or 12.5%, compared with the\ncorresponding quarter of fiscal 2026. The translation of our foreign currency\noperations into US dollars had a net positive impact of approximately $1.0\nmillion.\n\nOperating, selling, general and administrative expenses (\"expenses\")\n\nFor the first quarter of fiscal 2027, expenses increased by 7.4% compared with\nthe corresponding period of fiscal 2026, while normalized growth of\nexpenses(6) was 2.7%, as shown in the table below:\n                                                                               12-week periods ended\n                                                                               July 19, 2026    July 20, 2025\n Growth of expenses, as reported                                               7.4 %            4.7 %\n Adjusted for:\n Increase from incremental expenses related to acquisitions                    (3.2 %)          (1.4 %)\n (Increase) decrease from changes in electronic payment fees, excluding        (2.0 %)          1.2 %\n acquisitions and disposals\n Decrease (increase) from changes in acquisition costs recognized to earnings  0.5 %            (0.6 %)\n Increase from the net impact of foreign exchange translation                  (0.3 %)          (1.4 %)\n Decrease from expenses related to disposals                                   0.2 %            0.1 %\n Decrease of net impact from changes in corporate stores network, excluding    0.2 %            0.1 %\n acquisitions, disposals and electronic\n    payment fees\n Increase from changes in incremental system integration costs related to      (0.1 %)          (0.2 %)\n acquisitions\n Normalized growth of expenses(1)                                              2.7 %            2.5 %\n\nNormalized growth of expenses(1 )for the first quarter of fiscal 2027 was\nmainly driven by inflationary pressures, incremental investments to support\nour strategic initiatives, as well as investments to support the acceleration\nof our food service program and ensure our stores remain customer ready,\npartly offset by the continued strategic efforts to control our expenses as\nevidenced by our normalized growth of expense being below the inflation level\nin our network.\n _____________________________________\n (1)  Please refer to the \"Non-IFRS Accounting Standards Measures\" section for\n      additional information on performance measures not defined by IFRS Accounting\n      Standards.\n\nEarnings before interest, taxes, depreciation, amortization and impairment\n(\"EBITDA(1)\") and adjusted EBITDA(1)\n\nDuring the first quarter of fiscal 2027, EBITDA stood at $1.8 billion, an\nincrease of $112.3 million, or 6.7%, compared with the corresponding quarter\nof fiscal 2026. Adjusted EBITDA for the first quarter of fiscal 2027\nincreased by $169.3 million, or 10.5%, compared with the corresponding\nquarter of fiscal 2026, driven by improved road transportation fuel gross\nmargin(1), as well as by the contribution from acquisitions, which amounted to\napproximately $44.0 million, partly offset by inflationary pressure on our\nexpenses, including our electronic payment fees from higher fuel prices. The\ntranslation of our foreign currency operations into US dollars had a net\npositive impact of approximately $5.0 million.\n\nDepreciation, amortization and impairment (\"depreciation\")\n\nFor the first quarter of fiscal 2027, our depreciation expense increased\nby $23.2 million, or 4.4%, compared with the first quarter of fiscal 2026.\nThe translation of our foreign currency operations into US dollars had a net\nunfavorable impact of approximately $2.0 million. The remaining increase of\napproximately $21.0 million, or 4.0%, is mainly driven by the impact from\ninvestments made through business acquisitions, which amounted to\napproximately $16.0 million, the replacement of equipment, the ongoing\nimprovement of our network, as well as strategic investments.\n\nNet financial expenses\n\nNet financial expenses for the first quarter of fiscal 2027\nwas $145.7 million, an increase of $27.4 million compared with the\ncorresponding period of fiscal 2026. A portion of the variation is explained\nby certain items that are not considered indicative of future trends, as shown\nin the table below:\n                                                                                 12-week periods ended\n (in millions of US dollars)                                                     July 19, 2026    July 20, 2025    Variation\n Net financial expenses, as reported                                             145.7            118.3            27.4\n Explained by:\n Net foreign exchange gain                                                       2.7              14.2             (11.5)\n Change in fair value of financial instruments classified at fair value through  —                1.0              (1.0)\n earnings or loss\n Remaining variation                                                             148.4            133.5            14.9\n\nThe remaining variation of the first quarter of fiscal 2027 is mainly driven\nby higher net debt level in connection with the GetGo acquisition as well as\nthe refinancing of a portion of our long term debt in the prior year.\n\nIncome taxes\n\nThe income tax rate for the first quarter of fiscal 2027 was 23.3%\ncompared with 23.2% for the corresponding quarter of fiscal 2026 impacted by\na different mix in our earnings across the various jurisdictions in which we\noperate.\n\nNet earnings attributable to shareholders of the Corporation and adjusted net\nearnings attributable to shareholders of the Corporation(1)\n _____________________________________\n (1)  Please refer to the \"Non-IFRS Accounting Standards Measures\" section for\n      additional information on performance measures not defined by IFRS Accounting\n      Standards.\n\nNet earnings attributable to shareholders of the Corporation for the first\nquarter of fiscal 2027 were $828.5 million, compared with $782.5 million for\nthe the first quarter of fiscal 2026, an increase of $46.0 million, or 5.9%.\nDiluted net earnings per share stood at $0.90, compared with $0.82 for the\ncorresponding quarter of the previous fiscal year. The translation of our\nforeign currency operations into US dollars had a net positive impact of\napproximately $2.0 million on net earnings attributable to shareholders of the\nCorporation for the first quarter of fiscal 2027.\n\nAdjusted net earnings attributable to shareholders of the Corporation for the\nfirst quarter of fiscal 2027 were approximately $827.0 million, compared\nwith $737.0 million for the first quarter of fiscal 2026, an increase of\n$90.0 million, or 12.2%. Adjusted diluted net earnings per share(1) were\n$0.90 for the first quarter of fiscal 2027, compared with $0.78 for the\ncorresponding quarter of fiscal 2026, an increase of 15.4%.\n\nDividends\n\nDuring its September 1, 2026 meeting, the Board of Directors declared a\nquarterly dividend of CA 21.5¢ per share for the\nfirst quarter of fiscal 2027 to shareholders on record as at\nSeptember 11, 2026, and approved its payment effective\nSeptember 25, 2026. This is an eligible dividend within the meaning of the\nIncome Tax Act (Canada).\n\nNon-IFRS Accounting Standards Measures\n\nTo provide more information for evaluating the Corporation's performance, the\nfinancial information included in our financial documents contains certain\ndata that are not performance measures under IFRS Accounting Standards as\nissued by the International Accounting Standards Board (\"IFRS Accounting\nStandards\"), which may also be calculated on an adjusted basis to exclude\nspecific items. Those performance measures are called \"Non-IFRS Accounting\nStandards measures\". We believe that providing those Non-IFRS Accounting\nStandards measures is useful to management, investors, and analysts, as they\nprovide additional information to measure the performance and financial\nposition of the Corporation.\n\nThe following Non-IFRS Accounting Standards financial measures are used in our\nfinancial disclosures:\n\n * Gross profit;\n * Earnings before interest, taxes, depreciation, amortization and impairment\n(\"EBITDA\") and adjusted EBITDA;\n * Adjusted net earnings attributable to shareholders of the Corporation;\n * Interest-bearing debt.\nThe following Non-IFRS Accounting Standards ratios are used in our financial\ndisclosures:\n\n * Merchandise and service gross margin and Road transportation fuel gross\nmargin;\n * Normalized growth of operating, selling, general and administrative\nexpenses;\n * Growth of (decrease in) consolidated same-store merchandise revenues;\n * Growth of (decrease in) same-store merchandise revenues for Europe and other\nregions;\n * Adjusted diluted net earnings per share;\n * Leverage ratio;\n * Return on equity and return on capital employed.\nThe following capital management measure is used in our financial disclosures:\n\n * Net interest-bearing debt/total capitalization.\nSupplementary financial measures are also used in our financial disclosures\nand those measures are described where they are presented.\n\nNon-IFRS Accounting Standards financial measures and ratios, as well as the\ncapital management measure, are mainly derived from the consolidated financial\nstatements but do not have standardized meanings prescribed by IFRS Accounting\nStandards. These Non-IFRS Accounting Standards measures should not be\nconsidered in isolation or as a substitute for financial measures prepared in\naccordance with IFRS Accounting Standards. In addition, our definitions of\nNon-IFRS Accounting Standards measures may differ from those of other public\ncorporations. Any such modification or reformulation may be\nsignificant. These measures may also be adjusted for the pro forma impact of\nour acquisitions and impacts of new accounting standards if they are\nconsidered to be material.\n\nGross profit. Gross profit consists of Revenues less the Cost of sales,\nexcluding depreciation, amortization and impairment. This measure is\nconsidered useful for evaluating the underlying performance of our operations.\n\nThe table below reconciles Revenues and Cost of sales, excluding depreciation,\namortization and impairment, as per IFRS Accounting Standards, to Gross\nprofit:\n                                                                          12-week periods ended\n (in millions of US dollars)                                              July 19, 2026  July 20, 2025\n Revenues                                                                 21,704.8       17,346.9\n Cost of sales, excluding depreciation, amortization and impairment       18,101.5       14,032.9\n Gross profit                                                             3,603.3        3,314.0\n\nPlease note that the same reconciliation applies in the determination of gross\nprofit by category and by geography presented in the section \"Summary Analysis\nof Consolidated Results\".\n\nMerchandise and service gross margin. Merchandise and service gross margin\nconsists of Merchandise and service gross profit divided by Merchandise and\nservice revenues, both measures are presented in the section \"Summary Analysis\nof Consolidated Results\". Merchandise and service gross margin is considered\nuseful for evaluating how efficiently we generate gross profit by dollar of\nrevenue.\n\nRoad transportation fuel gross margin. Road transportation fuel gross margin\nconsists of Road transportation fuel gross profit divided by Total volume of\nroad transportation fuel sold. For the United States and Europe and other\nregions, both measures are presented in the section \"Summary Analysis of\nConsolidated Results\". For Canada, this measure is presented in functional\ncurrency and the table below reconciles, for road transportation fuel,\nRevenues and Cost of sales, excluding depreciation, amortization and\nimpairment, as per IFRS Accounting Standards, to Gross profit and the\nresulting road transportation fuel gross margin. This measure is considered\nuseful for evaluating how efficiently we generate gross profit by gallon or\nliter of road transportation fuel sold.\n                                                                               12-week periods ended\n (in millions of Canadian dollars, unless otherwise noted)                     July 19, 2026  July 20, 2025\n Road transportation fuel revenues                                             2,142.8        1,682.6\n Road transportation fuel cost of sales, excluding depreciation, amortization  1,912.4        1,489.6\n and impairment\n Road transportation fuel gross profit                                         230.4          193.0\n Total road transportation fuel volume sold (in millions of liters)            1,371.8        1,358.1\n Road transportation fuel gross margin (CA cents per liter)                    16.79          14.21\n\nNormalized growth of operating, selling, general and administrative expenses\n(\"normalized growth of expenses\"). Normalized growth of expenses consists of\nthe growth of Operating, selling, general and administrative expenses\nadjusted for the impact of the changes in our network, the impact from changes\nin accounting policies and adoption of accounting standards, the impact of\nmore volatile items over which we have limited control including, but not\nlimited to, the net impact of foreign exchange translation, electronic payment\nfees excluding acquisitions and disposals, acquisition costs, and incremental\nsystem integration costs related to acquisitions, as well as other specific\nitems for which the impact on consolidated results is not deemed indicative of\nfuture trends. Please note that the \"impact of the changes in our\nnetwork\" component of this measure has been modified to systematically\nconsider the impact of openings, constructions, additions, closures, disposals\nand withdrawals of company operated stores occurring during the reported\nperiod until such openings, constructions, additions, closures, disposals or\nwithdrawals for company operated stores have cycled one fiscal year. This\nmodification is reflected on the line \"Decrease of net impact from changes in\ncorporate stores network, excluding acquisitions, disposals and electronic\npayment fees\" in the table below and is aimed at improving the comparability\nof expenses in our store network. This measure is considered useful for\nevaluating our ability to control our expenses on a comparable basis.\n\nThe table below reconciles growth of Operating, selling, general and\nadministrative expenses to normalized growth of  expenses:\n                                                                               12-week periods ended\n (in millions of US dollars, unless otherwise noted)                           July 19, 2026      July 20, 2025      Variation  July 20, 2025      July 21, 2024      Variation\n Operating, selling, general and administrative expenses, as published         1,835.0            1,709.2            7.4 %      1,709.2            1,632.5            4.7 %\n Adjusted for:\n Increase from incremental expenses related to acquisitions                    (54.4)             —                  (3.2 %)    (22.5)             —                  (1.4 %)\n (Increase) decrease from changes in electronic payment fees, excluding        (34.4)             —                  (2.0 %)    19.6               —                  1.2 %\n acquisitions and disposals\n Decrease (increase) from changes in acquisition costs recognized to earnings  9.4                —                  0.5 %      (8.9)              —                  (0.6 %)\n Increase from the net impact of foreign exchange translation                  (5.2)              —                  (0.3 %)    (22.5)             —                  (1.4 %)\n Decrease from expenses related to disposals                                   3.9                —                  0.2 %      1.0                —                  0.1 %\n Decrease of net impact from changes in corporate stores network, excluding    3.0                —                  0.2 %      1.2                —                  0.1 %\n acquisitions, disposals\n    and electronic payment fees\n Increase from changes in incremental system integration costs related to      (1.4)              —                  (0.1 %)    (3.7)              —                  (0.2 %)\n acquisitions\n Normalized growth of expenses                                                 1,755.9            1,709.2            2.7 %      1,673.4            1,632.5            2.5 %\n\nGrowth of (decrease in) consolidated same-store merchandise\nrevenues. Consolidated same-store merchandise revenues represents the\ncumulative consolidated merchandise revenues between the current period and\ncomparative period for those corporate stores that were open for at least 23\ndays out of every 28-day period included in the reported periods. Consolidated\nmerchandise revenues are defined as Merchandise and service revenues excluding\nservice revenues. Growth of (decrease in) consolidated same-store merchandise\nrevenues is calculated based on constant currencies using the respective\ncurrent period average exchange rate for both the current and corresponding\nperiod. This measure is considered useful for evaluating our ability to\ngenerate organic growth on a comparable basis in our network.\n\nThe table below reconciles Merchandise and service revenues, as per IFRS\nAccounting Standards, to the consolidated same-store merchandise revenues and\nthe resulting percentage rate of growth (decrease):\n                                                                       12-week periods ended\n (in millions of US dollars, unless otherwise noted)                   July 19, 2026        July 20, 2025        July 20, 2025      July 21, 2024\n Merchandise and service revenues                                      4,884.9              4,693.8              4,693.8            4,493.1\n Adjusted for:\n Service revenues                                                      (294.8)              (275.5)              (275.5)            (253.9)\n Net foreign exchange impact                                           —                    0.7                  —                  36.4\n Merchandise revenues not meeting the definition of same-store         (314.7)              (209.2)              (231.3)            (164.4)\n Total same-store merchandise revenues                                 4,275.4              4,209.8              4,187.0            4,111.2\n Growth of consolidated same-store merchandise revenues                1.6 %                                     1.8 %\n\nGrowth of (decrease in) same-store merchandise revenues for Europe and other\nregions. Same-store merchandise revenues represent cumulative merchandise\nrevenues between the current period and comparative period for those stores\nthat were open for at least 23 days out of every 28-day period included in the\nreported periods. Merchandise revenues are defined as Merchandise and service\nrevenues excluding service revenues. For Europe and other regions, the growth\nof (decrease in) same-store merchandise revenues is calculated based on\nconstant currencies using the respective current period average exchange rate\nfor both the current and corresponding period. In Europe and other regions,\nsame-store merchandise revenues include same-store revenues from\ncompany-operated stores, as well as CODO and DODO stores which are not\nincluded in our consolidated results. This measure is considered useful for\nevaluating our ability to generate organic growth on a comparable basis in our\noverall European and other regions store network.\n\nThe table below reconciles Merchandise and service revenues, as per IFRS\nAccounting Standards, to same-store merchandise revenues for Europe and other\nregions and the resulting percentage of growth (decrease):\n                                                                              12-week periods ended\n (in millions of US dollars, unless otherwise noted)                          July 19, 2026        July 20, 2025        July 20, 2025      July 21, 2024\n Merchandise and service revenues for Europe and other regions                1,024.7              983.2                983.2              867.2\n Adjusted for:\n Service revenues                                                             (137.3)              (126.2)              (126.2)            (103.9)\n Net foreign exchange impact                                                  —                    8.1                  —                  39.5\n Merchandise revenues not meeting the definition of same-store                (78.4)               (73.9)               (67.7)             (56.0)\n Same-store merchandise revenues from stores not included in our              344.9                348.9                346.7              347.1\n    consolidated results, including the impact of store conversions\n Total same-store merchandise revenues for Europe and other regions           1,153.9              1,140.1              1,136.0            1,093.9\n Growth of same-store merchandise revenues for Europe and other regions       1.2 %                                     3.8 %\n\nEarnings before interest, taxes, depreciation, amortization and\nimpairment (\"EBITDA\") and adjusted EBITDA. EBITDA represents Net earnings\nplus Income taxes, Net financial expenses, and Depreciation, amortization and\nimpairment. Adjusted EBITDA represents the EBITDA adjusted for acquisition\ncosts, the impact from changes in accounting policies and adoption of\naccounting standards, as well as other specific items for which the impact on\nconsolidated results is not deemed indicative of future trends. These\nperformance measures are considered useful to facilitate the evaluation of our\nongoing operations and our ability to generate cash flows to fund our cash\nrequirements, including our capital expenditures program, share repurchases,\nand payment of dividends.\n\nThe table below reconciles Net earnings, as per IFRS Accounting Standards, to\nEBITDA and adjusted EBITDA:\n                                                                     12-week periods ended\n (in millions of US dollars)                                         July 19, 2026  July 20, 2025\n Net earnings                                                        832.5          786.1\n Add:\n Income taxes                                                        253.3          238.0\n Net financial expenses                                              145.7          118.3\n Depreciation, amortization and impairment                           551.0          527.8\n EBITDA                                                              1,782.5        1,670.2\n Adjusted for:\n Acquisition costs                                                   0.6            10.0\n Gain on regulatory divestiture related to GetGo acquisition         —              (66.4)\n Adjusted EBITDA                                                     1,783.1        1,613.8\n\nAdjusted net earnings attributable to shareholders of the Corporation and\nadjusted diluted net earnings per share. Adjusted net earnings attributable\nto shareholders of the Corporation represents Net earnings attributable to\nshareholders of the Corporation adjusted for net foreign exchange gains or\nlosses, acquisition costs, the impact from changes in accounting policies and\nadoption of accounting standards, impairment on goodwill, investments in\nsubsidiaries, joint ventures and associated companies, as well as other\nspecific items for which the impact on consolidated results is not deemed\nindicative of future trends, and the impact of the non-controlling interests\non the items mentioned previously. These measures are considered useful for\nevaluating the underlying performance of our operations on a comparable basis.\n\nThe table below reconciles Net earnings attributable to shareholders of the\nCorporation, as per IFRS Accounting Standards, with adjusted net earnings\nattributable to shareholders of the Corporation and adjusted diluted net\nearnings per share:\n (in millions of US dollars, except per share amounts, or unless otherwise  12-week periods ended\n noted)\n                                                                            July 19, 2026    July 20, 2025\n Net earnings attributable to shareholders of the Corporation               828.5            782.5\n Adjusted for:\n Net foreign exchange gain                                                  (2.7)            (14.2)\n Acquisition costs                                                          0.6              10.0\n Gain on regulatory divestiture related to GetGo acquisition                —                (66.4)\n Tax impact of the items above and rounding                                 0.6              25.1\n Adjusted net earnings attributable to shareholders of the Corporation      827.0            737.0\n Weighted average number of shares - diluted (in millions)                  918.9            948.6\n Adjusted diluted net earnings per share                                    0.90             0.78\n\nInterest-bearing debt. This measure represents the sum of the following\nbalance sheet accounts: Short-term debt and current portion of long-term debt,\nLong-term debt, Current portion of lease liabilities and Lease liabilities.\nThis measure is considered useful to facilitate the understanding of our\nfinancial position in relation with financing obligations. The calculation of\nthis measure of financial position is detailed in the \"Net interest-bearing\ndebt/total capitalization\" section below.\n\nNet interest-bearing debt/total capitalization. This measure represents the\nbasis for monitoring our capital and is considered useful to assess our\nfinancial health, risk profile, and ability to meet our financing obligations.\nIt also provides insights into how our financing obligations are structured in\nrelation with our total capitalization.\n\nThe table below presents the calculation of this capital management measure:\n (in millions of US dollars, except ratio data)                  As at             As at\n                                                                 July 19, 2026\nApril 26, 2026\n Short-term debt and current portion of long-term debt           0.7               879.1\n Current portion of lease liabilities                            552.3             559.0\n Long-term debt                                                  10,328.6          10,420.1\n Lease liabilities                                               4,497.6           4,587.8\n Interest-bearing debt                                           15,379.2          16,446.0\n Less: Cash and cash equivalents                                 (3,198.3)         (3,111.3)\n Net interest-bearing debt                                       12,180.9          13,334.7\n Equity attributable to shareholders of the Corporation          16,682.0          16,178.9\n Net interest-bearing debt                                       12,180.9          13,334.7\n Total capitalization                                            28,862.9          29,513.6\n Net interest-bearing debt to total capitalization ratio         0.42 : 1          0.45 : 1\n\nLeverage ratio. This measure represents a measure of financial condition\nconsidered useful to assess our financial leverage and our ability to cover\nour net financing obligations in relation to our adjusted EBITDA.\n\nThe table below reconciles net interest-bearing debt and adjusted EBITDA, for\nwhich the calculation methodologies are described in other tables of this\nsection, with the leverage ratio:\n                                                        52-week periods ended\n (in millions of US dollars, except ratio data)         July 19, 2026    April 26, 2026\n Net interest-bearing debt                              12,180.9         13,334.7\n Adjusted EBITDA                                        6,883.1          6,713.8\n Leverage ratio                                         1.77 : 1         1.99 : 1\n\nReturn ratios. These measures consist of:\n I.   Return on equity, considered useful to assess the relationship between our\n      profitability and our net assets and it also provides insights into how\n      efficiently we are using our equity to generate returns for our shareholders;\n II.  Return on capital employed, considered useful to provide insights into our\n      ability to generate returns from the total amount of capital employed in our\n      operations. It also helps in assessing our operational efficiency and capital\n      allocation decisions.\n\nThe table below reconciles Net earnings attributable to shareholders of the\nCorporation, as per IFRS Accounting Standards, with the ratio of return on\nequity, where average equity attributable to shareholders of the Corporation\nis calculated by taking the average of the opening and closing balance for the\n52-week periods:\n                                                                             52-week periods ended\n (in millions of US dollars, unless otherwise noted)                         July 19, 2026        April 26, 2026\n Net earnings attributable to shareholders of the Corporation                3,189.7              3,143.7\n Equity attributable to shareholders of the Corporation - Opening balance    15,645.7             14,946.8\n\n Equity attributable to shareholders of the Corporation - Ending balance     16,682.0             16,178.9\n Average equity attributable to shareholders of the Corporation              16,163.9             15,562.9\n Return on equity                                                            19.7 %               20.2 %\n\nReturn on capital employed is defined as earnings before interest and taxes\n(\"EBIT\") divided by average capital employed, both being Non-IFRS Accounting\nStandards measures. EBIT represents Net earnings plus Income taxes and Net\nfinancial expenses. Capital employed represents total assets less current\nliabilities excluding short-term debt and current portion of long-term debt\nand lease liabilities. Average capital employed is calculated by taking the\naverage of the opening and closing balance of capital employed for the 52-week\nperiods. The table below reconciles Net earnings, as per IFRS Accounting\nStandards, to EBIT with the ratio of Return on capital employed:\n                                                      52-week periods ended\n (in millions of US dollars, unless otherwise noted)  July 19, 2026         April 26, 2026\n Net earnings                                         3,196.2               3,149.8\n Add:\n Income taxes                                         950.5                 935.2\n Net financial expenses                               607.6                 580.2\n EBIT                                                 4,754.3               4,665.2\n Capital employed - Opening balance((1))              34,127.3              31,898.7\n Capital employed - Ending balance((1))               35,524.9              36,028.1\n Average capital employed                             34,826.1              33,963.4\n Return on capital employed                           13.7 %                13.7 %\n\n (1)  The table below reconciles balance sheet line items, as per IFRS Accounting\n      Standards, to capital employed:\n\n \n (in millions of US dollars)                                        As at             As at             As at            As at\n                                                                    July 19, 2026     July 20, 2025\nApril 26, 2026  April 27, 2025\n Total Assets( (a))                                                 42,730.8          40,621.0          43,516.7         38,301.9\n Less: Current liabilities ((a))                                    (7,758.9)         (9,482.8)         (8,926.7)        (7,617.3)\n Add: Short-term debt and current portion of long-term debt         0.7               2,439.1           879.1            690.2\n Add: Current portion of lease liabilities                          552.3             550.0             559.0            523.9\n Capital employed                                                   35,524.9          34,127.3          36,028.1         31,898.7\n\n (a) Comparative figures as at July 20, 2025 were adjusted from $40,541.4 to\n $40,621.0 for total assets and from $9,480.2 to $9,482.8 for current\n liabilities to reflect the finalization of the estimates of the fair value of\n assets acquired and liabilities assumed for the acquisition of company-owned\n and operated convenience retail and fuel sites operating under the GetGo Café\n + Market brand.\n\nProfile\n\nCouche-Tard is a global leader in convenience and mobility, operating in 27\ncountries and territories, with more than 17,200 stores, of which\napproximately 13,100 offer road transportation fuel. With its well-known\nCouche-Tard and Circle K banners, it is one of the largest independent\nconvenience store operators in the United States and it is a leader in the\nconvenience store industry and road transportation fuel retail in Canada,\nScandinavia, the Baltics, Belgium, as well as in Ireland. It also has an\nimportant presence in Luxembourg, Germany, the Netherlands, Poland, as well as\nin Hong Kong Special Administrative Region of the People's Republic of China.\nApproximately 145,000 people are employed throughout its network.\n\nFor more information on Alimentation Couche-Tard Inc., or to consult its\naudited annual Consolidated Financial Statements, unaudited interim condensed\nconsolidated financial statements and Management Discussion and Analysis or\nother filings made with Canadian securities regulatory authorities, please\nvisit: https://corpo.couche-tard.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4763722-1&h=1017628332&u=https%3A%2F%2Fcorpo.couche-tard.com%2F&a=https%3A%2F%2Fcorpo.couche-tard.com)\n or SEDAR+ under Couche-Tard's profile at www.sedarplus.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4763722-1&h=3381811270&u=https%3A%2F%2Fwww.sedarplus.ca%2F&a=www.sedarplus.ca)\n.\n\nWebcast on September 2, 2026 at 8:00 A.M. (EDT)\n\nCouche-Tard invites analysts known to the Corporation to ask their questions\nto its management on September 2, 2026, during the question and answer period\nof the webcast.\n\nFinancial analysts, investors, media, and other interested parties are invited\nto join the webcast on September 2, 2026, at 8:00 A.M. (EDT). A presentation\nwill include slides detailing the quarterly and fiscal year results. The\nwebcast can be accessed via the \"Investors/Events & Presentations\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4763722-1&h=1745150396&u=https%3A%2F%2Fcorporate.couche-tard.com%2Fevents-presentations%2Fen%2F&a=Investors%2FEvents+%26+Presentations)\n\" section on the Corporation's website https://corpo.couche-tard.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4763722-1&h=1559893084&u=https%3A%2F%2Fcorporate.couche-tard.com%2Fen%2F&a=https%3A%2F%2Fcorpo.couche-tard.com)\n or directly via this link https://link.meetingpanel.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4763722-1&h=1913351612&u=https%3A%2F%2Furl.uk.m.mimecastprotect.com%2Fs%2F-V1uCwr0MCvpGEqDFVfG6hJ-J2M%3Fdomain%3Demportal.ink&a=https%3A%2F%2Flink.meetingpanel.com)\n to join the call without operator assistance.\n\nAnother option could be to access the conference call through an operator by\ndialing 1-289-819-1299 or the international number 1-800-990-4777.\n\nRebroadcast: For individuals who will not be able to listen to the live\nwebcast, a recording of the webcast will be available on the Corporation's\nwebsite for a period of 90 days.\n\nForward-looking statements\n\nThis press release includes certain statements that are \"forward-looking\nstatements\" within the meaning of the securities laws of Canada. Any statement\nin this press release that is not a statement of historical fact may be deemed\nto be a forward-looking statement. When used in this press release, the words\n\"believe\", \"could\", \"should\", \"intend\", \"expect\", \"estimate\", \"assume\", \"aim\",\n\"align\", \"maintain\", \"continue\", \"effect\", \"growth\", \"position\", \"seek\",\n\"strategy\", \"strive\", \"will\", \"may\", \"might\" and other similar expressions, or\nthe negative of these terms are generally intended to identify forward-looking\nstatements. Couche-Tard's guidance is notably based on the material\nassumptions used in determining the forward-looking statements. See also the\nsection \"Fiscal 2027 Business Outlook\" of our management discussion and\nanalysis for the 12-week period ended July 19, 2026, which is available on\nSEDAR+ under Couche-Tard's profile at www.sedarplus.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4763722-1&h=3381811270&u=https%3A%2F%2Fwww.sedarplus.ca%2F&a=www.sedarplus.ca)\n.\n\nAlthough we base the forward-looking statements contained in this press\nrelease on assumptions that we believe are reasonable, it is important to know\nthat the forward‑looking statements in this press release describe our\nexpectations in light of the information available to us as at\nSeptember 1, 2026, which are inherently not guarantees of the future\nperformance of Couche-Tard or its industry, and involve known and unknown\nrisks and uncertainties that may cause Couche‑Tard's or the industry's\noutlook, actual results (including our results of operations, financial\ncondition and liquidity, the achievement of our targets, goals and\ncommitments, the development of the industry in which we operate, or the\nmeasures we adopt), performance or achievements to be materially different\nfrom any future results, performance or achievements expressed or implied by\nsuch statements. Our statements should not be read to indicate that we have\nconducted an exhaustive inquiry into, or review of all relevant information.\nAlthough we believe there is a reasonable basis for the forward-looking\nstatements, our actual results could be materially different from our\nexpectations if known or unknown risks affect our business, or if our\nestimates or assumptions turn out to be inaccurate. A change affecting an\nassumption can also have an impact on the degree of realization of a\nparticular projection or other interrelated assumptions, which could increase\nor diminish the effect of the change. Assumptions such as synergies objective\nare based on our comparative analysis of organizational structures and current\nlevel of spending across Couche-Tard's network as well as on Couche-Tard's\nability to bridge the gap, where relevant, and Couche-Tard's assessment of\ncurrent contracts in the geographical areas of operations and how Couche-Tard\nexpects to be able to renegotiate these contracts to take advantage of our\nincreased purchasing power. In addition, our synergies objective assumes that\nwe will be able to establish and maintain an effective process for sharing\nbest practices across our network. The achievement of our objectives is also\nbased on assumptions relative to our ability to execute our development\ninitiatives and strategic investments as planned, as well as market and\neconomic assumptions relative to, among other, currencies, industry trends and\nmacroeconomic development, tax laws or treaties applicable to Couche-Tard,\nregulations affecting our operations, and inflation rates. Finally, the\nachievement of our objective is also based on our ability to integrate\nacquired business. An important change in these facts and assumptions could\nsignificantly impact our synergies estimate as well as the timing of the\nimplementation of our different initiatives. As a result, we cannot guarantee\nthat any forward-looking statement will materialize and, accordingly, the\nreader is urged to consider the risks, uncertainties, and assumptions\ncarefully in evaluating the forward-looking statements and is cautioned not to\nplace undue reliance on these forward-looking statements. Forward-looking\nstatements do not take into account the effect that transactions or special\nitems announced or occurring after the statements are made may have on our\nbusiness. For example, they do not include sales of assets, monetization,\nmergers, acquisitions, other business combinations or transactions, asset\nwrite-down, the impact of pandemics and geopolitical conflicts and tensions,\nincluding, without limitation, the impacts of the hostilities and geopolitical\ntensions in the Middle East, or other charges announced or occurring after\nforward-looking statements are made.\n\nThe foregoing risks and uncertainties include the risks set forth under\n\"Business Risks\" in our management discussion and analysis for the 52-week\nperiod ended April 26, 2026, as well as other risks detailed from time to time\nin reports filed by Couche-Tard with securities authorities in Canada and\navailable on SEDAR+ under Couche-Tard's profile at www.sedarplus.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4763722-1&h=3381811270&u=https%3A%2F%2Fwww.sedarplus.ca%2F&a=www.sedarplus.ca)\n. The risks described in this press release and in those reports are not the\nonly ones that we face. Additional risks not presently known to us or that we\ncurrently deem immaterial may also significantly impair our business,\nfinancial position or results of operations. None of the statements contained\nin this press release are intended to be, nor shall be deemed to be,\nrepresentations or warranties of Couche-Tard and its affiliates. Where the\ninformation is from third-party sources, the information is from sources\nbelieved to be reliable, but Couche-Tard has not independently verified any of\nsuch information contained herein.\n\nOur forward-looking statements in this press release speak only as of\nSeptember 1, 2026, and unless otherwise required by applicable securities\nlaws, we expressly disclaim any intention or obligation to update or revise\nforward‑looking statements, whether as a result of new information, future\nevents or otherwise. Our business is subject to substantial risks and\nuncertainties, including those referenced above. Investors, potential\ninvestors, and others should give careful consideration to these risks and\nuncertainties. The forward-looking statements contained in this press release\nare expressly qualified by this cautionary statement.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/alimentation-couche-tard-announces-its-results-for-its-first-quarter-of-fiscal-year-2027-302866433.html\n(https://www.prnewswire.com/news-releases/alimentation-couche-tard-announces-its-results-for-its-first-quarter-of-fiscal-year-2027-302866433.html)\n\nSOURCE Alimentation Couche-Tard inc.\n\n\n\nContacts: Investor relations: Mathieu Brunet, Vice President, Investor Relations & Treasury, Tel: (450) 662-6632, ext. 4362, investor.relations@couche-tard.com; Media relations: Chris Barnes, Head of Global Communications, Tel: (704) 583-6293, communication@couche-tard.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS968973/Alimentation-Couche-Tard-inc-ALIMENTATION-COUCHE-TARD-ANNOUNCES.jpg?id=OA2920497\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn7tVTP1a","title":"ALIMENTATION COUCHE-TARD ANNOUNCES ITS RESULTS FOR ITS FIRST QUARTER OF FISCAL YEAR 2027","author":"PR Newswire","ticker":"ATD","created":"2026-09-01T21:05:00.329Z","tickers":["ATD"],"exchange":"TSX","article_body":"ALIMENTATION COUCHE-TARD ANNOUNCES ITS RESULTS FOR ITS FIRST QUARTER OF FISCAL YEAR 2027\n\nPR Newswire\n\nLAVAL, QC, Sept. 1, 2026\n\nLAVAL, QC, Sept. 1, 2026 /PRNewswire/ -- Alimentation Couche-Tard Inc.\n(\"Couche-Tard\" or the \"Corporation\") (TSX: ATD) announces its results for its\nfirst quarter ended July 19, 2026.\n\nExecutive Comments on the Quarter\n\nAlex Miller, President and Chief Executive Officer, said: \"We are encouraged\nby the start to fiscal 2027 and the continued progress we are making through\nCore + More. We delivered our fifth consecutive quarter of positive same-store\nmerchandise sales growth in the U.S., supported by continued momentum in food,\nenergy drinks and other nicotine products. Our fuel business remained a source\nof strength, delivering solid profitability and demonstrating the resilience\nof our network. We are also looking forward to welcoming Żabka Group into the\nCouche-Tard family, which will strengthen our capabilities in food, digital\nengagement and supply chain and complement our organic growth initiatives\nwhile expanding our scale in Central and Eastern Europe.\"\n\nFilipe Da Silva, Chief Financial Officer, added: \"The first quarter\ndemonstrates the balance we are achieving across the business, delivering\nadjusted EBITDA(1) growth of 10.5% and adjusted diluted earnings per share(1\n)growth of 15.4%, while maintaining normalized expense(1) growth well below\ninflation. At the same time, we continue to invest in customer value and\ntraffic-driving initiatives, advancing our strategic priorities and focusing\non delivering sustainable long-term earnings growth.\"\n\nQuarterly Highlights\n\n * Net earnings attributable to shareholders of the Corporation were $828.5\nmillion for the first quarter of fiscal 2027 compared with $782.5 million for\nthe first quarter of fiscal 2026. Adjusted net earnings attributable to\nshareholders of the Corporation(1) were approximately\n$827.0 million compared with $737.0 million for the corresponding quarter\nof last year, representing an increase of 12.2%.\n * Net earnings attributable to shareholders of the Corporation were $0.90 per\ndiluted share for the first quarter of fiscal 2027 compared with $0.82 per\ndiluted share for the first quarter of fiscal 2026. Adjusted diluted net\nearnings per share(1 )were $0.90, representing an increase of 15.4% from $0.78\nfor the corresponding quarter of last year.\n * Total merchandise and service revenues of $4.9 billion, an increase of 4.1%.\nSame-store merchandise revenues(2) increased by 1.7% in the United States,\nand by 1.2% in Europe and other regions(1), while it remained stable in\nCanada. Consolidated same-store merchandise revenues(1) increased by 1.6%.\n * Merchandise and service gross margin(1) decreased by 0.5% in the United States\nto 34.1% and by 0.6% in Canada to 33.3%, while it increased by 0.7% in Europe\nand other regions to 39.6%.\n * Same-store road transportation fuel volumes decreased by 1.6% in the United\nStates and by 4.3% in Europe and other regions, while it increased by 1.1% in\nCanada.\n * Road transportation fuel gross margin(1) of 52.61¢ per gallon in the\nUnited States, an increase of 8.61¢ per gallon, US 11.34¢ per liter in\nEurope and other regions, a decrease of US 0.07¢ per liter, and CA 16.79¢\nper liter in Canada, an increase of CA 2.58¢ per liter.\n * Subsequent to the end of the first quarter of fiscal 2027, the Corporation\nannounced plans to acquire all of the issued and outstanding shares of Żabka\nGroup (Żabka), Poland's largest convenience retailer, operating more than\n13,000 convenience stores across Poland and Romania. Shareholders owning\napproximately 57% of Żabka's issued and outstanding shares, have entered into\nseparate hard irrevocable agreements to tender all of their shares of Żabka\ninto the voluntary tender offer initiated by the Corporation. ______________________________________\n (1 )  Please refer to the \"Non-IFRS Accounting Standards Measures\" section for\n       additional information on performance measures not defined by\n       IFRS(®) Accounting Standards.\n (2 )  This measure represents the growth of (decrease in) cumulative merchandise\n       revenues between the current period and comparative period for those stores\n       that were open for at least 23 days out of every 28-day period included in the\n       reported periods. Merchandise revenues are defined as Merchandise and service\n       revenues excluding service revenues.\n\nSummary of the First Quarter of Fiscal 2027\n\nFor its first quarter ended July 19, 2026, Couche-Tard reported net earnings\nattributable to shareholders of the Corporation of $828.5 million,\nrepresenting $0.90 per share on a diluted basis, compared with\n$782.5 million for the corresponding quarter of fiscal 2026, representing\n$0.82 per share on a diluted basis. The results for the\nfirst quarter of fiscal 2027 were affected by a pre-tax net foreign\nexchange gain of $2.7 million and by pre-tax acquisition costs of\n$0.6 million. The results for the comparable quarter of fiscal 2026 were\naffected by a pre-tax gain of $66.4 million on regulatory divestitures\nrelated to the GetGo acquisition, by a pre-tax net foreign exchange gain of\n$14.2 million and by pre-tax acquisition costs of $10.0 million. Excluding\nthese items, the adjusted net earnings attributable to shareholders of the\nCorporation(3) were approximately $827.0 million, or $0.90 per share on a\ndiluted basis for the first quarter of fiscal 2027, compared with\n$737.0 million, or $0.78 per share on a diluted basis for the corresponding\nquarter of fiscal 2026, an increase of 15.4% in the adjusted diluted net\nearnings per share(1). This increase is primarily driven by higher road\ntransportation fuel gross margin(1), by the contribution from acquisitions, by\npositive organic growth in our convenience activities as well as by the impact\nof share repurchases, partly offset by the impact of inflation and strategic\ninvestments on our operating expenses. All financial information presented is\nin US dollars unless stated otherwise.\n _____________________________________\n (1)  Please refer to the \"Non-IFRS Accounting Standards Measures\" section for\n      additional information on performance measures not defined by IFRS Accounting\n      Standards.\n\nSignificant Items of the First Quarter of Fiscal 2027\n\n * Renewal of the share repurchase program, effective on July 23, 2026, allowing\nto repurchase up to 74.2 million shares, representing 10.0% of public float as\nat July 9, 2026, and ending no later than July 22, 2027. During the first\nquarter of fiscal 2027, we repurchased 0.4 million shares for an amount of\n$26.0 million, which includes associated taxes of $0.5 million.\n * On May 6, 2026, we fully repaid, upon maturity, our €750.0 million ($876.5\nmillion) Euro-denominated senior unsecured notes issued on May 6, 2016.\n * On July 31, 2026, subsequent to the end of the quarter, we announced our plans\nto acquire all of the issued and outstanding shares of publicly traded Żabka\nGroup (\"Żabka\"), Poland's largest convenience retailer, through a voluntary\ntender offer launched by our wholly owned subsidiary, Circle K Polska sp. z\no.o. The offer values Żabka at approximately PLN 32.6 billion\n($8.6 billion). Founded in 1998 and headquartered in Poznań, Poland, Żabka\nhas a network of more than 13,000 convenience stores across Poland and\nRomania, operating through an entrepreneurial franchise model. The transaction\nis subject to customary regulatory approvals and other closing conditions and\nis expected to close before the end of fiscal 2027. The transaction would\nprovide us with a scaled convenience retail platform in Central and Eastern\nEurope while complementing our existing operations in Poland and is expected\nto be financed using available cash and new and existing credit facilities. In\nrelation with the transaction and subsequent to the end of the quarter, we\nhave entered into certain currency derivatives to manage our exposure to the\nfact that the purchase of the shares through the tender offer would be\nsettled, at the election of each selling shareholder, either in polish zloty\nor in euro.\nChanges in our Network during the First Quarter of Fiscal 2027\n\n * We acquired two company-operated stores. We settled the transactions using our\navailable cash.\n * During the quarter, we completed the construction of 12 stores and the\nrelocation or reconstruction of 8 stores reaching a total of 20 stores since\nthe beginning of fiscal 2027. As of July 19, 2026, another 42 stores were\nunder construction and should open in the upcoming quarters.\nSummary of changes in our store network\n\nThe following table presents certain information regarding changes in our\nstore network over the 12-week period ended July 19, 2026((1)):\n                                                                    12-week period ended July 19, 2026\n Type of site                                                       Company-          CODO          DODO          Franchised and              Total\n                                                                    operated\n other affiliated\n Number of sites, beginning of period                               10,730            1,354         1,369         1,110                       14,563\n Acquisitions                                                       2                 —             —             —                           2\n Openings / constructions / additions                               12                —             6             6                           24\n Closures / disposals / withdrawals                                 (51)              —             (6)           (23)                        (80)\n Store conversions                                                  —                 (5)           —             5                           —\n Number of sites, end of period                                     10,693            1,349         1,369         1,098                       14,509\n Circle K branded sites under licensing agreements                                                                                            2,711\n Total network                                                                                                                                17,220\n Number of automated fuel stations included in the period-end       1,162             2             99            —                           1,263\n\n   figures\n\n (1)  Stores which are part of Circle K Belgium SA's network are included at 100%,\n      while stores operated through our RDK joint venture are included at 50%.\n\nExchange Rate Data\n\nWe use the US dollar as our reporting currency, which provides more relevant\ninformation given the predominance of our operations in the United States.\n\nThe following table sets forth information about exchange rates based upon\nclosing rates expressed as US dollars per comparative currency unit:\n                                     12-week periods ended\n                                     July 19, 2026    July 20, 2025\n Average for the period((1)    )\n Canadian dollar                     0.7178           0.7270\n Norwegian krone                     0.1054           0.0983\n Swedish krone                       0.1057           0.1041\n Danish krone                        0.1547           0.1537\n Zloty                               0.2711           0.2692\n Euro                                1.1561           1.1465\n Hong Kong dollar                    0.1276           0.1277\n\n (1)  Calculated by taking the average of the closing exchange rates of each day in\n      the applicable period.\n\nFor the analysis of consolidated results, the impact of the translation of our\nforeign currency operations into US dollars is defined as the impact from the\ntranslation of our Canadian, European, Asian, and corporate operations into\nUS dollars. Variances of our foreign currency operations into US dollars are\ndetermined as being the difference between the corresponding period results in\nlocal currencies translated at the current period average exchange rate and\nthe corresponding period results in local currencies translated at the\ncorresponding period average exchange rate.\n\nSummary Analysis of Consolidated Results for the First Quarter of Fiscal 2027\n\nThe following table highlights certain information regarding our operations\nfor the 12-week periods ended July 19, 2026, and July 20, 2025, and the\nresults analysis in this section should be read in conjunction with this\ntable. The results from our operations in Europe and Asia are presented\ntogether as Europe and other regions.\n                                                                      12-week periods ended\n (in millions of US dollars, unless otherwise stated)                 July 19, 2026    July 20, 2025    Variation %\n Statement of Operations Data:\n Merchandise and service revenues((1)):\n United States                                                        3,260.3          3,095.0          5.3\n Europe and other regions                                             1,024.7          983.2            4.2\n Canada                                                               599.9            615.6            (2.6)\n Total merchandise and service revenues                               4,884.9          4,693.8          4.1\n Road transportation fuel revenues:\n United States                                                        9,472.6          6,819.8          38.9\n Europe and other regions                                             5,662.7          4,491.9          26.1\n Canada                                                               1,539.4          1,223.3          25.8\n Total road transportation fuel revenues                              16,674.7         12,535.0         33.0\n Other revenues((2)):\n United States                                                        14.7             12.8             14.8\n Europe and other regions                                             123.4            98.0             25.9\n Canada                                                               7.1              7.3              (2.7)\n Total other revenues                                                 145.2            118.1            22.9\n Total revenues                                                       21,704.8         17,346.9         25.1\n Merchandise and service gross profit((1)(3)):\n United States                                                        1,111.0          1,070.5          3.8\n Europe and other regions                                             405.5            382.4            6.0\n Canada                                                               199.9            208.5            (4.1)\n Total merchandise and service gross profit                           1,716.4          1,661.4          3.3\n Road transportation fuel gross profit((3)):\n United States                                                        1,215.9          982.2            23.8\n Europe and other regions                                             457.8            475.4            (3.7)\n Canada                                                               165.4            140.4            17.8\n Total road transportation fuel gross profit                          1,839.1          1,598.0          15.1\n Other revenues gross profit((2)(3)):\n United States                                                        14.7             12.9             14.0\n Europe and other regions                                             26.7             34.8             (23.3)\n Canada                                                               6.4              6.9              (7.2)\n Total other revenues gross profit                                    47.8             54.6             (12.5)\n Total gross profit((3))                                              3,603.3          3,314.0          8.7\n Operating, selling, general and administrative expenses              1,835.0          1,709.2          7.4\n Gain on disposal of property and equipment and other assets          (6.4)            (60.0)           (89.3)\n Depreciation, amortization and impairment                            551.0            527.8            4.4\n Operating income                                                     1,223.7          1,137.0          7.6\n Net financial expenses                                               145.7            118.3            23.2\n Net earnings                                                         832.5            786.1            5.9\n Less: Net earnings attributable to non-controlling interests         (4.0)            (3.6)            11.1\n Net earnings attributable to shareholders of the Corporation         828.5            782.5            5.9\n Per Share Data:\n Basic net earnings per share (dollars per share)                     0.90             0.83             8.4\n Diluted net earnings per share (dollars per share)                   0.90             0.82             9.8\n Adjusted diluted net earnings per share (dollars per share)((3))     0.90             0.78             15.4\n\n                                                                                 12-week periods ended\n (in millions of US dollars, unless otherwise stated)                            July 19, 2026    July 20, 2025    Variation %\n Other Operating Data:\n Merchandise and service gross margin((1)(3)):\n Consolidated                                                                    35.1 %           35.4 %           (0.3)\n United States                                                                   34.1 %           34.6 %           (0.5)\n Europe and other regions                                                        39.6 %           38.9 %           0.7\n Canada                                                                          33.3 %           33.9 %           (0.6)\n Growth of (decrease in) same-store merchandise revenues((4)):\n Consolidated((3)(5))                                                            1.6 %            1.8 %\n United States((5)(6))                                                           1.7 %            0.4 %\n Europe and other regions((3))                                                   1.2 %            3.8 %\n Canada((5)(6))                                                                  — %              4.1 %\n Road transportation fuel gross margin((3)):\n United States (cents per gallon)                                                52.61            44.00            19.6\n Europe and other regions (cents per liter)                                      11.34            11.41            (0.6)\n Canada (CA cents per liter)                                                     16.79            14.21            18.2\n Total volume of road transportation fuel sold:\n United States (millions of gallons)                                             2,311.3          2,232.1          3.5\n Europe and other regions (millions of liters)                                   4,037.7          4,164.8          (3.1)\n Canada (millions of liters)                                                     1,371.8          1,358.1          1.0\n Growth of (decrease in) same-store road transportation fuel volumes((5)):\n United States                                                                   (1.6 %)          (0.9 %)\n Europe and other regions                                                        (4.3 %)          (1.3 %)\n Canada                                                                          1.1 %            2.2 %\n\n (in millions of US dollars, unless otherwise stated)           As at July 19, 2026                   As at April 26, 2026                   Variation $\n Balance Sheet Data:\n Total assets                                                   42,730.8                              43,516.7                               (785.9)\n Interest-bearing debt((3))                                     15,379.2                              16,446.0                               (1,066.8)\n Equity attributable to shareholders of the Corporation         16,682.0                              16,178.9                               503.1\n Indebtedness Ratios((3)):\n Net interest-bearing debt/total capitalization                            0.42  : 1                             0.45  : 1\n Leverage ratio                                                            1.77  : 1                             1.99  : 1\n Returns((3)):\n Return on equity                                               19.7 %                                20.2 %\n Return on capital employed                                     13.7 %                                13.7 %\n\n (1)  Includes revenues derived from franchise fees, royalties, suppliers' rebates\n      on some purchases made by franchisees and licensees, as well as from wholesale\n      of merchandise. Franchise fees from international licensed stores are\n      presented in the United States.\n (2)  Includes revenues from the rental of assets and from the sale of energy for\n      stationary engines and aviation fuel.\n (3)  Please refer to the \"Non-IFRS Accounting Standards Measures\" section for\n      additional information on our performance measures not defined by IFRS\n      Accounting Standards, as well as our capital management measure.\n (4)  This measure represents the growth of (decrease in) cumulative merchandise\n      revenues between the current period and comparative period for those stores\n      that were open for at least 23 days out of every 28-day period included in the\n      reported periods. Merchandise revenues are defined as Merchandise and service\n      revenues excluding service revenues.\n (5)  For company-operated stores only.\n (6)  Calculated based on respective functional currencies.\n\nRevenues\n\nOur revenues were $21.7 billion for the first quarter of fiscal 2027, up\nby $4.4 billion, an increase of 25.1% compared with the corresponding quarter\nof fiscal 2026, mainly attributable to a higher average road transportation\nfuel selling price, to the contribution from acquisitions, as well as to\norganic growth in our convenience activities, partially offset by softness in\nfuel demand. The translation of our foreign currency operations into US\ndollars had a net positive impact of approximately $64.0 million on our\nrevenues for the first quarter.\n\nMerchandise and service revenues\n\nTotal merchandise and service revenues for the\nfirst quarter of fiscal 2027 were $4.9 billion, an increase of $191.1\nmillion compared with the corresponding quarter of fiscal 2026. The\ntranslation of our foreign currency operations into US dollars had a net\npositive impact of approximately $5.0 million. The remaining increase of\napproximately $186.0 million, or 4.0%, is primarily attributable to the\ncontribution from acquisitions, which amounted to approximately $112.0\nmillion, as well as to organic growth. Same-store merchandise revenues\nincreased by 1.7% in the United States driven by the growth in innovative\ncategories such as Energy drinks and Other Nicotine Products where we are\ngrowing market shares, partially offset by deliberate pricing decisions\ndesigned to support customer value and engagement in a selective spending\nenvironment. Same-store merchandise revenues increased by 1.2% in Europe and\nother regions(1), supported by growth of the same categories. In Canada,\nsame-store merchandise revenues were stable, as growth in the packaged\nbeverage and alcohol categories was offset by the impact from regulations and\ncompetition on tobacco.\n\nRoad transportation fuel revenues\n\nTotal road transportation fuel revenues for the\nfirst quarter of fiscal 2027 were $16.7 billion, an increase of $4.1\nbillion compared with the corresponding quarter of fiscal 2026. The\ntranslation of our foreign currency operations into US dollars had a net\npositive impact of approximately $57.0 million. The remaining increase of\napproximately $4.1 billion, or 32.6%, is mainly attributable to the impact of\nhigher average road transportation fuel selling price, which amounted to\napproximately $3.9 billion, the contribution from acquisitions, which\namounted to approximately $436.0 million partly offset by the softness in fuel\ndemand. Same-store road transportation fuel volumes decreased by 1.6% in the\nUnited States, and by 4.3% in  Europe and other regions, both driven by\nlower demand from high retail prices, while it increased by 1.1% in Canada,\nfavorably impacted by promotional activities and market growth.\n\nThe following table shows the average selling price of road transportation\nfuel of our company-operated stores in our various markets for the last eight\nquarters. The average selling price of road transportation fuel consists of\nthe road transportation fuel revenues divided by the volume of road\ntransportation fuel sold:\n Quarter                                                                     2ⁿᵈ      3ʳᵈ     4ᵗʰ     1ˢᵗ     Weighted\n                                                                                                              average\n 52-week period ended July 19, 2026\n                       United States (US dollars per gallon)                 3.07     2.89    3.60    4.06    3.37\n                       Europe and other regions (US cents per liter)         124.25   124.86  152.25  152.30  137.23\n                       Canada (CA cents per liter)                           126.13   120.48  142.43  157.99  135.48\n 52‑week period ended July 20, 2025\n                       United States (US dollars per gallon)                 3.22     3.03    3.09    3.06    3.10\n                       Europe and other regions (US cents per liter)         115.46   114.06  115.07  118.99  115.79\n                       Canada (CA cents per liter)                           140.32   137.05  133.74  125.55  134.35\n\nOther revenues\n\nTotal other revenues for the first quarter of fiscal 2027 were $145.2\nmillion, an increase of $27.1 million compared with the corresponding quarter\nof fiscal 2026. The translation of our foreign currency operations into US\ndollars had a net positive impact of approximately $1.0 million. The\nremaining increase of approximately $26.0 million, or 22.0%, is primarily\ndriven by higher revenues from our heating oil activities following an\nincrease in retail prices.\n _____________________________________\n (1 )  Please refer to the \"Non-IFRS Accounting Standards Measures\" section for\n       additional information on performance measures not defined by IFRS Accounting\n       Standards.\n\nGross profit(1)\n\nOur gross profit was $3.6 billion for the first quarter of fiscal 2027,\nup by $289.3 million, or 8.7%, compared with the corresponding quarter of\nfiscal 2026, mainly attributable to higher road transportation fuel gross\nmargin(1), and to the contribution from acquisitions, which amounted to\napproximately $98.0 million, partially offset by softness in fuel demand. The\ntranslation of our foreign currency operations into US dollars had a net\npositive impact of approximately $9.0 million.\n\nMerchandise and service gross profit\n\nIn the first quarter of fiscal 2027, our merchandise and service gross profit\nwas $1.7 billion, an increase of $55.0 million compared with the corresponding\nquarter of fiscal 2026. The translation of our foreign currency operations\ninto US dollars had a net positive impact of approximately $3.0 million. The\nremaining increase of approximately $52.0 million, or 3.1%, is primarily\nattributable to the contribution from acquisitions, which amounted to\napproximately $38.0 million and to organic growth in all regions. Our\nmerchandise and service gross margin(5) decreased by 0.5% in the\nUnited States to 34.1% and by 0.6% in Canada to 33.3%, reflecting shifts in\ncategory mix, as well as deliberate pricing decisions designed to support\ncompelling value for our customers. Our merchandise and service gross margin(1\n)increased by 0.7% to 39.6% in Europe and other regions, impacted by changes\nin product mix.\n\nRoad transportation fuel gross profit\n\nIn the first quarter of fiscal 2027, our road transportation fuel gross\nprofit was $1.8 billion, an increase of $241.1 million compared with the\ncorresponding quarter of fiscal 2026. The translation of our foreign currency\noperations into US dollars had a net positive impact of approximately\n$5.0 million. The remaining increase of approximately $236.0 million, or\n14.8%, is mainly driven by stronger road transportation fuel gross margin(1),\nthe contribution from acquisitions, which amounted to approximately $59.0\nmillion, partly offset by softness in fuel demand. In the United States and\nCanada, our road transportation fuel gross margin(1) was 52.61¢ per gallon,\nan increase of 8.61¢ per gallon and CA 16.79¢ per liter an increase of CA\n2.58¢ per liter, respectively, both driven by our ability to seize market\nopportunities, advantageous supply conditions and strong execution. In Europe\nand other regions, it was US 11.34¢ per liter, a decrease of US 0.07¢ per\nliter, mostly driven by structural changes in the German market environment\npartly offset by the favorable impact of European currencies translation. Fuel\nmargins remained healthy throughout our network, due to the continued work on\nthe optimization of our supply chain and strong execution in our stores.\n\nThe road transportation fuel gross margin(1) of our company-operated stores\nin the United States and the impact of expenses related to electronic payment\nmodes for the last eight quarters, were as follows:\n (US cents per gallon)\n Quarter                                                                  2ⁿᵈ      3ʳᵈ     4ᵗʰ     1ˢᵗ     Weighted\n                                                                                                           average\n 52-week period ended July 19, 2026\n Before deduction of expenses related to electronic payment modes         46.92    49.26   53.75   53.87   50.79\n Expenses related to electronic payment modes((1))                        5.62     5.49    6.26    6.57    5.95\n After deduction of expenses related to electronic payment modes          41.30    43.77   47.49   47.30   44.84\n 52‑week period ended July 20, 2025\n Before deduction of expenses related to electronic payment modes         47.57    45.35   43.86   44.81   45.40\n Expenses related to electronic payment modes((1))                        6.02     5.84    6.09    5.34    5.82\n After deduction of expenses related to electronic payment modes          41.55    39.51   37.77   39.47   39.58\n\n (1)  Expenses related to electronic payment modes are determined by allocating the\n      portion of total electronic payment modes, which are included in Operating,\n      selling, general and administrative expenses, deemed related to our United\n      States company-operated stores road transportation fuel transactions.\n\nThe road transportation fuel gross margin(1 )of our network in Europe and\nother regions and in Canada for the last eight quarters, were as follows:\n Quarter                                               2ⁿᵈ      3ʳᵈ     4ᵗʰ     1ˢᵗ     Weighted\n                                                                                        average\n 52-week period ended July 19, 2026\n Europe and other regions (US cents per liter)         11.51    10.87   13.44   11.34   11.54\n Canada (CA cents per liter)                           15.07    15.82   17.28   16.79   16.20\n 52‑week period ended July 20, 2025\n Europe and other regions (US cents per liter)         10.51    9.29    9.57    11.41   10.15\n Canada (CA cents per liter)                           13.35    13.54   14.05   14.21   13.77\n\nGenerally, road transportation fuel gross margins(1) can be volatile from one\nquarter to another but tend to be more stable over longer periods. In Europe\nand other regions, fuel margin volatility is impacted by a longer supply chain\ndue to a more integrated model. In Europe and other regions and in Canada,\nexpenses related to electronic payment modes are not as volatile as in the\nUnited States.\n _____________________________________\n (1)  Please refer to the \"Non-IFRS Accounting Standards Measures\" section for\n      additional information on performance measures not defined by IFRS Accounting\n      Standards.\n\nOther revenues gross profit\n\nIn the first quarter of fiscal 2027, other revenues gross profit\nwas $47.8 million, a decrease of $6.8 million, or 12.5%, compared with the\ncorresponding quarter of fiscal 2026. The translation of our foreign currency\noperations into US dollars had a net positive impact of approximately $1.0\nmillion.\n\nOperating, selling, general and administrative expenses (\"expenses\")\n\nFor the first quarter of fiscal 2027, expenses increased by 7.4% compared with\nthe corresponding period of fiscal 2026, while normalized growth of\nexpenses(6) was 2.7%, as shown in the table below:\n                                                                               12-week periods ended\n                                                                               July 19, 2026    July 20, 2025\n Growth of expenses, as reported                                               7.4 %            4.7 %\n Adjusted for:\n Increase from incremental expenses related to acquisitions                    (3.2 %)          (1.4 %)\n (Increase) decrease from changes in electronic payment fees, excluding        (2.0 %)          1.2 %\n acquisitions and disposals\n Decrease (increase) from changes in acquisition costs recognized to earnings  0.5 %            (0.6 %)\n Increase from the net impact of foreign exchange translation                  (0.3 %)          (1.4 %)\n Decrease from expenses related to disposals                                   0.2 %            0.1 %\n Decrease of net impact from changes in corporate stores network, excluding    0.2 %            0.1 %\n acquisitions, disposals and electronic\n    payment fees\n Increase from changes in incremental system integration costs related to      (0.1 %)          (0.2 %)\n acquisitions\n Normalized growth of expenses(1)                                              2.7 %            2.5 %\n\nNormalized growth of expenses(1 )for the first quarter of fiscal 2027 was\nmainly driven by inflationary pressures, incremental investments to support\nour strategic initiatives, as well as investments to support the acceleration\nof our food service program and ensure our stores remain customer ready,\npartly offset by the continued strategic efforts to control our expenses as\nevidenced by our normalized growth of expense being below the inflation level\nin our network.\n _____________________________________\n (1)  Please refer to the \"Non-IFRS Accounting Standards Measures\" section for\n      additional information on performance measures not defined by IFRS Accounting\n      Standards.\n\nEarnings before interest, taxes, depreciation, amortization and impairment\n(\"EBITDA(1)\") and adjusted EBITDA(1)\n\nDuring the first quarter of fiscal 2027, EBITDA stood at $1.8 billion, an\nincrease of $112.3 million, or 6.7%, compared with the corresponding quarter\nof fiscal 2026. Adjusted EBITDA for the first quarter of fiscal 2027\nincreased by $169.3 million, or 10.5%, compared with the corresponding\nquarter of fiscal 2026, driven by improved road transportation fuel gross\nmargin(1), as well as by the contribution from acquisitions, which amounted to\napproximately $44.0 million, partly offset by inflationary pressure on our\nexpenses, including our electronic payment fees from higher fuel prices. The\ntranslation of our foreign currency operations into US dollars had a net\npositive impact of approximately $5.0 million.\n\nDepreciation, amortization and impairment (\"depreciation\")\n\nFor the first quarter of fiscal 2027, our depreciation expense increased\nby $23.2 million, or 4.4%, compared with the first quarter of fiscal 2026.\nThe translation of our foreign currency operations into US dollars had a net\nunfavorable impact of approximately $2.0 million. The remaining increase of\napproximately $21.0 million, or 4.0%, is mainly driven by the impact from\ninvestments made through business acquisitions, which amounted to\napproximately $16.0 million, the replacement of equipment, the ongoing\nimprovement of our network, as well as strategic investments.\n\nNet financial expenses\n\nNet financial expenses for the first quarter of fiscal 2027\nwas $145.7 million, an increase of $27.4 million compared with the\ncorresponding period of fiscal 2026. A portion of the variation is explained\nby certain items that are not considered indicative of future trends, as shown\nin the table below:\n                                                                                 12-week periods ended\n (in millions of US dollars)                                                     July 19, 2026    July 20, 2025    Variation\n Net financial expenses, as reported                                             145.7            118.3            27.4\n Explained by:\n Net foreign exchange gain                                                       2.7              14.2             (11.5)\n Change in fair value of financial instruments classified at fair value through  —                1.0              (1.0)\n earnings or loss\n Remaining variation                                                             148.4            133.5            14.9\n\nThe remaining variation of the first quarter of fiscal 2027 is mainly driven\nby higher net debt level in connection with the GetGo acquisition as well as\nthe refinancing of a portion of our long term debt in the prior year.\n\nIncome taxes\n\nThe income tax rate for the first quarter of fiscal 2027 was 23.3%\ncompared with 23.2% for the corresponding quarter of fiscal 2026 impacted by\na different mix in our earnings across the various jurisdictions in which we\noperate.\n\nNet earnings attributable to shareholders of the Corporation and adjusted net\nearnings attributable to shareholders of the Corporation(1)\n _____________________________________\n (1)  Please refer to the \"Non-IFRS Accounting Standards Measures\" section for\n      additional information on performance measures not defined by IFRS Accounting\n      Standards.\n\nNet earnings attributable to shareholders of the Corporation for the first\nquarter of fiscal 2027 were $828.5 million, compared with $782.5 million for\nthe the first quarter of fiscal 2026, an increase of $46.0 million, or 5.9%.\nDiluted net earnings per share stood at $0.90, compared with $0.82 for the\ncorresponding quarter of the previous fiscal year. The translation of our\nforeign currency operations into US dollars had a net positive impact of\napproximately $2.0 million on net earnings attributable to shareholders of the\nCorporation for the first quarter of fiscal 2027.\n\nAdjusted net earnings attributable to shareholders of the Corporation for the\nfirst quarter of fiscal 2027 were approximately $827.0 million, compared\nwith $737.0 million for the first quarter of fiscal 2026, an increase of\n$90.0 million, or 12.2%. Adjusted diluted net earnings per share(1) were\n$0.90 for the first quarter of fiscal 2027, compared with $0.78 for the\ncorresponding quarter of fiscal 2026, an increase of 15.4%.\n\nDividends\n\nDuring its September 1, 2026 meeting, the Board of Directors declared a\nquarterly dividend of CA 21.5¢ per share for the\nfirst quarter of fiscal 2027 to shareholders on record as at\nSeptember 11, 2026, and approved its payment effective\nSeptember 25, 2026. This is an eligible dividend within the meaning of the\nIncome Tax Act (Canada).\n\nNon-IFRS Accounting Standards Measures\n\nTo provide more information for evaluating the Corporation's performance, the\nfinancial information included in our financial documents contains certain\ndata that are not performance measures under IFRS Accounting Standards as\nissued by the International Accounting Standards Board (\"IFRS Accounting\nStandards\"), which may also be calculated on an adjusted basis to exclude\nspecific items. Those performance measures are called \"Non-IFRS Accounting\nStandards measures\". We believe that providing those Non-IFRS Accounting\nStandards measures is useful to management, investors, and analysts, as they\nprovide additional information to measure the performance and financial\nposition of the Corporation.\n\nThe following Non-IFRS Accounting Standards financial measures are used in our\nfinancial disclosures:\n\n * Gross profit;\n * Earnings before interest, taxes, depreciation, amortization and impairment\n(\"EBITDA\") and adjusted EBITDA;\n * Adjusted net earnings attributable to shareholders of the Corporation;\n * Interest-bearing debt.\nThe following Non-IFRS Accounting Standards ratios are used in our financial\ndisclosures:\n\n * Merchandise and service gross margin and Road transportation fuel gross\nmargin;\n * Normalized growth of operating, selling, general and administrative\nexpenses;\n * Growth of (decrease in) consolidated same-store merchandise revenues;\n * Growth of (decrease in) same-store merchandise revenues for Europe and other\nregions;\n * Adjusted diluted net earnings per share;\n * Leverage ratio;\n * Return on equity and return on capital employed.\nThe following capital management measure is used in our financial disclosures:\n\n * Net interest-bearing debt/total capitalization.\nSupplementary financial measures are also used in our financial disclosures\nand those measures are described where they are presented.\n\nNon-IFRS Accounting Standards financial measures and ratios, as well as the\ncapital management measure, are mainly derived from the consolidated financial\nstatements but do not have standardized meanings prescribed by IFRS Accounting\nStandards. These Non-IFRS Accounting Standards measures should not be\nconsidered in isolation or as a substitute for financial measures prepared in\naccordance with IFRS Accounting Standards. In addition, our definitions of\nNon-IFRS Accounting Standards measures may differ from those of other public\ncorporations. Any such modification or reformulation may be\nsignificant. These measures may also be adjusted for the pro forma impact of\nour acquisitions and impacts of new accounting standards if they are\nconsidered to be material.\n\nGross profit. Gross profit consists of Revenues less the Cost of sales,\nexcluding depreciation, amortization and impairment. This measure is\nconsidered useful for evaluating the underlying performance of our operations.\n\nThe table below reconciles Revenues and Cost of sales, excluding depreciation,\namortization and impairment, as per IFRS Accounting Standards, to Gross\nprofit:\n                                                                          12-week periods ended\n (in millions of US dollars)                                              July 19, 2026  July 20, 2025\n Revenues                                                                 21,704.8       17,346.9\n Cost of sales, excluding depreciation, amortization and impairment       18,101.5       14,032.9\n Gross profit                                                             3,603.3        3,314.0\n\nPlease note that the same reconciliation applies in the determination of gross\nprofit by category and by geography presented in the section \"Summary Analysis\nof Consolidated Results\".\n\nMerchandise and service gross margin. Merchandise and service gross margin\nconsists of Merchandise and service gross profit divided by Merchandise and\nservice revenues, both measures are presented in the section \"Summary Analysis\nof Consolidated Results\". Merchandise and service gross margin is considered\nuseful for evaluating how efficiently we generate gross profit by dollar of\nrevenue.\n\nRoad transportation fuel gross margin. Road transportation fuel gross margin\nconsists of Road transportation fuel gross profit divided by Total volume of\nroad transportation fuel sold. For the United States and Europe and other\nregions, both measures are presented in the section \"Summary Analysis of\nConsolidated Results\". For Canada, this measure is presented in functional\ncurrency and the table below reconciles, for road transportation fuel,\nRevenues and Cost of sales, excluding depreciation, amortization and\nimpairment, as per IFRS Accounting Standards, to Gross profit and the\nresulting road transportation fuel gross margin. This measure is considered\nuseful for evaluating how efficiently we generate gross profit by gallon or\nliter of road transportation fuel sold.\n                                                                               12-week periods ended\n (in millions of Canadian dollars, unless otherwise noted)                     July 19, 2026  July 20, 2025\n Road transportation fuel revenues                                             2,142.8        1,682.6\n Road transportation fuel cost of sales, excluding depreciation, amortization  1,912.4        1,489.6\n and impairment\n Road transportation fuel gross profit                                         230.4          193.0\n Total road transportation fuel volume sold (in millions of liters)            1,371.8        1,358.1\n Road transportation fuel gross margin (CA cents per liter)                    16.79          14.21\n\nNormalized growth of operating, selling, general and administrative expenses\n(\"normalized growth of expenses\"). Normalized growth of expenses consists of\nthe growth of Operating, selling, general and administrative expenses\nadjusted for the impact of the changes in our network, the impact from changes\nin accounting policies and adoption of accounting standards, the impact of\nmore volatile items over which we have limited control including, but not\nlimited to, the net impact of foreign exchange translation, electronic payment\nfees excluding acquisitions and disposals, acquisition costs, and incremental\nsystem integration costs related to acquisitions, as well as other specific\nitems for which the impact on consolidated results is not deemed indicative of\nfuture trends. Please note that the \"impact of the changes in our\nnetwork\" component of this measure has been modified to systematically\nconsider the impact of openings, constructions, additions, closures, disposals\nand withdrawals of company operated stores occurring during the reported\nperiod until such openings, constructions, additions, closures, disposals or\nwithdrawals for company operated stores have cycled one fiscal year. This\nmodification is reflected on the line \"Decrease of net impact from changes in\ncorporate stores network, excluding acquisitions, disposals and electronic\npayment fees\" in the table below and is aimed at improving the comparability\nof expenses in our store network. This measure is considered useful for\nevaluating our ability to control our expenses on a comparable basis.\n\nThe table below reconciles growth of Operating, selling, general and\nadministrative expenses to normalized growth of  expenses:\n                                                                               12-week periods ended\n (in millions of US dollars, unless otherwise noted)                           July 19, 2026      July 20, 2025      Variation  July 20, 2025      July 21, 2024      Variation\n Operating, selling, general and administrative expenses, as published         1,835.0            1,709.2            7.4 %      1,709.2            1,632.5            4.7 %\n Adjusted for:\n Increase from incremental expenses related to acquisitions                    (54.4)             —                  (3.2 %)    (22.5)             —                  (1.4 %)\n (Increase) decrease from changes in electronic payment fees, excluding        (34.4)             —                  (2.0 %)    19.6               —                  1.2 %\n acquisitions and disposals\n Decrease (increase) from changes in acquisition costs recognized to earnings  9.4                —                  0.5 %      (8.9)              —                  (0.6 %)\n Increase from the net impact of foreign exchange translation                  (5.2)              —                  (0.3 %)    (22.5)             —                  (1.4 %)\n Decrease from expenses related to disposals                                   3.9                —                  0.2 %      1.0                —                  0.1 %\n Decrease of net impact from changes in corporate stores network, excluding    3.0                —                  0.2 %      1.2                —                  0.1 %\n acquisitions, disposals\n    and electronic payment fees\n Increase from changes in incremental system integration costs related to      (1.4)              —                  (0.1 %)    (3.7)              —                  (0.2 %)\n acquisitions\n Normalized growth of expenses                                                 1,755.9            1,709.2            2.7 %      1,673.4            1,632.5            2.5 %\n\nGrowth of (decrease in) consolidated same-store merchandise\nrevenues. Consolidated same-store merchandise revenues represents the\ncumulative consolidated merchandise revenues between the current period and\ncomparative period for those corporate stores that were open for at least 23\ndays out of every 28-day period included in the reported periods. Consolidated\nmerchandise revenues are defined as Merchandise and service revenues excluding\nservice revenues. Growth of (decrease in) consolidated same-store merchandise\nrevenues is calculated based on constant currencies using the respective\ncurrent period average exchange rate for both the current and corresponding\nperiod. This measure is considered useful for evaluating our ability to\ngenerate organic growth on a comparable basis in our network.\n\nThe table below reconciles Merchandise and service revenues, as per IFRS\nAccounting Standards, to the consolidated same-store merchandise revenues and\nthe resulting percentage rate of growth (decrease):\n                                                                       12-week periods ended\n (in millions of US dollars, unless otherwise noted)                   July 19, 2026        July 20, 2025        July 20, 2025      July 21, 2024\n Merchandise and service revenues                                      4,884.9              4,693.8              4,693.8            4,493.1\n Adjusted for:\n Service revenues                                                      (294.8)              (275.5)              (275.5)            (253.9)\n Net foreign exchange impact                                           —                    0.7                  —                  36.4\n Merchandise revenues not meeting the definition of same-store         (314.7)              (209.2)              (231.3)            (164.4)\n Total same-store merchandise revenues                                 4,275.4              4,209.8              4,187.0            4,111.2\n Growth of consolidated same-store merchandise revenues                1.6 %                                     1.8 %\n\nGrowth of (decrease in) same-store merchandise revenues for Europe and other\nregions. Same-store merchandise revenues represent cumulative merchandise\nrevenues between the current period and comparative period for those stores\nthat were open for at least 23 days out of every 28-day period included in the\nreported periods. Merchandise revenues are defined as Merchandise and service\nrevenues excluding service revenues. For Europe and other regions, the growth\nof (decrease in) same-store merchandise revenues is calculated based on\nconstant currencies using the respective current period average exchange rate\nfor both the current and corresponding period. In Europe and other regions,\nsame-store merchandise revenues include same-store revenues from\ncompany-operated stores, as well as CODO and DODO stores which are not\nincluded in our consolidated results. This measure is considered useful for\nevaluating our ability to generate organic growth on a comparable basis in our\noverall European and other regions store network.\n\nThe table below reconciles Merchandise and service revenues, as per IFRS\nAccounting Standards, to same-store merchandise revenues for Europe and other\nregions and the resulting percentage of growth (decrease):\n                                                                              12-week periods ended\n (in millions of US dollars, unless otherwise noted)                          July 19, 2026        July 20, 2025        July 20, 2025      July 21, 2024\n Merchandise and service revenues for Europe and other regions                1,024.7              983.2                983.2              867.2\n Adjusted for:\n Service revenues                                                             (137.3)              (126.2)              (126.2)            (103.9)\n Net foreign exchange impact                                                  —                    8.1                  —                  39.5\n Merchandise revenues not meeting the definition of same-store                (78.4)               (73.9)               (67.7)             (56.0)\n Same-store merchandise revenues from stores not included in our              344.9                348.9                346.7              347.1\n    consolidated results, including the impact of store conversions\n Total same-store merchandise revenues for Europe and other regions           1,153.9              1,140.1              1,136.0            1,093.9\n Growth of same-store merchandise revenues for Europe and other regions       1.2 %                                     3.8 %\n\nEarnings before interest, taxes, depreciation, amortization and\nimpairment (\"EBITDA\") and adjusted EBITDA. EBITDA represents Net earnings\nplus Income taxes, Net financial expenses, and Depreciation, amortization and\nimpairment. Adjusted EBITDA represents the EBITDA adjusted for acquisition\ncosts, the impact from changes in accounting policies and adoption of\naccounting standards, as well as other specific items for which the impact on\nconsolidated results is not deemed indicative of future trends. These\nperformance measures are considered useful to facilitate the evaluation of our\nongoing operations and our ability to generate cash flows to fund our cash\nrequirements, including our capital expenditures program, share repurchases,\nand payment of dividends.\n\nThe table below reconciles Net earnings, as per IFRS Accounting Standards, to\nEBITDA and adjusted EBITDA:\n                                                                     12-week periods ended\n (in millions of US dollars)                                         July 19, 2026  July 20, 2025\n Net earnings                                                        832.5          786.1\n Add:\n Income taxes                                                        253.3          238.0\n Net financial expenses                                              145.7          118.3\n Depreciation, amortization and impairment                           551.0          527.8\n EBITDA                                                              1,782.5        1,670.2\n Adjusted for:\n Acquisition costs                                                   0.6            10.0\n Gain on regulatory divestiture related to GetGo acquisition         —              (66.4)\n Adjusted EBITDA                                                     1,783.1        1,613.8\n\nAdjusted net earnings attributable to shareholders of the Corporation and\nadjusted diluted net earnings per share. Adjusted net earnings attributable\nto shareholders of the Corporation represents Net earnings attributable to\nshareholders of the Corporation adjusted for net foreign exchange gains or\nlosses, acquisition costs, the impact from changes in accounting policies and\nadoption of accounting standards, impairment on goodwill, investments in\nsubsidiaries, joint ventures and associated companies, as well as other\nspecific items for which the impact on consolidated results is not deemed\nindicative of future trends, and the impact of the non-controlling interests\non the items mentioned previously. These measures are considered useful for\nevaluating the underlying performance of our operations on a comparable basis.\n\nThe table below reconciles Net earnings attributable to shareholders of the\nCorporation, as per IFRS Accounting Standards, with adjusted net earnings\nattributable to shareholders of the Corporation and adjusted diluted net\nearnings per share:\n (in millions of US dollars, except per share amounts, or unless otherwise  12-week periods ended\n noted)\n                                                                            July 19, 2026    July 20, 2025\n Net earnings attributable to shareholders of the Corporation               828.5            782.5\n Adjusted for:\n Net foreign exchange gain                                                  (2.7)            (14.2)\n Acquisition costs                                                          0.6              10.0\n Gain on regulatory divestiture related to GetGo acquisition                —                (66.4)\n Tax impact of the items above and rounding                                 0.6              25.1\n Adjusted net earnings attributable to shareholders of the Corporation      827.0            737.0\n Weighted average number of shares - diluted (in millions)                  918.9            948.6\n Adjusted diluted net earnings per share                                    0.90             0.78\n\nInterest-bearing debt. This measure represents the sum of the following\nbalance sheet accounts: Short-term debt and current portion of long-term debt,\nLong-term debt, Current portion of lease liabilities and Lease liabilities.\nThis measure is considered useful to facilitate the understanding of our\nfinancial position in relation with financing obligations. The calculation of\nthis measure of financial position is detailed in the \"Net interest-bearing\ndebt/total capitalization\" section below.\n\nNet interest-bearing debt/total capitalization. This measure represents the\nbasis for monitoring our capital and is considered useful to assess our\nfinancial health, risk profile, and ability to meet our financing obligations.\nIt also provides insights into how our financing obligations are structured in\nrelation with our total capitalization.\n\nThe table below presents the calculation of this capital management measure:\n (in millions of US dollars, except ratio data)                  As at             As at\n                                                                 July 19, 2026\nApril 26, 2026\n Short-term debt and current portion of long-term debt           0.7               879.1\n Current portion of lease liabilities                            552.3             559.0\n Long-term debt                                                  10,328.6          10,420.1\n Lease liabilities                                               4,497.6           4,587.8\n Interest-bearing debt                                           15,379.2          16,446.0\n Less: Cash and cash equivalents                                 (3,198.3)         (3,111.3)\n Net interest-bearing debt                                       12,180.9          13,334.7\n Equity attributable to shareholders of the Corporation          16,682.0          16,178.9\n Net interest-bearing debt                                       12,180.9          13,334.7\n Total capitalization                                            28,862.9          29,513.6\n Net interest-bearing debt to total capitalization ratio         0.42 : 1          0.45 : 1\n\nLeverage ratio. This measure represents a measure of financial condition\nconsidered useful to assess our financial leverage and our ability to cover\nour net financing obligations in relation to our adjusted EBITDA.\n\nThe table below reconciles net interest-bearing debt and adjusted EBITDA, for\nwhich the calculation methodologies are described in other tables of this\nsection, with the leverage ratio:\n                                                        52-week periods ended\n (in millions of US dollars, except ratio data)         July 19, 2026    April 26, 2026\n Net interest-bearing debt                              12,180.9         13,334.7\n Adjusted EBITDA                                        6,883.1          6,713.8\n Leverage ratio                                         1.77 : 1         1.99 : 1\n\nReturn ratios. These measures consist of:\n I.   Return on equity, considered useful to assess the relationship between our\n      profitability and our net assets and it also provides insights into how\n      efficiently we are using our equity to generate returns for our shareholders;\n II.  Return on capital employed, considered useful to provide insights into our\n      ability to generate returns from the total amount of capital employed in our\n      operations. It also helps in assessing our operational efficiency and capital\n      allocation decisions.\n\nThe table below reconciles Net earnings attributable to shareholders of the\nCorporation, as per IFRS Accounting Standards, with the ratio of return on\nequity, where average equity attributable to shareholders of the Corporation\nis calculated by taking the average of the opening and closing balance for the\n52-week periods:\n                                                                             52-week periods ended\n (in millions of US dollars, unless otherwise noted)                         July 19, 2026        April 26, 2026\n Net earnings attributable to shareholders of the Corporation                3,189.7              3,143.7\n Equity attributable to shareholders of the Corporation - Opening balance    15,645.7             14,946.8\n\n Equity attributable to shareholders of the Corporation - Ending balance     16,682.0             16,178.9\n Average equity attributable to shareholders of the Corporation              16,163.9             15,562.9\n Return on equity                                                            19.7 %               20.2 %\n\nReturn on capital employed is defined as earnings before interest and taxes\n(\"EBIT\") divided by average capital employed, both being Non-IFRS Accounting\nStandards measures. EBIT represents Net earnings plus Income taxes and Net\nfinancial expenses. Capital employed represents total assets less current\nliabilities excluding short-term debt and current portion of long-term debt\nand lease liabilities. Average capital employed is calculated by taking the\naverage of the opening and closing balance of capital employed for the 52-week\nperiods. The table below reconciles Net earnings, as per IFRS Accounting\nStandards, to EBIT with the ratio of Return on capital employed:\n                                                      52-week periods ended\n (in millions of US dollars, unless otherwise noted)  July 19, 2026         April 26, 2026\n Net earnings                                         3,196.2               3,149.8\n Add:\n Income taxes                                         950.5                 935.2\n Net financial expenses                               607.6                 580.2\n EBIT                                                 4,754.3               4,665.2\n Capital employed - Opening balance((1))              34,127.3              31,898.7\n Capital employed - Ending balance((1))               35,524.9              36,028.1\n Average capital employed                             34,826.1              33,963.4\n Return on capital employed                           13.7 %                13.7 %\n\n (1)  The table below reconciles balance sheet line items, as per IFRS Accounting\n      Standards, to capital employed:\n\n \n (in millions of US dollars)                                        As at             As at             As at            As at\n                                                                    July 19, 2026     July 20, 2025\nApril 26, 2026  April 27, 2025\n Total Assets( (a))                                                 42,730.8          40,621.0          43,516.7         38,301.9\n Less: Current liabilities ((a))                                    (7,758.9)         (9,482.8)         (8,926.7)        (7,617.3)\n Add: Short-term debt and current portion of long-term debt         0.7               2,439.1           879.1            690.2\n Add: Current portion of lease liabilities                          552.3             550.0             559.0            523.9\n Capital employed                                                   35,524.9          34,127.3          36,028.1         31,898.7\n\n (a) Comparative figures as at July 20, 2025 were adjusted from $40,541.4 to\n $40,621.0 for total assets and from $9,480.2 to $9,482.8 for current\n liabilities to reflect the finalization of the estimates of the fair value of\n assets acquired and liabilities assumed for the acquisition of company-owned\n and operated convenience retail and fuel sites operating under the GetGo Café\n + Market brand.\n\nProfile\n\nCouche-Tard is a global leader in convenience and mobility, operating in 27\ncountries and territories, with more than 17,200 stores, of which\napproximately 13,100 offer road transportation fuel. With its well-known\nCouche-Tard and Circle K banners, it is one of the largest independent\nconvenience store operators in the United States and it is a leader in the\nconvenience store industry and road transportation fuel retail in Canada,\nScandinavia, the Baltics, Belgium, as well as in Ireland. It also has an\nimportant presence in Luxembourg, Germany, the Netherlands, Poland, as well as\nin Hong Kong Special Administrative Region of the People's Republic of China.\nApproximately 145,000 people are employed throughout its network.\n\nFor more information on Alimentation Couche-Tard Inc., or to consult its\naudited annual Consolidated Financial Statements, unaudited interim condensed\nconsolidated financial statements and Management Discussion and Analysis or\nother filings made with Canadian securities regulatory authorities, please\nvisit: https://corpo.couche-tard.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4763722-1&h=1017628332&u=https%3A%2F%2Fcorpo.couche-tard.com%2F&a=https%3A%2F%2Fcorpo.couche-tard.com)\n or SEDAR+ under Couche-Tard's profile at www.sedarplus.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4763722-1&h=3381811270&u=https%3A%2F%2Fwww.sedarplus.ca%2F&a=www.sedarplus.ca)\n.\n\nWebcast on September 2, 2026 at 8:00 A.M. (EDT)\n\nCouche-Tard invites analysts known to the Corporation to ask their questions\nto its management on September 2, 2026, during the question and answer period\nof the webcast.\n\nFinancial analysts, investors, media, and other interested parties are invited\nto join the webcast on September 2, 2026, at 8:00 A.M. (EDT). A presentation\nwill include slides detailing the quarterly and fiscal year results. The\nwebcast can be accessed via the \"Investors/Events & Presentations\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4763722-1&h=1745150396&u=https%3A%2F%2Fcorporate.couche-tard.com%2Fevents-presentations%2Fen%2F&a=Investors%2FEvents+%26+Presentations)\n\" section on the Corporation's website https://corpo.couche-tard.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4763722-1&h=1559893084&u=https%3A%2F%2Fcorporate.couche-tard.com%2Fen%2F&a=https%3A%2F%2Fcorpo.couche-tard.com)\n or directly via this link https://link.meetingpanel.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4763722-1&h=1913351612&u=https%3A%2F%2Furl.uk.m.mimecastprotect.com%2Fs%2F-V1uCwr0MCvpGEqDFVfG6hJ-J2M%3Fdomain%3Demportal.ink&a=https%3A%2F%2Flink.meetingpanel.com)\n to join the call without operator assistance.\n\nAnother option could be to access the conference call through an operator by\ndialing 1-289-819-1299 or the international number 1-800-990-4777.\n\nRebroadcast: For individuals who will not be able to listen to the live\nwebcast, a recording of the webcast will be available on the Corporation's\nwebsite for a period of 90 days.\n\nForward-looking statements\n\nThis press release includes certain statements that are \"forward-looking\nstatements\" within the meaning of the securities laws of Canada. Any statement\nin this press release that is not a statement of historical fact may be deemed\nto be a forward-looking statement. When used in this press release, the words\n\"believe\", \"could\", \"should\", \"intend\", \"expect\", \"estimate\", \"assume\", \"aim\",\n\"align\", \"maintain\", \"continue\", \"effect\", \"growth\", \"position\", \"seek\",\n\"strategy\", \"strive\", \"will\", \"may\", \"might\" and other similar expressions, or\nthe negative of these terms are generally intended to identify forward-looking\nstatements. Couche-Tard's guidance is notably based on the material\nassumptions used in determining the forward-looking statements. See also the\nsection \"Fiscal 2027 Business Outlook\" of our management discussion and\nanalysis for the 12-week period ended July 19, 2026, which is available on\nSEDAR+ under Couche-Tard's profile at www.sedarplus.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4763722-1&h=3381811270&u=https%3A%2F%2Fwww.sedarplus.ca%2F&a=www.sedarplus.ca)\n.\n\nAlthough we base the forward-looking statements contained in this press\nrelease on assumptions that we believe are reasonable, it is important to know\nthat the forward‑looking statements in this press release describe our\nexpectations in light of the information available to us as at\nSeptember 1, 2026, which are inherently not guarantees of the future\nperformance of Couche-Tard or its industry, and involve known and unknown\nrisks and uncertainties that may cause Couche‑Tard's or the industry's\noutlook, actual results (including our results of operations, financial\ncondition and liquidity, the achievement of our targets, goals and\ncommitments, the development of the industry in which we operate, or the\nmeasures we adopt), performance or achievements to be materially different\nfrom any future results, performance or achievements expressed or implied by\nsuch statements. Our statements should not be read to indicate that we have\nconducted an exhaustive inquiry into, or review of all relevant information.\nAlthough we believe there is a reasonable basis for the forward-looking\nstatements, our actual results could be materially different from our\nexpectations if known or unknown risks affect our business, or if our\nestimates or assumptions turn out to be inaccurate. A change affecting an\nassumption can also have an impact on the degree of realization of a\nparticular projection or other interrelated assumptions, which could increase\nor diminish the effect of the change. Assumptions such as synergies objective\nare based on our comparative analysis of organizational structures and current\nlevel of spending across Couche-Tard's network as well as on Couche-Tard's\nability to bridge the gap, where relevant, and Couche-Tard's assessment of\ncurrent contracts in the geographical areas of operations and how Couche-Tard\nexpects to be able to renegotiate these contracts to take advantage of our\nincreased purchasing power. In addition, our synergies objective assumes that\nwe will be able to establish and maintain an effective process for sharing\nbest practices across our network. The achievement of our objectives is also\nbased on assumptions relative to our ability to execute our development\ninitiatives and strategic investments as planned, as well as market and\neconomic assumptions relative to, among other, currencies, industry trends and\nmacroeconomic development, tax laws or treaties applicable to Couche-Tard,\nregulations affecting our operations, and inflation rates. Finally, the\nachievement of our objective is also based on our ability to integrate\nacquired business. An important change in these facts and assumptions could\nsignificantly impact our synergies estimate as well as the timing of the\nimplementation of our different initiatives. As a result, we cannot guarantee\nthat any forward-looking statement will materialize and, accordingly, the\nreader is urged to consider the risks, uncertainties, and assumptions\ncarefully in evaluating the forward-looking statements and is cautioned not to\nplace undue reliance on these forward-looking statements. Forward-looking\nstatements do not take into account the effect that transactions or special\nitems announced or occurring after the statements are made may have on our\nbusiness. For example, they do not include sales of assets, monetization,\nmergers, acquisitions, other business combinations or transactions, asset\nwrite-down, the impact of pandemics and geopolitical conflicts and tensions,\nincluding, without limitation, the impacts of the hostilities and geopolitical\ntensions in the Middle East, or other charges announced or occurring after\nforward-looking statements are made.\n\nThe foregoing risks and uncertainties include the risks set forth under\n\"Business Risks\" in our management discussion and analysis for the 52-week\nperiod ended April 26, 2026, as well as other risks detailed from time to time\nin reports filed by Couche-Tard with securities authorities in Canada and\navailable on SEDAR+ under Couche-Tard's profile at www.sedarplus.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4763722-1&h=3381811270&u=https%3A%2F%2Fwww.sedarplus.ca%2F&a=www.sedarplus.ca)\n. The risks described in this press release and in those reports are not the\nonly ones that we face. Additional risks not presently known to us or that we\ncurrently deem immaterial may also significantly impair our business,\nfinancial position or results of operations. None of the statements contained\nin this press release are intended to be, nor shall be deemed to be,\nrepresentations or warranties of Couche-Tard and its affiliates. Where the\ninformation is from third-party sources, the information is from sources\nbelieved to be reliable, but Couche-Tard has not independently verified any of\nsuch information contained herein.\n\nOur forward-looking statements in this press release speak only as of\nSeptember 1, 2026, and unless otherwise required by applicable securities\nlaws, we expressly disclaim any intention or obligation to update or revise\nforward‑looking statements, whether as a result of new information, future\nevents or otherwise. Our business is subject to substantial risks and\nuncertainties, including those referenced above. Investors, potential\ninvestors, and others should give careful consideration to these risks and\nuncertainties. The forward-looking statements contained in this press release\nare expressly qualified by this cautionary statement.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/alimentation-couche-tard-announces-its-results-for-its-first-quarter-of-fiscal-year-2027-302866433.html\n(https://www.prnewswire.com/news-releases/alimentation-couche-tard-announces-its-results-for-its-first-quarter-of-fiscal-year-2027-302866433.html)\n\nSOURCE Alimentation Couche-Tard inc.\n\n\n\nContacts: Investor relations: Mathieu Brunet, Vice President, Investor Relations & Treasury, Tel: (450) 662-6632, ext. 4362, investor.relations@couche-tard.com; Media relations: Chris Barnes, Head of Global Communications, Tel: (704) 583-6293, communication@couche-tard.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS968973/Alimentation-Couche-Tard-inc-ALIMENTATION-COUCHE-TARD-ANNOUNCES.jpg?id=OA2920497\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-09-01T21:05:00.40314816Z","server_sent_at_ms":1788296700403},"received_at":"2026-09-01T21:05:00.772Z","source_url":"https://www.prnewswire.com/news-releases/alimentation-couche-tard-announces-its-results-for-its-first-quarter-of-fiscal-year-2027-302866433.html"},"analysis":{"id":"122137","press_release_id":"133237","analysis_json":{"industry":{"label":"Consumer Staples Distribution & Retail","sector":"Consumer Staples"},"redFlags":[],"eventType":"earnings","narrative":"Couche-Tard reported adjusted diluted EPS of $0.90 for Q1 fiscal 2027, up 15.4% year-over-year, with adjusted EBITDA growing 10.5% to $1.78 billion driven by higher fuel margins and acquisition contributions.\n\nThe company announced a voluntary tender offer to acquire Żabka Group, Poland's largest convenience retailer, for approximately $8.6 billion, aiming to close the transaction by the end of fiscal 2027.\n\nManagement renewed a share repurchase program authorizing the buyback of up to 10% of the public float and declared a quarterly dividend of CA 21.5¢ per share.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Strong double-digit earnings growth coupled with a massive $8.6B M&A play in Poland."},"keyFigures":{"eps":0.9,"revenue":21704800000,"revenueYoy":"25.1%","dealValueUsd":8600000000,"customDimensions":{"adjusted_eps":0.9,"adjusted_eps_growth":"15.4%","adjusted_ebitda_growth":"10.5%","same_store_merchandise_growth":"1.6%"}},"quotedText":"We are encouraged by the start to fiscal 2027 and the continued progress we are making through Core + More.","namedEntities":{"people":[{"name":"Alex Miller","role":"President and Chief Executive Officer"},{"name":"Filipe Da Silva","role":"Chief Financial Officer"}],"products":["Żabka","Circle K"],"companies":[{"name":"Alimentation Couche-Tard Inc.","ticker":"ATD"},{"name":"Żabka Group","relationship":"target"},{"name":"Circle K Polska sp. z o.o.","relationship":"subsidiary"}],"dollarAmounts":[{"amount":"$828.5 million","context":"Q1 fiscal 2027 net earnings attributable to shareholders"},{"amount":"$8.6 billion","context":"value of proposed Żabka acquisition"},{"amount":"$26.0 million","context":"share repurchases in Q1"},{"amount":"€750.0 million","context":"Euro-denominated senior unsecured notes repaid"}]},"materialImpact":{"score":5,"reasoning":"Adjusted EPS grew 15.4% year-over-year, and the company announced a transformative $8.6 billion acquisition of Żabka Group, representing a major expansion into Central and Eastern Europe."},"tickerRelevance":{"others":[],"primary":"ATD"},"globalImportance":65,"audienceRelevance":70,"eventTypeSecondary":["m_and_a","buyback"],"importanceComponents":{"tickerTier":"large_cap","eventGravity":"earnings_with_major_mand_a","dealSizeSignificance":"large"}},"event_type":"earnings","event_type_secondary":["m_and_a","buyback"],"sentiment":"bullish","material_impact_score":5,"narrative":"Couche-Tard reported adjusted diluted EPS of $0.90 for Q1 fiscal 2027, up 15.4% year-over-year, with adjusted EBITDA growing 10.5% to $1.78 billion driven by higher fuel margins and acquisition contributions.\n\nThe company announced a voluntary tender offer to acquire Żabka Group, Poland's largest convenience retailer, for approximately $8.6 billion, aiming to close the transaction by the end of fiscal 2027.\n\nManagement renewed a share repurchase program authorizing the buyback of up to 10% of the public float and declared a quarterly dividend of CA 21.5¢ per share.","key_figures":{"eps":0.9,"revenue":21704800000,"revenueYoy":"25.1%","dealValueUsd":8600000000,"customDimensions":{"adjusted_eps":0.9,"adjusted_eps_growth":"15.4%","adjusted_ebitda_growth":"10.5%","same_store_merchandise_growth":"1.6%"}},"named_entities":{"people":[{"name":"Alex Miller","role":"President and Chief Executive Officer"},{"name":"Filipe Da Silva","role":"Chief Financial Officer"}],"products":["Żabka","Circle K"],"companies":[{"name":"Alimentation Couche-Tard Inc.","ticker":"ATD"},{"name":"Żabka Group","relationship":"target"},{"name":"Circle K Polska sp. z o.o.","relationship":"subsidiary"}],"dollarAmounts":[{"amount":"$828.5 million","context":"Q1 fiscal 2027 net earnings attributable to shareholders"},{"amount":"$8.6 billion","context":"value of proposed Żabka acquisition"},{"amount":"$26.0 million","context":"share repurchases in Q1"},{"amount":"€750.0 million","context":"Euro-denominated senior unsecured notes repaid"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-01T21:40:57.510Z","global_importance":65,"audience_relevance":70,"importance_components":{"tickerTier":"large_cap","eventGravity":"earnings_with_major_mand_a","dealSizeSignificance":"large"}},"durationMs":369464,"modelName":"glm-4.7"}}