Alimentation Couche-Tard (ATD) Investor Day 2026 summary

Strategic vision and business model

• Announced a refreshed vision to become the world's favorite stop for people on the go, focusing on making customers' lives easier through a decentralized, scalable operating model that empowers local teams with global capabilities.

• Emphasizes a decentralized operating model with 30 business units across 29 countries, operating over 17,000 sites in the US, 2,000+ in Canada, and 5,200+ in Europe and other regions as of October 2025.

• Maintains a disciplined approach to M&A and targeted expansion, prioritizing long-term assets, robust returns, and acquiring capabilities or talent, leveraging operational excellence and financial discipline.

• Focuses on operational excellence, continuous investment in assets, and leveraging scale in supply chain and digital platforms.

• Core values include humility, customer obsession, and a strong one-team culture, driving engagement and performance.

Recent performance and learnings

• Recognized challenges from consumer softness, rapid category shifts, and initial complexity in food execution, leading to strategic adjustments.

• Achieved improvements in people and operating metrics, network growth, digital transformation, and cost discipline.

• Outperformed industry in core categories, with significant gains in fuel, nicotine, and thirst segments.

• Enhanced employee retention and engagement, outperforming industry turnover by 20-30%.

• Maintained strong culture and decentralized decision-making as a structural advantage.

Core business performance and growth

• Core platforms (fuel, nicotine, thirst) represent 90% of revenues and ~75% of gross profit, with $73B in total revenues and $13B in gross profit for FY25.

• Fuel, nicotine, and thirst remain primary revenue and profit drivers, with market share gains in each.

• Fuel network sold 15.4 billion gallons in FY25, with over 110 million transactions annually and industry-leading fuel margins supported by supply chain and procurement enhancements.

• Achieved nearly $1B in cost savings from FY24 to Q2 FY26, with loyalty program membership exceeding 18 million and significant increases in meal deal sales and customer trip frequency.

• Fuel margins are expected to continue rising in line with CPI, with ongoing outperformance versus industry.