ARKO Petroleum (APC) Registration Filing summary

Company overview and business model

• Operates as a major wholesale fuel distributor in North America, supplying over 2.1 billion gallons annually to more than 3,400 sites across 30+ states.

• Business is organized into three segments: Wholesale (fuel to third-party dealers), Fleet Fueling (cardlock fueling for commercial fleets), and GPMP (fuel supply to ARKO Retail Sites at cost plus fixed margin).

• Maintains a cost- and capital-efficient model with scalable operations and a focus on long-term, fee-based contracts.

• Benefits from a strategic relationship with ARKO Parent, a large convenience store operator, which will remain a controlling shareholder post-IPO.

Financial performance and metrics

• For the year ended December 31, 2024: $6.37 billion in total revenues, $40.2 million net income, and $139.2 million Adjusted EBITDA.

• Nine months ended September 30, 2025: $4.27 billion in revenues, $24.7 million net income, and $106.6 million Adjusted EBITDA.

• Discretionary Cash Flow for 2024 was $79.9 million; liquidity as of September 30, 2025 was $451.7 million.

• Fuel margin averaged 9.8–10.3 cents per gallon; net debt to Adjusted EBITDA was 3.4x as of September 30, 2025.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used primarily to repay outstanding borrowings under the GPMP Capital One Credit Facility, with any remainder for general corporate purposes.

• Targeting a net debt to Adjusted EBITDA ratio below 2.5x post-offering.

• Plans to maintain a conservative capital structure and prioritize cash dividends to shareholders.