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 segments: Wholesale (fuel to third-party dealers), Fleet Fueling (cardlock locations for commercial fleets), and GPMP (fuel supply to ARKO Retail Sites).

• Fee-based, long-term contracts with limited commodity price exposure; focus on stable cash flows and scalable, capital-efficient operations.

• Strong relationship with ARKO Parent, a leading convenience store operator, which will retain majority economic and voting interest post-IPO.

• Growth driven by acquisitions, organic expansion, and conversion of ARKO Retail Sites to third-party dealer sites.

Financial performance and metrics

• For the year ended December 31, 2024: $6.37 billion in revenues, $40.2 million net income, $139.2 million Adjusted EBITDA, and $79.9 million Discretionary Cash Flow.

• For the nine months ended September 30, 2025: $4.27 billion in revenues, $24.7 million net income, $106.6 million Adjusted EBITDA, and $67.8 million Discretionary Cash Flow.

• Fuel margin averaged 9.8–10.3 cents per gallon; stable margins due to cost-plus and fixed-fee contracts.

• As of September 30, 2025: $33 million cash, $389 million debt, and $451.7 million liquidity.

• Targeting a Net Debt to Adjusted EBITDA ratio below 2.5x post-IPO.

Use of proceeds and capital allocation

• Estimated net proceeds of $184 million (or $211.8 million if over-allotment is exercised) at $19.00 per share.

• Proceeds will be used to repay outstanding principal under the Capital One Line of Credit; any remainder for general corporate purposes.

• Focus on maintaining a conservative capital structure and ample liquidity for growth and dividends.