Cumberland Farms (CMBY) Registration filing summary

Company overview and business model

• Operates over 3,300 convenience retail sites across the U.S. and Europe, with leading market positions (#5 in the U.S., #4 in Europe by store count).

• Business model integrates fuel, grocery & merchandise, and foodservice, with a focus on convenience, quality, and performance.

• Flexible operating model includes company-owned/operated (COCO), company-owned/not operated (CONCO), and dealer/third-party sites.

• Recent strategic divestitures in the U.K., Italy, Australia, and France to focus on core markets and reduce leverage.

• Strong brand identity, especially in the U.S. Northeast, with ongoing rebranding to unify under the Cumberland Farms banner.

Financial performance and metrics

• LTM Q2'26: $2.8bn gross profit, $763mm adjusted EBITDA, net loss before taxes of $(438)mm.

• Q2 2026: $734mm gross profit (+6% YoY), $215mm adjusted EBITDA (+20% YoY), net loss of $149mm.

• FY 2025: $2.7bn gross profit, $693mm adjusted EBITDA, net loss from continuing operations of $145mm.

• Fuel gross profit for Q2 2026: $333mm (+12% YoY), margin 49.2c/gal; Grocery & Merchandise gross profit: $254mm, margin 28.5%; Foodservice gross profit: $85mm, margin 50.6%.

• Total outstanding debt as of June 30, 2026: $5.8bn, reduced by over $4bn since 2023.

Use of proceeds and capital allocation

• Net proceeds from IPO and $500mm Convertible Preferred to be used to repay term loans and PIK notes; any remainder for general corporate purposes.

• Focus on deleveraging, with proceeds from recent divestitures and IPO used to reduce leverage and interest expense.

• Ongoing capital investment in store refreshes, rebranding, and foodservice expansion.