Cumberland Farms (CMBY) Registration filing summary

Company overview and business model

• Operates over 3,200 convenience retail sites across the U.S. and Europe, with leading market positions (#5 in the U.S., #4 in Europe by store count).

• Offers a one-stop shop for fuel, grocery, merchandise, and foodservice, with a focus on convenience, quality, and performance.

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

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

• Strategic partnerships with major fuel, grocery, and foodservice brands; proprietary loyalty and foodservice programs.

Financial performance and metrics

• FY2025 revenue: $16.3B; gross profit: $2.7B; net loss from continuing operations: $145M; Adjusted EBITDA: $693M.

• Q1 2026: revenue $4.0B, gross profit $652M, net loss $95M, Adjusted EBITDA $137M.

• FY2025 gross profit mix: Fuel 45%, Grocery & Merchandise 34%, Foodservice 12%, Other 9%.

• Fuel gallons sold in FY2025: 2.76B; fuel gross profit: $1.2B; fuel margin: 43.8 cents/gallon.

• Grocery & Merchandise revenue FY2025: $3.3B; gross profit: $914M; margin: 27.7%.

• Foodservice revenue FY2025: $646M; gross profit: $323M; margin: 50.0%.

• Total debt as of March 31, 2026: $5.8B, reduced by $4.2B since 2023.

Use of proceeds and capital allocation

• Net proceeds from IPO to repay outstanding borrowings under new USD and EUR term loan facilities; any remainder for general corporate purposes.

• Recent divestitures (Australia, Italy, UK, France) used to reduce leverage and interest expense, and to invest in core markets.

• Ongoing focus on deleveraging and disciplined capital investment in store refreshes, rebranding, and foodservice expansion.