Yesway (YSWY) Registration filing summary

Financial performance and metrics

• Revenues for 2025 were $2.67 billion, up 5.8% from 2024, driven by increased fuel and merchandise sales.

• Adjusted EBITDA for 2025 was $186.9 million, up from $149.3 million in 2024, reflecting margin expansion and new store growth.

• Net income for 2025 was $28.9 million, compared to $54.0 million in 2024, with the decrease due to higher operating and administrative expenses.

• Inside merchandise sales grew 7.2% to $888.7 million in 2025, with inside merchandise margin improving to 35.2%.

• Fuel sales less cost of goods sold increased 16.4% to $241.8 million in 2025, with fuel margin rising to 40.6 cpg.

Company overview and business model

• Operates 448 convenience stores across nine states, primarily in rural and suburban Southwest and Midwest markets.

• Portfolio includes Yesway and Allsup's brands, with a focus on foodservice, private-label products, and fuel sales.

• Growth strategy combines new store development (90 stores built since 2020) and 27 acquisitions since inception.

• Owns approximately 65% of store real estate, providing operational flexibility and control.

• Allsup's acquisition in 2019 significantly expanded scale and foodservice platform.

Use of proceeds and capital allocation

• Net proceeds of ~$265.5 million (at $21.50/share) will be used to purchase LLC Interests from Parent.

• $249.3 million of proceeds will redeem outstanding Redeemable Senior Preferred Membership Interests; remainder to pay down debt and fund growth.

• Capital allocation prioritizes new store development, asset reinvestment, and opportunistic M&A.