, an increase of 5.1%. Same-store merchandise revenues decreased by 1.1% in , by 2.1% in and other regions , and by 3.9% in , all impacted by constraints on discretionary spending due to challenging economic conditions for low income consumers. Merchandise and service gross margin 1 decreased by 0.6% in the United States to 33.7%, to support our summer campaigns, by 0.1% in Europe and other regions to 39.8%, and increased by 0.9% in Canada to 34.8%.

decreased by 0.6% in to 33.7%, to support our summer campaigns, by 0.1% in and other regions to 39.8%, and increased by 0.9% in to 34.8%. Same-store road transportation fuel volumes decreased by 0.8% in the United States , by 1.4% in Europe and other regions, and by 2.1% in Canada . Global fuel demand remained unfavorably impacted by challenging economic conditions.

, by 1.4% in and other regions, and by 2.1% in . Global fuel demand remained unfavorably impacted by challenging economic conditions. Road transportation fuel gross margin 1 of 48.13¢ per gallon in the United States , a decrease of 1.92¢ per gallon, US 8.68¢ per liter in Europe and other regions, an increase of US 0.47¢ per liter, and CA 13.11¢ per liter in Canada , a decrease of CA 0.14¢ per liter. Notwithstanding the modest decline from the comparable quarter in some regions, fuel gross margins 1 remained healthy throughout the network.

of 48.13¢ per gallon in , a decrease of 1.92¢ per gallon, US 8.68¢ per liter in and other regions, an increase of US 0.47¢ per liter, and CA 13.11¢ per liter in , a decrease of CA 0.14¢ per liter. Notwithstanding the modest decline from the comparable quarter in some regions, fuel gross margins remained healthy throughout the network. Subsequent to the end of the quarter, the Corporation entered into a binding agreement to acquire approximately 270 company-owned and operated convenience retail and fuel sites in the United States .

___________ 1 Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS® Accounting Standards. 2 This measure represents the growth of (decrease in) cumulative merchandise revenues between the current period and comparative period for those stores that were open for at least 23 days out of every 28-day period included in the reported periods. Merchandise revenues are defined as Merchandise and service revenues excluding service revenues.

"As weakness in consumer behavior persists, we are keeping our focus on our long-term strategy and bringing everyday value to our customers. The number one reason customers visit our locations is to quench their thirsts, and our summer beverage campaigns have been providing exceptional value and exciting exclusive flavors. We are also bringing personalized offers and savings to our most valuable customers through our growing loyalty membership programs. On the fuel side, while volumes have been impacted by customers watching their spend, we continued to have healthy margins. Overall, we remain confident in the advantages of our globally diversified business to successfully navigate these near-term headwinds," said Brian Hannasch, President and Chief Executive Officer of Alimentation Couche-Tard.

"The fragmented market in the United States offers significant consolidation opportunities, and the challenging economic landscape is accelerating this trend, creating exciting growth prospects for us. We just announced a definitive agreement to acquire GetGo Café + Market ("GetGo") from supermarket retailer Giant Eagle Inc. GetGo is an innovative, food-first convenience store experience that operates approximately 270 convenience retail and fueling locations across Indiana, Maryland, Ohio, Pennsylvania, and West Virginia. We are looking forward to bringing GetGo team members into the family and learning more about its popular made-to-order food and loyalty programs. With our strong balance sheet and customary financial discipline, we are optimistic about future deals at the right price and fit," concluded Brian Hannasch.

Filipe Da Silva, Chief Financial Officer, added: "We're pleased with the progress of our integration of the European retail assets from TotalEnergies SE, supported by successful technical pilots across four countries. We see significant potential to grow merchandise sales, particularly in food and beverages, where our established programs can be effectively introduced. This integration builds on our Statoil Fuel & Retail experience, and with stronger capabilities and resources, we expect to accelerate execution. We've identified $187.0 million in synergies over the next five years, driven by improved merchandise sales, operational efficiencies, and optimized labor management. Additionally, we're making great progress in our Fit To Serve initiative by using data-driven insights to enhance our procurement strategies in the United States. In the coming months, we'll extend this approach to our operations in Canada and Europe."

Significant Items of the First Quarter of Fiscal 2025

On July 2, 2024 , we entered into a binding agreement to acquire nine company-owned and operated convenience retail and fuel sites operating under the Texaco brand and located in Ireland . The transaction, which would be financed using our available cash, is expected to close before the end of calendar year 2024 and is subject to customary closing conditions and regulatory approvals.

, we entered into a binding agreement to acquire nine company-owned and operated convenience retail and fuel sites operating under the Texaco brand and located in . The transaction, which would be financed using our available cash, is expected to close before the end of calendar year 2024 and is subject to customary closing conditions and regulatory approvals. Subsequent to the end of the first quarter of fiscal 2025, we entered into a binding agreement to acquire approximately 270 company-owned and operated convenience retail and fuel sites operating under the GetGo Café + Market brand from supermarket retailer Giant Eagle Inc., for a purchase price of approximately $1.6 billion , subject to post-closing adjustments. GetGo sites are located in the states of Indiana , Maryland , Ohio , Pennsylvania and West Virginia , in the United States . The transaction, which would be financed using our available cash and/or existing credit facilities, including our United States Commercial Paper Program, is expected to close in calendar year 2025 and is subject to customary closing conditions and regulatory approvals.

Other Changes in our Network during the First Quarter of Fiscal 2025

We acquired one company-operated store and settled this transaction using our available cash.

We completed the construction of 14 stores and the relocation or reconstruction of 2 stores, reaching a total of 16 stores since the beginning of fiscal 2025. As of July 21, 2024 , another 61 stores were under construction and should open in the upcoming quarters.

Summary of changes in our store network

The following table presents certain information regarding changes in our store network over the 12-week period ended July 21, 2024(1):

12-week period ended July 21, 2024 Type of site Company-

operated

CODO

DODO

Franchised and other affiliated

Total Number of sites, beginning of period 10,445

1,409

1,464

1,227

14,545 Acquisitions 1

—

—

—

1 Openings / constructions / additions 17

—

3

13

33 Closures / disposals / withdrawals (35)

—

(3)

(31)

(69) Store conversions —

1

(1)

—

— Number of sites, end of period 10,428

1,410

1,463

1,209

14,510 Circle K branded sites under licensing agreements

2,293 Total network

16,803 Number of automated fuel stations included in the period-end figures 1,170

—

92

—

1,262

(1) Stores which are part of Circle K Belgium SA's network are included at 100%, while stores operated through our RDK joint venture are included at 50%.

Exchange Rate Data

We use the US dollar as our reporting currency, which provides more relevant information given the predominance of our operations in the United States.

The following table sets forth information about exchange rates based upon closing rates expressed as US dollars per comparative currency unit:

12-week periods ended

July 21, 2024 July 23, 2023 Average for the period(1)

Canadian dollar 0.7310 0.7484 Norwegian krone 0.0935 0.0936 Swedish krone 0.0942 0.0943 Danish krone 0.1448 0.1464 Zloty 0.2514 0.2431 Euro 1.0799 1.0903 Hong Kong dollar 0.1280 0.1277

(1) Calculated by taking the average of the closing exchange rates of each day in the applicable period.

For the analysis of consolidated results, the impact of the translation of our foreign currency operations into US dollars is defined as the impact from the translation of our Canadian, European, Asian, and corporate operations into US dollars. Variances of our foreign currency operations into US dollars are determined as being the difference between the corresponding period results in local currencies translated at the current period average exchange rate and the corresponding period results in local currencies translated at the corresponding period average exchange rate.

Summary Analysis of Consolidated Results for the First Quarter of Fiscal 2025

The following table highlights certain information regarding our operations for the 12-week periods ended July 21, 2024, and July 23, 2023, and the results analysis in this section should be read in conjunction with this table. The results from our operations in Europe and Asia are presented together as Europe and other regions.

12-week periods ended (in millions of US dollars, unless otherwise stated) July 21, 2024 July 23, 2023 Variation % Statement of Operations Data:

Merchandise and service revenues(1):

United States 3,022.2 3,005.3 0.6 Europe and other regions 867.2 622.0 39.4 Canada 603.7 648.5 (6.9) Total merchandise and service revenues 4,493.1 4,275.8 5.1 Road transportation fuel revenues:

United States 7,459.7 7,522.2 (0.8) Europe and other regions 4,758.2 2,263.7 110.2 Canada 1,438.7 1,449.3 (0.7) Total road transportation fuel revenues 13,656.6 11,235.2 21.6 Other revenues(2):

United States 11.4 8.2 39.0 Europe and other regions 108.6 95.1 14.2 Canada 7.8 8.9 (12.4) Total other revenues 127.8 112.2 13.9 Total revenues 18,277.5 15,623.2 17.0 Merchandise and service gross profit(1)(3):

United States 1,019.1 1,030.0 (1.1) Europe and other regions 345.0 248.2 39.0 Canada 210.0 219.7 (4.4) Total merchandise and service gross profit 1,574.1 1,497.9 5.1 Road transportation fuel gross profit(3):

United States 1,048.3 1,074.6 (2.4) Europe and other regions 372.8 197.6 88.7 Canada 128.7 137.1 (6.1) Total road transportation fuel gross profit 1,549.8 1,409.3 10.0 Other revenues gross profit(2)(3):

12-week periods ended (in millions of US dollars, unless otherwise stated) July 21, 2024 July 23, 2023 Variation % Other Operating Data:

Merchandise and service gross margin(1)(3):

Consolidated 35.0 % 35.0 % — United States 33.7 % 34.3 % (0.6) Europe and other regions 39.8 % 39.9 % (0.1) Canada 34.8 % 33.9 % 0.9 Growth of (decrease in) same-store merchandise revenues(4):

United States(5)(6) (1.1 %) 2.1 %

Europe and other regions(3)(7) (2.1 %) 2.7 %

Canada(5)(6) (3.9 %) 6.4 %

Road transportation fuel gross margin(3):

United States (cents per gallon) 48.13 50.05 (3.8) Europe and other regions (cents per liter) 8.68 8.21 5.7 Canada (CA cents per liter) 13.11 13.25 (1.1) Total volume of road transportation fuel sold:

United States (millions of gallons) 2,178.0 2,146.9 1.4 Europe and other regions (millions of liters) 4,292.5 2,406.8 78.3 Canada (millions of liters) 1,342.6 1,382.2 (2.9) Growth of (decrease in) same-store road transportation fuel volumes(5):

United States (0.8 %) 0.7 %

Europe and other regions(7) (1.4 %) (1.5 %)

Canada (2.1 %) 7.2 %

(in millions of US dollars, unless otherwise stated) As at July 21, 2024 As at April 28, 2024 Variation $ Balance Sheet Data:

Net interest-bearing debt/total capitalization 0.48 : 1 0.50 : 1

Leverage ratio 2.13 : 1 2.21 : 1

Returns(3):

Return on equity 19.8 % 21.2 %

Return on capital employed 12.8 % 13.3 %

(1) Includes revenues derived from franchise fees, royalties, suppliers' rebates on some purchases made by franchisees and licensees, as well as from wholesale of merchandise. Franchise fees from international licensed stores are presented in the United States. (2) Includes revenues from the rental of assets and from the sale of energy for stationary engines and aviation fuel. (3) Please refer to the "Non-IFRS Accounting Standards measures" section for additional information on our performance measures not defined by IFRS Accounting Standards, as well as our capital management measure. (4) This measure represents the growth of (decrease in) cumulative merchandise revenues between the current period and comparative period for those stores that were open for at least 23 days out of every 28-day period included in the reported periods. Merchandise revenues are defined as Merchandise and service revenues excluding service revenues. (5) For company-operated stores only. (6) Calculated based on respective functional currencies. (7) Growth of (decrease in) same-store merchandise revenues and growth of (decrease in) same-store road transportation fuel volumes for Europe and other regions do not include results from the acquisition of certain European retail assets from TotalEnergies SE.

Revenues

Our revenues were $18.3 billion for the first quarter of fiscal 2025, up by $2.7 billion, an increase of 17.0% compared with the corresponding quarter of fiscal 2024, mainly attributable to the contribution from acquisitions and higher revenues in our wholesale fuel business, partly offset by a lower average road transportation fuel selling price, and softness in traffic as low income consumers are impacted by challenging economic conditions. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $41.0 million on our revenues for the first quarter.

Merchandise and service revenues

Total merchandise and service revenues for the first quarter of fiscal 2025 were $4.5 billion, an increase of $217.3 million compared with the corresponding quarter of fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $15.0 million. The remaining increase of approximately $232.0 million, or 5.4%, is primarily attributable to the contribution from acquisitions, which amounted to approximately $312.0 million, partly offset by softness in traffic. Same-store merchandise revenues decreased by 1.1% in the United States, driven by the impact from summer campaigns to offer low prices products to our customers and drive units sales, by 2.1% in Europe and other regions1, and by 3.9% in Canada. All regions were impacted by constraints on discretionary spending due to challenging economic conditions for low income consumers, as well as the continuous decline in the cigarette industry, partly offset by the growth in other nicotine products.

Road transportation fuel revenues

Total road transportation fuel revenues for the first quarter of fiscal 2025 were $13.7 billion, an increase of $2.4 billion compared with the corresponding quarter of fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $26.0 million. The remaining increase of approximately $2.4 billion, or 21.8%, is mainly attributable to the contribution from acquisitions, which amounted to approximately $2.4 billion, and higher revenues in our European wholesale activities following a change in our business model, while being partly offset by a lower average road transportation fuel selling price, which had a negative impact of approximately $249.0 million, and softness in fuel demand. Same-store road transportation fuel volumes decreased by 0.8% in the United States, by 1.4% in Europe and other regions, and by 2.1% in Canada. During the quarter, fuel demand remained unfavorably impacted by challenging economic conditions.

The following table shows the average selling price of road transportation fuel of our company-operated stores in our various markets for the last eight quarters. The average selling price of road transportation fuel consists of the road transportation fuel revenues divided by the volume of road transportation fuel sold:

Quarter 2nd 3rd 4th 1st Weighted

average 52-week period ended July 21, 2024

United States (US dollars per gallon) 3.76 3.18 3.40 3.44 3.43

Europe and other regions (US cents per liter) 108.87 112.53 125.90 120.73 118.22

Canada (CA cents per liter) 152.03 136.26 143.91 149.20 144.81 53–week period ended July 23, 2023

United States (US dollars per gallon) 3.84 3.50 3.52 3.52 3.59

Europe and other regions (US cents per liter) 117.39 113.55 109.77 98.02 109.96

Canada (CA cents per liter) 149.55 143.32 137.66 142.77 143.25

Other revenues

Total other revenues for the first quarter of fiscal 2025 were $127.8 million, an increase of $15.6 million, or 13.9%, compared with the corresponding quarter of fiscal 2024. The increase is primarily driven by the contribution from acquisitions, which amounted to approximately $16.0 million. The translation of our foreign currency operations into US dollars had no impact on other revenues for the first quarter.

Gross profit1

Our gross profit was $3.2 billion for the first quarter of fiscal 2025, up by $234.7 million, or 8.0%, compared with the corresponding quarter of fiscal 2024, mainly attributable to the contribution from acquisitions, partly offset by lower road transportation fuel gross margins1 and softness in traffic. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $8.0 million.

___________ 1 Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.

Merchandise and service gross profit

In the first quarter of fiscal 2025, our merchandise and service gross profit was $1.6 billion, an increase of $76.2 million compared with the corresponding quarter of fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $6.0 million. The remaining increase of approximately $82.0 million, or 5.5%, is primarily attributable to the contribution from acquisitions, which amounted to approximately $110.0 million, partly offset by softness in traffic. Our merchandise and service gross margin1 decreased by 0.6% in the United States to 33.7% to support our summer campaigns, while it increased by 0.9% in Canada to 34.8%, impacted favorably by a change in product mix. In Europe and other regions, our merchandise and service gross margin1 decreased by 0.1% to 39.8%, impacted by the integration of certain retail assets from TotalEnergies SE, which have a different product mix than our other operations in Europe and other regions. Excluding this impact, our gross margin1 in Europe and other regions would have increased by 1.6%, driven by a favorable change in product mix.

Road transportation fuel gross profit

In the first quarter of fiscal 2025, our road transportation fuel gross profit was $1.5 billion, an increase of $140.5 million compared with the corresponding quarter of fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of $4.0 million. The remaining increase of $144.0 million, or 10.2%, is mainly driven by the contribution from acquisitions, which amounted to approximately $144.0 million. In the United States, our road transportation fuel gross margin1 was 48.13¢ per gallon, a decrease of 1.92¢ per gallon, mainly due to competitive pressure in some of our markets, and in Canada, it was CA 13.11¢ per liter, a decrease of CA 0.14¢ per liter, while in Europe and other regions, it was US 8.68¢ per liter, an increase of US 0.47¢ per liter. Notwithstanding the modest decline from the comparable quarter in some regions, fuel gross margins1 remained healthy throughout the network.

The road transportation fuel gross margin1 of our company-operated stores in the United States and the impact of expenses related to electronic payment modes for the last eight quarters, were as follows:

(US cents per gallon)

Quarter 2nd 3rd 4th 1st Weighted

average 52-week period ended July 21, 2024

Before deduction of expenses related to electronic payment modes 51.15 44.38 39.28 49.49 45.99 Expenses related to electronic payment modes(1) 6.04 5.77 6.03 6.16 5.99 After deduction of expenses related to electronic payment modes 45.11 38.61 33.25 43.33 40.00 53–week period ended July 23, 2023

Before deduction of expenses related to electronic payment modes 51.11 48.39 46.43 51.26 49.17 Expenses related to electronic payment modes(1) 6.53 6.20 6.17 6.13 6.41 After deduction of expenses related to electronic payment modes 44.58 42.19 40.26 45.13 42.76

(1) Expenses related to electronic payment modes are determined by allocating the portion of total electronic payment modes, which are included in Operating, selling, general and administrative expenses, deemed related to our United States company-operated stores road transportation fuel transactions.

The road transportation fuel gross margin1 of our network in Europe and other regions and in Canada for the last eight quarters, were as follows:

Quarter 2nd 3rd 4th 1st Weighted

average 52-week period ended July 21, 2024

Europe and other regions (US cents per liter) 10.20 8.56 8.30 8.68 8.80 Canada (CA cents per liter) 13.63 12.99 13.68 13.11 13.32 53–week period ended July 23, 2023

Europe and other regions (US cents per liter) 9.76 8.01 10.60 8.21 9.07 Canada (CA cents per liter) 12.55 12.52 12.13 13.25 12.60

Generally, road transportation fuel margins can be volatile from one quarter to another but tend to be more stable over longer periods. In Europe and other regions, fuel margin volatility is impacted by a longer supply chain due to a more integrated model. In Europe and other regions and in Canada, expenses related to electronic payment modes are not as volatile as in the United States.

___________ 1 Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.

Other revenues gross profit

In the first quarter of fiscal 2025, other revenues gross profit was $49.2 million, an increase of $18.0 million, or 57.7%, compared with the corresponding period of fiscal 2024, mainly attributable to the contribution from acquisitions, which amounted to approximately $16.0 million. The translation of our foreign currency operations into US dollars had no impact on gross profit.

Operating, selling, general and administrative expenses ("expenses")

For the first quarter of fiscal 2025, expenses increased by 13.4% compared with the corresponding period of fiscal 2024, while normalized growth of expenses1 was 3.8%, as shown in the table below:

12-week periods ended

July 21, 2024 July 23, 2023 Growth of expenses, as reported 13.4 % 2.9 % Adjusted for:

Increase from incremental expenses related to acquisitions (10.0 %) (1.7 %) Decrease from the net impact of foreign exchange translation 0.4 % 0.7 % Decrease (increase) from changes in acquisition costs recognized to earnings 0.2 % (0.1 %) (Increase) decrease from changes in electronic payment fees, excluding acquisitions (0.2 %) 1.9 % Normalized growth of expenses1 3.8 % 3.7 %

Normalized growth of expenses1 for the first quarter of fiscal 2025 was mainly driven by inflationary pressures and incremental investments to support our strategic initiatives, while being partly offset by the continued strategic efforts to control our expenses, including labor efficiency in our stores.

Earnings before interest, taxes, depreciation, amortization and impairment ("EBITDA1") and adjusted EBITDA1

During the first quarter of fiscal 2025, EBITDA stood at $1.6 billion, an increase of $75.6 million, or 5.0%, compared with the corresponding quarter of fiscal 2024. Adjusted EBITDA for the first quarter of fiscal 2025 increased by $73.2 million, or 4.8%, compared with the corresponding quarter of fiscal 2024, mainly due to the contribution from acquisitions, which amounted to approximately $127.0 million, partly offset by softness in traffic and fuel demand as low income consumers remain impacted by challenging economic conditions, and by lower road transportation fuel gross margins1. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $2.0 million.

Depreciation, amortization and impairment ("depreciation")

For the first quarter of fiscal 2025, our depreciation expense increased by $80.4 million compared with the first quarter of fiscal 2024. The translation of our foreign currency operations into US dollars had a net favorable impact of approximately $2.0 million. The remaining increase of approximately $82.0 million, or 22.7%, is mainly driven by the impact from investments made through business acquisitions, which amounted to approximately $66.0 million, the replacement of equipment, as well as the ongoing improvement of our network.

Net financial expenses

Net financial expenses for the first quarter of fiscal 2025 were $115.1 million, an increase of $44.4 million compared with the corresponding period of fiscal 2024. A portion of the variation is explained by certain items that are not considered indicative of future trends, as shown in the table below:

12-week periods ended (in millions of US dollars) July 21, 2024 July 23, 2023 Variation Net financial expenses, as reported 115.1 70.7 44.4 Explained by:

Net foreign exchange gain (loss) 2.2 (0.3) 2.5 Change in fair value of financial instruments and amortization of deferred differences — (2.0) 2.0 Remaining variation 117.3 68.4 48.9

The remaining variation of the first quarter of fiscal 2025 is mainly driven by higher average short-term and long-term debt in connection with our recent acquisitions, as well as higher interest rates, partly offset by higher interest revenue.

Income taxes

The income tax rate for the first quarter of fiscal 2025 was 23.1% compared with 22.8% for the corresponding quarter of fiscal 2024. The increase is mainly stemming from the impact of a different mix in our earnings across the various jurisdictions in which we operate.

__________ 1 Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.

Dividends

__________ 1 Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards.

Non-IFRS Accounting Standards Measures

To provide more information for evaluating the Corporation's performance, the financial information included in our financial documents contains certain data that are not performance measures under IFRS® Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), which are also calculated on an adjusted basis to exclude specific items. Those performance measures are called "Non-IFRS Accounting Standards measures". We believe that providing those Non-IFRS Accounting Standards measures is useful to management, investors, and analysts, as they provide additional information to measure the performance and financial position of the Corporation.

The following Non-IFRS Accounting Standards financial measures are used in our financial disclosures:

Gross profit;

Earnings before interest, taxes, depreciation, amortization and impairment ("EBITDA") and adjusted EBITDA;

Interest-bearing debt.

The following Non-IFRS Accounting Standards ratios are used in our financial disclosures:

Merchandise and service gross margin and Road transportation fuel gross margin;

Normalized growth of operating, selling, general and administrative expenses;

Growth of (decrease in) same-store merchandise revenues for Europe and other regions;

Leverage ratio;

Return on equity and return on capital employed.

The following capital management measure is used in our financial disclosures:

Net interest-bearing debt/total capitalization.

Supplementary financial measures are also used in our financial disclosures and those measures are described where they are presented.

Non-IFRS Accounting Standards financial measures and ratios, as well as the capital management measure, are mainly derived from the consolidated financial statements but do not have standardized meanings prescribed by IFRS Accounting Standards. These Non-IFRS Accounting Standards measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS Accounting Standards. In addition, our definitions of Non-IFRS Accounting Standards measures may differ from those of other public corporations. Any such modification or reformulation may be significant. These measures are also adjusted for the pro forma impact of our acquisitions and impacts of new accounting standards if they are considered to be material.

Gross profit. Gross profit consists of revenues less the cost of sales, excluding depreciation, amortization and impairment. This measure is considered useful for evaluating the underlying performance of our operations.

The table below reconciles revenues and cost of sales, excluding depreciation, amortization and impairment, as per IFRS Accounting Standards, to gross profit:

12-week periods ended (in millions of US dollars) July 21, 2024 July 23, 2023 Revenues 18,277.5 15,623.2 Cost of sales, excluding depreciation, amortization and impairment 15,104.4 12,684.8 Gross profit 3,173.1 2,938.4

Please note that the same reconciliation applies in the determination of gross profit by category and by geography presented in the section "Summary Analysis of Consolidated Results".

Merchandise and service gross margin. Merchandise and service gross margin consists of Merchandise and service gross profit divided by Merchandise and service revenues, both measures are presented in the section "Summary Analysis of Consolidated Results". Merchandise and service gross margin is considered useful for evaluating how efficiently we generate gross profit by dollar of revenue.

Road transportation fuel gross margin. Road transportation fuel gross margin consists of Road transportation fuel gross profit divided by total volume of road transportation fuel sold. For the United States and Europe and other regions, both measures are presented in the section "Summary Analysis of Consolidated Results". For Canada, this measure is presented in functional currency and the table below reconciles, for road transportation fuel, Revenues and Cost of sales, excluding depreciation, amortization and impairment, as per IFRS Accounting Standards, to gross profit and the resulting road transportation fuel gross margin. This measure is considered useful for evaluating how efficiently we generate gross profit by gallon or liter of road transportation fuel sold.

12-week periods ended (in millions of Canadian dollars, unless otherwise noted) July 21, 2024 July 23, 2023 Road transportation fuel revenues 1,968.1 1,935.7 Road transportation fuel cost of sales, excluding depreciation, amortization and impairment 1,792.1 1,752.6 Road transportation fuel gross profit 176.0 183.1 Total road transportation fuel volume sold (in millions of liters) 1,342.6 1,382.2 Road transportation fuel gross margin (CA cents per liter) 13.11 13.25

Normalized growth of operating, selling, general and administrative expenses ("normalized growth of expenses"). Normalized growth of expenses consists of the growth of Operating, selling, general and administrative expenses adjusted for the impact of the changes in our network, the impact from changes in accounting policies and adoption of accounting standards, the impact of more volatile items over which we have limited control including, but not limited to, the net impact of foreign exchange translation, electronic payment fees excluding acquisitions, and acquisition costs, as well as other specific items for which the impact on consolidated results is not deemed indicative of future trends. This measure is considered useful for evaluating our ability to control our expenses on a comparable basis.

The table below reconcile growth of Operating, selling, general and administrative expenses to normalized growth of expenses:

12-week periods ended (in millions of US dollars, unless otherwise noted) July 21, 2024 July 23, 2023 Variation July 23, 2023 July 17, 2022 Variation Operating, selling, general and administrative expenses, as published 1,632.5 1,439.1 13.4 % 1,439.1 1,398.1 2.9 % Adjusted for:

Increase from incremental expenses related to acquisitions (143.7) — (10.0 %) (24.0) — (1.7 %) Decrease from the net impact of foreign exchange translation 5.1 — 0.4 % 10.0 — 0.7 % Decrease (increase) from changes in acquisition costs recognized to earnings 2.4 — 0.2 % (2.3) — (0.1 %) (Increase) decrease from changes in electronic payment fees, excluding acquisitions (2.3) — (0.2 %) 26.5 — 1.9 % Normalized growth of expenses 1,494.0 1,439.1 3.8 % 1,449.3 1,398.1 3.7 %

Growth of (decrease in) same-store merchandise revenues for Europe and other regions. Same-store merchandise revenues represent cumulative merchandise revenues between the current period and comparative period for those stores that were open for at least 23 days out of every 28-day period included in the reported periods. Merchandise revenues are defined as Merchandise and service revenues excluding service revenues. For Europe and other regions, the growth of (decrease in) same-store merchandise revenues is calculated based on constant currencies using the respective current period average exchange rate for both the current and corresponding period. In Europe and other regions, same-store merchandise revenues include same-store revenues from company-operated stores, as well as CODO and DODO stores which are not included in our consolidated results. This measure is considered useful for evaluating our ability to generate organic growth on a comparable basis in our overall European and other regions store network.

The table below reconcile Merchandise and service revenues, as per IFRS Accounting Standards, to same-store merchandise revenues for Europe and other regions and the resulting percentage of growth (decrease):

12-week periods ended

(in millions of US dollars, unless otherwise noted) July 21, 2024 July 23, 2023 July 23, 2023 July 17, 2022

Merchandise and service revenues for Europe and other regions 867.2 622.0 622.0 537.1

Adjusted for:

Service revenues (103.9) (54.4) (54.4) (39.8)

Net foreign exchange impact — (1.3) — 4.9

Merchandise revenues not meeting the definition of same-store (246.2) (30.2) (18.5) (11.7)

Same-store merchandise revenues from stores not included in our consolidated results, including the impact of store conversions 88.2 82.4 81.5 123.6

Total Same-store merchandise revenues for Europe and other regions 605.3 618.5 630.6 614.1

Growth of (decrease in) same-store merchandise revenues for Europe and other regions (2.1 %)

2.7 %

The table below reconciles net earnings, as per IFRS Accounting Standards, to EBITDA and adjusted EBITDA:

12-week periods ended (in millions of US dollars) July 21, 2024 July 23, 2023 Net earnings 793.1 834.1 Add:

Income taxes 238.2 246.4 Net financial expenses 115.1 70.7 Depreciation, amortization and impairment 440.9 360.5 EBITDA 1,587.3 1,511.7 Adjusted for:

Acquisition costs 1.1 3.5 Adjusted EBITDA 1,588.4 1,515.2

Interest-bearing debt. This measure represents the sum of the following balance sheet accounts: Short-term debt and current portion of long-term debt, Long-term debt, Current portion of lease liabilities and Lease liabilities. This measure is considered useful to facilitate the understanding of our financial position in relation with financing obligations. The calculation of this measure of financial position is detailed in the "Net interest-bearing debt/total capitalization" section below.

Net interest-bearing debt/total capitalization. This measure represents the basis for monitoring our capital and is considered useful to assess our financial health, risk profile, and ability to meet our financing obligations. It also provides insights into how our financing obligations are structured in relation with our total capitalization.

The table below presents the calculation of this performance measure:

Leverage ratio. This measure represents a measure of financial condition considered useful to assess our financial leverage and our ability to cover our net financing obligations in relation to our adjusted EBITDA and pro forma impact of the acquisition of certain European retail assets from TotalEnergies SE for the 52-week period ended July 21, 2024.

The table below reconciles net interest-bearing debt and adjusted EBITDA, for which the calculation methodologies are described in other tables of this section, as well as the pro forma impact of the acquisition of certain European retail assets from TotalEnergies SE, with the leverage ratio:

52-week periods ended (in millions of US dollars, except ratio data) July 21, 2024 April 28, 2024 Net interest-bearing debt 12,580.1 13,162.7 Adjusted EBITDA 5,687.4 5,614.2 Pro forma adjustments(1) 217.5 328.7 Adjusted EBITDA and pro forma adjustments 5,904.9 5,942.9 Leverage ratio 2.13 : 1 2.21 : 1

(1) Represents the pre-acquisition EBITDA estimate of the European retail assets acquired from TotalEnergies SE from July 24, 2023 to the acquisition date, as well as the estimated impact of synergies and required capital expenditures for the same period. EBITDA used in determining this adjustment is derived from unaudited financial information. Please refer to the "Forward-Looking Statements'' section for additional information on expected synergies.

Return on capital employed. This measure is considered useful as it provides insights into our ability to generate returns from the total amount of capital invested in our operations and it also helps in assessing our operational efficiency and capital allocation decisions. Earnings before interest and taxes ("EBIT") represents net earnings plus income taxes and net financial expenses. Capital employed represents total assets less short-term liabilities not bearing interest, which excludes the short-term debt and current portion of long-term debt and current portion of lease liabilities. Average capital employed is calculated by taking the average of i) the opening balance of capital employed for the 52-week periods and pro forma adjustments and ii) the ending balance of capital employed for the 52-week periods.

The table below reconciles net earnings, as per IFRS Accounting Standards, to EBIT with the ratio of return on capital employed, including the pro forma impact of the acquisition of certain European retail assets from TotalEnergies SE:

52-week periods ended (in millions of US dollars, unless otherwise noted) July 21, 2024 April 28, 20241 Net earnings 2,691.2 2,732.2 Add:

Income taxes 707.7 715.9 Net financial expenses 432.3 387.9 EBIT 3,831.2 3,836.0 Pro forma adjustments(1) 94.1 142.6 EBIT and pro forma adjustments 3,925.3 3,978.6 Capital employed - Opening balance(2) 25,583.1 24,330.7 Pro forma adjustments(3) 4,593.7 4,593.7 Capital employed - Opening balance and pro forma adjustments 30,176.8 28,924.4 Capital employed - Ending balance(2) 31,127.0 30,684.3 Average capital employed 30,651.9 29,804.4 Return on capital employed 12.8 % 13.3 %

(1) Represents the pre-acquisition EBIT estimate of the European retail assets acquired from TotalEnergies SE from July 24, 2023 to the acquisition date as well as the estimated impact of synergies and required capital expenditures for the same period. EBIT used in determining this adjustment is derived from unaudited financial information. Please refer to the "Forward-Looking Statements'' section for additional information on expected synergies

(2) The table below reconciles balance sheet line items, as per IFRS Accounting Standards, to capital employed:

(in millions of US dollars) As at July 21, 2024 As at July 23, 2023 As at April 28, 2024 As at April 30, 20232 Total Assets 37,271.0 30,325.9 36,942.1 29,058.4 Less: Current liabilities (7,909.1) (5,661.0) (7,828.2) (5,166.5) Add: Short-term debt and current portion of long-term debt 1,263.3 480.6 1,066.8 0.7 Add: Current portion of lease liabilities 501.8 437.6 503.6 438.1 Capital employed 31,127.0 25,583.1 30,684.3 24,330.7

(3) Represents the estimated impact of the European retail assets acquired from TotalEnergies SE on the opening balance of capital employed, using the same calculation methodology and based on the preliminary estimates of the fair value of assets acquired and liabilities assumed for this acquisition at the acquisition date.

___________ 1 The information as at April 28, 2024 has been adjusted based on our preliminary estimates of the fair value of assets acquired and liabilities assumed for the acquisition of certain European retail assets from TotalEnergies SE. 2 The information as at April 30, 2023 has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for True Blue Car Wash LLC and Big Red Stores acquisitions.

Profile

Couche-Tard is a global leader in convenience and mobility, operating in 31 countries and territories, with more than 16,800 stores, of which approximately 13,100 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, Belgium, as well as in Ireland. It also has an important presence in Luxembourg, Germany, the Netherlands, Poland, as well as in Hong Kong Special Administrative Region of the People's Republic of China. Approximately 149,000 people are employed throughout its network.

For more information on Alimentation Couche-Tard Inc., or to consult its audited annual Consolidated Financial Statements, unaudited interim condensed consolidated financial statements and Management Discussion and Analysis, please visit: https://corpo.couche-tard.com .

Forward-looking statements

The statements set forth in this press release, which describes Couche-Tard's objectives, projections, estimates, expectations, or forecasts, may constitute forward-looking statements within the meaning of securities legislation. Positive or negative verbs such as "believe", "can", "shall", "intend", "expect", "estimate", "assume", and other related expressions are used to identify such statements. Couche-Tard would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated in or underlying these statements, or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Couche-Tard's actual results and the projections or expectations set forth in the forward-looking statements include the effects of the integration of acquired businesses and the ability to achieve projected synergies, ongoing military conflicts, fluctuations in margins on motor fuel sales, competition in the convenience store and retail motor fuel industries, exchange rate variations, and such other risks as described in detail from time to time in the reports filed by Couche-Tard with securities authorities in Canada and the United States. Among other things, our synergies objective is based on our comparative analysis of organizational structures and current level of spending across our network as well as on our ability to bridge the gap, where relevant. Our synergies objective is also based on our assessment of current contracts in the geographical areas of operations and how we expect to be able to renegotiate these contracts to take advantage of our increased purchasing power. In addition, our synergies objective assumes that we will be able to establish and maintain an effective process for sharing best practices across our network. Finally, our objective is also based on our ability to integrate acquired business. An important change in these facts and assumptions could significantly impact our synergies estimate as well as the timing of the implementation of our different initiatives. Unless otherwise required by applicable securities laws, Couche-Tard disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this release is based on information available as of the date of the release.

Webcast on September 5, 2024 at 8:00 A.M. (EDT)

Couche-Tard invites analysts known to the Corporation to ask their questions to its management on September 5, 2024, during the question and answer period of the webcast.

Financial Analysts, Investors, media and any individuals interested in listening to the webcast on Couche-Tard's results, which will take place online on September 5, 2024, at 8:00 A.M. (EDT) can do so by either accessing the Corporation's website at https://corpo.couche-tard.com/ and by clicking in the " Investors/Events & Presentations " section or by using the following link https://emportal.ink/4dftIKU to join the conference call without the assistance of an operator. An automated system will automatically return the call to grant you access to the conference call.

Another option could be to access the conference call through an operator by dialing 1-437-900-0527 or the international number 1-888-510-2154.

Rebroadcast: For individuals who will not be able to listen to the live webcast, a recording of the webcast will be available on the Corporation's website for a period of 90 days.

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SOURCE Alimentation Couche-Tard Inc.

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