Alimentation Couche-Tard unveils “Core + More” strategy

LAVAL, Quebec — Alimentation Couche-Tard Inc. unveiled its 2026 Business Strategy Update in Toronto earlier this month. It introduced a new enterprise framework, “Core + More: Amplify the Core and Invest in More,” and provided updated long-term financial guidance through fiscal 2030.

The global convenience and mobility retailer said the strategy aims to strengthen its core merchandising and fuel platforms while boosting targeted investments in higher-growth related areas, supported by expanded capabilities in technology, data analytics, and supply chain infrastructure.

President and CEO Alex Miller framed the initiative as the next phase in the company’s growth trajectory.

“We are pleased to share the next stage of our growth journey. Core + More is a focused strategy that builds on our leadership in core categories while investing in the areas that will position Couche–Tard to win the customer for years to come,” said Miller. “By enabling it all with the capabilities, technology, data and supply chain that support our stores, we can amplify what we do best for customers today and unlock new growth for tomorrow. This strategy is about turning the full power of our scale, network, and people into greater value for our shareholders, and I'm incredibly proud of the talent and commitment of our team as we begin this next chapter.”

Long-term financial framework

Along with the strategic reset, the company announced updated long-term targets covering the period from the end of fiscal 2026 through fiscal 2030. The new outlook replaces previous financial guidance and projects compound annual growth rates of:

• 2% to 3% in consolidated same-store merchandise revenues
• 4% to 5% in total merchandise and service revenues
• Total road transportation fuel gross profit growth in line with inflation
• Normalized operating expense growth in line with inflation or lower
• 6% to 8% growth in adjusted EBITDA
• 10% or greater growth in adjusted diluted earnings per share

In addition, Couche-Tard expects fiscal 2026 free cash flow to exceed $2.5 billion.

Chief Financial Officer Filipe Da Silva emphasized that the targets are calibrated to drive profitable growth while maintaining capital discipline.

“We believe we have the right recipe to support profitable growth, with targets that are calibrated, measurable, and well understood across the organization. Our focus remains on consistent operational execution and long-term value creation. Together, Core + More provides a path to support earnings growth and disciplined capital deployment.”

Strategic priorities

Management said the “Amplify the Core” pillar will focus on strengthening same-store performance across merchandise and fuel by leveraging category management, private label, foodservice growth, nicotine transition, and supply chain optimization.

The “Invest in More” component focuses on selective expansion of the store network, distribution centers and car wash operations, advancement of eMobility infrastructure, continued technology modernization and new revenue initiatives such as Full Circle Media. The company also highlighted its “Fit-to-Serve” program, which it expects will contribute approximately $850 million in EBITDA value by fiscal 2030.

Couche-Tard noted that its guidance assumes stable macroeconomic conditions, inflation near current levels and no major portfolio-altering acquisitions.

Global footprint

Couche-Tard operates in 29 countries and territories with nearly 17,300 stores, including approximately 13,200 sites offering road transportation fuel. Under its Circle K and Couche-Tard banners, the company is one of the largest independent convenience operators in the United States and a leading fuel and convenience retailer in Canada, Scandinavia, the Baltics, Belgium and Ireland, with additional presence across Europe and Asia.

The 2026 Business Strategy Update was webcast publicly, with replay materials available on the company’s investor relations website.