Alimentation Couche Tard : Q3 2024

Q3

2024

QUARTERLY

REPORT

ALIMENTATION COUCHE‐TARD INC.

16 AND 40‐WEEK PERIODS ENDED FEBRUARY 4, 2024

Management Discussion and Analysis

The purpose of this Management Discussion and Analysis ("MD&A") is, as required by regulators, to explain management's point of view on the financial position and results of the operations of Alimentation Couche-Tard Inc. ("Couche-Tard") as well as its performance during the third quarter of the fiscal year ending April 28, 2024. More specifically, it aims to let the reader better understand our development strategy, performance in relation to objectives, future expectations, and how we address risk and manage our financial resources. This MD&A also provides information to improve the reader's understanding of Couche-Tard's unaudited interim condensed consolidated financial statements and related notes. It should therefore be read in conjunction with those documents. By "we", "our", "us" and "the Corporation", we refer collectively to Couche-Tard and its subsidiaries.

Except where otherwise indicated, all financial information reflected herein is expressed in United States dollars ("US dollars") and determined on the basis of IFRS® Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"). We also use measures in this MD&A that do not comply with IFRS Accounting Standards as well as supplementary financial measures. The measures that do not comply with IFRS Accounting Standards are described in the "Non-IFRS Accounting Standards Measures" section of this MD&A and where such measures are presented, the reader is informed. Supplementary financial measures are described where such measures are presented. This MD&A should be read in conjunction with the audited annual consolidated financial statements and related notes included in our 2023 Annual Report and the unaudited interim condensed consolidated financial statements and related notes for the 16 and 40-week periods ended February 4, 2024, which, along with additional information relating to Couche-Tard, including the most recent Annual Information Form, are available on SEDAR+ at https://www.sedarplus.ca/ and on our website at https://corpo.couche- tard.com/.

Forward-Looking Statements

This MD&A includes certain statements that are "forward-looking statements" within the meaning of the securities laws of Canada. Any statement in this MD&A that is not a statement of historical fact may be deemed to be a forward-looking statement. When used in this MD&A, the words "believe", "could", "should", "intend", "expect", "estimate", "assume", and other similar expressions are generally intended to identify forward-looking statements. It is important to know that the forward-looking statements in this MD&A describe our expectations as at March 20, 2024, which are not guarantees of the future performance of Couche-Tard or its industry, and involve known and unknown risks and uncertainties that may cause Couche-Tard's or the industry's outlook, actual results or performance to be materially different from any future results or performance expressed or implied by such statements. Our actual results could be materially different from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. A change affecting an assumption can also have an impact on other interrelated assumptions, which could increase or diminish the effect of the change. Assumptions such as synergies objective are based on our comparative analysis of organizational structures and current level of spending across Couche-Tard's network as well as on Couche-Tard's ability to bridge the gap, where relevant, and Couche-Tard's assessment of current contracts in the geographical areas of operations and how Couche-Tard expects 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. As a result, we cannot guarantee that any forward-looking statement will materialize and, accordingly, the reader is cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements do not take into account the effect that transactions or special items announced or occurring after the statements are made may have on our business. For example, they do not include sales of assets, monetization, mergers, acquisitions, other business combinations or transactions, asset write-down, the impact of the changing circumstances surrounding both the repercussions of the COVID-19 pandemic and the ongoing military conflict between Ukraine and Russia, or other charges announced or occurring after forward-looking statements are made.

Unless otherwise required by applicable securities laws, we disclaim any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

The foregoing risks and uncertainties include the risks set forth under "Business Risks" in our 2023 Annual Report as well as other risks detailed from time to time in reports filed by Couche-Tard with securities regulators in Canada.

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Our Business

We are the leader in the Canadian convenience store industry. In the United States, we are one of the largest independent convenience store operators. In Europe, we are a leader in the convenience store and mobility retail business in the Scandinavian countries (Norway, Sweden, and Denmark), in the Baltic countries (Estonia, Latvia, and Lithuania), in Belgium, as well as in Ireland, and we have a strong presence in Luxembourg, Germany, the Netherlands and Poland. In Asia, we operate a network of company-operated convenience stores in Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong SAR") with an enviable local position.

As of February 4, 2024, our network comprised 9,307 convenience stores throughout North America, including 8,231 stores with road transportation fuel dispensing. Our North American network consists of 17 business units, including 14 in the United States covering 47 states and 3 in Canada covering all 10 provinces. Approximately 100,000 people are employed throughout our network and at our service offices in North America. In Europe, we operate a broad retail network across Scandinavia, Germany, Belgium, Ireland, Poland, the Netherlands, the Baltics and Luxembourg through 11 business units. As of February 4, 2024, our network comprised 4,902 stores, the majority of which offer road transportation fuel and convenience products while the others are unmanned automated fuel stations which only offer road transportation fuel. We also offer other products, including energy for stationary engines. With employees at branded franchise stores, approximately 46,000 people are employed in our retail network, terminals, and service offices across Europe. In Asia, our network includes 386 company- operated convenience stores in Hong Kong SAR through 1 business unit, offering a strong on-the-go food offer as well as a variety of other merchandise items and services. Approximately 4,000 people are employed in our retail network and service offices in Asia.

Furthermore, under licensing agreements, more than 2,100 stores are operated under the Circle K banner in 14 other countries and territories (Cambodia, Egypt, Guam, Guatemala, Honduras, Indonesia, Jamaica, Macau, Mexico, New Zealand, Saudi Arabia, South Africa, United Arab Emirates, and Vietnam), which brings the worldwide total network to more than 16,700 stores.

Our mission is to make our customers' lives a little easier every day. To this end, we strive to meet the demands and needs of people on-the-go. We offer fast and friendly service, providing fresh food, hot and cold beverages, car wash services, and other high-quality products and services including road transportation fuel and electric vehicle charging solutions, designed to meet or exceed our customers' demands in a clean, welcoming, and efficient environment. Our business model is our key to success. We are a customer-centric, financially disciplined organization that routinely compares best practices, and we use our global experience to enhance our operational expertise and continually invest in our people and our stores.

Value Creation

In the United States, the convenience store sector is fragmented and in a consolidation phase. We are participating in this process through our acquisitions, market share gains when competitors close sites, and by improving our offering. In Europe and Canada, the convenience store sector is often dominated by a few major players, including integrated oil companies. We intend to study investment opportunities that might come to us. In Asia, with our network in Hong Kong SAR, our business has a platform in place from which we are ready to grow. Combining our best practices with local market expertise will help accelerate organic expansion and provide new opportunities for consolidation in the region.

No matter the context, to create value, acquisitions have to be concluded at optimal conditions. Therefore, we do not favor store count growth to the detriment of profitability. In addition to acquisitions, organic development is playing an important role in the growth of our net earnings. We are focused on continuing to build and expand our network in key geographies where we can leverage our strengths to create value for our Corporation and its shareholders. Highlights have included the ongoing improvements we have made to our offer, including our Fresh Food, Fast program as well as our innovative and sustainable mobility solutions, our efforts to expand the flexibility and control in our supply chain and our ability to adapt quickly to changes. While staying true to our customary financial discipline, all these elements and our strong balance sheet have contributed to the growth in our net earnings and to value creation for our shareholders and other stakeholders. We intend to continue in this direction.

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Quarterly Report Q3 2024 Alimentation Couche-Tard Inc.

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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 tables set forth information about exchange rates based upon closing rates expressed as US dollars per comparative currency unit:

	16-week periods ended	40-week periods ended
	February 4, 2024	January 29, 2023	February 4, 2024	January 29, 2023
Average for the period(1)
Canadian dollar	0.7375	0.7388	0.7418	0.7577
Norwegian krone	0.0934	0.0991	0.0938	0.1005
Swedish krone	0.0949	0.0942	0.0937	0.0959
Danish krone	0.1451	0.1394	0.1453	0.1386
Zloty	0.2470	0.2201	0.2431	0.2189
Euro	1.0824	1.0368	1.0837	1.0307
Hong Kong dollar	0.1280	0.1279	0.1278	0.1276

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

	As at February 4, 2024	As at April 30, 2023
Period end
Canadian dollar	0.7477	0.7330
Norwegian krone	0.0956	0.0931
Swedish krone	0.0966	0.0967
Danish krone	0.1460	0.1473
Zloty	0.2521	0.2397
Euro	1.0883	1.0981
Hong Kong dollar	0.1279	0.1274

As we use the US dollar as our reporting currency in our consolidated financial statements and in this document, unless indicated otherwise, results from our operations in other currencies are translated into US dollars using the average rate for the period. Unless otherwise indicated, variations and explanations regarding changes in the foreign exchange rate and the volatility of the Canadian dollar, European currencies, and Hong Kong dollar, which we discuss in the present document, are related to the translation into US dollars of our Canadian, European, Asian, and corporate operations' results ("foreign currency operations"). For the analysis of consolidated results, those variations 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. For the analysis of the consolidated balance sheet, those variations are determined as being the difference between the balances in local currencies as at February 4, 2024 translated at the February 4, 2024 closing exchange rate, the balances in local currencies as at April 30, 2023 translated at the April 30, 2023 closing exchange rate, and the variations in local currencies between those two dates translated at the current period average exchange rate.

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Overview of the Third Quarter of Fiscal 2024

Financial Results

Net earnings attributable to shareholders of the Corporation for the third quarter of fiscal 2024 amounted to $623.4 million, representing $0.65 per share on a diluted basis, compared with $737.4 million for the corresponding quarter of fiscal 2023, representing $0.73 per share on a diluted basis.

The results for the third quarter of fiscal 2024 and the third quarter of fiscal 2023 were affected by specific items disclosed in the "Non-IFRS Accounting Standards Measures" section of this MD&A. Excluding these items, adjusted net earnings attributable to shareholders of the Corporation1 were approximately $625.0 million ($0.65 per share on a diluted basis1) for the third quarter of fiscal 2024, compared with $741.0 million ($0.74 per share on a diluted basis1) for the corresponding quarter of fiscal 2023, a decrease of $116.0 million, or 15.7%, primarily driven by lower road transportation fuel gross margin1 in the United States and softness in traffic as a portion of our customers remains impacted by challenging economic conditions, partly offset by the contribution from acquisitions.

Changes in our Network during the Third Quarter of Fiscal 2024

Acquisition of certain European retail assets from TotalEnergies SE

On December 28, 2023 and January 3, 2024, we closed the acquisition of 2,175 sites from TotalEnergies SE for a total cash consideration of approximately €3.4 billion ($3.8 billion), including preliminary adjustments, and subject to post closing adjustments. The retail assets included in the transaction cover 1,191 sites located in Germany, 562 sites in Belgium, 378 sites in the Netherlands, and 44 sites in Luxembourg, of which 1,492 sites are company-owned and 683 sites are dealer-owned. For the same sites included in the transaction, 19% are company-operated and 81% are dealer-operated. The transaction comprises 100% of TotalEnergies SE's retail assets in Germany and the Netherlands, as well as a 60% controlling interest in the Belgium and Luxembourg entities (together "Circle K Belgium SA").

From December 28, 2023 and January 3, 2024, the acquired sites' results, balance sheet and cash flows are included in our consolidated financial statements. The earnings attributable to Circle K Belgium SA's other shareholders are presented as Net earnings attributable to non-controlling interest.

Synergies and integration

We expect that our synergies2 associated with the acquisition of certain European retail assets from TotalEnergies SE will reach €170.0 million ($187.0 million) over the 5 years following the transaction. These synergies2 should mainly result from improvements in the convenience activities as well as from reductions in operating, selling, general and administrative expenses.

Redemption liability

In relation with the acquisition of 60% of Circle K Belgium SA, we entered into a shareholder's agreement with TotalEnergies Marketing Belgium SA, which holds the remaining 40% ownership interest in this entity. This shareholder's agreement entitled each of the parties, at their sole discretion after a period of two years following the closing of the transaction, to sell their ownership interests to the other party. As a result, a redemption liability of $251.0 million, representing the present value of the estimated redemption amount as at January 3, 2024, was recorded to Other long-term financial liabilities on the consolidated balance sheet, with an equivalent amount reclassified from Retained earnings. Subsequent to the initial recognition of the redemption liability, the effects of its discounting and any changes to the gross redemption amount are recorded to Retained earnings. As at February 4, 2024, the redemption liability amounted to $250.2 million.

Financing

In order to finance the acquisition of certain European retail assets from TotalEnergies SE and the related acquisition costs, we entered into a new credit agreement consisting of a non-revolving credit facility of an aggregate maximum amount of $1.75 billion and €1.5 billion (the "acquisition facility"). As at February 4, 2024, a total amount of $3.0 billion was outstanding and the weighted average effective interest rate of the outstanding indebtedness under the acquisition facility was 5.78%. Subsequent to the end of the quarter and following the issuance of senior unsecured notes, this acquisition facility was fully repaid.

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

• Expected synergies represent forward-looking information and are destined to illustrate additional benefits expected to stem from these transactions. They might not be suitable for other needs. For additional information, please refer to the "Forward-Looking Statements'' section.

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Settlement of currency forward contracts

Prior to the acquisition, to mitigate the currency fluctuation risk associated with the Euro, we entered into Euro / US dollar currency forward contracts with financial institutions for a portion of the consideration, representing €1.9 billion. In relation with the closing of the transaction, the currency forwards were settled for net proceeds of $16.6 million.

Acquisition of convenience retail and fuel sites operating under the MAPCO brand

On November 1, 2023, we closed the acquisition of 112 company-owned and operated convenience retail and fuel sites operating under the MAPCO brand and located in the states of Alabama, Georgia, Kentucky, Mississippi and Tennessee, in the United States. The acquisition also includes surplus properties and a logistics fleet. The transaction was settled for a consideration of $468.6 million, subject to post closing adjustments, and was financed using our available cash and our United States commercial paper program.

Other acquisitions

During the third quarter of fiscal 2024, we acquired 17 company-operated stores, reaching a total of 27 company-operated stores acquired through various transactions since the beginning of fiscal 2024. We settled these transactions using our available cash.

Store construction

We completed the construction of 16 stores and the relocation or reconstruction of 2 stores, reaching a total of 60 stores since the beginning of fiscal 2024. As of February 4, 2024, another 39 stores were under construction and should open in the upcoming quarters.

Summary of changes in our store network

The following tables present certain information regarding changes in our store network over the 16 and 40-week periods ended February 4, 2024(1):

		16-week period ended February 4, 2024
	Company-			Franchised and
Type of site	operated(2)	CODO(3)	DODO(4)	other affiliated(5)	Total
Number of sites, beginning of period	9,938	336	793	1,254	12,321
Acquisitions	538	1,083	683	-	2,304
Openings / constructions / additions	16	-	9	19	44
Closures / disposals / withdrawals	(30)	(1)	(9)	(34)	(74)
Store conversions	1	(3)	-	2	-
Number of sites, end of period	10,463	1,415	1,476	1,241	14,595
Circle K branded sites under licensing agreements					2,120
Total network					16,715
Number of automated fuel stations included in the period-end
figures(6)	1,175	-	84	-	1,259
		40-week period ended February 4, 2024
	Company-			Franchised and
Type of site	operated(2)	CODO(3)	DODO(4)	other affiliated(5)	Total
Number of sites, beginning of period	9,983	344	820	1,285	12,432
Acquisitions	548	1,083	683	-	2,314
Openings / constructions / additions	51	-	29	48	128
Closures / disposals / withdrawals	(126)	(6)	(51)	(96)	(279)
Store conversions	7	(6)	(5)	4	-
Number of sites, end of period	10,463	1,415	1,476	1,241	14,595
Circle K branded sites under licensing agreements					2,120
Total network					16,715

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%.
2. Sites for which the real estate is controlled by Couche-Tard (through ownership or lease agreements) and for which the stores (and/or the service stations) are operated by Couche-Tard or one of its commission agents. This includes stand alone car wash sites.
3. Sites for which the real estate is controlled by Couche-Tard (through ownership or lease agreements) and for which the stores (and/or the service stations) are operated by an independent operator in exchange for rent and to which Couche-Tard sometimes provides road transportation fuel through supply contracts. Some of these sites are subject to a franchise agreement, licensing or other similar agreement under one of our main or secondary banners.
4. Sites controlled and operated by independent operators. Couche-Tard either supplies road transportation fuel through supply contracts or operates the road transportation fuel activities. Some of these sites are subject to a franchise agreement, licensing or other similar agreement under one of our main or secondary banners.
5. Stores operated by an independent operator through a franchising, licensing or another similar agreement under one of our main or secondary banners.
6. These sites sell road transportation fuel only.

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Share Repurchase Program

On April 26, 2023, the Toronto Stock Exchange approved the renewal of our share repurchase program, which took effect on May 1, 2023. The renewed share repurchase program allows us to repurchase up to 49.1 million shares, representing 5.0% of the shares outstanding as at April 20, 2023, and the share repurchase period will end no later than April 30, 2024. During the third quarter and first three quarters of fiscal 2024, we repurchased 3.1 million and 21.3 million shares, for amounts of $175.9 million and $1.1 billion, respectively.

All shares repurchased under the share repurchase program were cancelled upon their repurchase. An automatic securities purchase plan, which was pre-cleared by the Toronto Stock Exchange, is also in place and could allow a designated broker to repurchase our shares on our behalf within parameters established by us.

Issuance of Senior Unsecured Notes

On January 25, 2024, we issued the following Canadian-dollar-denominated senior unsecured notes:

Issuance date	Principal	Maturity	Coupon rate	Effective rate
amount	Interest payment dates
January 25, 2024	CA $500.0	January 25, 2029	4.60%	4.74%	July 25th and January 25th

The $369.4 million net proceeds from the issuance were used to partially repay outstanding indebtedness under our acquisition facility.

On February 12, 2024, subsequent to the end of the third quarter of fiscal 2024, we issued the following senior unsecured notes:

Principal amount	Maturity	Coupon rate	Interest payment dates
€700.0	May 12, 2031	3.65%	May 12th (1)
$900.0	February 12, 2034	5.27%	August 12th and February 12th
€650.0	February 12, 2036	4.01%	February 12th
$600.0	February 12, 2054	5.62%	August 12th and February 12th

(1) The first interest payments of the €700.0 Euro-denominated senior unsecured notes are due on May 12, 2025.

We used the net proceeds from these issuances to repay outstanding indebtedness under our acquisition facility.

True Blue Car Wash LLC

During the third quarter of fiscal 2024, we finalized our estimates of the fair value of assets acquired and liabilities assumed for the acquisition of True Blue Car Wash LLC. There were no changes to adjusted net earnings attributable to shareholders of the Corporation1 previously reported.

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

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Dividends

During its March 20, 2024 meeting, the Board of Directors declared a quarterly dividend of CA 17.5¢ per share for the third quarter of fiscal 2024 to shareholders on record as at April 1, 2024, and approved its payment effective April 15, 2024. This is an eligible dividend within the meaning of the Income Tax Act (Canada).

Outstanding Shares and Stock Options

As at March 18, 2024, Couche-Tard had 961,787,280 Common shares issued and outstanding. In addition, as at the same date, Couche-Tard had 2,010,610 outstanding stock options for the purchase of Common shares.

Change in Accounting Policy

Amendments to IAS 12 Income taxes

In May 2023, the International Accounting Standards Board ("IASB") issued International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12), which was adopted by the Corporation during the 40-week period ended February 4, 2024. As a result, the Corporation has applied the exception to not recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. As a result of its evaluation, the Corporation does not expect that enacted or substantively enacted but not yet in effect Pillar Two legislation will have a significant impact on its consolidated financial statements.

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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;
• Adjusted net earnings attributable to shareholders of the Corporation;
• Interest-bearingdebt;
• Available liquidities.

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 (decrease in) operating, selling, general and administrative expenses;
• Growth of (decrease in) same-store merchandise revenues for Europe and other regions;
• Adjusted diluted net earnings per share;
• 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:

	16-week periods ended	40-week periods ended
(in millions of US dollars)	February 4, 2024	January 29, 2023	February 4, 2024	January 29, 2023
Revenues	19,622.0	20,055.1	51,670.8	55,592.3
Cost of sales, excluding depreciation, amortization and impairment	16,180.5	16,654.6	42,354.4	46,448.8
Gross profit	3,441.5	3,400.5	9,316.4	9,143.5

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.

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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.

	16-week periods ended	40-week periods ended
(in millions of Canadian dollars, unless otherwise noted)	February 4, 2024	January 29, 2023	February 4, 2024	January 29, 2023
Road transportation fuel revenues	2,273.7	2,475.2	6,242.0	6,517.7
Road transportation fuel cost of sales, excluding depreciation, amortization and	2,053.3	2,253.7	5,653.1	5,962.2
impairment
Road transportation fuel gross profit	220.4	221.5	588.9	555.5
Total road transportation fuel volume sold (in millions of liters)	1,696.9	1,769.0	4,439.4	4,286.5
Road transportation fuel gross margin (CA cents per liter)	12.99	12.52	13.27	12.96

Normalized growth of (decrease in) operating, selling, general and administrative expenses ("normalized growth of (decrease in) expenses"). Normalized growth of (decrease in) expenses consists of the growth of (decrease in) 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 tables below reconcile growth of Operating, selling, general and administrative expenses to normalized growth of (decrease in) expenses:

			16-week periods ended
(in millions of US dollars, unless otherwise noted)	February 4, 2024	January 29, 2023	Variation	January 29, 2023	January 30, 2022	Variation
Operating, selling, general and administrative	1,975.3	1,916.1	3.1%	1,916.1	1,801.3	6.4%
expenses, as published
Adjusted for:
Increase from incremental expenses related to	(92.4)	-	(4.8%)	(16.4)	-	(0.9%)
acquisitions
Decrease (increase) from changes in electronic	12.7	-	0.7%	(15.2)	-	(0.8%)
payment fees, excluding acquisitions
(Increase) decrease from the net impact of foreign	(7.4)	-	(0.4%)	56.2	-	3.1%
exchange translation
(Increase) decrease from changes in acquisition	(2.9)	-	(0.2%)	0.5	-	-
costs recognized to earnings
Normalized (decrease in) growth of expenses	1,885.3	1,916.1	(1.6%)	1,941.2	1,801.3	7.8%
			40-week periods ended
(in millions of US dollars, unless otherwise noted)	February 4, 2024	January 29, 2023	Variation	January 29, 2023	January 30, 2022	Variation
Operating, selling, general and administrative	4,882.7	4,747.2	2.9%	4,747.2	4,400.7	7.9%
expenses, as published
Adjusted for:
Increase from incremental expenses related to	(138.6)	-	(2.9%)	(40.7)	-	(0.9%)
acquisitions
Decrease (increase) from changes in electronic	50.5	-	1.0%	(92.6)	-	(2.1%)
payment fees, excluding acquisitions
Increase from changes in acquisition costs	(4.1)	-	(0.1%)	(3.4)	-	(0.1%)
recognized to earnings
(Increase) decrease from the net impact of foreign	(1.4)	-	-	130.1	-	2.9%
exchange translation
Normalized growth of expenses	4,789.1	4,747.2	0.9%	4,740.6	4,400.7	7.7%

Growth of (decrease in) same-store merchandise revenues for Europe and other regions. Same-storemerchandise 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-dayperiod 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-storemerchandise 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-storemerchandise revenues include same-storerevenues from company-operatedstores, 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.

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Quarterly Report Q3 2024 Alimentation Couche-Tard Inc.

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