ARKO Corp.

Previous wording

Based in Richmond, Virginia, ARKO Corp. is one of the largest operators of convenience stores in the United States (“U.S.”), ranked by store count, operating 1,057 retail convenience stores as of June 30, 2026. We are also one of the largest wholesalers of fuel by gallons in the U.S. As of June 30, 2026, we supplied fuel to 2,129 dealer locations and operated 290 proprietary and third-party cardlock locations (unstaffed fueling locations). We are well diversified geographically and as of June 30, 2026, operated in the District of Columbia and more than 30 states in the Mid-Atlantic, Midwestern, Northeastern, Southeastern and Southwestern U.S. We own 100% of GPM Investments, LLC, a Delaware limited liability company (“GPM”), which was our primary operating entity until the closing of the initial public offering of the Class A common stock of our subsidiary ARKO Petroleum Corp., a Delaware corporation (“APC”), on February 13, 2026 (the “APC IPO”), after which GPM became our primary operating entity for our retail segment, and APC became our primary operating entity for our wholesale, fleet fueling and GPMP segments. We own 73.6% of the economic interests and 93.3% of the combined voting power of APC. APC’s Class A common stock began trading on the Nasdaq under the symbol “APC” on February 12, 2026.

Current wording

Based in Richmond, Virginia, ARKO Corp. is one of the largest operators of convenience stores in the United States (“U.S.”), ranked by store count, and one of the largest fuel wholesalers in North America. As of September 30, 2026, we operated 1,038 retail convenience stores, supplied fuel to 2,124 dealer locations and operated 294 proprietary and third-party cardlock locations (unstaffed fueling locations). We are well diversified geographically and as of September 30, 2026, operated in the District of Columbia and more than 30 states in the Mid-Atlantic, Midwestern, Northeastern, Southeastern and Southwestern U.S. We own 100% of GPM Investments, LLC, a Delaware limited liability company (“GPM”), which was our primary operating entity until the closing of the initial public offering of the Class A common stock of our subsidiary ARKO Petroleum Corp., a Delaware corporation (“APC”), on February 13, 2026 (the “APC IPO”). Following the APC IPO, GPM is our primary operating entity for our retail segment, and APC is our primary operating entity for our wholesale, fleet fueling and GPMP segments. As of September 30, 2026, we owned 73.6% of the economic interests and 93.3% of the combined voting power of APC. APC’s Class A common stock began trading on the Nasdaq under the symbol “APC” on February 12, 2026.

Previous wording

and packaged sweet snacks, general and seasonal merchandise, cigarettes, and other tobacco products such as moist tobacco, vape, nicotine pouches, and cigars. We have various foodservice offerings at approximately 925 stores, with options including hot and cold grab-n-go foods, such as bakery, Nathan’s® hot dogs and Tornado® roller grill items. We have approximately 140 stores with delis offering a more robust foodservice menu that includes fried chicken, pizza, breakfast sandwiches, chicken tenders, potato wedges and more. We supplement our foodservice offering with approximately 85 quick service major national brand restaurants such as Dunkin’ and Subway. Additionally, we offer a number of traditional convenience store services, including lottery, prepaid products, gift cards, money orders, ATMs, skill gaming, Bitcoin® ATMs and other ancillary product and service offerings. We sell fuel at 1,034 of our retail sites, and we had 285 electric vehicle (“EV”) chargers at 96 of our locations. We also generate revenue from car washes at approximately 65 of our locations.

Current wording

and packaged sweet snacks, general and seasonal merchandise, cigarettes, and other tobacco products such as moist tobacco, vape, nicotine pouches, and cigars. We have various foodservice offerings at approximately 910 stores, with options including hot and cold grab-n-go foods, such as bakery, Nathan’s® hot dogs and Tornado® roller grill items. We have approximately 145 stores with delis offering a more robust foodservice menu that includes fried chicken, pizza, breakfast sandwiches, chicken tenders, potato wedges and more. We supplement our foodservice offering with approximately 85 quick service major national brand restaurants such as Dunkin’ and Subway. Additionally, we offer a number of traditional convenience store services, including lottery, prepaid products, gift cards, money orders, ATMs, skill gaming and other ancillary product and service offerings. We sell fuel at 1,016 of our retail sites, and we have 295 electric vehicle (“EV”) chargers at 100 of our locations. We also generate revenue from car washes at approximately 65 of our locations.

Previous wording

Our GPMP segment primarily engages in inter-segment transactions of wholesale distribution of fuel to substantially all of our sites that sell fuel in the retail and wholesale segments, and beginning February 1, 2026, to locations in the fleet fueling segment. Our GPMP segment sells and supplies fuel at its cost of fuel (including taxes and transportation) plus a fixed margin to such supplied sites and charges an inter-segment fixed fee primarily, prior to February 1, 2026, to sites in the fleet fueling segment that were not supplied by the GPMP segment. The effect of these inter-segment transactions was eliminated in the Consolidated Financial Statements.

Current wording

Our GPMP segment primarily engages in inter-segment wholesale distribution of fuel to substantially all of our sites that sell fuel in the retail and wholesale segments, and beginning February 1, 2026, to locations in the fleet fueling segment. Our GPMP segment sells and supplies fuel at its cost of fuel (including taxes and transportation) plus a fixed margin to such supplied sites and charges an inter-segment fixed fee primarily, prior to February 1, 2026, to sites in the fleet fueling segment that it did not supply. The effect of these inter-segment transactions was eliminated in the Consolidated Financial Statements.

Previous wording

Our multi-year transformation plan (the “Transformation Plan”) includes targeted capital allocation toward strategic sub-segments of our retail stores, with the goal of increasing traffic and improving profitability. In June of 2025, we launched our new format fas craves flagship location showcasing our key strategic priority to offer food that is relevant, delicious, and affordable and do so within stores that are completely remodeled with modernized interior and exterior designs, with layouts intended to provide a strong focus on our food offerings. fas craves food elevates our assortment of hot and cold grab-and-go food and dispensed beverages.

Current wording

Our multi-year transformation plan (the “Transformation Plan”) includes targeted capital allocation toward strategic sub-segments of our retail stores, with the goal of increasing traffic and improving profitability. In June 2025, we launched our new format fas craves flagship location showcasing our key strategic priority to offer food that is relevant, delicious, and affordable within stores that are completely remodeled with modernized interior and exterior designs, with layouts intended to provide a strong focus on our food offerings. fas craves food elevates our assortment of hot and cold grab-and-go food and dispensed beverages.

Previous wording

Since the launch of our flagship location, we have completed several additional remodels and have approximately 25 additional remodels planned, all which feature the fas craves food and beverage elements. We also plan to expand components of fas craves food and beverage to certain non-remodel stores where space permits prior to remodeling. Complementing our retail remodeling initiative, in the first six months of 2026, we opened three new-to-industry (“NTI”) retail stores, and we plan to open three NTI Dunkin’ stores in 2026.

Current wording

Since the launch of our flagship location, we have been rolling out the new format across our retail store base. In 2026, we expect to complete more than 25 store remodels, of which 11 have been completed to date, all of which feature the fas craves food and beverage elements. We also plan to expand components of fas craves food and beverage to certain non-remodel stores where space permits prior to remodeling. Complementing our retail remodeling initiative, in the first nine months of 2026, we opened three new-to-industry (“NTI”) retail stores, and we plan to open four NTI Dunkin’ stores between now and early 2027.

Previous wording

We are targeting opening 20 new fleet fueling locations during 2026, of which one opened in March 2026, two opened in July 2026, and 17 are in process. We anticipate that these new fleet fueling locations will have a positive impact on our results of operations given the attractive, durable cash flow profile of our fleet fueling business.

Current wording

We opened five new fleet fueling locations in the first nine months of 2026 and two locations were added in October 2026. Currently, we have an additional 16 locations in various stages of planning and development. We anticipate that these new fleet fueling locations will have a positive impact on our results of operations given the attractive, durable cash flow profile of our fleet fueling business.

Previous wording

As of June 30, 2026, we had approximately 2.6 million enrolled members in our fas REWARDS loyalty program, representing a year over year increase of approximately 9.9% from the end of the second quarter of 2025. Our fas REWARDS loyalty program is available in all of our retail stores and offers enrolled loyalty members the most value in our stores, in-app member only deals not available without the app, and the ability to earn points that can be redeemed for either fuel or merchandise savings. Other in-app features include the ability to convert earned points to fas BUCKS, which can be spent like cash on most merchandise categories in our stores, and, as part of our Fueling America’s Future promotion, stackable fuel cents off up to $2.50 off per gallon (up to 20 gallons) to celebrate America’s 250th anniversary in 2026.

Current wording

As of September 30, 2026, we had approximately 2.7 million enrolled members in our fas REWARDS loyalty program, representing a year over year increase of approximately 11.2% from the end of the third quarter of 2025. Our fas REWARDS loyalty program is available in all of our retail stores and offers enrolled loyalty members our best in-store value, in-app member only deals not available without the app, and the ability to earn points that can be redeemed for either fuel or merchandise savings. Other in-app features include the ability to convert earned points to fas BUCKS, which can be spent like cash on most merchandise categories in our stores, and, as part of our Fueling America’s Future promotion, stackable fuel cents off up to $2.50 per gallon (up to 20 gallons) to celebrate America’s 250th anniversary in 2026.

Previous wording

Starting in the middle of 2024, as part of our Transformation Plan, we commenced leveraging our unique, multi-segment operating model to expand our wholesale fuel distribution network by converting a meaningful number of retail stores within our retail segment to dealer locations within our wholesale segment. Conversions of certain retail stores benefit both our retail and wholesale segments, as these sites have yielded, and we expect will continue to yield, greater profitability once converted. In such cases, we realize higher profit from ongoing fuel supply agreements and rental income than from continued operation of these stores in our retail segment. These conversions also allow us to focus on and better prioritize future investments in our remaining retail stores. During the three months ended June 30, 2026, we converted 21 retail stores to dealer locations for a total of 62 stores converted during the six months ended June 30, 2026 and a total of 471 stores converted since the beginning of this initiative. We expect to continue to convert a meaningful number of additional stores throughout 2026 and into 2027. These conversions have resulted in approximately $2.7 million, $8.4 million and $15.6 million in incremental operating income before general and administrative expenses for the three month, six month, and 12-month periods ended June 30, 2026, respectively.

Current wording

Starting in the middle of 2024, as part of our Transformation Plan, we commenced leveraging our unique, multi-segment operating model to expand our wholesale fuel distribution network by converting a meaningful number of retail stores within our retail segment to dealer locations within our wholesale segment. Conversions of certain retail stores benefit both our retail and wholesale segments, as these sites have yielded, and we expect will continue to yield, greater profitability once converted. In such cases, we realize higher profit from ongoing fuel supply agreements and rental income than from continued operation of these stores in our retail segment. These conversions also allow us to focus on and better prioritize future investments in our remaining retail stores. During the three months ended September 30, 2026, we converted 17 retail stores to dealer locations for a total of 79 stores converted during the nine months ended September 30, 2026 and a total of 488 stores converted since the beginning of this initiative. We expect to convert a meaningful number of additional stores, and we expect to be largely complete by the end of 2027. These conversions have resulted in approximately $1.8 million, $10.2 million and $15.6 million in incremental operating income before general and administrative expenses for the three-month, nine-month, and 12-month periods ended September 30, 2026, respectively.

Previous wording

During the first half of 2026, global crude oil and refined product markets were impacted by heightened geopolitical tensions in the Middle East, including the ongoing conflict involving Iran, Israel, and the United States. These developments contributed to significant volatility in crude oil prices and periodic supply disruptions, including disruptions to shipping through the Strait of Hormuz. During the second quarter of 2026, market conditions remained highly dynamic as developments related to the conflict, including sporadic reopenings of the Strait of Hormuz and the resumption of oil flows, contributed to fluctuations in crude oil prices and changing expectations regarding global supply availability. These market conditions contributed to variability in wholesale fuel costs, retail gasoline prices, and fuel demand patterns across many of our markets. While retail price increases generally lag behind changes in wholesale costs, the magnitude and timing of the fluctuations during the six months ended June 30, 2026 positively affected fuel margins during that period. However, continued geopolitical uncertainty and evolving global supply dynamics may continue to contribute to volatility in fuel prices and margins in future periods.

Current wording

During the nine months ended September 30, 2026, global crude oil and refined product markets were impacted by heightened geopolitical tensions in the Middle East, including the ongoing conflict involving Iran, Israel, and the United States. These developments contributed to significant volatility in crude oil prices and periodic supply disruptions, including disruptions to shipping through the Strait of Hormuz. During the third quarter of 2026, market conditions remained highly dynamic as developments related to the conflict, including changes in the status of the Strait of Hormuz and global oil flows, continued to affect crude oil prices and expectations regarding global supply availability. These market conditions have contributed to continued variability in wholesale fuel costs, retail gasoline prices, and fuel demand patterns across many of our markets. During the third quarter of 2026, diesel prices reached record highs, increasing fuel costs for commercial customers and other diesel-dependent businesses. These elevated prices placed additional pressure on customers’ operating costs and may have influenced fuel purchasing behavior and consumption patterns. While retail fuel price increases generally lag behind changes in wholesale costs, the magnitude and timing of the fluctuations during the nine months ended September 30, 2026 have affected fuel margins during that period. Continued geopolitical uncertainty and evolving global supply dynamics may continue to contribute to volatility in fuel prices and margins in future periods, and sustained high diesel prices or diesel supply constraints could reduce gallons sold, compress fuel margins or increase our working capital needs in future period.

Previous wording

Results of Operations for the three and six months ended June 30, 2026 and 2025

Current wording

Results of Operations for the three and nine months ended September 30, 2026 and 2025

Previous wording

The table below shows our consolidated results for the three and six months ended June 30, 2026 and 2025, together with certain key metrics.

Current wording

The table below shows our consolidated results for the three and nine months ended September 30, 2026 and 2025, together with certain key metrics.

Previous wording

For the three months ended June 30, 2026, fuel revenue increased by $396.9 million, or 25.3%, compared to the second quarter of 2025. The increase in fuel revenue was attributable primarily to an increase in average price of fuel compared to the second quarter of 2025, partially offset by fewer gallons sold in the second quarter of 2026 compared to the second quarter of 2025 due to a challenging macroeconomic environment.

Current wording

For the three months ended September 30, 2026, fuel revenue increased by $407.3 million, or 25.5%, compared to the third quarter of 2025. The increase in fuel revenue was attributable primarily to an increase in average price of fuel compared to the third quarter of 2025, partially offset by fewer gallons sold in the third quarter of 2026 compared to the third quarter of 2025 due to a challenging macroeconomic environment.

Previous wording

For the three months ended June 30, 2026, other revenues, net increased by $3.3 million, or 11.2%, compared to the second quarter of 2025, primarily due to the net impact of additional income from retail stores converted to dealer locations.

Current wording

For the three months ended September 30, 2026, other revenues, net increased by $1.1 million, or 3.6%, compared to the third quarter of 2025, primarily due to the net impact of additional income from retail stores converted to dealer locations.

Previous wording

For the three months ended June 30, 2026, total operating expenses increased by $353.7 million compared to the second quarter of 2025. Fuel costs increased $404.9 million, or 28.6%, compared to the second quarter of 2025, which were partially offset by a decrease in merchandise costs of $38.7 million, or 14.6%, compared to the second quarter of 2025, consistent with the changes in fuel and merchandise revenues. For the three months ended June 30, 2026, site operating expenses decreased $14.0 million, or 6.9%, compared to the second quarter of 2025 primarily due to lower expenses from retail stores closed or converted to dealer locations, which were partially offset by an increase in same store expenses.

Current wording

For the three months ended September 30, 2026, total operating expenses increased by $370.0 million compared to the third quarter of 2025. Fuel costs increased $408.5 million, or 28.1%, compared to the third quarter of 2025, which were partially offset by a decrease in merchandise costs of $29.3 million, or 11.3%, compared to the third quarter of 2025, consistent with the changes in fuel and merchandise revenues. For the three months ended September 30, 2026, site operating expenses decreased $9.8 million, or 4.9%, compared to the third quarter of 2025 primarily due to lower expenses from retail stores closed or converted to dealer locations, which were partially offset by an increase in same store expenses.

Previous wording

For the three months ended June 30, 2026, general and administrative expenses increased $3.0 million, or 7.3%, compared to the second quarter of 2025, primarily due to increased share-based compensation expense in the second quarter of 2026.

Current wording

For the three months ended September 30, 2026, general and administrative expenses increased $0.7 million, or 1.8%, compared to the third quarter of 2025, primarily due to increased share-based compensation expense in the third quarter of 2026.

Previous wording

For the three months ended June 30, 2026 and 2025, depreciation and amortization expenses decreased $1.4 million, or 4.3%, compared to the second quarter of 2025.

Current wording

For the three months ended September 30, 2026 and 2025, depreciation and amortization expenses decreased $0.2 million, or 0.6%, compared to the third quarter of 2025.

Previous wording

For the three months ended June 30, 2026, operating income was $30.4 million compared to $56.7 million for the three months ended June 30, 2025. The decrease was primarily due to the one-time gain on the aforementioned sale-leaseback recorded in the second quarter of 2025, lower fuel contribution from comparable wholesale sites and fleet fueling locations and an increase in same store site operating expenses, offset by the net benefit of the retail stores closed or converted to dealer locations.

Current wording

For the three months ended September 30, 2026, operating income was $35.2 million compared to $35.9 million for the three months ended September 30, 2025. The decrease was primarily due to lower fuel contribution from comparable wholesale sites and an increase in same store site operating expenses, offset by higher fuel contribution from retail same stores and fleet fueling locations and the net benefit of retail stores closed or converted to dealer locations.

Previous wording

For the three months ended June 30, 2026, interest and other financial expenses, net decreased by $5.5 million compared to the second quarter of 2025, primarily due to lower average debt balances, primarily as a result of the use of the net proceeds from the APC IPO to repay approximately $206.7 million of the indebtedness under our Capital One Line of Credit (as defined below), a gain of $2.5 million recorded related to the repurchase of $37.9 million of Senior Notes (as defined below) in the second quarter of 2026, and lower average interest rates in the second quarter of 2026 as compared to the second quarter of 2025, which were offset by income of $0.7 million recorded in the second quarter of 2025 for fair value adjustments related to our public and private warrants which expired at the end of 2025.

Current wording

For the three months ended September 30, 2026, interest and other financial expenses, net decreased by $9.0 million compared to the third quarter of 2025, primarily due to lower average debt balances, primarily as a result of the use of the net proceeds from the APC IPO to repay approximately $206.7 million of the indebtedness under our Capital One Line of Credit (as defined below), a gain of $4.9 million recorded related to the repurchase of $62.1 million of Senior Notes (as defined below) in the third quarter of 2026, and lower average interest rates in the third quarter of 2026 as compared to the third quarter of 2025.

Previous wording

For the three months ended June 30, 2026 and 2025, income tax expense was $6.9 million and $17.1 million, respectively. The increase in the effective tax rate for the three months ended June 30, 2026 was primarily due to a permanent difference recognized for the tax effects of forecasted APC dividends.

Current wording

For the three months ended September 30, 2026 and 2025, income tax expense was $9.8 million and $2.4 million, respectively. The increase in the effective tax rate for the three months ended September 30, 2026 was primarily due to a permanent difference recognized for the tax effects of forecasted APC dividends.

Previous wording

For the three months ended June 30, 2026 and 2025, net income attributable to the Company was $6.1 million and $20.1 million, respectively.

Current wording

For the three months ended September 30, 2026 and 2025, net income attributable to the Company was $10.7 million and $13.5 million, respectively.

Previous wording

For the three months ended June 30, 2026 and 2025, Adjusted EBITDA was $72.0 million and $76.9 million, respectively. Refer to “Use of Non-GAAP Measures” below for discussion of this non-GAAP performance measure and related reconciliation to net income.

Current wording

For the three months ended September 30, 2026 and 2025, Adjusted EBITDA was $75.7 million and $75.2 million, respectively. Refer to “Use of Non-GAAP Measures” below for discussion of this non-GAAP performance measure and related reconciliation to net income.

Previous wording

For the six months ended June 30, 2026, fuel revenue increased by $384.1 million, or 12.7%, compared to the first half of 2025. The increase in fuel revenue was primarily attributable to an increase in average price of fuel compared to the first half of 2025, partially offset by fewer gallons sold in the first half of 2026 compared to the first half of 2025, due to a challenging macroeconomic environment, as well as severe weather conditions in the first quarter of 2026 in several markets in which we operate.

Current wording

For the nine months ended September 30, 2026, fuel revenue increased by $791.4 million, or 17.1%, compared to the first three quarters of 2025. The increase in fuel revenue was primarily attributable to an increase in average price of fuel compared to the first three quarters of 2025, partially offset by fewer gallons sold in the first three quarters of 2026 compared to the first three quarters of 2025, due to a challenging macroeconomic environment, as well as severe weather conditions in the first quarter of 2026 in several markets in which we operate.

Previous wording

For the six months ended June 30, 2026, merchandise revenue decreased by $101.8 million, or 13.5%, compared to the first half of 2025, primarily due to a decrease in merchandise revenue from retail stores closed or converted to dealer locations and severe weather conditions in the first quarter in several markets in which we operate, as well as a decrease in same store merchandise revenues.

Current wording

For the nine months ended September 30, 2026, merchandise revenue decreased by $140.5 million, or 12.3%, compared to the first three quarters of 2025, primarily due to a decrease in merchandise revenue from retail stores closed or converted to dealer locations and severe weather conditions in the first quarter in several markets in which we operate, as well as a decrease in same store merchandise revenues.

Previous wording

For the six months ended June 30, 2026, other revenues, net increased by $7.6 million, or 13.3%, compared to the first half of 2025, primarily due to the net impact of additional income from retail stores converted to dealer locations.

Current wording

For the nine months ended September 30, 2026, other revenues, net increased by $8.8 million, or 9.9%, compared to the first three quarters of 2025, primarily due to the net impact of additional income from retail stores converted to dealer locations.

Previous wording

For the six months ended June 30, 2026, total operating expenses increased by $272.5 million, or 7.2%, compared to the first half of 2025. Fuel costs increased $380.1 million, or 13.9%, compared to the first half of 2025, which were partially offset by a decrease in merchandise costs of $73.7 million, or 14.7%, compared to the first half of 2025, consistent with the changes in fuel and merchandise revenues. For the six months ended June 30, 2026, site operating expenses decreased $31.2 million, or 7.8%, compared to the first half of 2025 primarily due to lower expenses from retail stores closed or converted to dealer locations, which were partially offset by an increase in same store expenses.

Current wording

For the nine months ended September 30, 2026, total operating expenses increased by $642.5 million, or 11.1%, compared to the first three quarters of 2025. Fuel costs increased $788.6 million, or 18.8%, compared to the first three quarters of 2025, which were partially offset by a decrease in merchandise costs of $103.0 million, or 13.5%, compared to the first three quarters of 2025, consistent with the changes in fuel and merchandise revenues. For the nine months ended September 30, 2026, site operating expenses decreased $41.1 million, or 6.8%, compared to the first three quarters of 2025 primarily due to lower expenses from retail stores closed or converted to dealer locations, which were partially offset by an increase in same store expenses.

Previous wording

For the six months ended June 30, 2026, general and administrative expenses increased $1.4 million, or 1.7%, compared to the first half of 2025, primarily due to increased share-based compensation expense in the first half of 2026, partially offset by a $2.0 million charge recorded in the first half of 2025 related to a wage and hour collective action settled in 2025, as well as a leaner administrative cost structure and tighter operating discipline.

Current wording

For the nine months ended September 30, 2026, general and administrative expenses increased $2.1 million, or 1.7%, compared to the first three quarters of 2025, primarily due to increased share-based compensation expense in the first three quarters of 2026, partially offset by a $2.1 million charge recorded in the first three quarters of 2025 related to a wage and hour collective action settled in 2025, as well as a leaner administrative cost structure and tighter operating discipline.

Previous wording

For the six months ended June 30, 2026, depreciation and amortization expenses decreased $3.9 million, or 5.8%, compared to the first half of 2025.

Current wording

For the nine months ended September 30, 2026, depreciation and amortization expenses decreased $4.1 million, or 4.1%, compared to the first three quarters of 2025.

Previous wording

For the three months ended June 30, 2026, other expenses (income), net increased $20.2 million compared to the second quarter of 2025 primarily due to a gain of approximately $20.8 million recorded in the second quarter of 2025 related to the expiration of a real estate purchase option received in 2021 in connection with our acquisition of certain ExpressStop convenience stores that was accounted for as a sale-leaseback.

Current wording

For the nine months ended September 30, 2026, other expenses (income), net increased by $22.3 million compared to the first three quarters of 2025, primarily due to a gain of approximately $20.8 million recorded in the second quarter of 2025 related to the expiration of a real estate purchase option received in 2021 in connection with our acquisition of certain ExpressStop convenience stores that was accounted for as a sale-leaseback, as well as higher acquisitions and divestiture costs.

Previous wording

For the six months ended June 30, 2026, operating income was $40.4 million compared to $44.9 million for the six months ended June 30, 2025. The decrease was primarily due to the 2025 gain on the aforementioned sale-leaseback and an increase in same store site operating expenses partially offset by higher fuel contribution at retail same stores and fleet fueling locations and the net benefit of the retail stores that we closed or converted to dealer locations.

Current wording

For the nine months ended September 30, 2026, operating income was $75.6 million compared to $80.9 million for the nine months ended September 30, 2025. The decrease was primarily due to the 2025 gain on the aforementioned sale-leaseback and an increase in same store site operating expenses partially offset by higher fuel contribution at retail same stores and fleet fueling locations and the net benefit of the retail stores that we closed or converted to dealer locations.

Previous wording

For the six months ended June 30, 2026, interest and other financial expenses, net decreased by $1.2 million compared to the first half of 2025, primarily related to lower average debt balances, primarily as a result of the use of the net proceeds from the APC IPO to repay approximately $206.7 million of the indebtedness under our Capital One Line of Credit, a gain of $2.5 million recorded related to the repurchase of $37.9 million of Senior Notes in the second quarter of 2026, and lower average interest rates in the first half of 2026 as compared to the first half of 2025, which were offset by income of $7.5 million recorded in the first half of 2025 for fair value adjustments related our public and private warrants which expired at the end of 2025.

Current wording

For the nine months ended September 30, 2026, interest and other financial expenses, net decreased by $10.2 million compared to the first three quarters of 2025, primarily related to lower average debt balances, primarily as a result of the use of the net proceeds from the APC IPO to repay approximately $206.7 million of the indebtedness under our Capital One Line of Credit, a gain of $7.4 million recorded related to the repurchase of $100.0 million of Senior Notes in the first three quarters of 2026, and lower average interest rates in the first three quarters of 2026 as compared to the first three quarters of 2025, which were offset by income of $7.5 million recorded in the first three quarters of 2025 for fair value adjustments related to our public and private warrants which expired at the end of 2025.

Previous wording

For the six months ended June 30, 2026 and 2025, net income (loss) attributable to the Company was $(0.5) million and $7.4 million, respectively.

Current wording

For the nine months ended September 30, 2026 and 2025, net income attributable to the Company was $10.2 million and $20.9 million, respectively.

Previous wording

For the six months ended June 30, 2026 and 2025, Adjusted EBITDA was $122.9 million and $107.8 million, respectively. Refer to “Use of Non-GAAP Measures” below for discussion of this non-GAAP performance measure and related reconciliation to net income.

Current wording

For the nine months ended September 30, 2026 and 2025, Adjusted EBITDA was $198.6 million and $183.0 million, respectively. Refer to “Use of Non-GAAP Measures” below for discussion of this non-GAAP performance measure and related reconciliation to net income.

Previous wording

The table below shows the results of the retail segment for the three and six months ended June 30, 2026 and 2025, together with certain key metrics for the segment.

Current wording

The table below shows the results of the retail segment for the three and nine months ended September 30, 2026 and 2025, together with certain key metrics for the segment.

Previous wording

For the three months ended June 30, 2026, fuel revenue increased by $118.9 million, or 15.9%, compared to the second quarter of 2025. The increase in fuel revenue was attributable to a $1.12 per gallon increase in the average retail price of fuel in the second quarter of 2026 compared to the second quarter of 2025, primarily due to market factors. This increase was partially offset by a decrease of 25.1 million gallons from retail stores closed or converted to dealer locations, as well as a decrease in same store gallons sold of 5.7%, or 12.0 million gallons, reflecting the challenging macroeconomic environment including high retail gas prices.

Current wording

For the three months ended September 30, 2026, fuel revenue increased by $116.0 million, or 15.6%, compared to the third quarter of 2025. The increase in fuel revenue was attributable to a $1.06 per gallon increase in the average retail price of fuel in the third quarter of 2026 compared to the third quarter of 2025, primarily due to market factors. This increase was partially offset by a decrease of 19.4 million gallons from retail stores closed or converted to dealer locations, as well as a decrease in same store gallons sold of 7.0%, or 15.1 million gallons, reflecting the challenging macroeconomic environment including high retail gas prices.

Previous wording

For the three months ended June 30, 2026, merchandise revenue decreased by $52.7 million, or 13.2%, compared to the second quarter of 2025, primarily due to a decrease in merchandise revenue of $48.7 million from retail stores closed or converted to dealer locations. Same store merchandise sales decreased $6.0 million, or 1.7%, for the second quarter of 2026 compared to the second quarter of 2025, reflecting the challenging macroeconomic and soft consumer environment. More than half of the decline in same store merchandise revenue was caused by lower revenues from cigarettes.

Current wording

For the three months ended September 30, 2026, merchandise revenue decreased by $38.8 million, or 9.9%, compared to the third quarter of 2025, primarily due to a decrease in merchandise revenue of $35.6 million from retail stores closed or converted to dealer locations. Same store merchandise sales decreased $5.0 million, or 1.4%, for the third quarter of 2026 compared to the third quarter of 2025, primarily due to lower revenues from cigarettes.

Previous wording

For the three months ended June 30, 2026, other revenues, net decreased by $1.7 million, or 11.7%, compared to the second quarter of 2025, due to a decrease in other revenues from retail stores closed or converted to dealer locations.

Current wording

For the three months ended September 30, 2026, other revenues, net decreased by $2.8 million, or 19.1%, compared to the third quarter of 2025, primarily due to a decrease in other revenues from retail stores closed or converted to dealer locations.

Previous wording

For the three months ended June 30, 2026, fuel contribution decreased by $8.4 million, or 7.8%, compared to the second quarter of 2025, primarily due to a $9.3 million decrease in fuel contribution related to retail stores closed or converted to dealer locations compared to the second quarter of 2025, which was partially offset by a same store fuel contribution increase of $0.5 million, or 0.5%.

Current wording

For the three months ended September 30, 2026, same store fuel contribution increased $2.6 million, or 2.7%, with same store fuel margin per gallon for the third quarter of 2026 increasing to 48.8 cents per gallon from 44.2 cents per gallon for the third quarter of 2025, primarily a result of significant volatility in the fuel market due to the geopolitical environment. Total fuel contribution decreased by $3.9 million, or 3.8%, compared to the third quarter of 2025, primarily due to a $7.3 million decrease in fuel contribution related to retail stores closed or converted to dealer locations compared to the third quarter of 2025, partially offset by the increase in same store fuel contribution.

Previous wording

For the three months ended June 30, 2026, merchandise contribution decreased by $14.0 million, or 10.4%, compared to the second quarter of 2025, while merchandise margin increased to 34.7% from 33.6% in the second quarter of 2025. The decrease in merchandise contribution was primarily due to a $14.0 million decrease related to retail stores closed or converted to dealer locations. Same store merchandise contribution decreased by $0.6 million and same store merchandise margin was 34.7% and 34.3% in the second quarter of 2026 and the second quarter of 2025, respectively.

Current wording

For the three months ended September 30, 2026, merchandise contribution decreased by $9.5 million, or 7.2%, compared to the third quarter of 2025, while merchandise margin increased to 34.8% from 33.7% in the third quarter of 2025. The decrease in merchandise contribution was primarily due to a $10.3 million decrease related to retail stores closed or converted to dealer locations. Same store merchandise contribution increased by $0.1 million and same store merchandise margin was 34.8% and 34.3% in the third quarter of 2026 and the third quarter of 2025, respectively.

Previous wording

For the three months ended June 30, 2026, site operating expenses decreased by $16.6 million, or 9.4%, compared to the second quarter of 2025, primarily due to $25.8 million of reduced expenses related to retail stores closed or converted to dealer locations, partially offset by an increase in same store operating expenses of $8.3 million, or 5.6%, primarily due to higher credit card fees associated with elevated fuel prices, insurance, personnel costs and rent.

Current wording

For the three months ended September 30, 2026, site operating expenses decreased by $12.5 million, or 7.3%, compared to the third quarter of 2025, primarily due to $19.4 million of reduced expenses related to retail stores closed or converted to dealer locations, partially offset by an increase in same store operating expenses of $6.0 million, or 4.0%, primarily due to $3.1 million of higher credit card fees associated with elevated fuel prices, as well as higher personnel costs, utilities and rent.

Previous wording

For the six months ended June 30, 2026, fuel revenue increased by $55.3 million, or 3.8%, compared to the first half of 2025. The increase in fuel revenue was attributable to a $0.65 per gallon increase in the average retail price of fuel in the first half of 2026 compared to the first half of 2025, primarily due to market factors. This increase was offset by a decrease of 50.2 million gallons from retail stores closed or converted to dealer locations, as well as a decrease in same store gallons sold of approximately 4.5%, or 18.4 million gallons, reflecting the challenging macroeconomic environment as well as severe weather conditions in the first quarter of 2026 in several markets in which we operate.

Current wording

For the nine months ended September 30, 2026, fuel revenue increased by $171.3 million, or 7.8%, compared to the first three quarters of 2025. The increase in fuel revenue was attributable to a $0.79 per gallon increase in the average retail price of fuel in the first three quarters of 2026 compared to the first three quarters of 2025, primarily due to market factors. This increase was offset by a decrease of 69.5 million gallons from retail stores closed or converted to dealer locations, as well as a decrease in same store gallons sold of approximately 5.3%, or 33.4 million gallons, reflecting the challenging macroeconomic environment as well as severe weather conditions in the first quarter of 2026 in several markets in which we operate.