Alimentation Couche-Tard Q3 業績説明会 ハイライト

Couche-Tard posted one of its strongest quarters, reporting net earnings attributable to shareholders of CAD 757 million (CAD 0.82/share) and adjusted net earnings of ~CAD 751 million (+19.1% YoY), while adjusted EBITDA rose ~CAD 196 million (+11.9%) driven by higher fuel margins, acquisitions and organic convenience growth.
Consolidated same-store sales increased 2.0% (third consecutive quarter of positive SSS), led by the U.S. at +2.8%, with strong food and energy-drink performance and digital loyalty growth to 13.7 million Inner Circle members after adding 1.2 million in the quarter.
The company is balancing growth and returns—completing 37 store builds (80 YTD) with a 100-site fiscal-year target and a 2030 ambition of at least 750 new sites—while repurchasing 12.9 million shares for $684.4 million, declaring a dividend of CAD 21.5 cents, maintaining $1.5 billion cash plus a $3 billion revolver, and pursuing CAD 850 million of additional EBITDA opportunities under its Core + More plan.
Alimentation Couche-Tard (TSE:ATD) executives said the company delivered one of its strongest quarters in more than two years, pointing to improving same-store sales momentum, healthy fuel margins, and continued progress on its “Core + More” strategy as consumers remain value-focused.
On the company’s third-quarter fiscal 2026 earnings call, President and CEO Alex Miller said the initiatives highlighted at Couche-Tard’s strategic update in Toronto last month are “already well underway and producing measurable results,” including improving customer engagement and store execution. CFO Filipe Da Silva added that results this quarter “validate that the actions outlined in our business strategy update are translating into measurable outcomes.”
For the third quarter of fiscal 2026, Couche-Tard reported net earnings attributable to shareholders of CAD 757 million, or CAD 0.82 per diluted share. Excluding items described in the company’s MD&A, adjusted net earnings were approximately CAD 751 million, or CAD 0.81 per adjusted diluted share, representing a 19.1% increase versus the prior-year quarter, Da Silva said.
Adjusted EBITDA increased by approximately CAD 196 million, or 11.9% year over year on an FX-adjusted basis. Da Silva attributed the increase mainly to higher road transportation fuel gross margin, contributions from acquisitions (about CAD 779 million), and organic growth in convenience activities, partly offset by the impact of regulatory divestitures tied to the GetGo acquisition (about CAD 9 million).
Merchandise and service revenues rose about CAD 351 million, or 6.6%, driven by acquisitions (about CAD 205 million) and organic growth, partially offset by divestitures related to GetGo (about CAD 23 million). Merchandise and service gross profit increased by about CAD 150 million, or 6.2%.
Same-store sales trends across regions
Miller said Couche-Tard generated positive same-store sales across all three operating regions for the third consecutive quarter. Consolidated same-store sales were up 2.0%, which management said was in line with the “growth algorithm” discussed at its strategy update.
United States: same-store sales increased 2.8%, which Miller called the company’s strongest performance in more than two years. He said results strengthened as the quarter progressed after a slower start following a government shutdown in November. Management also highlighted traffic gains in nearly half of U.S. business units.
Canada: same-store sales rose 0.3%. Miller said growth moderated as expected, with alcohol performing well even after cycling the full-year impact of Ontario beer legislation.
Europe and other regions: same-store sales increased 0.4%. Miller said results were supported by pricing and assortment and progress in food, but moderated by lapping a prior benefit tied to tobacco legislation in the Netherlands. Excluding Asia, where results declined in the mid-single digits amid soft consumer sentiment, Miller said Europe delivered growth of approximately 1.4%.
On the call, management also disclosed that Europe’s same-store sales growth would have been 3.2% excluding cigarettes. Miller pointed to unusually cold January weather as a headwind in parts of mid-Europe, as well as impacts from tobacco trends in the Netherlands and border traffic affecting Luxembourg.
Food was positioned as a key growth lever within Core + More. Miller said U.S. food same-store sales grew in the “mid to high single digits,” supported by hot food and meal deals. The company sold 13.3 million meal deal bundles in the quarter, with roller grill items and breakfast sandwiches leading the mix; the $3 price point represented more than half of meal-deal transactions. Miller also said food delivered mid-single digit growth in Canada, supported by meal deal promotions, and that Europe is preparing a broader food campaign launching in May across 12 countries.
In beverages, Miller said energy drinks delivered “solid mid-teens growth” across all three regions. In the U.S., packaged beverages posted another strong quarter while adult beverages remained under pressure, he said. In Canada, energy contributed to category growth and alcohol performed well, driven by beer and strong gains in wine, according to Miller. In Europe, he said energy drinks outperformed the market, especially sugar-free variants, with functional beverages and sports drinks contributing.
In nicotine, Miller said U.S. same-store sales grew in the mid- to high-single digits, with modern oral nicotine “substantially outperforming the broader market.” Age-verified digital membership was nearing 3 million, up almost 75% year over year. Miller said cigarettes returned to growth, supported by share gains and disciplined pricing, though management noted the mix shift weighed on merchandise margins.
Fuel performance was described as “steady and resilient.” U.S. fuel volumes declined 0.4% year over year but improved sequentially, while Canada volumes increased 4.2% and Europe volumes fell 1.6% amid macro pressure and extreme weather, Miller said.
Da Silva detailed fuel margins by region, citing road transportation fuel gross margin of $0.4771 per gallon in the U.S. (up $0.0343), $0.1087 per liter in Europe and other regions (up $0.0158), and CAD 0.1582 per liter in Canada (up CAD 0.0228). In Q&A, Miller said volatility in fuel prices has historically been “net positive” for Couche-Tard over the cycle due to optionality in sourcing and supply, though he added that margins were “in line with what we’ve delivered year to date” so far in the current quarter.
Investments, costs, capital returns, and balance sheet
Couche-Tard continued investing in network expansion and supply chain capabilities. Miller said the company completed construction of 37 stores in the quarter, reaching 80 new stores since the beginning of fiscal 2026, with another 58 under construction and a goal of 100 new sites this fiscal year. He also reiterated an ambition to add at least 750 new sites by 2030.
On distribution, Miller said three new distribution centers opened in the quarter, bringing the total to six self-distribution facilities supporting about 3,200 stores across North America. In Q&A, he said savings from self-distribution are “still to come,” emphasizing that the near-term priority is operational ramp-up and store service, with commercial benefits expected over time.
Normalized SG&A increased 4% year over year, reflecting inflationary pressures and targeted investments, including support for the food program and pre-operating costs tied to new distribution centers, Da Silva said. He added that year-to-date normalized expense growth of 3.3% was broadly aligned with inflation and said management expects better normalized expense performance in Q4.
Da Silva also said the company’s Core + More plan identified an additional CAD 850 million in EBITDA-level opportunities across operations and controllable expenses, following more than CAD 800 million in savings delivered under its Fit-to-Serve program. He highlighted ongoing rollout of the RELEX platform, with pilot results showing improved product availability and expectations for reduced spoilage and improved inventory efficiency as deployment scales.
On shareholder returns, Couche-Tard repurchased 12.9 million shares during the quarter for $684.4 million, and repurchased another 0.4 million shares after quarter-end for $21.6 million, Da Silva said. The board declared a quarterly dividend of CAD 21.5 cents per share, payable April 9, 2026 to shareholders of record as of March 20, 2026.
As of Feb. 1, 2026, return on equity was 18.3% and return on capital employed was 12.4%, Da Silva said. He added the leverage ratio stood at 2 to 2.25, with liquidity including $1.5 billion in cash and an additional $3 billion available under a revolving credit facility.
Outlook and themes from Q&A
Looking ahead, Miller said management remains “cautiously optimistic,” adding that it is “still early,” but that trends so far in the fourth quarter are “encouraging.” In response to questions on fuel prices, Miller said he did not see a direct correlation between higher fuel prices and in-store traffic in the company’s data, while noting that prices above $4 to $5 per gallon can add consumer stress.
Management also said it remains active on M&A across its three primary regions and noted that the company acquired 24 stores during the quarter. On loyalty and digital engagement, executives said U.S. Inner Circle added 1.2 million members in Q3 to reach 13.7 million, and disclosed metrics including higher monthly active users and increasing visits per member.
About Alimentation Couche-Tard (TSE:ATD)
Alimentation Couche-Tard Inc operates a network of convenience stores across North America, Ireland, Scandinavia, Poland, the Baltics, and Russia. The company primarily generates income through the sale of tobacco products, groceries, beverages, fresh food, quick service restaurants, car wash services, other retail products and services, road transportation fuel, stationary energy, marine fuel, and chemicals. In addition, the company operates more stores under the Circle K banner in other countries such as China, Egypt, and Malaysia.