ARKO : Investor Presentation – May 2026

Published: 2026-05-12 07:16:26 ET ARKO

Published on 05/12/2026 at 07:16 am EDT

One of the Largest Operators of Convenience Stores and Wholesale and Fleet Distributors in the U.S.

A Fortune 500® Company

M a y 2 0 2 6

All information is FY 2025 and as of Year End 2025, as applicable (unless otherwise noted)

~$1.5 Billion

Cumulative Adjusted EBITDA from 2020 through 2025

~3,500

Total Sites

~2.1 Billion

Fuel Gallons Sold in 2025

More Than

30 States

of operation

~10,000

Employees

~2.4 Million

Enrolled fas REWARDS® Loyalty Members

26 Acquisitions

(2013 - 2025)

~$1.8 Billion of Acquisitions

Aggregate Purchase Price(1) (2013 - 2025)

Highly Experienced

In-house M&A Team

Aggregate Purchase Price represents total transaction value inclusive of third-party related financing 4

Complementary segments provide scale, earnings diversification and durable cash flows

$249M

2025 Adjusted EBITDA

RETAIL SEGMENT

1,118

Company Operated Retail Sites

$1.5B

Merchandise Sales

923M

Fuel Gallons Sold

59%/41%

Merchandise and Other Income / Fuel GP Split

$268M

Retail Operating Income(1)

WHOLESALE, FLEET FUELING AND GPMP (2) (Nasdaq: APC)

3,489

Total Sites

~2.0B

Gallons Distributed

$208M

Fuel Contribution(3)

$143.5M

Adjusted EBITDA

M A P O F C O M B I N E D O P E R A T I O NS ( D e c e m b e r 3 1 , 2 0 2 5 )

Wholesale Sites

Notes: Financial information is for FY 2025 and as of December 31, 2025, as applicable.

Excludes the estimated fixed margin paid to the GPMP segment for the cost of fuel. Represents site-level EBITDA. 5

GPMP segment includes 1,095 retail sites and gallons sold to the retail segment.

Represents fuel revenue less fuel costs.

One of the Largest Operators of Convenience Stores in the U.S. with Significant Community Brand Equity

One of the Largest Wholesale and Fleet Fuel Distributors in North America with Historically Stable Cash Flows through ARKO Petroleum Corp. ("APC")

Multi-Year Transformation Plan Underway and Delivering Results

Demonstrated Reputation as a Return on Invested Capital Focused Acquirer of Choice

Strong Track Record of Accretive Acquisitions with a Repeatable Playbook in a Fragmented Industry

Runway of Expected Growth Across Multiple Channels

Proven Founder-led and Experienced Management Team

PORTFOLIO KEY STATISTICS

( f o r t h e Y e a r E n d e d D e c e m b e r 3 1 , 2025 a n d a s o f D e c e m b e r 3 1 , 2 0 2 5 , a s a p p l i c a b l e )

1,118

Company Operated Retail Sites

923M

Fuel Gallons Sold

$268M

Retail Operating Income(1)

G R O S S P R O F I T M I X

41%

53%

$1.5B

Merchandise Sales

59% / 41%

Merchandise and Other Income / Fuel GP Split

Note: (1) Excludes the estimated fixed margin paid to the GPMP segment for the cost of fuel. Represents site-level EBITDA. 8

ROI Focused Retail Growth

Differentiated Strategy Preserves Established Community Brand Equity

Centralized Procurement and Merchandising Leverage Network Scale

Optimized Purchasing and High-Performing In-Store Offerings Drive Returns

Common Loyalty Program Enables Network-Wide Promotions, Marketing and Branding

LEADING BANNERS WITH 50 + YEAR HISTORIES IN THEIR COMMUNITIES

Est. 1970

55+ Years

Est. 1980

45+ Years

Est. 1966

60+ Years

Est. 1977

45+ Years

Est. 1966

60+ Years

Est. 2017

5+ Years

Est. 1975

50+ Years

Est. 1957

65+ Years

151,975 convenience stores operate in the United States(1)

~63% (96k) of stores are operated by operators with 10 or fewer stores

ARKO competes market-by-market and store-by-store, using scale to our advantage while pursuing our in-store and fuel strategies

With ARKO's liquidity, there are many opportunities for continued

consolidation

2025 Split of Stores Count

By Operator S i ze ( 1 )

22%

15%

63%

Note: (1) NACS "US Convenience Store Count" January 2026 10

High-quality retail portfolio

Segmentation of Retail Store Portfolio, Retaining Stores in Strategic Markets While Transitioning Certain Stores to the Wholesale Segment

Retained-Store Targeted Reinvestment to Fuel Organic Growth: Enhanced Food + Refresh / Remodel / Rebuild

Accelerated Retail Remodel and New-to-Industry (NTI) Program

Zone Pricing to Optimize Pricing Strategies Across Customer Segments

COGS Reduction Initiative Through Enhanced Tools and Negotiation

Implementation of a New Procure-to-Pay Platform to Drive Indirect Spend Reduction and Organizational Efficiencies

07 Continued Pursuit of M&A Opportunities

Execution & Scale:

450 stores converted since mid-2024 (through March 31, 2026)

~75 additional sites committed either under letter of intent, under contract or already converted since March 31, 2026

Profit Lift & Monetization:

Increases operating profit (lowers store-level costs and maintenance expense)

>$20MM cumulative annualized operating income benefit (pre-G&A) at full scale

>$10MM identified cumulative structural G&A savings

Monetizes the properties: converted sites become APC wholesale customers + generate rental income

F o o d S e rvic e D e v e lop men t

Continue to tweak

O p t im ize C o ld

R e m o dels a nd N T I s

Heavy touch remodels

Bridge remodels

Protecting turf remodels

F u e l in g

G row T o tal N i c otin e

Continuous focus on associate contest incentives, strong promotional efforts, and new items

I n c re a s e f a s R E W A R D S ®

E nga ge m ent a nd

E n ro l lme n t

New app version released in Q1 2026

Store goals and associate incentive programs

Ops/Marketing partnership initiative

menus at various delis

Expand fas craves food and beverage programs, including stores not identified for remodel

V a u l t E x e c u t ion a n d In - S to ck s

Ops/Marketing

partnership initiative

DSD CAO

A m e r ica ' s F u tu re

Market differentiating

strategy 13

MERCHANDISE MARGIN

33.7%

33.9%

+ ~350 bps

2022 2023 2024 2025 Q1 '26

30.4%

31.8%

32.8%

RETAIL FUEL MARGIN

+6.5 CPG

41.4¢

38.8¢

39.6¢

42.8¢

47.9¢

2022 2023 2024 2025 Q1 '26

STRONG OPPORTUNITY TO FURTHER EXPAND MARGIN BASED ON CONTINUED OPTIMIZATION OF ASSORTMENT, ANALYTICS, AND OFFERS 14

New-format, food-forward remodels; program to ramp in 2026

Rollout & Pipeline

3 new-format remodels opened 2025 and 2 more opened in 2026

2 retail store NTIs opened in 2026, and on track for 3 new Dunkin' and one

more retail store NTI

Planning ~25 remodels, featuring fas craves food and beverage elements

B E F O R E R E M O D E L A F T E R R E M O D E L

New interior and exterior

Food-forward model designed to lift sales, margin, trips and basket

Improved layout and customer experience

All information is FY 2025 and as of Year End 2025, as applicable (unless otherwise noted)

Transaction Highlights:

On Feb. 12, 2026, APC publicly listed on NASDAQ

− APC includes the operations of ARKO's wholesale, fleet fueling and GPMP segments

− Responsible for the wholesale distribution of motor fuels to substantially all of ARKO's retail convenience stores that sell fuel

Public Listing Date Offer Price

Shares Offered

Primary Gross Proceeds ARKO Ownership

Use of Proceeds

Target annual dividend rate

February 12, 2026

$18.00 per share

12.6M Shares of Class A Common Stock(1)

~$226 million

73.6% of the economic interest in APC(1)

Applied $206.7M out of $206.8M net

proceeds to repay indebtedness

$2.00 per share

Notes: (1) Reflects impact of the underwriters exercising their over-allotment option to purchase additional shares of Class A common stock. 17

APC is one of the largest wholesale fuel distributors by gallons in North America

APC OVERVIEW

APC distributes fuel to 3,489 sites across the U.S. through its three business segments

SEGMENT HIGHLIGHTS

W H O L E S A L E S E G M ENT

Supplies third-party gas stations, sub-wholesalers, and bulk and spot purchasers

F L E E T F U E L I NG S E G M E NT

Proprietary + third-party cardlocks supply commercial fleets and municipal entities

Commissions from fuel sales at third-party locations using proprietary fuel cards

G P M P S E G M ENT

Supplies ARKO Retail Sites under fixed per gallon fee arrangement

FLEET FUELING

GPMP(1 )

WHOLESALE

2,099

Total Sites

989M

Total Gallons Distributed

$95M(2)

Fuel Contribution

295

Total Sites

143M

Total Gallons Distributed

$66M(2)

Fuel Contribution

1,095

ARKO Retail Sites

865M

Total Gallons Distributed

$43M

Fuel Contribution

Notes: (1) Does not reflect the GPMP segment results related to inter-segment transactions which are eliminated in consolidation.

(2) Excludes the estimated fixed margin or fixed fee paid to the GPMP segment for the cost of fuel.

Tenured Supplier Relationships and Long-Term Fee-Based Distribution Contracts

Stable Cash Flow Profile With High Relative Cash Flow Conversion

Well-Positioned to Return Capital to Stockholders While Pursuing a Conservatively Capitalized Balance Sheet

Strong Track Record of Sourcing and Integrating Accretive Acquisitions

Robust Organic and Inorganic Growth Outlook

Experienced Management Team

FUEL DISTRIBUTION MODEL

WHOLESALE ( COST - PLUS & CONSIGNMENT)

Fixed-fee mark-up (1,801 sites) and gross profit share under consignment (298 sites)

Typical 10-year initial contract terms

Embedded rental income

FLEET FUELING

Supplies commercial fleets (295 sites)

Fuel card commissions (APC fuel cards)

GPMP ( COST- PLUS)

Supplies ARKO retail sites

10-year agreement at cost-plus

Majority of gallons (~85%) distributed are sold under longterm, cost-plus contracts

C O N T R A C TS S U P PO R T C A S H F L O W S T A B IL ITY

C OS T - PL US A G R E E M E NTS L I M I T

31%

83%

Cost-Plus

Site Count

52%

A P C ' S E X P O SU R E T O F L U C T UATI NG

C O M M O D I TY P R I C E S

85%

42%

Gallons

7% Distributed

43%

Cost-Plus

Notes: As of/for the year ended December 31, 2025. 20

Disclaimer

Arko Corporation published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 11:15 UTC.