CrossAmerica Partners LP Q3 FY2025 earnings call

• Charles discussed Retail segment highlights: fuel margin decline driven by lower crude oil volatility, volume changes at company-operated vs commission sites, and inside sales growth. - Wholesale segment: gross profit decline, volume changes, and rent decline due to site actions. - Maura reviewed financial results: net income increase, adjusted EBITDA decline offset by asset sale gains and interest expense decrease, distributable cash flow, distribution coverage, expense management (operating expenses down, G&A down), capital expenditures, and balance sheet improvements from asset sales.

Retail Segment: Gross profit decreased 4% to $80 million in Q3 2025 compared to $83.6 million in Q3 2024. Fuel margin per gallon was $0.384 in Q3 2025 vs $0.406 in Q3 2024. Same-store fuel volume: company-operated down slightly less than 3% year-over-year, commission down ~7%. Inside sales up ~3% (excluding cigarettes up 4%). Merchandise gross profit increased 5% to $32 million. Site count: company-operated decreased by 8, commission decreased by 3. Wholesale Segment: Gross profit declined 10% to $24.8 million in Q3 2025 vs $27.6 million in Q3 2024. Fuel gross profit down to $15.7 million, fuel margin per gallon $0.088 vs $0.09. Volume down 5% to 177.7 million gallons. Same-store volume down ~2.5%. Rent down due to site conversions and rationalization.

Since Q3 end, benefited from favorable fuel margin environment in Q4. Expect 2026 asset sales to contribute proceeds. Target to manage credit facility-defined leverage ratio at approximately 4x.

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