CrossAmerica Partners LP Q4 FY2025 earnings call

• Retail segment had strong fuel and merchandise margins in Q4 2025. Volume performance was mixed with reversion from prior strong year and decisions in commission class to optimize. Inside sales showed growth. • Wholesale segment saw gross profit decline due to volume and rental income drop but margin increase. • Full year 2025 retail had gross profit increase, wholesale had gross profit decline. • Asset sales in 2025 were record, with proceeds used to pay down debt. Focus on site class of trade conversions. • Operating expenses declined in Q4 2025, with retail down 1% and wholesale down 18%. Full year 2025 operating expenses had retail up and wholesale down. • Capital expenditures focused on growth and sustaining, with Q4 2025 having $5.7 million growth-related and $1.4 million sustaining. Full year 2025 had $27.2 million growth-related and $8.5 million sustaining.

Retail Segment: Fourth quarter 2025 gross profit increased 10% to $82.9 million. Fuel gross profit up due to higher retail fuel margins; fuel margin per gallon 44.9 cents vs 37.6 cents in 2024. Retail fuel volume down 8% same-store; company-operated down ~6%, commission class down ~11%. Inside sales slightly up, excluding cigarettes up 1% same-store. Merchandise gross profit up 3% to $28.8 million. Full year 2025 retail gross profit up 4% to $302.2 million. Wholesale Segment: Fourth quarter 2025 gross profit declined 7% to $24.2 million. Fuel gross profit up 6% to $15.7 million, margin up 13% to 9.3 cents per gallon. Volume down 6% to 168.9 million gallons. Full year 2025 wholesale gross profit down 7% to $100.5 million. Fuel volume down 7% to 688.7 million gallons, margin up 7% to 9.1 cents per gallon

• Continue to execute on retail operations basics. • For wholesale, continue providing service to customers. • Expect to continue site divestitures in 2026 but not at 2025 level, use proceeds for growth and balance sheet. • Continue site class of trade conversions with focus on increasing retail exposure, at lower level than 2025. • Start 2026 with strong core portfolio, stronger balance sheet with enhanced flexibility.

Q: So as always, we thank you for joining us. Should you have a question later, please feel free to reach out.

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