Retail Sector Implications of Alimentation Couche-Tard’s Feb–Apr results for Seven & i Holdings

Research evidence excerpt

Retail Sector Implications of Alimentation Couche-Tard’s Feb–Apr results for Seven & i Holdings

J P M O R G A N Asia Pacific Equity Research

23 June 2026

Retail Sector

Implications of Alimentation Couche-Tard’s Feb–Apr

results for Seven & i Holdings

• ACT’s 4Q results: Alimentation Couche-Tard (ACT, covered by Thomas Japan Equity Research

Palmer: report) announced 4Q FY2025 (12 weeks through April 26)

Retail

consolidated EBITDA of $1.586 billion (+30.9% YoY), well above JPMe of

$1.384 billion and the market’s $1.334 billion forecast. Fuel gross profit was Dairo Murata AC

the main reason for the overshoot versus JPMe, but merchandise sales and (81-3) 6736 8620

dairo.murata@jpmorgan.com

profits in Europe and the US also improved more than expected. ACT says that

Ami Terai

the main reasons for strong earnings were (1) its Core + More strategy, which (81-3) 6736-8660

fed through to improved customer numbers and sustained growth in key ami.terai@jpmorgan.com

categories such as beverages and packaged drinks, leading to overall growth Kazuha Matsuo

in the US business, and (2) the effective use of the strengths and agility in its (81-3) 6736-8614

global fuel supply chain in response to changing market conditions. kazuha.matsuo@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• US gasoline: Same-store sales volume fell 2.1% YoY, with the decline

accelerating from 3Q (–0.4%). Market share was stable, but lower demand

caused by rising fuel prices was the main factor. US fuel gross profit (CPG) was

52.44¢/gallon, rising 21.2% YoY and up 9.9% QoQ from 3Q (47.71¢/gallon,

+7.7% YoY). Compared with market estimates, same-store sales volume (–

0.1%) fell short of expectations while CPG (45¢/gallon)was significantly

above.