CASY: Stepping up to the plate: CASY F27-29 Strat Plan consistent with prior, RBC assumptions

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CASY: Stepping up to the plate: CASY F27-29 Strat Plan consistent with prior, RBC assumptions

RBC Dominion Securities Inc.

Irene Nattel (Analyst)

(514) 878-7262, irene.nattel@rbccm.com

Martin Gravel, CFA (Associate Analyst)

(514) 878-7264, martin.gravel@rbccm.com

Kseniia Tokarieva (Associate)

(416) 842-9922, kseniia.tokarieva@rbccm.com

June 24, 2026

Casey's General Stores, Inc. Sector Perform

NASDAQ: CASY; USD 777.36RESEARCH Stepping up to the plate: CASY F27-29 Strat Plan Price Target USD 794.00

consistent with prior, RBC assumptions Scenario Analysis*

Our view: High level objectives of the new 3-year plan announced this

morning in conjunction with 2026 Investor Day are broadly consistent with DownsideScenario CurrentPrice TargetPrice ScenarioUpside

prior published forecasts and maintains 8-10% EBITDA CAGR target despite

a materially larger base (~$1.5B), having delivered 16% over F24-26. With 498.0036% 777.36 794.002% 982.0027%

S&P 500 inclusion, a $1B buyback authorization, and wings scaling chain-

*Implied Total ReturnsEQUITY wide by FY29, in our view, the setup supports continued re-rating. Key Statistics

Key points: SharesDividend:O/S (MM): 36.92.60 MarketYield: Cap (MM): 28,7180.3%

High-level drivers of the F27-29 plan largely consistent with recent Avg. Daily Volume: 595,630 3-Yr. Est. EPS Growth: 16.82%

commentary from management and expectations. The plan is being

fleshed out during a four-hour analyst/investor meeting that began at 9:30 RBC Estimates

AM ET today (link). The event is also showcasing the breadth of CASY FY Apr 2025A 2026A 2027E 2028E

management, highlighting the extensive experience and deep bench of EPS, Ops Diluted 14.64 19.17 20.92 23.35

leadership. Highlights of F27-F29 target vs prior published forecasts in Ex. P/E 53.1x 40.6x 37.2x 33.3x