Alimentation Couche-Tard Eyes Record Żabka Deal as Shareholders Back Growth Strategy

Alimentation Couche-Tard plans to acquire a controlling stake in Poland’s Żabka Group for approximately $8.6 billion, potentially its largest-ever acquisition. The deal is expected to close by year-end, with $250 million in projected synergies by the third year.

The company’s “Core + More” plan prioritizes fuel, nicotine and beverages while expanding food, e-mobility, car washes, digital capabilities and its store network. Couche-Tard surpassed 4,000 European charging points and plans to add 750 sites by 2030.

Shareholders approved the auditor, all 16 director nominees and executive compensation approach, while rejecting three MÉDAC proposals. Fiscal 2026 EBITDA rose 18.2% to more than $7 billion, and the quarterly dividend increased 10.5%.

Alimentation Couche-Tard TSE: ATD shareholders approved the company’s auditor appointment, director slate and executive compensation approach at its annual meeting, while rejecting three shareholder proposals submitted by MÉDAC, the Mouvement d’éducation et de défense des actionnaires. Founder and Executive Chairman Alain Bouchard said the company navigated a challenging environment marked by geopolitical uncertainty and pressure on consumer budgets. He emphasized the retailer’s decentralized operating model, which places decision-making close to local customers and communities, and credited store teams for the company’s resilience.

“Retail is at its core a people business,” Bouchard said, pointing to the company’s focus on stores being clean, customer-ready and staffed by teams that provide friendly service. He also noted that the company received Gallup’s Exceptional Workplace Award for a fifth consecutive year, including recognition “with distinction” this year.

Shareholders approved the appointment of PricewaterhouseCoopers as the company’s auditor until the next annual meeting and authorized the board to set the auditor’s compensation. All 16 nominees were elected to the board, including Bouchard, President and CEO Alex Miller, Louis Vachon, Jean Bernier, Karinne Bouchard, Eric Boyko, Marie-Ève D’Amours, Janice Fields, Eric Fortin, Richard Fortin, Stephen Harper, Mélanie Kau, Marie-Josée Lamothe, Monique Leroux, Réal Plourde and Louis Têtu. The company’s nonbinding advisory vote on executive compensation was also approved. The three MÉDAC proposals, concerning shareholder engagement, the format of annual meetings and an advisory vote on environmental policies, were rejected.

The company said detailed voting results would be made available on its website and SEDAR+.

Miller said the company’s refreshed Core + More strategy, introduced in February, focuses on categories in which customers rely on the company most: fuel, nicotine and beverages, which the company refers to as “thirst.” The strategy also calls for investment in food, network development, e-mobility and car wash, supported by supply-chain, digital, data and technology capabilities.

The CEO said Alimentation Couche-Tard recorded same-store sales growth in the U.S., Canada and Europe during the year and outperformed the broader convenience industry. He said the company sold more than 40 million food bundles in the U.S. and introduced those bundles in Canada and Europe. In loyalty, Miller said the Inner Circle program expanded to 5,000 U.S. stores and exceeded 15 million members. The company also completed the rollout of Extra 2.0 across its legacy Europe business. In e-mobility, Couche-Tard surpassed 4,000 charge points in Europe and ...