Imagine a version of Casey's General Stores with a more prominent wholesale fuel distribution business.

Think of it as a 7-Eleven that also operates a major fuel supply business for other stations.

• Convenience Store Merchandise: Sells a wide variety of grocery items, snacks, beverages, and other convenience goods directly to consumers.
• Retail Motor Fuel: Dispenses gasoline and diesel fuel to individual consumers at company-operated convenience stores.
• Wholesale Motor Fuel: Supplies branded and unbranded motor fuel to independent dealers and franchisees.
• Wholesale Merchandise Distribution: Distributes convenience store merchandise to independent dealers and franchisees.
• Fleet Fueling Solutions: Offers proprietary fuel card programs and related services for commercial fleets to manage fuel purchases.

• PepsiCo (PEP)
• The Coca-Cola Company (KO)
• Shell plc (SHEL)
• Exxon Mobil Corporation (XOM)
• BP p.l.c. (BP)
• Marathon Petroleum Corporation (MPC)
• Valero Energy Corporation (VLO)

Arie Kotler, Chairman, President, and Chief Executive Officer

Arie Kotler has served as the Chairman and Chief Executive Officer of ARKO Corp. since the merger transaction with Haymaker Acquisition Corp. II in December 2020. He also serves as Chief Executive Officer and President of GPM, roles he has held since September 2011 and April 2015, respectively. From November 2005 through December 2020, Mr. Kotler was Chairman and Chief Executive Officer of Arko Holdings, Ltd., a publicly traded company on the Tel Aviv Stock Exchange and GPM's controlling owner. Mr. Kotler formed GPM in 2003, initiating and managing the acquisition of Fas Mart and Shore Stop, then sold and reacquired the business in 2011. Since 2011, he has been Chairman of Ligad Investments & Building Ltd., a company that was publicly traded on the Tel Aviv Stock Exchange before being taken private in January 2013.

Jordan Mann, Interim Chief Financial Officer

Jordan Mann was appointed Interim Chief Financial Officer effective October 10, 2025. He brings over a decade of experience in finance and capital markets to his role. Before joining ARKO in 2023, Mr. Mann held senior positions in investment banking, serving as an Executive Director at Morgan Stanley and a Director at Credit Suisse. He holds a Bachelor of Science in Economics from Duke University and a Juris Doctor from Harvard Law School.

Efrat Hybloom-Klein, Executive Vice President, Office of the Chairman and CEO

Efrat Hybloom-Klein was appointed as ARKO Corp.'s Executive Vice President, Office of the Chairman and CEO in January 2022. From November 2006, she served as Chief Financial Officer of Arko Holdings Ltd., a publicly traded company on the Tel Aviv Stock Exchange, until its merger with Haymaker Acquisition Corp. II in December 2020, when it became a wholly-owned subsidiary of ARKO Corp. Prior to that, Ms. Hybloom-Klein worked for 10 years at Deloitte Israel as a Senior Audit Manager. She has 25 years of extensive financial and management experience with various leading public companies in both Israel and the U.S.

Irit Aviram, Executive Vice President, Office of the Chairman and CEO

Irit Aviram was appointed Executive Vice President, Office of the Chairman and CEO of ARKO Corp. in January 2022. She served as VP and General Counsel and Secretary of Arko Holdings Ltd. from October 2015 and also from June 2006 to September 2009. Ms. Aviram has over 25 years of experience as an attorney and general counsel for leading Israeli public companies, including some of the largest public holding and real estate companies in Israel. She was also a partner in a leading Israeli corporate and securities law firm and has been involved in many M&A transactions. Ms. Aviram holds a bachelor's degree in law and economics from Tel-Aviv University and an Executive MBA from Tel Aviv University.

Eyal Nuchamovitz, Executive Vice President, Business Development and M&A

Eyal Nuchamovitz was appointed as ARKO Corp.'s Executive Vice President, Business Development and M&A in January 2022. He has served as Executive Vice President of GPM Investments, LLC since January 2012 and has been a member of its Board of Managers since July 2012. Before joining GPM Investments, LLC, Mr. Nuchamovitz served as Chief Executive Officer of Arkos USA LLC, an affiliate of Arko Holdings, Ltd., from May 2010 to August 2014, and as Executive Vice President and Chief Financial Officer of Tarragon Corporation from November 2008 until April 2010. He holds a Bachelor of Arts in Accounting and Economics and a Master's in Legal Studies for Graduates in Economics and Accounting, and his background includes experience in M&A, strategic planning, and growing enterprise value.

1. Dealerization Program Execution Risk
   ARKO's strategy to convert company-operated retail stores to wholesale dealer sites, while intended to reduce expenses and improve margins, carries significant execution risks. This program has led to declining total revenue and merchandise contributions, and investors have expressed anxiety regarding the pace at which financial gains are materializing. Challenges include the potential loss of direct control over the customer experience and the risk of dealer onboarding failures impacting profitability.
2. Fuel Price Volatility and Declining Fuel Volumes
   The company's profitability remains highly exposed to the unpredictable swings in wholesale fuel prices, given that fuel is a core part of its business. Furthermore, ARKO has experienced persistent declines in same-store fuel gallon sales, which can undermine both top-line revenue and earnings growth. The broader trend of slowing gasoline demand poses a fundamental challenge to this primary revenue stream.
3. Economic Conditions, Consumer Spending, and Competitive Pressures
   ARKO is susceptible to broader economic and market risks, including changes in economic conditions, inflationary pressures, and shifts in consumer confidence and spending patterns, all of which can reduce demand for fuel and other products. The convenience store industry is highly competitive and fragmented, leading to challenges such as negative same-store merchandise sales trends for ARKO in an environment where some competitors are reporting growth.

• Shift to Electric Vehicles (EVs): The growing adoption of electric vehicles directly threatens ARKO's core business model, which heavily relies on gasoline sales and distribution. As EV market share increases, the demand for traditional fuel will decline, impacting both retail fuel sales at ARKO's convenience stores and its wholesale fuel supply operations.
• Rise of Quick Commerce and E-commerce for Convenience Store Items: The increasing availability and popularity of rapid delivery services and online platforms for convenience store products (often via partnerships or dedicated quick commerce companies) pose a threat to ARKO's in-store merchandise sales. This trend could divert customer foot traffic and impulse purchases away from physical convenience store locations.

ARKO Corp. (ARKO) operates primarily in the convenience store and wholesale fuel distribution sectors in the United States. The company's main products and services encompass retail sales of fuel and merchandise at convenience stores, wholesale fuel distribution to third-party dealers, and fleet fueling solutions.

The addressable markets for ARKO's main products and services in the U.S. are as follows:

• Convenience Store Merchandise Sales (U.S.): The total in-store convenience store sales in the U.S. were an estimated $297 billion in 2024.

• Wholesale Fuel Distribution (U.S.): The market size for Gasoline & Petroleum Wholesaling in the U.S. is estimated at $664.7 billion in 2025. The broader U.S. petroleum wholesale distribution industry reports annual revenue of approximately $1 trillion.

• Fleet Fueling (U.S.): The U.S. fuel card market, which is a key component of fleet fueling services, was estimated at USD 88.03 billion in 2024 and is projected to reach USD 148.18 billion by 2030. The global on-site fleet fueling market reached USD 5.7 billion in 2024.

• Quick Service Restaurants (QSRs) (U.S.): The quick service restaurant industry in the United States was valued at approximately $447.2 billion in 2025 and is expected to reach $731.6 billion by 2030.

• Electric Vehicle (EV) Charging Infrastructure (U.S.): While ARKO's core business is fossil fuels, convenience stores are a key location for EV charging. The U.S. electric vehicle charging infrastructure market size was valued at USD 5.09 billion in 2024 and is projected to grow to USD 24.07 billion by 2030.

ARKO Corp. (ARKO) is focused on several key initiatives to drive future revenue growth over the next two to three years, emphasizing operational efficiencies, customer engagement, and optimization of its various business segments.

Here are 4 expected drivers of future revenue growth for ARKO:

1. Dealerization Strategy: ARKO is actively converting company-operated retail stores into dealer-run locations. This strategy is anticipated to generate over $20 million in annualized operating income benefits and at least $10 million in recurring structural general and administrative savings, by optimizing its revenue and cost structure. As of Q3 2025, approximately 350 stores have been converted since 2024, with commitments for an additional 185 sites, contributing to strong wholesale gallon growth and margin benefits.
2. Growth of the Fas REWARDS Loyalty Program: The company's fas REWARDS loyalty program is a significant driver of customer engagement and repeat business. The program experienced robust growth, with a 37% increase in average daily enrollment in Q3 2025, reaching approximately 2.4 million members. Enrolled customers demonstrate higher spending patterns, spending approximately $110 per month or 53% more compared to non-members, which is expected to boost overall merchandise sales.
3. Expansion and Optimization of the Wholesale and Fleet Fueling Segments: ARKO's wholesale segment has shown solid growth, with operating income increasing and a 7.5% rise in gallons in Q3 2025. This growth is driven by ongoing channel optimization efforts and dealer conversions. Additionally, the company plans to introduce new "cardlock" locations for fleet fueling in 2026, aiming to capitalize on the attractive recurring cash flow profile of this business.
4. Store Remodels and Enhanced In-Store Offerings: ARKO is investing in store remodels with a focus on enhancing merchandise and foodservice offerings to attract more shoppers and increase non-fuel revenue. Merchandise margins are improving, partly due to effective promotions and strong vendor support, with a notable increase in the same-store merchandise margin rate by approximately 60 basis points compared to the previous year. There is also a specific focus on driving growth in "Other Tobacco Products (OTP)" with a 16% basket growth and 6.6% same-store sales increase year-over-year in Q3 2025.

• ARKO's Board of Directors increased the share repurchase program by an additional $50 million in May 2023, raising the total authorized amount to $100 million.
• The share repurchase program was further expanded to $125 million in May 2024.
• During 2023, ARKO repurchased approximately 4.2 million shares of common stock for about $32 million.

• In October 2020, ARKO became publicly listed on Nasdaq through a merger with Haymaker Acquisition Corp. II, a Special Purpose Acquisition Company (SPAC).
• Share-based compensation resulted in issuances of approximately $15.02 million in 2023 and $12.34 million in 2024.

• ARKO's subsidiary, GPM Investments, secured a $1.15 billion real property commitment from Oak Street Real Estate Capital, extended in April 2022, which facilitates acquisitions by purchasing and leasing real estate.

• ARKO utilized approximately $1.48 billion for acquisitions between 2020 and 2023.
• In July 2022, ARKO acquired Quarles Petroleum for $170 million, adding 121 proprietary and 63 third-party cardlock fleet fueling sites.
• ARKO acquired Transit Energy Group in October 2023 for approximately $375 million plus inventory, expanding its retail and wholesale fuel footprint in the Southeastern United States.

• Capital expenditures for the last 12 months, as of June 30, 2025, were approximately $133.77 million.
• Capital expenditures in Q2 2025 were approximately $45.3 million, and in Q3 2025 were approximately $24.9 million.
• Primary focuses for capital expenditures include investments in new-to-industry (NTI) stores, remodeling new format stores, installing EV chargers, and upgrading fuel dispensers.