They are like a rapidly expanding Casey's General Stores for the Southwest and Midwest, famous for their unique regional food like deep-fried burritos.

Imagine a modernized, tech-driven 7-Eleven that also acts as the primary local grocer in many of its rural and suburban communities.

• Convenience Retail Merchandise: Sale of a wide array of grocery items, snacks, beverages, and other general merchandise, including private-label products, through their convenience store locations.
• Prepared Food and Beverages: Offering a leading foodservice platform featuring items such as Allsup’s famous deep-fried burritos and other prepared food and drink options.

Yesway (YSWY) primarily sells to individuals.

The company serves the following categories of customers:

1. Everyday Shoppers / Local Community Members: These customers reside in Yesway's attractive rural and suburban markets and rely on the stores for daily convenience needs, groceries, household items, and fuel. For many, Yesway effectively functions as their local grocer due to its wide variety of high-quality grocery items and private-label products.
2. Foodservice Enthusiasts: A significant customer segment is drawn to Yesway's differentiated foodservice offering, which includes the famous Allsup's deep-fried burrito, for prepared meals and snacks.
3. On-the-Go Consumers / Travelers: This category includes individuals who stop at Yesway locations for quick purchases such as fuel, beverages, snacks, and other immediate convenience items while commuting, running errands, or traveling through the Southwest and Midwest regions where Yesway operates.

Thomas N. Trkla, Chairman, Chief Executive Officer, and President

Thomas N. Trkla is the founding member and majority owner of Brookwood Financial Partners, the private equity firm that established Yesway in 2015. He directs all aspects of Brookwood's and Yesway's operations, investment, and acquisition strategies. Prior to founding Brookwood, Mr. Trkla held senior executive positions at Winthrop Securities Co., Inc., a real estate investment and management firm, and was a Vice President at The Boston Company Real Estate Counsel, Inc., which advised tax-exempt pension plan sponsors. He has built Yesway through numerous acquisitions and new store development.

Ericka L. Ayles, Chief Financial Officer

Ericka L. Ayles serves as the Chief Financial Officer of Yesway. She is also a Senior Managing Director and the Chief Financial Officer at Brookwood Financial Partners, the private equity firm backing Yesway. Ms. Ayles was recognized as a "Senior-Level Leader" in Convenience Store News' 2019 Top Women in Convenience.

Mark Daniels, Founder and Chief Strategy Officer

Mark Daniels is a Founder and the Chief Strategy Officer for Yesway. He also holds the role of Managing Director and Chief Strategy Officer for Brookwood Financial Partners, the private equity firm behind Yesway. Mr. Daniels is responsible for establishing strategic priorities and executing comprehensive strategic plans for both Brookwood and Yesway, and he is a member of their respective Executive and Investment Committees.

Thomas W. Brown, Chief Real Estate Officer

Thomas W. Brown was appointed Chief Real Estate Officer of Yesway in March 2023. He is also the President and Director of Real Estate Acquisitions at Brookwood Financial Partners. Before joining Brookwood in 1994, Mr. Brown was the President of a publicly held national real estate firm, where he oversaw the real estate operations of 250 office buildings and shopping centers across the United States.

Douglas Wald, Chief Retail Operations Officer

Douglas Wald serves as the Chief Retail Operations Officer for Yesway, having previously been promoted to Vice President of Operations. He manages daily store operations, assists store managers, and is responsible for the operating budget and profit and loss for individual stores. Prior to Yesway, Mr. Wald was a regional operations manager for The Pantry, Inc., where he held P&L responsibility for 85 convenience stores. He also served as the Chief Operating Officer for Presto Convenience Stores, which was acquired by The Pantry in 2010, managing 54 stores with annual sales exceeding $250 million.

Key Risks

1. Risks Associated with Rapid Growth and Acquisitions: Yesway has pursued a strategy of rapid growth since its inception in 2015, achieving expansion through new store development and 27 acquisitions. This aggressive growth strategy inherently carries risks such as challenges in successfully integrating acquired businesses, potential difficulties in managing a rapidly expanding operational footprint, increased debt burden to finance acquisitions, and the risk that anticipated synergies and returns from these investments may not materialize.

2. Competition in the Convenience Retail Market: Despite being recognized as a leader and often the "convenience retail destination of choice" in its markets, Yesway operates in a highly competitive industry. The convenience store sector is subject to intense competition from other convenience stores, gas stations, grocery stores, dollar stores, and potentially other retail formats. Sustaining market share and continued same-store sales growth in such an environment requires continuous investment in offerings, technology, and operational efficiency.

3. Dependence on Regional Economic Conditions and Consumer Spending: Yesway's geographic footprint is concentrated in "attractive rural and suburban markets across the Southwest and Midwest." This regional concentration makes the company's performance susceptible to the economic health, demographic shifts, and consumer spending patterns specific to these areas. As a convenience retailer, Yesway's sales are also sensitive to broader consumer discretionary spending, which can be impacted by factors such as inflation, fuel prices, and general economic downturns.

• Emergence of specialized retail experiences at Electric Vehicle (EV) charging hubs. As EV adoption increases, new retail models are emerging around charging stations. These dedicated hubs often offer enhanced amenities, modern convenience store formats, and food service options tailored to the longer dwell times associated with charging, directly threatening Yesway's position as a primary "convenience retail destination" for drivers.
• Accelerated expansion of online grocery delivery and click-and-collect services into rural and suburban markets. Yesway identifies itself as "effectively the local grocer" in its target markets. The ongoing trend of major retailers expanding their online ordering, pickup, and home delivery capabilities into less densely populated areas could directly challenge Yesway's market share in the grocery segment, eroding its role as the primary local grocery option.

The addressable markets for Yesway's main products and services are in the United States, given the company's geographic footprint across the Southwest and Midwest regions.

The primary addressable markets for Yesway are:

• U.S. Convenience Store In-Store Sales Market: The total U.S. convenience store in-store sales reached $335.5 billion in 2024. This market encompasses the wide variety of high-quality grocery items and private-label products that Yesway offers.
• U.S. Convenience Store Foodservice Market: The U.S. convenience store foodservice market, a key offering for Yesway featuring products like Allsup’s deep-fried burrito, is projected to reach $78.1 billion in 2026. In 2024, foodservice sales accounted for 27.7% of in-store sales at convenience stores.

Yesway (symbol: YSWY) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion through New Store Development and Strategic Acquisitions: The company has a demonstrated history of growth through new store construction and acquisitions, with a goal to continue solidifying its market position and increasing its store count. This strategy has enabled Yesway to expand its portfolio in existing and new markets, build brand density, and evolve store formats.
2. Growth in Foodservice Offerings and Private-Label Products: Yesway differentiates its sites with a leading foodservice offering, prominently featuring Allsup’s famous deep-fried burrito, alongside a wide variety of high-quality grocery items and private-label products. Refining the foodservice platform and enhancing these diverse offerings are expected to contribute to revenue expansion.
3. Continued Same-Store Sales Growth: The company has a proven track record of consistent same-store sales growth over the past three years, indicating strong customer loyalty and effective retail operations. Maintaining and further growing same-store sales will be a significant driver of future revenue.
4. Enhancing Customer Experience and Operational Efficiency through Technology Investment: Yesway's investment in technology and software-driven automation aims to enhance the customer experience and enable real-time data-driven decision-making. These improvements are expected to optimize operations, improve customer engagement, and ultimately drive increased sales and revenue.

Share Repurchases

• Yesway has not made any share repurchases over the last 3-5 years, as indicated by a buyback yield of 0.00% as of April 16, 2026.

Share Issuance

• Yesway priced its initial public offering (IPO) at $20.00 per share, offering 14 million shares of its Class A common stock.
• The IPO raised $280 million.
• The underwriters have a 30-day option to purchase up to an additional 2.1 million shares of Class A common stock at the IPO price.

Inbound Investments

• Yesway was established in 2015 with the financial backing of Brookwood, a real estate-focused private equity firm.
• Approximately $249.3 million of the IPO proceeds are designated to redeem existing preferred equity, suggesting significant prior investments by its private equity backer.
• Brookwood Financial Partners' initial 10-year investment fund in Yesway was set to expire in 2026, influencing the company's decision to go public.

Outbound Investments

• Yesway made two smaller acquisitions in the last 3-5 years: nine c-stores from Tres Amigos Convenience Stores in 2022 and five Ranglers convenience stores in 2023.
• The company is selling its 29 convenience stores across Iowa and Kansas to Mega Saver for $17.5 million plus inventory, with the sale expected to close in the second quarter of 2026.

Capital Expenditures

• Yesway opened 59 new-to-industry stores and completed 31 raze-and-rebuild projects between June 2021 and December 2025.
• The company plans to open 130 new convenience stores over the next five years, including six to eight new stores in 2026.
• Yesway anticipates spending between $40 million and $50 million to open the first six to eight new stores in 2026, with a focus on new store development through a "build-to-suit" program and increasing self-funding.