1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
CMBY
Sector
Consumer
Subsector
Specialty Retail
Offer Range
—
Shares Offered
—
—
Implied Upside vs Midpoint
Description
We pride ourselves on delivering a leading retail experience through a modern and convenient shopping experience across multiple purchase occasions and strive to exceed our customers’ expectations. We seek to provide a “one-stop shop” retail destination through conveniently located stores that offer a full convenience assortment. Our offerings are supported by three core pillars: • Convenience: A one-stop destination for packaged food and beverage, tobacco products, toiletries, household items and other non-fuel, non-prepared food items (“Grocery & Merchandise”), prepared food, ready-to-eat meals, bakery items, as well as hot, cold and frozen dispensed beverages (“Foodservice”), and fuel (“Fuel”) and other ancillary services • Quality: A commitment to operational excellence, well-invested facilities and a leading customer experience • Performance: Continuous investment in efficient operations and advanced technologies, including machine learning, automated decision-making technology and artificial intelligence algorithms, models and technologies (collectively, “AI”) to drive results With leading positions in highly attractive markets, Cumberland Farms is one of the world’s largest independent convenience retailers, operating more than 3,200 sites across the United States and Europe as of March 31, 2026. We exist to serve the needs of our customers, and we invest in what matters to them, offering a broad range of great value, high quality products with a focus on convenience and excellent customer service. We have developed a strong brand identity across these attractive markets with an extensive network of stores throughout the United States and Europe. Across these regions, we hold a significant market position, ranking #5 in the United States and #4 in Europe by store count according to the Top 100 Convenience Retailers by NACS as of December 2025 and Straits Research as of December 2025, respectively. We benefit from strong regional presence and density in key geographies, including the Northeast in the United States, and Germany and Benelux in Europe. Our position is supported by strategically located high-volume sites, attractive underlying real estate, curated in-store offerings and a growing Foodservice offering that we believe provides a meaningful opportunity for future revenue and same store margin growth and contributes to a balanced gross profit mix across our fuel and in-store offerings. We believe our brand identity in the United States convenience store industry is strongest in the high-density Northeast market where we operate under our premium positioned flagship Cumberland Farms brand. In Europe, we operate in markets with limited new entrants and high natural barriers to entry, and our competitive position is further reinforced by investments in superior quality operations and customer experience to differentiate us against our competition. --- Euro Garages was founded in 2001 with the acquisition of a single site in Bury, England by Zuber Issa who was subsequently joined in the business by his brother Mohsin Issa. The Issa brothers rapidly expanded the business across the U.K. through both organic growth and the successful acquisition of businesses and individual sites. Funds managed by TDR Capital LLP (“TDR Capital,” such funds being the “TDR Funds”) first invested in the petrol forecourt business in 2014 through its acquisition of European Forecourt Retail Group (“EFR”), which had operations in Benelux, as well as France. EFR subsequently combined with Euro Garages in 2016 to form EG Group. This combination marked the beginning of a significant period of international growth both organically and through acquisitions. From 2018 to 2022, we expanded our global presence through a series of acquisitions, including approximately 760 convenience sites from Kroger, 570 Cumberland Farms sites, 540 sites from Woolworths in Australia and more than 2,000 Esso sites across Italy and Germany, which established a strong platform in key markets. We have since rationalized our portfolio through strategic divestitures to reduce net leverage and best position Cumberland Farms in the most attractive markets as we focus on the next stage of growth. Between 2023 and today, we have completed several significant divestitures, including the majority of our U.K. business for proceeds exceeding $3 billion, the sale of our Italian operations for proceeds exceeding $450 million and the sale of our Australian operations for proceeds of approximately $830 million. The sale of our Australian operations closed on June 30, 2026 and we expect to use the proceeds from such sale to further paydown outstanding indebtedness in the third quarter of 2026. Our French operations are under contract to be sold with expected gross proceeds of approximately $330 million over the period of the third quarter of 2026 to the second quarter of 2027. Additionally, our Parent is currently in the process of divesting its remaining U.K. operations. The proceeds from these divestitures have been and will be used to substantially reduce our leverage and cash interest expense, to enhance our credit profile and our ability to invest in organic growth opportunities in our target markets. We believe our current platform is strengthened by our flexible operating model across the United States and Europe that includes company-owned and company-operated sites (“COCO”), company-owned but not company-operated sites (“CONCO”) and dealer or third-party retailer owned and operated sites (“Other”). --- We offer a differentiated customer proposition by combining high-quality, prime-location stores with convenient and compelling fuel and in-store offerings. Across our markets, our stores are deeply rooted in their local geographies and serve a meaningful role in the communities in which they operate. Our in-store experience in the United States is supported by a Foodservice platform that is anchored by our proprietary Farmhouse Blend dispensed coffee and other dispensed beverage programs and is complemented by our emerging partnership with Krispy Krunchy Chicken, which we believe provides meaningful room for future Foodservice growth. In the United States, these offerings are further strengthened by our growing loyalty program that enables us to engage directly with customers and is designed to build long-lasting relationships. In Europe, our Foodservice offering is broader and is driven by both our partnerships with well-known global brands, such as Burger King, KFC, Starbucks and our proprietary brand Go Fresh Bakery. Outside the store, as mobility needs evolve, we continue to expand both traditional fuel and, where economically appropriate, electric vehicle (“EV”) charging, to ensure customers can access a full suite of refueling offerings. We see substantial near-term growth opportunities across our United States and European networks. Our priorities include strengthening same-store sales and fuel volumes through various initiatives such as a multi-year program to refresh and rebrand our United States portfolio under the premium Cumberland Farms brand, the rollout of various Foodservice initiatives and continued enhancement of our rapidly growing loyalty platform in the United States, as well as rebranding our Grocery & Merchandise stores and Foodservice locations and expansion of alternative Fuel offerings in Europe. We are also focused on improving profitability through targeted operational efficiencies and cost-saving initiatives. While our near-term focus is to further reduce leverage, we expect that, where we can achieve attractive returns, we will continue to selectively expand our footprint through bolt-on acquisitions that complement our existing network and through new-to-industry store development. We are well-positioned to continue to scale, supported by proven capabilities and a strong execution history. Together, these initiatives are designed to support stronger volumes and higher margins, enhance our customer value proposition and reinforce a disciplined approach to sustained value creation. --- Our principal executive offices are located at 13515 Ballantyne Corporate Place, Charlotte, North Carolina. Our telephone number at this address is (980) 394-8388. Our website address is https://www.cumberlandfarms.com/. Our registered office in the Cayman Islands is Walkers Corporate Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands.