Investor Presentation Fiscal Year 2019 Summary June 27, 2019 Safe - PowerPoint PPT Presentation

Investor Presentation Fiscal Year 2019 Summary June 27, 2019

Safe Harbor Statements This presentation is dated as of June 27, 2019 and speaks as of that date. Forward-Looking Statements This presentation contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include any statements relating to our possible or assumed future results of operations, business strategies, growth opportunities, and performance improvements at our stores. There are a number of known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any future results expressed or implied by those forward-looking statements, including our ability to execute our value creation plan or to realize benefits therefrom, as well as other risks, uncertainties and factors which are described in our most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as filed with the Securities and Exchange Commission and available on our website. Any forward-looking statements contained in this presentation represent our current views as of the date of this presentation with respect to future events, and Casey's disclaims any intention or obligation to update this presentation or revise any forward-looking statements attached in this presentation whether as a result of new information, future events, or otherwise. Use of Non-GAAP Measures This presentation includes refers to "EBITDA," which we define as net income before net interest expense, depreciation and amortization, and income taxes. EBITDA is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). We believe EBITDA is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of financial performance and debt service capabilities, and it is regularly used by management for internal purposes including our capital budgeting process, evaluating acquisition targets, and assessing store performance. EBITDA is not a recognized term under GAAP and should not be considered a substitute for net income, cash flows from operating activities or other income or cash flow statement data. EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, EBITDA, as defined by us, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare our use of this non-GAAP financial measure with those used by other companies. Reconciliations of EBITDA to GAAP net income for completed fiscal years can be found in our annual reports on Form 10-K, filed with the SEC. 2

4th Largest Convenience Store Business in North America 1 $7.0 billion 2,100+ 650 million+ 37,000+ Total Enterprise Value Locations in 16 States Customers/Year Total Employees Stock Information 2 NASDAQ: CASY Common Shares: 37.0 million Market Cap: $5.7 billion Avg Daily Volume: 317,304 shares Investor Relations Contact Bill Walljasper, CFO (515) 965-6505 bwalljasper@caseys.com LTM Growth Positive ◊ Polite ◊ Professional ◊ Proud 3 1 By number of stores in North America 2 As of close June 27, 2019

Unique Distribution Placement Meets Store and Customer Needs Distribution Infrastructure 2 – Terre Haute, IN 1 - Ankeny, IA 1 2 1 2 500 Mile Distribution Radius Fuel Distribution 4

Unique Store Base – 1,000 to 20,000 Population Communities Core States New States 1 With Without With Without Casey’s Casey’s Total 2 State Casey’s Casey’s Total 2 State Stores by Population Iowa 252 230 22 Arkansas 171 22 149 Illinois 547 301 246 N. Dakota 45 11 34 Under 18% Missouri 306 121 185 5,000 Oklahoma 200 180 20 5,000 to Kansas 172 101 71 10,000 Kentucky 189 11 178 12% Minnesota 300 109 191 10,000 to 56% Tennessee 197 11 186 20,000 Nebraska 96 58 38 Over 14% Ohio 447 7 440 20,000 Indiana 262 80 182 Michigan 298 297 1 S. Dakota 59 33 26 Subtotal – 1,547 83 1,464 Wisconsin 317 21 296 Newer Subtotal - 2,311 1,111 1,200 Core All States 3,858 1,194 2,664 1 States new to Casey’s within the last 10 years 5 2 Total cities. Source: http://factfinder.census.gov; Estimated 2018 Pop.

Fiscal 2019 by Category Revenue Gross Profit 3% 1% 11% 24% Fuel Fuel 34% Grocery & Other Grocery & Other 25% Merchandise Merchandise Prepared Food & Prepared Food & 63% Fountain Fountain Other Other 39% $9.35 Billion $1.95 Billion 6

Continuing Our Value Creation Plan Digital Engagement Same-store sales benefit in FY 2020; growing impact as year progresses Fleet Card Expected to drive increased in-store traffic and fuel sales within FY 2020 Price Optimization Early benefits in FY 2019 with expected improvement in FY 2020 and further gains FY 2021+ Focus on Operating Expenses Continuing to drive efficiencies through enhanced cost initiatives Capital Allocation Disciplined approach to capital allocation to increase shareholder value Dividends and Share Repurchase Continued success providing increased dividends; new share repurchase authorization through 2020 7

Enhancing Our Customer Centric Business Through Digital Engagement Digital Journey Provide Seamless Identify and Convenience for Understand  Partnered with Deloitte Digital team to FY 2018 Customers Customers develop detailed business case and roadmap Digital Strategy Objectives  New CMO who will lead digital implementation  Design Website enhancement design phase  Enterprise and services integration FY 2019  In-store technology design, build and pilot Implement Personalized Build Marketing and Rewards  Integrated commerce platform  Enhanced customer analytics and digital FY 2020 - 2021 » Seamless : A frictionless e-commerce experience Digital engagement Pilot across all customer facing touchpoints Transformation  Mobile app redesign and pilot » Agile : Exceed customer expectations through  Mobile app launch technology and organizational capabilities Implement  Loyalty program » Intelligent : Know every one of our customers  In-store technology integration (through CRM analytics) Enhance  Expansion of online products and services » Proactive : Acquire and continually delight our customer (through CRM analytics, loyalty, digital Same-Store Sales expected to continue growth as marketing) FY 2020 progresses 8

Increasing Total Sales Through Fleet Card » Through the end of FY 2019, over 1,300 new accounts Customer and 7,200 new cards issued since program launch in late Data October 2018 » Casey’s locations and prepared food offerings are ideally aligned with third party study of fleet driver preferences Repeat Purchases Increased » Assumptions for incremental fuel volumes and in-store and Fuel Sales Customer sales were benchmarked off of industry best practices Fleet Card Loyalty and initial results are inline with our original assumptions » Building out a more robust strategy with other fleet card providers has shown significant upside as universal Higher growth has supplemented gallon growth as the Casey’s In-store Sales Business MasterCard grows Led by a team with relevant implementation and execution experience, the Fleet Card program is expected to increase fuel sales and drive traffic within stores 9

Driving Performance Through Price Optimization Transforming our Marketing Process Price Optimization Roadmap Through New Technology  Established roadmap for implementation Q3 FY 2018  Vendors selected: PriceAdvantage for fuel and Dunnhumby » Rules Based Pricing / Everyday Optimization Q4 FY 2018 for inside categories » Promotion Optimization Q4 FY 2019  Models developed for key categories  Fuel optimization staffing complete and 80% of sites live on Q4 FY 2019 PriceAdvantage  All sites live on PriceAdvantage fuel software Q4 FY 2019 Fuel In-Store  Next Steps Centralized fuel Optimized product  Begin to integrate fuel software with Point of Sale Q1 FY 2020 pricing strategy pricing and driven by local assortment across  Begin to integrate fuel software with Digital Price Signs Q1 FY 2020 market dynamics all categories  Begin first round of inside pricing changes Q1 FY 2020  Begin second round of inside category price changes Q2 FY 2020 Price Optimization provides visibility and precision to drive our pricing and promotion strategy 10