Cumberland Farms, formerly known as EG Group, reported Wednesday in its first-quarter earnings that earnings before interest, taxes, depreciation and amortization (EBITDA) grew 30% year-over-year to $187 million.
Disciplined fuel pricing, momentum in grocery and merchandise and accelerating returns from the group’s organic program drove broad-based performance across the United States and Europe, it said. The first quarter ended on March 31.
The convenience-store retailer and fuel marketer also saw strong fuel performance across all markets, with U.S. volumes outperforming industry benchmarks for the fourth consecutive quarter.
"We have started 2026 with strong momentum,” Russ Colaco, CEO of Cumberland Farms, said in a statement. “Amid market volatility, we’ve reported another quarter of underlying earnings growth, which reflects the operational improvements actioned over the past 12 months and the resilient nature of the group’s convenience model, strong execution and disciplined pricing.”
He also noted the acquisition of Coen Markets, which was first announced in March. This will add 54 operating sites and three new-to-industry sites strategically located in the Pittsburgh tri-state area to Cumberland Farms’ portfolio, “accelerating our growth in an attractive complementary market,” Colaco said.
The transaction is expected to be complete in June and is consistent with the company’s strategy of pursuing synergistic bolt-on acquisitions in infill markets, it said.
U.S. growth update
Cumberland Farms’ U.S. organic growth program continued to gain traction across rebranding and site refreshes, foodservice expansion, loyalty and digital engagement and opportunistic acquisition, the company said in its Wednesday earnings release.
Its SmartRewards loyalty platform reached 6 million members, up from about 300,000 when it launched in March 2025. Loyalty transactions account for about a quarter of total store transactions, the company said.
It continues to rebrand stores under the Cumberland Farms banner. In March, a person familiar with the matter told CSP that EG Group had recently rebranded to Cumberland Farms in the United States, reflecting the fact that the U.S. is the company’s largest market and Cumberland Farms is its lead banner within the U.S. market. Before this, the company used EG Group to refer to the Blackburn, U.K.-based parent company of EG America, which has more than 1,500 convenience stores in 30 states under brand names including Cumberland Farms, Turkey Hill, Quik Stop and Tom Thumb, according to its website.
EG Group had been taking a step back from its international operations and focusing on growing in the United States and rebranding its stores to Cumberland Farms. In January, reports said EG Group was preparing to formally kick off its plans for a U.S. stock market listing valued around $9 billion.
New leadership appointments
In April, Cumberland Farms hired Michael Verdesca as global chief information officer. He was previously chief information officer at El Dorado, Arkansas-based Murphy USA, according to his LinkedIn page.
Andrew Campion also joined the company as vice president of investor relations.
U.S. financial highlights
Grocery and merchandise revenues in the United States were $530 million in first-quarter 2026, up by 1% compared to first-quarter 2025. Gross profit was $156 million, flat compared to the prior year, Cumberland Farms reported.
U.S. foodservice revenue was $78 million, down 9% compared to first-quarter 2025. Foodservice gross profit was $24 million, down compared to the year prior as well.
Fuel revenue and gross profit were both up compared to first-quarter 2025. Fuel revenue for the latest quarter was $1.1 billion, and fuel gross profit was $174 million, Cumberland Farms said.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.