CaribPR Wire

CALGARY, AB, Feb. 13, 2024 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) expects to announce its 2023 fourth quarter and year-end results after markets close on Tuesday, February 27, 2024. A conference call and webcast will then be held at 6:30 a.m. MT (8:30 a.m. ET) on Wednesday, February 28, 2024, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/VAjLrA2Y10R

Analysts and investors interested in participating in the question-and-answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 97733547). International participants may call 1-800-389-0704 (toll-free) (Conference ID: 97733547).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and www.sedarplus.ca after the results are released.

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 26 countries across the Americas. We serve over one million customers each day. Our vast retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance.

In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast EV charging. Parkland’s proven business model is centered around organic growth and our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently and integrating successfully.

Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our business is underpinned by our people, our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

CALGARY, AB, Feb. 7, 2024 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) today is pleased to announce the appointment of investment banking executive, James Neate to its Board of Directors (the “Board”), effective February 10, 2024.

“James is a seasoned executive with significant expertise working within the many markets that Parkland serves,” said Steven Richardson, Chairman of the Board. “His international banking expertise coupled with his understanding of markets in Canada, the Caribbean and South America is invaluable to Parkland. James’ ability to provide strategic insight into global growth opportunities will add additional bench strength to our Board as we continue to advance our strategy to deliver long-term value to all shareholders. We are delighted to welcome James to our Board.”

Mr. Neate’s career spans more than three decades in the Canadian banking industry at Scotiabank. In his time, he held increasingly senior roles, with his most recent as President and Group Head of Corporate and Investment Banking. In this role, he held global management responsibility for Investment Banking, Global Business Payments, and Corporate Banking.

Mr. Neate’s appointment forms part of Parkland’s strategic Board renewal process that has been ongoing for the past 12 months and added three highly experienced directors to Parkland. Collaborating with two global search firms, Parkland has been adhering to a prudent refreshment of its Board, blending continuity with fresh perspectives to ensure a governance structure that supports Parkland’s long-term objectives.

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 26 countries across the Americas. We serve over one million customers each day. Our vast retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance.

In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast EV charging. Parkland’s proven business model is centered around organic growth, our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently and integrating successfully.

Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our business is underpinned by our people, our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

CALGARY, AB, Jan. 24, 2024 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), today announced that it has temporarily shut down processing operations at the Burnaby Refinery (”the refinery”). To ensure reliability of supply, Parkland has increased imports of refined products into our on-site shipping terminal, which will be safely delivered to customers across the lower mainland and Vancouver Island.

“Due to recent extreme cold weather, we proactively initiated steps to pause processing operations at the refinery,” said Alex Coles, Vice President and General Manager, Burnaby Refinery. “While restarting, we encountered an issue with a processing unit on January 21, 2024. As a result, we paused the restart and the refinery’s processing operations remain temporarily shut down.”

The refinery’s blending, shipping, terminal, and rack activities remain operational. This enables refined fuels to be offloaded from ships and rail directly into the refinery, where they can be safely stored and reliably distributed to customers. We expect the refinery will return to normal operations in approximately four weeks.

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 25 countries across the Americas. We serve over one million customers each day. Our vast retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance.

In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast EV charging. Parkland’s proven business model is centered around organic growth, our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently and integrating successfully.

Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience and renewable energy businesses and helping customers to decarbonize. Our business is underpinned by our people, our values of safety, integrity, community and respect, which are deeply embedded across our organization.

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward looking statements”). When used in this news release, the words “expect”, ”will”, ”could”, ”would”, “believe”, “continue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, expectations and plans with respect to maintaining reliable fuel supply to the lower mainland and Vancouver Island; and expectations regarding the refinery returning to normal operations, including the timing with respect thereto of approximately four weeks.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities laws. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions; Parkland’s ability to successfully increase imports of refined products into its on-site shipping terminal and safely store and deliver such refined products to customers; anticipated weather and environmental conditions; expectations with respect to re-start operations and processes necessary to return the refinery to normal operations, including the timing thereof; expectations for operations of the refinery’s blending, shipping, terminal, and rack activities; actions by governmental authorities and other regulators; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described under the headings “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” in Parkland’s current Annual Information Form, and under the headings “Forward-Looking Information” and “Risk Factors” in Parkland’s Management’s Discussion and Analysis for the most recently completed financial period, each as filed on SEDAR+ and available on Parkland’s website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

CALGARY, AB, Jan. 23, 2024 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) today is pleased to announce the appointment of energy industry veteran, Michael Jennings to its Board of Directors (the “Board”), effective February 10, 2024.

“Michael is a seasoned Chief Executive Officer and Board Member with over three decades of international integrated energy experience. We are delighted to welcome him to our Board of Directors,” said Steven Richardson, Chairman of the Board. “Michael brings extensive executive and public board experience. His track record as a CEO underscores his industry knowledge and strategic acumen. Our Board and Parkland’s shareholders will benefit greatly from his expertise as we advance our strategy to deliver long-term value to all shareholders.”

Mr. Jennings’ career includes nearly two decades with HF Sinclair Corporation and predecessor companies Holly Frontier and Frontier Oil. Similar to Parkland, these companies provide petroleum products and renewables across the USA, Canada, and Europe and have extensive transportation and storage infrastructure. As CEO of HF Sinclair, Mr. Jennings led large-scale operational and financial integrations, delivered significant growth, and enhanced shareholder value.

Previously, Mr. Jennings held a variety of senior finance, commercial, business development, and treasury roles within numerous domestic and international organizations. In addition, he previously served as Chairman of public companies HollyFrontier, Frontier Oil, and Holly Energy Partners, as a board member of FTS International and ION Geophysical Corp, and as Chairman of the Board of Montage Resources. Mr. Jennings currently serves on the Board of The Plaza Group.

Mr. Jennings’ appointment forms part of Parkland’s ongoing and strategic Board renewal process.

About Parkland Corporation

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 25 countries across the Americas. We serve over one million customers each day. Our vast retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance.

In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast EV charging. Parkland’s proven business model is centered around organic growth, our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently and integrating successfully.

Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our business is underpinned by our people, our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

CALGARY, AB, Dec. 31, 2023 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), today announced the departure of Simpson Oil Limited (”Simpson“) nominees Michael Christiansen and Marc Halley from the Company’s Board of Directors, effective December 31, 2023.

“We would like to thank Michael and Marc for their contributions to the Board,” stated Steven Richardson, the Chair of Parkland’s Board of Directors. “We have an independent Board that has unwavering confidence in the Company’s strategy and the management team’s capability to deliver shareholder value. The outstanding share performance of Parkland in 2023 is a clear expression of our shareholders’ support of Parkland’s direction and strategy.”

Parkland is in discussions with Simpson about its shareholding in the Company.

At its 2023 Investor Day, Parkland outlined its strategy to reduce debt, grow the business and increase shareholder returns. Driven by consistent operational execution, Parkland confirmed its 2024 Adjusted EBITDA Guidance of $2 billion, accelerating its previous guidance by a year. In addition, the Company set a longer-term objective to double Available Cash Flow per share by 2028.

In 2023, Parkland was a top performer on the Toronto Stock Exchange, achieving a total shareholder return of approximately 50 percent. The Company’s Board and management are focused on executing its strategy that will continue to create long-term value for all shareholders.

Mr. Christiansen and Mr. Halley were nominated for election to the Board pursuant to the terms of the Board Nomination Agreement between Simpson Oil and Parkland, dated March 21, 2023 (the “Board Nomination Agreement“), and subsequently elected to the Board at Parkland’s Annual General Meeting on May 4, 2023. Simpson has provided notice of its waiver of its nomination rights under the Board Nomination Agreement. In accordance with its terms, the Board Nomination Agreement will terminate as of April 2, 2024.

Simpson remains subject to the standstill, voting and other obligations set forth in the governance agreement between Simpson and Parkland dated January 8, 2019 (the “Governance Agreement“). Parkland will continue to enforce the terms of the Governance Agreement going forward. Copies of the Board Nomination Agreement and the Governance Agreement are available on Parkland’s SEDAR+ profile at www.sedarplus.ca.

Supported by a leading global search firm, Parkland is committed to ongoing Board renewal, including identifying qualified professionals to replace today’s departed Board members.

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 25 countries across the Americas. We serve over one million customers each day. Our vast retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance.

In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast EV charging. Parkland’s proven business model is centered around organic growth, our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently and integrating successfully.

Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience and renewable energy businesses and helping customers to decarbonize. Our business is underpinned by our people, our values of safety, integrity, community and respect, which are deeply embedded across our organization.

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements“). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: business objectives, strategies and model; Parkland’s cash flow, organic growth and the progress thereof; and Parkland’s Revised financial targets, including Adjusted EBITDA and Available Cash Flow per share objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions; micro and macroeconomic trends and conditions, including increases in interest rates, inflation and commodity prices; Parkland’s ability to execute its business objectives, projects and strategies, including the completion, financing and timing thereof, realizing the benefits therefrom and meeting our targets and commitments relating thereto; Parkland’s management systems and programs and risk management strategy; the competitive environment of our industry; retail pricing, margins and refinery margins; availability and pricing of petroleum product supply; volatility of crude oil and refined product prices; ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; environmental impact; changes in environmental and regulatory laws, including the ability to obtain or maintain required permits; and other factors, many of which are beyond the control of Parkland. See also the assumptions, risks and uncertainties described in “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” included in Parkland’s most recent Annual Information Form, and in “Forward-Looking Information” and “Risk Factors” included in the Q3 2023 MD&A, each filed on SEDAR+ and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

This news release contains total of segments measures, non-GAAP financial measures and non-GAAP financial ratios, supplementary financial measures and capital management measures (collectively, “specified financial measures“). Parkland’s management uses certain specified financial measures to analyze the operating and financial performance, leverage, and liquidity of the business. These specified financial measures do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. The specified financial measures should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for further details regarding specified financial measures used by Parkland.

CALGARY, AB, Nov. 29, 2023 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, “our”, or the “Company”) (TSX:PKI) announced today that the Toronto Stock Exchange (”TSX”) has accepted the Company’s notice of intention to implement a normal course issuer bid (the “NCIB”).

Under the NCIB, the Company may purchase for cancellation a maximum of 14,056,984 common shares of the Company (the “Shares”), representing 10% of the public float (as defined by the TSX) as of November 20, 2023. On November 20, 2023, Parkland had 176,113,112 Shares issued and outstanding. The NCIB will commence on December 1, 2023 and will terminate upon the earliest of (i) November 30, 2024, (ii) the Company purchasing the maximum of 14,056,984 Shares, and (iii) the Company terminating the NCIB.

The NCIB is intended to augment Parkland’s ongoing return of capital to shareholders through dividends. Parkland believes that the market price of the Shares may not, from time to time, accurately reflect their underlying value. Accordingly, purchasing the Shares for cancellation under the NCIB may represent an attractive investment opportunity to enhance shareholder value.

Purchases under the NCIB will be made through the facilities of the TSX or alternative trading systems in Canada at the prevailing market price at the time of purchase. In accordance with the rules of the TSX, any daily repurchases (other than pursuant to a block purchase exception as defined by the TSX) under the NCIB will be limited to a maximum of 103,818 Shares, which represents 25% of the average daily trading volume on the TSX of 415,273 for the six months ended October 31, 2023.

In connection with the NCIB, the Company has entered into an automatic share purchase plan (the “ASPP”) with its designated broker to allow for the purchase of Shares during certain pre-determined blackout periods during which the Company would ordinarily not be permitted to purchase Shares. Purchases under the ASPP will be determined by the designated broker in its sole discretion based on purchasing parameters set by Parkland in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP. The ASPP has been pre-cleared by the TSX and will become effective December 1, 2023, concurrently with the commencement of the NCIB. Outside of blackout periods, Shares may be purchased under the NCIB based on management’s discretion, in compliance with the rules of the TSX and applicable securities laws. All purchases made under the ASPP will be included in computing the number of Shares purchased under the NCIB.

The NCIB continues the Company’s existing NCIB (the “Existing NCIB”). Pursuant to the Existing NCIB, the Company has approval from the TSX to repurchase up to 13,992,412 Shares from December 1, 2022 to November 30, 2023. Under the Existing NCIB, the Company has purchased 1,040,363 Shares on the open market at a weighted average purchase price of $34.9697 per Share.

There can be no assurance as to the precise number of Shares that will be purchased under the NCIB, if any. Parkland may discontinue purchases under the NCIB at any time, subject to compliance with applicable regulatory requirements.

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the NCIB and the ASPP, potential purchases of Shares under the NCIB and the ASPP, the anticipated benefits of the NCIB, including enhancing shareholder value and returning additional capital to shareholders, and Parkland’s business strategies and objectives.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to, the failure to obtain final approval of the NCIB and the ASPP from the TSX, failure to realize the anticipated benefits of the NCIB, failure to execute purchases under the NCIB, including under the ASPP, general economic, market and business conditions; Parkland’s ability to execute its business strategies, including without limitation, Parkland’s ability to make acquisitions prudently and integrate such acquisitions successfully, to implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators, including but not limited to, increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 21, 2023, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2023 MD&A dated November 1, 2023 and the Q4 2022 MD&A dated March 2, 2023, each filed on SEDAR+ and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

About Parkland Corporation

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 25 countries across the Americas. We serve over one million customers each day. Our vast retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provides businesses with industrial fuels so that they can better serve their customers.

With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance.

In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast EV charging.

Parkland’s proven business model is centered around organic growth, our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently and integrating successfully.

Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience and renewable energy businesses and helping customers to decarbonize. Our business is underpinned by our people, our values of safety, integrity, community and respect, which are deeply embedded across our organization.

Logo – https://mma.prnewswire.com/media/2287068/Parkland_Corporation_Parkland_Announces_Normal_Course_Issuer_Bid.jpg

• JOURNIE™ Rewards – Aeroplan partnership launches today, giving members more ways to save at the fuel pump, in the convenience store, and in the sky
• Aeroplan members can collect Aeroplan points as they refuel and shop at approximately 1,200 Pioneer, Ultramar, FasGas, Chevron and ON the RUN / Marché Express retail locations
• Members can earn up to 3X the points when they link their Aeroplan and JOURNIE™ Rewards accounts

CALGARY, AB, Nov. 15, 2023 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) – announced that starting today, Aeroplan members can begin earning and redeeming points at Parkland’s approximately 1,200 participating Ultramar, Chevron, Pioneer, FasGas, ON the RUN and Marché Express Canadian retail locations.

First announced in April, the partnership between JOURNIE™ Rewards and Aeroplan brings together two Canadian loyalty giants to offer members increased earning and redemption power. Members who link their Aeroplan and JOURNIE™ Rewards accounts can earn up to 3X the points and can access a greater choice of new benefits including savings on convenience items, M&M Food Market, and carwashes.

“We are delighted to welcome Aeroplan members to our national network of retail fuel and convenience stores,” said Uwe Stueckmann, SVP Strategic Marketing and Innovation at Parkland. “The JOURNIE™ and Aeroplan partnership provides members of both programs with a seamless way to turn everyday fuel and convenience purchases into meaningful rewards.”

“Aeroplan is thrilled to be partnering with Parkland and JOURNIE™ Rewards,” said Scott O’Leary, Vice President, Loyalty and Product at Air Canada. “Together we’re excited to give our members more choice, and more ways to get rewarded at every fill-up.”

Parkland’s extensive Canada-wide retail network offers Aeroplan members new and convenient ways to earn Aeroplan points. Members can now get closer to the trip they want and access a range of benefits across the travel journey, including hotels, vacation packages, and car rentals.

JOURNIE™ Rewards is calling on all Aeroplan members to sign up for JOURNIE™ to enhance their rewards experience and boost their earning potential.

Parkland’s JOURNIE™ Rewards provides its customers with access to rewards and benefits as they shop across our coast-to-coast network of approximately 1,200 participating fuel and convenience stores. With real-time fuel savings, free merchandise and targeted food and convenience offers, members earn through their purchases of fuel, convenience items, food and other services at participating Chevron, Ultramar, Pioneer, FasGas and ON the RUN / Marché Express retail locations.

JOURNIE™ Rewards unifies Parkland’s family of consumer brands to deliver one great customer experience and help customers make the most of every stop. Through JOURNIE™ Rewards’ financial services partner, CIBC, our members can go even further when they link their CIBC card with their JOURNIE™ Rewards membership.

Visit journie.ca to sign up today.

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 25 countries across the Americas. We serve over one million customers each day. Our vast retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance.

In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast EV charging. Parkland’s proven business model is centered around organic growth, our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently and integrating successfully.

Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience and renewable energy businesses and helping customers to decarbonize. Our business is underpinned by our people, our values of safety, integrity, community and respect, which are deeply embedded across our organization.

Air Canada is Canada’s largest airline, the country’s flag carrier and a founding member of Star Alliance, the world’s most comprehensive air transportation network. Air Canada provides scheduled service directly to more than 180 airports in Canada, the United States and Internationally on six continents. It holds a Four-Star ranking from Skytrax. Air Canada’s Aeroplan program is Canada’s premier travel loyalty program, where members can earn or redeem points on the world’s largest airline partner network of 45 airlines, plus through an extensive range of merchandise, hotel and car rental partners. Its freight division, Air Canada Cargo, provides air freight lift and connectivity to hundreds of destinations across six continents using Air Canada’s passenger and freighter aircraft.  Air Canada has committed to a net zero emissions goal from all global operations by 2050. Air Canada shares are publicly traded on the TSX in Canada and the OCTQX in the US.

Adjusted EBITDA^1,2 of approximately $2.5 billion in 2028, with anticipated upside to $3 billion

Available cash flow per share^1,2 to double by 2028

Reduce Leverage Ratio^1,2 to low end of 2 to 3 times target range by the end of 2025

CALGARY, AB, Nov. 14, 2023 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI), will host its 2023 Investor Day today where its executive team will outline the Company’s continued growth plans, targets, and capital allocation strategy for the next five years.

“Since our 2021 Investor Day, we have continued to build and invest in our growth platform,” said Bob Espey, President and Chief Executive Officer. “This year, we saw the strength of our business model as we delivered strong organic growth and synergy capture, enabling us to increase Adjusted EBITDA Guidance, exceed our deleveraging goals, and accelerate our $2 billion ambition to 2024, a year ahead of schedule.”

“The success of Parkland’s strategy is due to our industry leading team, which is focused on safe and disciplined execution,” added Espey. “Our business is growing, and we are committed to meeting the evolving needs of our customers. We are reinforcing our financial foundation, delivering substantial cash flow and, through disciplined capital allocation, we will optimize returns for our shareholders.”

During today’s Investor Day, Parkland’s executive team will discuss:

Customer Advantage

Parkland’s customer centric strategy demonstrates our commitment to becoming the number one choice for energy and convenience, for our Retail and Commercial customers, in the markets we serve.

Our JOURNIE™ loyalty platform is a foundation of this strategy as it expands its suite of partners and geographic reach. It will continue to unify our brands, delivering personalized customer offers, while incentivizing and rewarding customer loyalty across our retail fuel and EV charging locations, ON the RUN convenience stores, and food brands.

In addition to its retail footprint, Parkland serves a diverse range of Commercial customers in each of its markets. Our extensive proprietary infrastructure and dedicated team safely and reliably deliver products to our customers that meet their energy needs of today, and their evolving low carbon needs of tomorrow.

Supply Advantage

Parkland’s proven supply expertise underpins its strategy. By delivering approximately 28 billion litres of fuel annually, the Company’s scale, unique logistics assets, and capabilities provide purchasing power and optionality that enable us to achieve the lowest cost to serve. Our supply optimization allows us to create tremendous competitive advantage and unlock significant value in the markets we operate.

Disciplined Capital Allocation

We anticipate $6 billion in cumulative Available cash flow from 2024 to 2028. We are positioned to deliver sustainable growth, enhance shareholder returns and strengthen our balance sheet.

The Company’s capital allocation program will direct approximately $1.5 billion (25 percent) to dividends and share buybacks, and $1.5 billion (25 percent) to organic growth initiatives that reinforce our market position.

With the remaining $3 billion (50 percent) of anticipated capital, we will prioritize reducing our Leverage Ratio to the low end of our two to three times target range by the end of 2025. Beyond that and looking forward through 2028, we expect capital will be strategically allocated toward opportunities that generate the greatest shareholder returns, including additional share buybacks and inorganic growth opportunities. This framework underscores Parkland’s dedication to financial discipline and strategic agility, with the aim of delivering long-term value for our shareholders.

Parkland remains focused on executing its strategy, capturing synergies, lowering costs, and delivering organic growth. During Investor Day, Parkland will outline the Company’s 2024 Guidance and 2028 Ambitions.

2024 Guidance²

• Adjusted EBITDA of $2 billion +/- $50 million
• Capital expenditures¹ of between $475 million to $525 million.
• Available cash flow per share of $5.00.
• ROIC¹ of more than 11 percent.

2028 Ambitions

• Available cash flow of $8.50 per share, doubling from $4.25 per share in 2023³.
• Adjusted EBITDA of $2.5 billion, driven by organic growth, synergy capture and cost efficiencies. We see potential to generate up to $3 billion of Adjusted EBITDA in 2028, reflecting disciplined inorganic growth opportunities as outlined in our capital allocation framework.

Investor Day Webcast Details

The Investor Day presentation will be webcast, with video, beginning at 9 am Eastern Time (7 am Mountain Time) on November 14, 2023. For analysts and investors who have already registered to attend in person, or remotely, we look forward to your participation.

The presentation will be available live at https://investorday.parklandevents.ca/ and will be available for replay at www.parkland.ca/investors/presentations-webcasts following the conclusion of today’s event.

About Parkland Corporation

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 25 countries across the Americas. We serve over one million customers each day. Our vast retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provides businesses with industrial fuels so that they can better serve their customers. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance.

In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast EV charging. Parkland’s proven business model is centered around organic growth, our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently and integrating successfully.

Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience and renewable energy businesses and helping customers to decarbonize. Our business is underpinned by our people, our values of safety, integrity, community and respect, which are deeply embedded across our organization.

Forward-Looking Statements

Certain statements contained herein constitute forward-looking information and statements (collectively, “forward-looking statements”). When used the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: business strategies, objectives and initiatives; expected market trends; Parkland’s 2024 Adjusted EBITDA Guidance, 2024 Capital Expenditure Guidance, 2024 Available cash flow per share Guidance, 2024 ROIC Guidance; Parkland’s 2028 Available cash flow per share Ambition, 2028 Adjusted EBITDA Ambition, and anticipated potential to generate up to $3 billion of Adjusted EBITDA in 2028; Parkland’s expectation to generate $6 billion in cumulative Available cash flow between 2024 and 2028, and expected uses for such under Parkland’s capital allocation program, including direction of approximately $1.5 billion (25 percent) to dividends and share buybacks, $1.5 billion (25 percent) to organic growth initiatives, and $3 billion (50 percent) to reduction of Parkland’s Leverage Ratio to low 2x by 2025, and subsequently to additional share buybacks and inorganic growth opportunities.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligation to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions; micro and macroeconomic trends and conditions, including increases in interest rates, inflation and commodity prices; customer preferences and trends; Parkland’s competitive advantages, including key products and brands, proprietary infrastructure and supply advantage, and ability to maintain such advantages; Parkland’s ability to retain key employees; Parkland’s ability to execute its business objectives, projects and strategies, including the completion, financing and timing thereof, realizing the benefits therefrom and meeting our targets and commitments relating thereto; Parkland’s ability to identify buyers and complete divestments, if any, on terms reasonable to Parkland and in a timely manner; Parkland’s ability to execute on accretive organic initiatives and grow to meet its 2024 Guidance and 2028 Ambitions and expected outcomes; Parkland’s management systems and programs and risk management strategy; Parkland’s ability to pay future dividends and complete share buybacks; competitive environment of our industry; retail pricing, margins and refining crack spreads; availability and pricing of petroleum product supply; volatility of crude oil and refined product prices; ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; environmental impact; changes in environmental and regulatory laws, including the ability to obtain or maintain required permits; expectations with respect to debt repayment and non-cash working capital; and other factors, many of which are beyond the control of Parkland. In addition, the 2024 Adjusted EBITDA Guidance reflects continued integration of acquired businesses and synergy capture, and organic growth initiatives, and the key material assumptions include: an increase in Retail and Commercial Fuel and petroleum product adjusted gross margin and Food, convenience and other adjusted gross margin of approximately 5 percent as compared to the year ending December 31, 2023; the realization of $100 million of MG&A cost efficiencies by 2024; and Refining adjusted gross margin of approximately $37 to $38 per barrel and average Burnaby Refinery utilization of 85 percent to 90 percent based on the Burnaby Refinery’s crude processing capacity of 55,000 barrels per day. 2024 Available cash flow per share Guidance and 2024 ROIC Guidance assumes invested capital grows at a slower pace than Net Operating Profit After Tax through 2024. 2024 Capital Expenditure Guidance is mainly driven by increased Adjusted EBITDA and assumes no material changes to underlying operations and no planned major turnaround at the Burnaby Refinery. 2028 Ambitions reflect continued organic growth from growth capital expenditure attributable to Parkland in line with historical returns, synergy capture from previously completed acquisitions, identified cost efficiencies, potential acquisitions (not identified, but reflective of expected market returns and similar to expected returns from organic growth initiatives), disciplined inorganic growth opportunities, major planned Burnaby Refinery turnarounds in 2025 and 2028, interest rates on long term bank debt and corporate bonds as set out in the Interim Consolidated Financial Statements for the three and nine months ended September 30, 2023, with any maturing debts set to retire in the interim periods extended at current prevailing market rates, income taxes at expected corporate income tax rates, including the impact of Pilar II legislation, and the key material assumptions and risks include: ongoing operations without any material economic, legal, environmental or income tax changes and per share metrics impacted by share buybacks, with the assumption that the outstanding common shares do not change materially. See also the risks and uncertainties described in “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” included in Parkland’s most recently filed Annual Information Form, and in “Forward-Looking Information” and “Risk Factors” in the Management’s Discussion and Analysis dated November 1, 2023, for the three and nine months ended September 30, 2023 (”Q3 2023 MD&A”), each as filed on the System for Electronic Data Analysis and Retrieval + (”SEDAR+”) and available on the Parkland website at www.parkland.ca.

Supplementary Financial Measures

This news release refers to certain non-GAAP financial measures and ratios and supplementary financial measures (collectively “specified financial measures”). Available cash flow and Available cash flow Guidance are non-GAAP measures; Available cash flow per share Guidance, Available cash flow per share Ambition, and ROIC Guidance are non-GAAP financial ratios; and Adjusted EBITDA Guidance, Adjusted EBITDA Ambition, Leverage Ratio Guidance, and Capital Expenditure Guidance are supplementary financial measures, all of which do not have standardized meanings prescribed by International Financial Reporting Standards (”IFRS”) and may not be comparable to similar financial measures used by other issuers who may calculate these measures differently. See below for further information on these specified financial measures. See Section 16 of the Q3 2023 MD&A for a discussion of Adjusted EBITDA Guidance, Leverage Ratio Guidance, and Capital Expenditure Guidance, including an explanation of their composition, and, where applicable, their reconciliations to the nearest IFRS measures, which is hereby incorporated by reference into this presentation. Investors are cautioned that these measures should not be construed as an alternative to net earnings or other directly comparable financial measures determined in accordance with IFRS as an indication of Parkland’s performance.

Available cash flow is a non-GAAP financial measure and Available cash flow per share is a non-GAAP financial ratio. The most directly comparable financial measure for Available cash flow and Available cash flow per share is cash generated from (used in) operating activities. These measures represent Parkland’s ability to generate cash flows for distribution to shareholders and investment in the growth of the business. Available cash flow is calculated as cash generated from (used in) operating activities adjusted for items such as (i) net change in non-cash working capital, (ii) change in other assets and other liabilities, (iii) change in risk management and other, (iv) maintenance capital expenditures, (v) dividends received from investments in associates and joint ventures, (vi) interest on leases and long-term debt, and (vii) principal payments on leases. Available cash flow per share is calculated as Available cash flow divided by the weighted average number of outstanding common shares. Available cash flow Guidance and Available cash flow per share Guidance are the forward-looking metrics of these historical measures for 2024 and Available cash flow per share Ambition is the forward-looking metric of the historical measure for 2028. Available cash flow per share replaced cash generated from (used in) operating activities per share in Parkland’s 2024 Guidance. See following table for a calculation of historical Available cash flow and Available cash flow per share and a reconciliation to cash generated from (used in) operating activities.

Return on Invested Capital (”ROIC”) is a non-GAAP ratio and is composed of Net Operating Profit After Tax (”NOPAT”) and Invested Capital. NOPAT describes the profitability of Parkland’s base operations, excluding the impact of leverage and expenses not directly related to operations. Invested capital is a measure of the total amount of capital deployed by Parkland that includes debt and equity, net of cash and cash equivalents (restricted and unrestricted). ROIC is used by management to assess the Company’s efficiency in allocating capital. The most directly comparable financial measure to ROIC is net earnings. ROIC Guidance is the forward-looking metric of this historical measure for 2024. 2024 NOPAT is assumed to grow in proportion to Adjusted EBITDA. The ROIC Guidance of 11 percent+ assumes Invested Capital increases at a slower pace than NOPAT through 2024. The ROIC calculated here differs from the absolute ROIC disclosed in the Management Information Circular. See following table for a calculation of historical ROIC for 2021 and 2022, the calculation of NOPAT and the reconciliation to net earnings and the calculation of Invested Capital.

BOGOTA, Colombia, Nov. 10, 2023 /PRNewswire-HISPANIC PR WIRE/ — On October 24 and 25, 2023, the Latam Future Energy Andean Renewable Summit took place in Bogota, Colombia. Sungrow, the global leading PV inverter and energy storage system supplier was key member of the summit, the Company shared insights in both solar and storage markets in varied applications, which is expected to fuel the energy transition.

Sungrow’s business strategy in the markets of the Andean region is optimistic. According to Héctor Nuñez, Sungrow North LATAM Head of Sales, the markets are focused on the deployment of more solar energy, although some stand out for their stability and growth potential.

Chile is presented as a solid market, among the company’s target markets. Landmark projects Sungrow supplied include the 181.25 MW Coya PV project and the 638 MWh Coya BESS project. However, Sungrow’s approach is not limited to just stable markets.

“Colombia has shown interesting dynamism in recent years where Sungrow is one of the market’s pioneers. Additionally, the company is moving into growing markets, such as countries in Central America and the Caribbean, and supplies landmark projects in each market,” Luis Miguel González Castillo, Sungrow Key Account Manager for Colombia and Central America, who spoke at the summit.

The attributes of the Company allow it to have greater ambitions. When it comes to the core of its success, Oliver Quintero, Key Account Manager at Sungrow said: “Technical innovations are the core of our long-term development.”

Sungrow’s 1+X Modular Inverter for the utility-scale market is a flagship product among its numerous innovations. This product combines the advantages of both central and string inverters, featuring a 1.1 MW single unit at the minimum, and the maximum capacity can be expanded to 8.8 MW by combining eight units; thus, creating a more flexible design for different blocks sizes and allowing for easier on-site operation and maintenance.

Sungrow’s commitment to innovation doesn’t stop with inverters. The company is also focused on improving its energy storage offering. With an emphasis on storage density, cost reduction, and premium safety, Sungrow offers liquid cooled energy storage systems, the PowerStack and the PowerTitan, which are tailored to commercial & industrial and utility-scale energy storage markets respectively.

For the last four years, Sungrow has been ranked as the world’s most bankable inverter brand (source: BloombergNEF). As Latin America is one of its strategic markets, the Company remains a large player in the region. According to its announcement during Intersolar South America 2023, its cumulative PV inverter orders contracted for Latin America hit 15 GW.

About Sungrow

Sungrow Power Supply Co., Ltd. (”Sungrow”) is the world’s most bankable inverter brand with over 405 GW installed worldwide as of June 2023. Founded in 1997 by University Professor Cao Renxian, Sungrow is a leader in the research and development of solar inverters with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and energy storage systems for utility-scale, commercial & industrial, and residential applications, as well as internationally recognized floating PV plant solutions, NEV driving solutions, EV charging solutions and renewable hydrogen production systems. With a strong 26-year track record in the PV space, Sungrow products power over 150 countries worldwide. For more information about Sungrow, visit www.sungrowpower.com.

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Record third quarter and year-to-date Adjusted EBITDA of $585 million and $1,450 million, respectively
Record third quarter and year-to-date Net earnings per share of $1.31 and $2.19, respectively
Leverage Ratio of 2.9 times is within target range

CALGARY, AB, Nov. 1, 2023 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), today announced its financial and operating results for the three and nine months ended September 30, 2023.

Q3 2023 Highlights

• Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”¹) of $585 million, up 78 percent from the third quarter of 2022.
• Net earnings attributable to Parkland (”Net earnings”) of $230 million ($1.31 per share, basic) more than double the Net earnings from the third quarter of 2022, and Adjusted earnings attributable to Parkland (”Adjusted earnings”²) of $231 million ($1.31 per share, basic) nearly five times the Adjusted earnings from the third quarter of 2022.
• Cash generated from (used in) operating activities of $528 million ($3.00 per share, basic³), up 31 percent from the third quarter of 2022.
• Reduced borrowing under credit facility by $162 million, liquidity available³ of $1.8 billion, and lowered Leverage Ratio⁴ to 2.9 times (3.3 times in Q2 2023), within Parkland’s target range of 2 to 3 times.
• Record Composite utilization⁵ at the Burnaby Refinery of 102.9 percent including record co-processing volumes of 2,600 barrels per day and consistent operational execution.
• Parkland has electric vehicle (”EV”) charging operational at 33 sites, including 63 chargers, and is on track to meet our plan for 50 charging sites by early 2024.
• Parkland now expects to exceed its Revised 2023 Adjusted EBITDA Guidance range of $1.8 to $1.85 billion, driven by strong utilization, optimization at the refinery, and favourable refinery margins, as well as the strength of the International business in the third quarter of 2023.

“I want to congratulate the Parkland team for delivering an exceptional quarter,” said Bob Espey, President and Chief Executive Officer. “Our consistent performance demonstrates the quality of the business we have built and has enabled us to increase our 2023 Adjusted EBITDA Guidance, accelerate our 2024 Adjusted EBITDA Guidance of $2 billion, and lower our Leverage Ratio to 2.9 times. I have conviction in our strategy and confidence in our team’s ability to meet and beat the ambitious targets we have set for ourselves. We look forward to sharing more about our plan to deliver value to shareholders at our upcoming investor day.”

Q3 2023 Segment Highlights

• Canada delivered Adjusted EBITDA of $206 million, up 47 percent from Q3 2022 ($140 million). Fuel unit margins were higher than the comparable period as a result of continued optimization of our supply and integrated logistic capabilities and favourable market conditions. Company Volume Same Store Sales Growth (”SSSG”²) was 4.2 percent and Food and Company C-Store SSSG (excluding cigarettes)² was 3.6 percent, driven by organic growth initiatives in our loyalty and C-store programs. Canada delivered Food and Company C-store revenue of $81 million, up 17 percent from Q3 2022 ($69 million), primarily due to organic growth.
• International delivered Adjusted EBITDA of $170 million, up 63 percent, from Q3 2022 ($104 million). Performance was driven by organic growth that resulted in higher volumes in the wholesale business, strong fuel unit margins driven by favourable market conditions and pricing strategies, and the consolidation of Sol.
• USA delivered Adjusted EBITDA of $52 million, up $70 million from Q3 2022 (Adjusted EBITDA loss of $18 million). Results for Q3 2022 include spot wholesale inventory and risk management losses of $65 million. Excluding these losses, Adjusted EBITDA in the third quarter of 2022 was $47 million, and Q3 2023 Adjusted EBITDA was up 11 percent. Performance was underpinned by effective cost management initiatives and strong fuel unit margins in the Commercial line of business, partially offset by weakness in Retail fuel volumes and unit margins.
• Refining delivered Adjusted EBITDA of $188 million, up more than 39 percent, from Q3 2022 ($135 million). Performance was underpinned by robust crack spreads, record composite utilization of 102.9 percent, including record co-processing volumes of 2,600 barrels per day, and optimization of the production mix.
• Parkland’s total recordable injury frequency rate⁵ on a trailing-twelve-months basis was 0.95, a decrease of 16 percent compared to 1.13 in the third quarter of 2022.

Consolidated Financial Overview

Q3 2023 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Thursday, November 2, 2023 at 6:30 am MDT (8:30 am EDT) to discuss the results. To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/39A5XB5PMgZ

Analysts and investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 19474746). International participants may call 1-800-389-0704 (toll-free) (Conference ID: 19474746).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

MD&A and Interim Consolidated Financial Statements

The Management’s Discussion and Analysis for the three and nine months ended September 30, 2023 (the “Q3 2023 MD&A”) and consolidated financial statements for the three and nine months ended September 30, 2023 (the “Q3 2023 Interim Consolidated Financial Statements”) provide a detailed explanation of Parkland’s operating results for the three and nine months ended September 30, 2023. An English version of these documents will be available online at www.parkland.ca and the System for Electronic Data Analysis and Retrieval + (”SEDAR+”) after the results are released by newswire under Parkland’s profile at www.sedarplus.ca. The French versions of the Q3 2023 MD&A and the Q3 2023 Interim Consolidated Financial Statements will be posted to www.parkland.ca and SEDAR+ as soon as they become available.

2023 Investor Day Registration

Parkland will host its 2023 Investor Day presentation on November 14, 2023 at 9:00 am EST (7:00 am MST) to provide details on the continued execution of our strategy, capital allocation framework, and the Company’s financial outlook. The event will be held at the Fairmont Royal York in Toronto, Ontario and simultaneously webcast with video for those unable to attend in person. Analysts and investors who wish to attend the event, either in person or remotely, are invited to register using the following link:

https:// h umancontact.formstack.com/forms/pkl_2023_investor_day_for m

About Parkland Corporation

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 25 countries across the Americas. We serve over one million customers each day. Our vast retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provides businesses with industrial fuels so that they can better serve their customers.

With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast EV charging.

Parkland’s proven business model is centered around organic growth, our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently and integrating successfully. Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience and renewable energy businesses and helping customers to decarbonize. Our business is underpinned by our people, our values of safety, integrity, community and respect, which are deeply embedded across our organization.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: business objectives, strategies and model; Parkland’s strategy to deliver synergies, cost efficiencies, and organic growth and the progress thereof; Parkland’s Revised 2023 Adjusted EBITDA Guidance, its expectation to exceed its Revised 2023 Adjusted EBITDA Guidance range of $1.8 to $1.85 billion, and acceleration of the 2024 Adjusted EBITDA Guidance of approximately $2 billion; and Parkland’s plan to have 50 electric vehicle charging stations by early 2024.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions; micro and macroeconomic trends and conditions, including increases in interest rates, inflation and commodity prices; Parkland’s ability to execute its business objectives, projects and strategies, including the completion, financing and timing thereof, realizing the benefits therefrom and meeting our targets and commitments relating thereto; Parkland’s management systems and programs and risk management strategy; the competitive environment of our industry; retail pricing, margins and refinery margins; availability and pricing of petroleum product supply; volatility of crude oil and refined product prices; ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; environmental impact; changes in environmental and regulatory laws, including the ability to obtain or maintain required permits; and other factors, many of which are beyond the control of Parkland. In addition, the Revised 2023 Adjusted EBITDA Guidance range reflects the full year contribution of 2022 acquisitions, integration and synergy capture, and organic growth initiatives, and the key material assumptions include: an increase in Retail and Commercial Fuel and petroleum product adjusted gross margin of approximately 10 percent and Food, convenience and other adjusted gross margin of approximately 15 percent as compared to the year ended December 31, 2022; and Refining adjusted gross margin of approximately $45 per barrel and average Burnaby Refinery utilization of approximately 80 percent based on the Burnaby Refinery’s crude processing capacity of 55,000 barrels per day. Confidence in Parkland’s ability to exceed the Revised 2023 Adjusted EBITDA Guidance range is driven by the favourable refinery margins environment and the strength of the International wholesale business in the third quarter of 2023. 2024 Adjusted EBITDA Guidance reflects continued integration and synergy capture, and organic growth initiatives, and the key material assumptions include: an increase in Retail and Commercial Fuel and petroleum product adjusted gross margin and Food, convenience and other adjusted gross margin of approximately 5 percent as compared to the year ending December 31, 2023; the realization of $100 million of MG&A cost efficiencies by 2024; and Refining adjusted gross margin of approximately $40 per barrel and average Burnaby Refinery utilization of 90 percent to 95 percent based on the Burnaby Refinery’s crude processing capacity of 55,000 barrels per day. See also the risks and uncertainties described in “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” included in Parkland’s most recent Annual Information Form, and in “Forward-Looking Information” and “Risk Factors” included in the Q3 2023 MD&A, each filed on SEDAR+ and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-Financial Measures

Parkland uses a number of non-financial measures, including composite utilization and total recordable injury frequency rate, in measuring the success of our strategic objectives and to set variable compensation targets for employees. These non-financial measures are not accounting measures, do not have comparable International Financial Reporting Standards (”IFRS”) measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for further details on the non-financial measures used by Parkland.

Specified Financial Measures

This news release contains total of segments measures, non-GAAP financial measures and non-GAAP financial ratios, supplementary financial measures and capital management measures (collectively, “specified financial measures”). Parkland’s management uses certain specified financial measures to analyze the operating and financial performance, leverage, and liquidity of the business. These specified financial measures do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. The specified financial measures should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for further details regarding specified financial measures used by Parkland.

Non-GAAP Financial Measures and Ratios

Adjusted earnings (loss) is a non-GAAP financial measure and Adjusted earnings (loss) per share is a non-GAAP financial ratio, each representing the underlying core operating performance of business activities of Parkland at a consolidated level.

Adjusted earnings (loss) and Adjusted earnings (loss) per share represent how well Parkland’s operational business is performing, while considering depreciation and amortization, interest on leases and long-term debt, accretion and other finance costs, and income taxes. The Company uses these measures because it believes that Adjusted earnings (loss) and Adjusted earnings (loss) per share are useful for management and investors in assessing the Company’s overall performance as they exclude certain significant items that are not reflective of the Company’s underlying business operations.

See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for the detailed definition of Adjusted earnings (loss).

Please see below for the reconciliation of Adjusted earnings (loss) to net earnings (loss) and calculation of Adjusted earnings (loss) per share.

Food and Company C-Store SSSG is a non-GAAP financial ratio and refers to the period-over-period sales growth generated by retail food and convenience stores at the same company sites. The effects of opening and closing stores, temporary closures (including closures for ON the RUN / Marché Express conversions), expansions of stores, renovations of stores, and stores with changes in food service models in the period are excluded to derive a comparable same-store metric. Same-store sales growth is a metric commonly used in the retail industry that provides meaningful information to investors in assessing the health and strength of Parkland’s brands and retail network, which ultimately impacts financial performance. Food and Company C-Store SSSG does not have any standardized meaning prescribed under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Please see below for a reconciliation of convenience store revenue (Food and C-Store revenue) of the Canada segment with the Food and Company C-Store same store sales (”SSS”) and calculation of the Food and Company C-Store SSSG.

The non-GAAP financial measures and ratios should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Except as otherwise indicated, these non-GAAP measures and ratios are calculated and disclosed on a consistent basis from period to period. See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for further details regarding Parkland’s non-GAAP financial measures and ratios.

Supplementary Financial Measures

Parkland uses a number of supplementary financial measures, including cash generated from (used in) operating activities per share, and liquidity available to evaluate the success of our strategic objectives and to set variable compensation targets for employees. These measures may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for further details regarding supplementary financial measures used by Parkland.

Capital Management Measures

Parkland’s primary capital management measure is the Leverage Ratio, which is used internally by key management personnel to monitor Parkland’s overall financial strength, capital structure flexibility, and ability to service debt and meet current and future commitments. The Leverage Ratio is calculated as a ratio of Leverage Debt to Leverage EBITDA (each as defined in the Q3 2023 Interim Consolidated Financial Statements) and does not have any standardized meaning prescribed under IFRS. It is therefore unlikely to be comparable to similar measures presented by other companies. See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for further details regarding capital management measures used by Parkland.

Total of Segments Measures

Adjusted EBITDA is a total of segments measure used by the chief operating decision maker to make decisions about resource allocation to the segment and to assess its performance. In accordance with IFRS, adjustments and eliminations made in preparing an entity’s financial statements and allocations of revenue, expenses, and gains or losses shall be included in determining reported segment profit or loss only if they are included in the measure of the segment’s profit or loss that is used by the chief operating decision maker. As such, Parkland’s Adjusted EBITDA is unlikely to be comparable to similarly named measures presented by other issuers, who may calculate these measures differently. Parkland views Adjusted EBITDA as the key measure for the underlying core operating performance of business segment activities at an operational level. Adjusted EBITDA is used by management to set targets for Parkland (including annual guidance and variable compensation targets) and is used to determine Parkland’s ability to service debt, finance capital expenditures and provide for dividend payments to shareholders. See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for further details regarding total of segments measures used by Parkland. Refer to the table below for the reconciliation of Adjusted EBITDA to net earnings (loss) for the three and nine months ended September 30, 2023 and September 30, 2022.

Parkland uses Adjusted gross margin as a measure of segment profit (loss) to analyze the performance of sale and purchase transactions and performance on margin.

See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for the detailed definition of Adjusted gross margin.

Refer to the table below for a detailed calculation of Adjusted gross margin for the three months ended September 30, 2023 and September 30, 2022

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CALGARY, AB, Oct. 18, 2023 /PRNewswire-HISPANIC PR WIRE/– Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) expects to announce its 2023 third quarter results after markets close on Wednesday, November 1, 2023. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Thursday, November 2, 2023, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/39A5XB5PMgZ

Analysts and investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 19474746). International participants may call 1-800-389-0704 (toll free) (Conference ID: 19474746).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and www.sedar.com after the results are released.

Parkland is an international fuel distributor and retailer with operations in twenty-five countries. Our purpose is to Power Journeys and Energize Communities, and every day, we provide over one million customers with the essential fuels, convenience items and quality foods on which they depend.

With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultrafast Electric Vehicle charging.

Our proven business model is centred around organic growth, our supply advantage, driven by scale and our integrated refinery and supply infrastructure, acquiring prudently, and integrating successfully. Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our business is underpinned by our people, and our values; safety, integrity, community, and respect, which are deeply embedded across our organization.

Second quarter Adjusted EBITDA of $470 million
Publishes 2022 Sustainability Report

CALGARY, AB, Aug. 3, 2023 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), today announced its financial and operating results for the three and six months ended June 30, 2023.

Q2 2023 Highlights

• Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”¹) of $470 million, up 4 percent from the second quarter of 2022.
• Net earnings attributable to Parkland (”net earnings”) of $78 million ($0.44 per share, basic) down 4 percent from the second quarter of 2022, and Adjusted earnings attributable to Parkland (”Adjusted earnings”²) of $130 million ($0.74 per share, basic) down 22 percent from the second quarter of 2022.
• Cash generated from (used in) operating activities of $521 million ($2.97 per share, basic³) up 53 percent from the second quarter of 2022.
• Leverage ratio⁴ of 3.3x and liquidity available³ of $1.6 billion.
• In July, launched proprietary food offering, Bites ON the RUN by M&M Food Market, within a standalone ON the RUN convenience store in Montreal.
• As of July 31, 2023, completed or reached agreements to sell non-core assets totaling approximately $100 million.

“I would like to thank the Parkland team for safe, consistent execution this quarter. We are building tremendous momentum across Parkland, positioning us to deliver a strong year at the higher end of our 2023 Adjusted EBITDA guidance,” said Bob Espey, President and Chief Executive Officer. “We are advancing every part of our strategy, driving organic growth through customer-focused marketing programs, capturing synergies and cost efficiencies, and advancing our portfolio optimization efforts. I am confident we will deliver our $2 billion Adjusted EBITDA ambition by 2025 without further acquisitions, while reducing leverage, and improving shareholder returns.”

Q2 2023 Segment Highlights

• Canada delivered Adjusted EBITDA of $150 million, down 14 percent from Q2 2022 ($174 million). Fuel unit margins were lower than the comparable historical highs in the second quarter of 2022. Fuel volume increased from the prior year due to Company Volume Same Store Sales Growth (”SSSG”²) of 9.3 percent and the incremental benefit of 2022 acquisitions. Food and Company C-Store SSSG (excluding cigarettes)² increased to 3.1 percent, up from (0.6) percent in Q2 2022.
• International delivered Adjusted EBITDA of $168 million, up 93 percent, from Q2 2022 ($87 million). Performance was driven by the consolidation of Sol, higher volumes in our retail and contracted commercial businesses, organic growth in our aviation business, and contributions from our Jamaica acquisition.
• USA delivered Adjusted EBITDA of $74 million, up 45 percent from Q2 2022 ($51 million). Strong performance reflects the capabilities of our USA team and was underpinned by strong fuel unit margins. Favourable market conditions and strong market positions enabled us to capture margin opportunities.
• Refining delivered Adjusted EBITDA of $109 million, down 34 percent, from Q2 2022 ($164 million) primarily reflecting lower crack spreads. The scheduled maintenance turnaround was completed in early April and composite utilization⁵ was 91.0 percent.
• The Company realized non-recurring foreign exchange gains of $25 million on the settlement of financing balances during the quarter.
• Parkland’s total recordable injury frequency rate⁵ on a trailing-twelve-months basis was 0.87, a decrease of 18 percent compared to 1.06 in the second quarter of 2022.

2022 Sustainability Report

Today, we published our fourth Sustainability Report. Titled ‘Drive to Zero’, it outlines our strategy and the actions we are taking to drive sustainable growth and shareholder returns. The report highlights the many successful initiatives underway. Among them are: industry-leading efforts on co-processing low-carbon, renewable fuels; safer, more diverse, and inclusive work environments; and the incorporation of sustainability metrics into executive compensation.

Parkland’s Sustainability Report can be viewed here:
https://www.parkland.ca/sustainability/sustainability-report

Consolidated Financial Overview

Q2 2023 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Friday, August 4, 2023 at 6:30 am MDT (8:30 am EDT) to discuss the results. To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/XDpG4K6kMy5

Analysts and investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 77390959). International participants may call 1-800-389-0704 (toll-free) (Conference ID: 77390959).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

MD&A and Consolidated Financial Statements

The management’s discussion and analysis for the three and six months ended June 30, 2023 (the “Q2 2023 MD&A”) and consolidated financial statements for the three and six months ended June 30, 2023 (the “Q2 2023 Consolidated Financial Statements”) provide a detailed explanation of Parkland’s operating results for the three and six months ended June 30, 2023. An English version of these documents will be available online at www.parkland.ca and SEDAR after the results are released by newswire under Parkland’s profile at www.sedarplus.ca. The French versions of the Q2 2023 MD&A and the Q2 2023 Consolidated Financial Statements will be posted to www.parkland.ca and SEDAR as soon as they become available.

About Parkland Corporation

Parkland is an international fuel distributor and retailer with operations in twenty-five countries. Our purpose is to power what moves people, and every day, we provide over one million customers with the essential fuels, convenience items and quality foods on which they depend.

With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultrafast Electric Vehicle charging.

Our proven business model is centered around organic growth, our supply advantage, driven by scale and our integrated refinery and supply infrastructure, acquiring prudently, and integrating successfully. Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our business is underpinned by our people, and our values; safety, integrity, community, and respect, which are deeply embedded across our organization.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: Parkland’s business model, objectives and strategies, including its ambition to reach $2 billion of Adjusted EBITDA by 2025 without further acquisitions, reduce leverage and improve shareholder returns and Parkland’s expectation of delivering at the higher end of its 2023 Adjusted EBITDA guidance.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic and the Russia-Ukraine conflict; micro and macroeconomic trends and conditions, including increases in interest rates, inflation and commodity prices; Parkland’s ability to execute its business objectives, projects and strategies, including the completion, financing and timing thereof, realizing the benefits therefrom and meeting our targets and commitments relating thereto; Parkland’s management systems and programs and risk management strategy; the competitive environment of our industry; retail pricing, margins and refining crack spreads; availability and pricing of petroleum product supply; volatility of crude oil and refined product prices; ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; environmental impact; changes in environmental and regulatory laws, including the ability to obtain or maintain required permits; and other factors, many of which are beyond the control of Parkland. In addition, the key material assumptions underlying the 2023 Adjusted EBITDA Guidance Range include: an increase in the retail fuel and petroleum product volumes by approximately 10% as compared to the year ended December 31, 2022, reflecting the full year contribution of 2022 acquisitions, integration and synergy capture, and organic growth initiatives; Food, convenience and other gross margin of approximately 30% of total retail gross margin and approximately 20% of total commercial gross margin; Refining adjusted gross margin of approximately $40 per barrel and average Burnaby Refinery utilization of between 75% and 85% based on the Burnaby Refinery’s crude processing capacity of 55,000 barrels per day; and an approximate $100 million Adjusted EBITDA impact as a result of 2023 refinery turnaround and maintenance capital expenditure of approximately $100 million relating thereto. The key material assumptions underlying the 2025 Adjusted EBITDA Ambition include an estimated $150 million of synergies and cost efficiencies and $180 million of organic growth compared to 2022 actuals. See also the risks and uncertainties described in “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” included in Parkland’s most recent Annual Information Form, and in “Forward-Looking Information” and “Risk Factors” included in the Q2 2023 MD&A, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-Financial Measures

Parkland uses a number of non-financial measures, including composite utilization and total recordable injury frequency rate, in measuring the success of our strategic objectives and to set variable compensation targets for employees. These non-financial measures are not accounting measures, do not have comparable International Financial Reporting Standards (”IFRS”) measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 16 of the Q2 2023 MD&A, which is incorporated by reference into this news release, for further details on the non-financial measures used by Parkland.

Specified Financial Measures

This news release contains total of segments measures, non-GAAP financial measures and non-GAAP financial ratios, supplementary financial measures and capital management measures (collectively, “specified financial measures”). Parkland’s management uses certain specified financial measures to analyze the operating and financial performance, leverage, and liquidity of the business. These specified financial measures do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. The specified financial measures should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. See Section 16 of the Q2 2023 MD&A, which is incorporated by reference into this news release, for further details regarding specified financial measures used by Parkland.

Non-GAAP Financial Measures and Ratios

Adjusted earnings (loss) is a non-GAAP financial measure and Adjusted earnings (loss) per share is a non-GAAP financial ratio, each representing the underlying core operating performance of business activities of Parkland at a consolidated level.

Adjusted earnings (loss) and Adjusted earnings (loss) per share represent how well Parkland’s operational business is performing, while considering depreciation and amortization, interest on leases and long-term debt, accretion and other finance costs, and income taxes. The Company uses these measures because it believes that Adjusted earnings (loss) and Adjusted earnings (loss) per share are useful for management and investors in assessing the Company’s overall performance as they exclude certain significant items that are not reflective of the Company’s underlying business operations.

Adjusted earnings (loss) excludes costs that are not considered representative of Parkland’s underlying core operating performance including: (i) costs related to potential and completed acquisitions, (ii) non-core acquisition and integration employee costs, (iii) business integration and restructuring costs, (iv) changes in the fair value of share-based compensation liabilities, (v) unrealized gains and losses on (a) foreign exchange, (b) risk management assets and liabilities unless they relate to underlying physical sales activity in the current period and (c) derivatives, (vi) adjustments to foreign exchange gains and losses as a result of cash pooling arrangements and refinancing activities, (vii) realized foreign exchange gains and losses on accrued financing costs in foreign currency and the offsetting realized risk management gains and losses on the related foreign exchange risk management instruments, (viii) changes in values of the Sol Put Option, Redemption Options, environmental liabilities and asset retirement obligations, (ix) loss on inventory write-downs for which there are offsetting associated risk management derivatives with unrealized gains, (x) impairments of non-current assets, (xi) loss on modification of long-term debt, (xii) earnings impact from hyperinflation accounting, (xiii) certain realized gains and losses on risk management assets and liabilities that are related to underlying physical sales activity in another period, (xiv) gains and losses on asset disposals, (xv) adjustment for the effect of market-based performance conditions for equity settled share-based award settlements, and (xvi) other adjusting items. Parkland’s Adjusted earnings (loss) and Adjusted earnings (loss) per share are also adjusted to include Parkland’s proportionate share of its joint-venture investees’ Adjusted earnings (loss). Concurrently with Parkland entering into the Share Exchange Agreement, effective August 4, 2022, Parkland does not allocate a portion of Adjusted earnings (loss) to NCI and includes 100 percent of International results as Adjusted earnings (loss).

Please see below for the reconciliation of Adjusted earnings (loss) to net earnings (loss) and calculation of Adjusted earnings (loss) per share.

Food and Company C-Store SSSG refers to the period-over-period sales growth generated by retail food and convenience stores at the same company sites. The effects of opening and closing stores, temporary closures (including closures for ON the RUN / Marché Express conversions), expansions of stores, renovations of stores, and stores with changes in food service models in the period are excluded to derive a comparable same-store metric. Same-store sales growth is a metric commonly used in the retail industry that provides meaningful information to investors in assessing the health and strength of Parkland’s brands and retail network, which ultimately impacts financial performance. Food and Company C-Store SSSG does not have any standardized meaning prescribed under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Please see below for a reconciliation of convenience store revenue (Food and C-Store revenue) of the Canada segment with the Food and Company C-Store same store sales (”SSS”) and calculation of the Food and Company C-Store SSSG.

The non-GAAP financial measures and ratios should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Except as otherwise indicated, these non-GAAP measures and ratios are calculated and disclosed on a consistent basis from period to period. See Section 16 of the Q2 2023 MD&A, which is incorporated by reference into this news release, for further details regarding Parkland’s non-GAAP financial measures and ratios.

Supplementary Financial Measures

Parkland uses a number of supplementary financial measures, including cash generated from (used in) operating activities per share, and liquidity available to evaluate the success of our strategic objectives and to set variable compensation targets for employees. These measures may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 16 of the Q2 2023 MD&A, which is incorporated by reference into this news release, for further details regarding supplementary financial measures used by Parkland.

Capital Management Measures

Parkland’s primary capital management measure is the Leverage Ratio, which is used internally by key management personnel to monitor Parkland’s overall financial strength, capital structure flexibility, and ability to service debt and meet current and future commitments. The Leverage Ratio is calculated as a ratio of Leverage Debt to Leverage EBITDA (each as defined in the Q2 2023 Consolidated Financial Statements) and does not have any standardized meaning prescribed under IFRS. It is therefore unlikely to be comparable to similar measures presented by other companies. See Section 16 of the Q2 2023 MD&A, which is incorporated by reference into this news release, for further details regarding capital management measures used by Parkland.

Total of Segments Measures

Adjusted EBITDA is a total of segments measure used by the chief operating decision maker to make decisions about resource allocation to the segment and to assess its performance. In accordance with IFRS, adjustments and eliminations made in preparing an entity’s financial statements and allocations of revenue, expenses, and gains or losses shall be included in determining reported segment profit or loss only if they are included in the measure of the segment’s profit or loss that is used by the chief operating decision maker. As such, Parkland’s Adjusted EBITDA is unlikely to be comparable to similarly named measures presented by other issuers, who may calculate these measures differently. Parkland views Adjusted EBITDA as the key measure for the underlying core operating performance of business segment activities at an operational level. Adjusted EBITDA is used by management to set targets for Parkland (including annual guidance and variable compensation targets) and is used to determine Parkland’s ability to service debt, finance capital expenditures and provide for dividend payments to shareholders. See Section 16 of the Q2 2023 MD&A, which is incorporated by reference into this news release, for further details regarding total of segments measures used by Parkland. Refer to the table below for the reconciliation of Adjusted EBITDA to net earnings (loss) for the three months ended June 30, 2023 and June 30, 2022.

Parkland uses Adjusted gross margin as a measure of segment profit (loss) to analyze the performance of sale and purchase transactions and performance on margin. Adjusted gross margin excludes the effects of significant items of income and expenditure that are not considered representative of Parkland’s underlying core margin performance and may have an impact on the quality of margins, such as (i) unrealized gains and losses on (a) foreign exchange, (b) risk management and other unless underlying physical sales activity has occurred, (ii) loss on inventory write-downs for which there are offsetting associated risk management and other with unrealized gains, (iii) certain realized gains and losses on risk management assets and liabilities that are related to underlying physical sales activity in another period, and (iv) other adjusting items. Refer to the table below for a detailed calculation of Adjusted gross margin for the three months ended June 30, 2023 and June 30, 2022

Click Here for More Information »

CALGARY, AB, July 21, 2023 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) expects to announce its 2023 second quarter results after markets close on Thursday, August 3, 2023. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Friday, August 4, 2023, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/XDpG4K6kMy5

Analysts and investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 77390959). International participants may call 1-800-389-0704 (toll free) (Conference ID: 77390959).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and www.sedar.com after the results are released.

Parkland is an international fuel distributor and retailer with operations in twenty-five countries. Our purpose is to power what moves people, and every day, we provide over one million customers with the essential fuels, convenience items and quality foods on which they depend.

With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultrafast Electric Vehicle charging.

Our proven business model is centered around organic growth, our supply advantage, driven by scale and our integrated refinery and supply infrastructure, acquiring prudently, and integrating successfully. Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our business is underpinned by our people, and our values; safety, integrity, community, and respect, which are deeply embedded across our organization.

CALGARY, AB, July 14, 2023 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) today announced the appointment of Nora Duke to Parkland’s Board of Directors (the “Board”), effective today.

“We are delighted to welcome Nora to our Board of Directors,” said Jim Pantelidis, Chairman of the Board. “Nora brings extensive executive experience spanning human resources, sustainability, acquisition and development, operations, and customer service. We expect our Board and Parkland’s shareholders will benefit greatly from her expertise and contributions.”

Ms. Duke’s career includes over 35 years within the Fortis group of companies, a diversified leader in the North American electric and gas utility industry. Most recently, Ms. Duke served as Executive Vice President, Sustainability and Chief Human Resource Officer at Fortis Inc., the parent company. Previously, Ms. Duke was Chief Executive Officer of Fortis Properties Corporation, and prior to that served as its Vice President, Hospitality Services.  Ms. Duke also served as Vice President of Customer and Corporate Services, at Fortis subsidiary, Newfoundland Power.

Ms. Duke has significant board experience in the corporate, industry and community sectors.  She currently sits on the board of the Institute of Corporate Directors. She holds a Bachelor of Commerce (Honours) and a Master of Business Administration from Memorial University of Newfoundland and has an ICD.D designation.

Ms. Duke’s appointment forms part of Parkland’s ongoing Board refreshment process, and closely follows the recent election of Michael Christiansen and Marc Halley.

Parkland is an international fuel distributor and retailer with operations in twenty-five countries. Our purpose is to Power Journeys and Energize Communities, and every day, we provide over one million customers with the essential fuels, convenience items and quality foods on which they depend.

With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultrafast Electric Vehicle charging.

Our proven business model is centered around organic growth, our supply advantage, driven by scale and our integrated refinery and supply infrastructure, acquiring prudently, and integrating successfully. Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our business is underpinned by our people, and our values; safety, integrity, community, and respect, which are deeply embedded across our organization.

CALGARY, AB, May 4, 2023 /PRNewswire-HISPANIC PR WIRE/ –  Parkland Corporation, (”Parkland”, “We”, the “Company”, or “Our”) (TSX: PKI) held its annual and special meeting of shareholders on May 4, 2023 (the “Meeting”).

The Company is pleased to announce that all matters presented at the Meeting were approved including the election of all ten nominees listed in the management information circular dated March 22, 2023 (the “Information Circular”). The complete results of voting for business considered at the Meeting are set out below:

Resolution 1
Election of directors of Parkland for the ensuing year.

Resolution 2
The reappointment of PricewaterhouseCoopers LLP, Chartered Accountants, as auditor of Parkland for the fiscal year ending December 31, 2023.

Resolution 3
The approval of Parkland’s restated shareholder rights plan, as set forth and described in the Information Circular.

Resolution 4
The approval of amendments to Parkland’s stock option plan, as set forth and described in the Information Circular.

Resolution 5
The approval of unallocated options under Parkland’s stock option plan, as set forth and described in the Information Circular.

Resolution 6
The approval of amendments to Parkland’s restricted share unit plan, as set forth and described in the Information Circular.

Resolution 7
The approval of unallocated restricted share units under Parkland’s restricted share unit plan, as set forth and described in the Information Circular.

Resolution 8
The approval, on a non-binding and advisory basis, of Parkland’s approach to executive compensation as set forth and described in the Information Circular.

Voting results for all matters have been posted on SEDAR.

About Parkland Corporation

Parkland is an international fuel distributor and retailer with operations in twenty-five countries. Our purpose is to Power Journeys and Energize Communities, and every day, we provide over one million customers with the essential fuels, convenience items and quality foods on which they depend.

With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultrafast Electric Vehicle charging.

Our proven business model is centered around organic growth, our supply advantage, driven by scale and our integrated refinery and supply infrastructure, acquiring prudently, and integrating successfully. Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our business is underpinned by our people, and our values; safety, integrity, community, and respect, which are deeply embedded across our organization.

First quarter Adjusted EBITDA of $395 million
Safely completed scheduled turnaround at Burnaby Refinery on time and on budget

CALGARY, AB, May 3, 2023 /PRNewswire/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), today announced its financial and operating results for the three months ended March 31, 2023.

Q1 2023 Highlights

• Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”¹) of $395 million, consistent with the first quarter of 2022 with contributions from acquisitions and organic growth offsetting the impact of the scheduled turnaround completed at the Burnaby Refinery in the first quarter of 2023 (the “2023 Turnaround”).
• Net earnings attributable to Parkland (”net earnings”) of $77 million ($0.44 per share, basic) up 40 percent from the first quarter of 2022, and Adjusted earnings attributable to Parkland (”Adjusted earnings”²) of $114 million ($0.65 per share, basic) down 16 percent from the first quarter of 2022.
• Cash generated from operating activities of $314 million ($1.79 per share, basic³) up $362 million from the first quarter of 2022.
• Leverage ratio⁴ of 3.3x (3.4x in Q4 2022) and liquidity available³ of $1.5 billion.
• Continued to expand our ON the RUN convenience brand to approximately 670 locations and grew our JOURNIE^TM rewards loyalty program to 4.5 million members.
• Subsequent to the quarter, announced a partnership between JOURNIE^TM rewards loyalty program and Aeroplan and opened the first ON the RUN standalone retail location in British Columbia.

“The Company’s disciplined focus on delivering shareholder value continues to guide us and we are on track for a successful year. Our performance this quarter demonstrates our ability to execute on our strategy, capture synergies and deliver organic growth throughout our retail and commercial businesses,” said Bob Espey, President and Chief Executive Officer. “I am confident Parkland will deliver its $2 billion Adjusted EBITDA ambition by 2025 without additional acquisitions, while reducing leverage and improving shareholder returns.”

Q1 2023 Segment Highlights

• Canada delivered Adjusted EBITDA of $167 million, down 13 percent from Q1 2022 ($191 million). Unseasonably warm weather lowered commercial volumes, partially offset by 2022 acquisitions and organic growth. Fuel margins declined year-over-year due to favourable retail market conditions in Q1 2022. Food and Company C-Store Same Store Sales Growth (”SSSG”) (excluding cigarettes)² was 6.8 percent (1.7 percent in Q1 2022).
• International delivered Adjusted EBITDA of $183 million, up 123 percent, from Q1 2022 ($82 million). Performance was largely driven by the consolidation of the remaining 25% of Sol and additional volumes captured largely in the contracted commercial and retail business, organic growth initiatives and synergies.
• USA delivered Adjusted EBITDA of $21 million, down 55 percent, from Q1 2022 ($47 million). Results were negatively impacted by the compliance obligations accounted for in the current period of $17 million, commodity price fluctuations in 2022 and severe winter weather across certain markets.
• Refining delivered Adjusted EBITDA of $38 million, down 57 percent, from Q1 2022 ($89 million) reflecting the scheduled 2023 Turnaround. Composite utilization⁵ was 33.9 percent. These impacts were partially offset by increased sales of imported product and efficient management of pipeline capacity.

Parkland’s sustainability accomplishments are described in the Q1 2023 MD&A (as defined below). Notably, Parkland’s total recordable injury frequency rate (”TRIF”⁵) on a trailing-twelve-months basis was 0.97 in Q1 2023, a decrease of 18 percent compared to the Q1 2022 TRIF of 1.19.

Consolidated Financial Overview

Q1 2023 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Thursday, May 4, 2023 at 6:30 am MDT (8:30 am EDT) to discuss the results. To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/nog8aEnNBqP

Analysts and investors interested in participating in the question-and-answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 79037941). International participants may call 1-800-389-0704 (toll-free) (Conference ID: 79037941).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

MD&A and Consolidated Financial Statements

The management’s discussion and analysis for the three months ended March 31, 2023 (the “Q1 2023 MD&A”) and consolidated financial statements for the three months ended March 31, 2023 (the “Q1 2023 Consolidated Financial Statements”) provide a detailed explanation of Parkland’s operating results. An English version of these documents will be available online at www.parkland.ca and SEDAR after the results are released by newswire under Parkland’s profile at www.sedar.com. The French versions of the Q1 2023 MD&A and the Q1 2023 Consolidated Financial Statements will be posted to www.parkland.ca and SEDAR as soon as they become available.

About Parkland Corporation

Parkland is an international fuel distributor and retailer with operations in twenty-five countries. Our purpose is to Power Journeys and Energize Communities, and every day, we provide over one million customers with the essential fuels, convenience items and quality foods on which they depend.

With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultrafast Electric Vehicle charging.

Our proven business model is centered around organic growth, our supply advantage, driven by scale and our integrated refinery and supply infrastructure, acquiring prudently, and integrating successfully. Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our business is underpinned by our people, and our values; safety, integrity, community, and respect, which are deeply embedded across our organization.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: Parkland’s business model, objectives and strategies, including its ambition to reach $2 billion of Adjusted EBITDA by 2025 without further acquisitions, reduce leverage and improve shareholder returns.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic and the Russia-Ukraine conflict; micro and macroeconomic trends and conditions, including increases in interest rates, inflation and commodity prices; Parkland’s ability to execute its business objectives, projects and strategies, including the completion, financing and timing thereof, realizing the benefits therefrom and meeting our targets and commitments relating thereto; Parkland’s management systems and programs and risk management strategy; the competitive environment of our industry; retail pricing, margins and refining crack spreads; availability and pricing of petroleum product supply; volatility of crude oil and refined product prices; ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; environmental impact; changes in environmental and regulatory laws, including the ability to obtain or maintain required permits; and other factors, many of which are beyond the control of Parkland. Assumptions related to Parkland’s ambition to reach $2 billion of Adjusted EBITDA by 2025 include an estimated $150 million of synergies from completed acquisitions and cost efficiencies and $180 million of organic growth compared to the 2022 financial results. See also the risks and uncertainties described in “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” included in Parkland’s most recent Annual Information Form, and in “Forward-Looking Information” and “Risk Factors” included in the Q1 2023 MD&A, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-Financial Measures

Parkland uses a number of non-financial measures, including composite utilization and total recordable injury frequency rate, in measuring the success of our strategic objectives and to set variable compensation targets for employees. These non-financial measures are not accounting measures, do not have comparable International Financial Reporting Standards (”IFRS”) measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 16 of the Q1 2023 MD&A, which is incorporated by reference into this news release, for further details on the non-financial measures used by Parkland.

Specified Financial Measures

This news release contains total of segments measures, non-GAAP financial measures and non-GAAP financial ratios, supplementary financial measures and capital management measures (collectively, “specified financial measures”). Parkland’s management uses certain specified financial measures to analyze the operating and financial performance, leverage and liquidity of the business. These specified financial measures do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. The specified financial measures should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. See Section 16 of the Q1 2023 MD&A, which is incorporated by reference into this news release, for further details regarding specified financial measures used by Parkland.

Non-GAAP Financial Measures and Ratios

Adjusted earnings (loss) and Adjusted earnings (loss) per share are a non-GAAP financial measure and a non-GAAP financial ratio, respectively, representing the underlying core operating performance of business activities of Parkland at a consolidated level.

Adjusted earnings (loss) and Adjusted earnings (loss) per share represent how well Parkland’s operational business is performing, while considering depreciation and amortization, interest on leases and long-term debt, accretion and other finance costs, and income taxes. The Company uses these measures because it believes that Adjusted earnings (loss) and Adjusted earnings (loss) per share are useful for management and investors in assessing the Company’s overall performance as they exclude certain significant items that are not reflective of the Company’s underlying business operations.

Adjusted earnings (loss) excludes costs that are not considered representative of Parkland’s underlying core operating performance including: (i) costs related to potential and completed acquisitions, (ii) non-core acquisition and integration employee costs, (iii) business integration and restructuring costs, (iv) changes in the fair value of share-based compensation liabilities, (v) unrealized gains and losses on (a) foreign exchange, (b) risk management assets and liabilities unless they relate to underlying physical sales activity in current period and (c) derivatives, (vi) realized foreign exchange gains and losses as a result of cash pooling arrangements and refinancing activities, (vii) realized foreign exchange gains and losses on accrued financing costs in foreign currency and the offsetting realized risk management gains and losses on the related foreign exchange risk management instruments, (viii) changes in values of the Sol put option, redemption options under Parkland’s senior unsecured notes, environmental liabilities and asset retirement obligations, (ix) loss on inventory write-downs for which there are offsetting associated risk management derivatives with unrealized gains, (x) impairments of non-current assets, (xi) loss on modification of long-term debt, (xii) earnings impact from hyperinflation accounting, (xiii) certain realized gains and losses on risk management assets and liabilities that are related to underlying physical sales activity in another period, (xiv) gains and losses on asset disposals, (xv) adjustment for the effect of market-based performance conditions for equity settled share-based award settlements, and (xvi) other adjusting items. Parkland’s Adjusted earnings (loss) and Adjusted earnings (loss) per share are also adjusted to include Parkland’s proportionate share of its joint-venture investees’ Adjusted earnings (loss). Concurrently with Parkland entering into the Share Exchange Agreement, effective August 4, 2022, Parkland does not allocate a portion of Adjusted earnings (loss) to NCI and includes 100 percent of International results as Adjusted earnings (loss).

Please see below for the reconciliation of Adjusted earnings (loss) to net earnings (loss) and calculation of Adjusted earnings (loss) per share.

Food and Company C-Store SSSG refers to the period-over-period sales growth generated by retail food and convenience stores at the same company sites. The effects of opening and closing stores, temporary closures (including closures for ON the RUN / Marché Express conversions), expansions of stores, renovations of stores, and stores with changes in food service models in the period are excluded to derive a comparable same-store metric. Same-store sales growth is a metric commonly used in the retail industry that provides meaningful information to investors in assessing the health and strength of Parkland’s brands and retail network, which ultimately impacts financial performance. Food and Company C-Store SSSG does not have any standardized meaning prescribed under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Please see below for a reconciliation of convenience store revenue (Food and C-Store revenue) of the Canada segment with the Food and Company C-Store same store sales (”SSS”) and calculation of the Food and Company C-Store SSSG.

The non-GAAP financial measures and ratios should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Except as otherwise indicated, these non-GAAP measures and ratios are calculated and disclosed on a consistent basis from period to period. See section 16 of the Q1 2023 MD&A, which is incorporated by reference into this news release, for further details regarding Parkland’s non-GAAP financial measures and ratios.

Supplementary Financial Measures

Parkland uses a number of supplementary financial measures, including cash generated from (used in) operating activities per share and liquidity available to evaluate the success of our strategic objectives and to set variable compensation targets for employees. These measures may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 16 of the Q1 2023 MD&A, which is incorporated by reference into this news release, for further details regarding supplementary financial measures used by Parkland.

Capital Management Measures

Parkland’s primary capital management measure is the Leverage Ratio, which is used internally by key management personnel to monitor Parkland’s overall financial strength, capital structure flexibility, and ability to service debt and meet current and future commitments. The Leverage Ratio is calculated as a ratio of Leverage Debt to Leverage EBITDA (each as defined in the Q1 2023 Consolidated Financial Statements) and does not have any standardized meaning prescribed under IFRS. It is therefore unlikely to be comparable to similar measures presented by other companies. See Section 16 of the Q1 2023 MD&A, which is incorporated by reference into this news release, for further details regarding capital management measures used by Parkland.

Total of Segments Measures

Adjusted EBITDA is a total of segments measure used by the chief operating decision maker to make decisions about resource allocation to the segment and to assess its performance. In accordance with IFRS, adjustments and eliminations made in preparing an entity’s financial statements and allocations of revenue, expenses, and gains or losses shall be included in determining reported segment profit or loss only if they are included in the measure of the segment’s profit or loss that is used by the chief operating decision maker. As such, Parkland’s Adjusted EBITDA is unlikely to be comparable to similarly named measures presented by other issuers, who may calculate these measures differently. Parkland views Adjusted EBITDA as the key measure for the underlying core operating performance of business segment activities at an operational level. Adjusted EBITDA is used by management to set targets for Parkland (including annual guidance and variable compensation targets) and is used to determine Parkland’s ability to service debt, finance capital expenditures and provide for dividend payments to shareholders. See Section 16 of the Q1 2023 MD&A, which is incorporated by reference into this news release, for further details regarding total of segments measures used by Parkland. Refer to the table below for the reconciliation of Adjusted EBITDA to net earnings (loss) for the three months ended March 31, 2023 and March 31, 2022.

Parkland uses Adjusted gross margin as a measure of segment profit (loss) to analyze the performance of sale and purchase transactions and performance on margin. Adjusted gross margin excludes the effects of significant items of income and expenditure that are not considered representative of Parkland’s underlying core margin performance and may have an impact on the quality of margins, such as (i) unrealized gains and losses on (a) foreign exchange, (b) risk management and other unless underlying physical sales activity has occurred, (ii) loss on inventory write-downs for which there are offsetting associated risk management and other with unrealized gains, (iii) certain realized gains and losses on risk management assets and liabilities that are related to underlying physical sales activity in another period, and (iv) other adjusting items. Refer to the table below for the reconciliation of Adjusted gross margn.

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CALGARY, AB, April 21, 2023 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) expects to announce its 2023 first quarter results after markets close on Wednesday, May 3, 2023. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Thursday, May 4, 2023, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/nog8aEnNBqP

Analysts and investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID:79037941). International participants may call 1-800-389-0704 (toll-free) (Conference ID: 79037941).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and www.sedar.com after the results are released.

Annual and Special Meeting of Shareholders

Parkland will host its 2023 Annual and Special  Meeting of Shareholders in a virtual-only format. The virtual-only meeting will be conducted via live audio webcast online on Thursday, May 4, 2023, at 9:00 a.m. MDT (11:00 a.m. EDT).

All shareholders will be able to attend the live virtual meeting. Information for shareholders is posted in Parkland’s Management Information Circular available at www.parkland.ca and under Parkland’s profile at www.sedar.com.

About Parkland Corporation

Parkland is an international fuel distributor and retailer with operations in twenty-five countries. Our purpose is to Power Journeys and Energize Communities, and every day, we provide over one million customers with the essential fuels, convenience items and quality foods on which they depend.

With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultrafast Electric Vehicle charging.

Our proven business model is centered around organic growth, our supply advantage, driven by scale and our integrated refinery and supply infrastructure, acquiring prudently, and integrating successfully. Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our business is underpinned by our people, and our values; safety, integrity, community, and respect, which are deeply embedded across our organization.

CALGARY, AB, April 11, 2023 /PRNewswire/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), announced today that the previously announced eight-week turnaround at the Burnaby Refinery has been safely completed. Following a successful start-up phase, the facility is now fully operational.

“I would like to congratulate the team who worked diligently and safely to complete this maintenance turnaround on time and within budget,” says Ryan Krogmeier, Senior Vice President, Supply, Trading and Refining. “Our team’s consistent execution and use of innovative technologies delivered a successful project that will help optimize ongoing refinery operations.”

Parkland is an international fuel distributor and retailer with operations in 25 countries. Our purpose is to Power Journeys and Energize Communities, and every day, we provide over one million customers with the essential fuels, convenience items and quality foods on which they depend.

With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast electric vehicle charging.

Our proven business model is centered around organic growth and our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently, and integrating successfully. Our strategy is focused on developing the existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our business is underpinned by our people, and our values of safety, integrity, community, and respect, which are deeply embedded across our organization.