CaribPR Wire

CALGARY, AB, Nov. 29, 2022 /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 13,992,412 common shares of the Company (the “Shares”), representing 10% of the public float (as defined by the TSX) as of November 21, 2022. On November 21, 2022, Parkland had 175,942,203 Shares issued and outstanding. The NCIB will commence on December 1, 2022 and will terminate upon the earliest of (i) November 30, 2023, (ii) the Company purchasing the maximum of 13,992,412 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 103,960 Shares, which represents 25% of the average daily trading volume on the TSX of 415,841 for the six months ended October 31, 2022.

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, 2022, 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 15,091,855 Shares from December 1, 2021 to November 30, 2022. Under the Existing NCIB, the Company has purchased 783,055 Shares on the open market at a weighted average purchase price of $25.5410 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 approval of the NCIB and the ASPP from the TSX, failure to realize the anticipated benefits of the NCIB, a failure to execute purchases under the NCIB, including under the ASPP, general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic and the Russia-Ukraine conflict; Parkland’s ability to execute its business strategies, including without limitation, Parkland’s ability to acquire prudently and integrate successfully, 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 “Forward-Looking Information” and “Risk Factors” included in Parkland’s Revised Annual Information Form dated March 17, 2022, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2022 MD&A dated November 2, 2022 and the Q4 2021 MD&A dated March 3, 2022, 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.

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 over 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed advanced 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.

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

Completed previously announced acquisitions
Focused on balance sheet strength and shareholder distributions
On track with 2022 Adjusted EBITDA¹ guidance range of $1.6 to $1.7 billion

CALGARY, AB, Nov. 2, 2022 /PRNewswire/ — 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, 2022.

Q3 2022 Highlights

• Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”¹) of $328 million, down approximately 10 percent from Q3 2021. Excluding previously disclosed spot wholesale inventory and risk management losses in our USA segment of $65 million, Adjusted EBITDA was $393 million, up 8 percent from Q3 2021.
• Net earnings attributable to Parkland of $105 million ($0.67 per share, basic), down from $110 million ($0.72 per share, basic) from Q3 2021, and Adjusted earnings attributable to Parkland¹ of $49 million ($0.31 per share, basic), down from $129 million ($0.85 per share, basic) from Q3 2021.
• Trailing twelve months (”TTM”) distributable cash flow¹ of $726 million ($4.68 per share) and Q3 2022 cash generated from operating activities of $402 million, up $14 million and $202 million, respectively, from the comparable prior year periods.
• Leverage ratio¹ of 3.5x, up from 3.2x in the prior quarter. Long-term debt primarily increased due to the completion of previously announced acquisitions and foreign exchange impacts.
• Fuel volumes of approximately 7 billion litres, up over 13 percent from Q3 2021, reflecting the strength of our marketing business and the impact of acquisitions.
• Completed the previously announced acquisitions of select Husky branded retail locations and the Jamaican business of GB Group. Subsequent to the quarter, we completed the consolidation of our International segment.
• Parkland is suspending its enhanced Dividend Reinvestment Plan for its common shares until further notice. As a result, shareholders will only receive future dividends in cash.

“Record year to date Adjusted EBITDA puts us on track to deliver our 2022 guidance,” said Bob Espey, President and Chief Executive Officer. “We have completed all previously announced acquisitions and remain focused on integrating the acquired businesses and capturing synergies. We have demonstrated disciplined capital allocation and will strike a balance between reducing our leverage ratio, enhancing shareholder distributions and growth. We anticipate a strong 2023 and remain confident in achieving our $2 billion Adjusted EBITDA ambition by 2025.”

Q3 2022 Segment Highlights

• Canada delivered Adjusted EBITDA¹ of $140 million, up approximately 4 percent from Q3 2021 ($134 million). Performance was underpinned by strong fuel unit and c-store margins and acquisitions.
• International delivered Adjusted EBITDA of $104 million, up 25 percent, from Q3 2021 ($83 million). Performance was underpinned by our consolidation of our International segment and volume growth driven by ongoing tourism recovery.
• USA delivered an Adjusted EBITDA loss of $18 million, down from Adjusted EBITDA of $43 million in Q3 2021. Excluding the impact of previously disclosed spot wholesale inventory and risk management losses, Adjusted EBITDA from our retail and commercial businesses was $47 million, an increase of 9 percent from Q3 2021, driven by acquisitions, strong fuel unit margins and marine contract wins.
• Refining delivered Adjusted EBITDA¹ of $135 million, up 7 percent, from Q3 2021 ($126 million). Performance was underpinned by strong refining crack margins, consistent operations, and composite utilization² of 94 percent (101 percent in Q3 2021), partially offset by higher operating costs.

Sustainability Leadership

Sustainability is deeply embedded across our business. Accomplishments from the third quarter, and year-to-date are included in the Q3 2022 MD&A. Third quarter highlights include:

• Continued reduction in year-over-year TTM lost time and total recordable injury frequency rates².
• Co-processed over 32 million litres of bio-feedstocks; equivalent to removing over 30,000 cars off the road.
• Generated $16 million of Total Renewable Adjusted EBITDA¹.
• Published our 2021 sustainability report, available here.

Consolidated Financial Overview

Q3 2022 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Thursday, November 3, 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/APvXEkv1p2a

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: 73952116). International participants may call 1-800-389-0704 (toll free) (Conference ID: 73952116).

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 nine months ended September 30, 2022 (the “Q3 2022 MD&A”) and consolidated financial statements for the three and nine months ended September 30, 2022 (the “Q3 2022 Consolidated Financial Statements”) provide a detailed explanation of Parkland’s operating results for the three and nine months ended September 30, 2022. 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 Q3 2022 MD&A and the Q3 2022 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 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 over 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.

Parkland’s proven strategy is centered around organic growth, our supply advantage, acquiring prudently, and integrating successfully. We are developing our existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our strategy 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: business objectives and strategies; Parkland’s expectation of meeting its  2022 Adjusted EBITDA guidance; Parkland’s expectation of a strong 2023 and being on track to achieve its ambition for $2 billion of Adjusted EBITDA by 2025; the payment of future dividends, if any; integrating acquisitions, and capturing synergies; and Parkland’s expected capital allocation, including balancing reducing Parkland’s leverage ratio, enhancing shareholder distributions and growth.

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; Parkland’s ability to execute its business strategies, including without limitation, Parkland’s ability to successfully integrate acquisitions, capture synergies, reduce its leverage ratio, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to complete transactions and projects; 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 “Forward-Looking Information” and “Risk Factors” included in Parkland’s Revised Annual Information Form dated March 17, 2022, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2022 MD&A dated November 2, 2022, 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, TTM lost time injury frequency rate and TTM 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 14 of the Q3 2022 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 ratios and 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 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 14 of the Q3 2022 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 is a non-GAAP financial measure and Adjusted earnings per share is a non-GAAP financial ratio included in this news release to assist management, investors and analysts with the analysis of the core operating performance of business activities of Parkland on a consolidated level. This non-GAAP financial measure and ratio do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. 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 14 of the Q3 2022 MD&A, which is incorporated by reference into this news release, for further details regarding Parkland’s non-GAAP financial measures and ratios. See below for the reconciliation of Adjusted earnings (loss) to net earnings (loss) and calculation of Adjusted earnings (loss) per share for the three months ended September 30, 2022 and September 30, 2021.

TTM distributable cash flow is a non-GAAP financial measure and TTM distributable cash flow per share is a non-GAAP ratio. TTM distributable cash flow is a cash metric that adjusts for the impact of seasonality in Parkland’s business by removing non-cash working capital items and excludes the effect of items that are not considered representative of Parkland’s ability to generate cash flows. Such items include: (i) acquisition, integration, and other costs; (ii) turnaround maintenance capital expenditures, and; (iii) interest on leases and long-term debt, and principal payments on leases attributable to non-controlling interests. Distributable cash flow does not have any standardized meaning under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Parkland uses this non-GAAP financial measure to monitor normalized cash flows of the business by eliminating the impact of Parkland’s working capital fluctuations and expenditures used in acquisition, integration and other activities, which can vary significantly from quarter-to-quarter.

Supplementary Financial Measures

Parkland uses a number of supplementary financial measures, including dividends per share, TTM dividends and TTM cash generated from (used in) operating activities, 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 14 of the Q3 2022 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 2022 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 14 of the Q3 2022 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. Adjusted EBITDA for the Canada and Refining segments and Total Renewable Adjusted EBITDA (being a summation of Canada and Refining segment renewable subsegments) are also total of segments measures. 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 14 of the Q3 2022 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 September 30, 2022 and September 30, 2021.

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CALGARY, AB, Oct. 20, 2022 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) expects to announce its 2022 third quarter results after markets close on Wednesday, November 2, 2022. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Thursday, November 3, 2022, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/APvXEkv1p2a

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: 73952116). International participants may call 1-800-389-0704 (toll free) (Conference ID: 73952116).

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’s purpose is to Power Journeys and Energize Communities. We serve essential needs in our communities, providing our customers with the fuels they depend on to get around, quality foods and convenience items, while helping them achieve their goals of lowering their environmental impact. Through our portfolio of trusted and locally relevant brands, we serve well over one million customers per day across Canada, the United States, the Caribbean region, and Central and South America.

In addition to leveraging our supply and storage capabilities to provide the fuels our diverse customers depend on; we are leading our customers through the energy transition. From electric vehicle charging, renewable fuels, solar energy and compliance and carbon offset trading, we are leaders in helping our customers lower their environmental impact.

Parkland’s proven strategy is centered around organic growth, our supply advantage, acquiring prudently, and integrating successfully. We are focused on developing our existing business in resilient markets, growing, and diversifying our retail business into food, convenience, and renewable energy solutions and helping our commercial customers decarbonize their operations. Our strategy is underpinned by our people, as well as our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

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CALGARY, Canada, Oct. 19, 2022 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), today provided a third quarter business update. Driven by the macroeconomic environment and volatile product prices, third quarter results will be below our expectations. We are confident in our fourth quarter outlook and expect to deliver 2022 Adjusted EBITDA within our guidance range of between $1.6 billion and $1.7 billion.

We expect to deliver Adjusted EBITDA attributable to Parkland (”Expected Adjusted EBITDA”) of approximately $325 million in the third quarter. Primary drivers include:

• USA: Rapidly declining market prices resulted in non-recurring wholesale inventory and risk management losses of approximately $65 million. These more than offset expected contributions from our retail and commercial businesses.
• Refining: Composite utilization of approximately 95 percent was dampened by higher operating, natural gas, transportation and compliance costs, as well as higher trailing crude prices in a declining market. This temporarily lowered our capture of the record refining crack spreads to approximately 55 percent.
• Canada: Falling product prices lowered fuel unit margins compared to the prior quarter. This partially offset steady retail fuel demand and strong non-fuel margins.

We remain confident in our outlook for the fourth quarter. In addition to significantly reducing third-party wholesale operations in the US, we anticipate:

• Returning to a higher capture of refining crack spreads that is more consistent with historical rates.
• A strong start to the tourist season in our Florida and International markets.
• Traditionally high seasonal heating demand for our Canadian commercial business.

Parkland has completed its previously announced acquisitions and remains focused on integration, capturing synergies and reducing its leverage ratio.

Parkland will host a conference call and webcast on Wednesday, October 19, at 7:00 a.m. MDT (9:00 a.m. EDT) to discuss its third quarter business update. To listen to the live conference call and webcast, please use the following link: https://app.webinar.net/J2e0oMyorAM

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: 92624070). International participants may call 1-800-389-0704 (toll free) (Conference ID: 92624070).

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.

Parkland has consolidated the ownership of its International Segment by completing the exchange of Simpson Oil Limited’s (”Simpson Oil”) 12.5 million shares in the capital of Sol Investments SEZC, representing Simpson Oil’s remaining 25 percent interest, for 20 million common shares in the capital of Parkland pursuant to the terms of the share exchange agreement between Simpson Oil and the Company dated August 4, 2022 (the “Share Exchange”). Parkland’s third quarter Estimated Adjusted EBITDA and full-year guidance is inclusive of Sol at 100 percent from August 4, 2022.

Additional details relating to the Share Exchange are described in the Company’s press release dated August 4, 2022, which is filed on SEDAR and available on the Parkland website at www.parkland.ca. Concurrently with completing the Share Exchange, the put and call options available to Simpson Oil and Parkland, respectively, with respect to the remaining 25 percent of shares of Sol Investments SEZC were terminated.

Parkland’s purpose is to Power Journeys and Energize Communities. We serve essential needs in our communities, providing our customers with the essential fuels they depend on to get around, quality foods and convenience items, while helping them achieve their goals of lowering their environmental impact. Through our portfolio of trusted and locally relevant brands, we serve well over one million customers per day across Canada, the United States, the Caribbean region and Central and South America.

In addition to leveraging our supply and storage capabilities to provide the essential fuels our diverse customers depend on; we are leading our customers through the energy transition. From electric vehicle charging, renewable fuels, solar energy and compliance and carbon offset trading, we are leaders in helping our customers lower their environmental impact.

Parkland’s proven strategy is centered around organic growth, our supply advantage, acquiring prudently, and integrating successfully. We are focused on developing our existing business in resilient markets, growing, and diversifying our retail business into food, convenience, and renewable energy solutions and helping our commercial customers decarbonize their operations. Our strategy is underpinned by our people, as well as 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, Parkland’s Expected Adjusted EBITDA for the third quarter of 2022; Parkland achieving 2022 results within its 2022 Adjusted EBITDA guidance range; and Parkland’s outlook for the fourth quarter of 2022, including with respect to expected crack spread capture and expected USA and Canada segment operations.

Expected Adjusted EBITDA is considered a forward-looking measure of which the equivalent historical measure would be Adjusted EBITDA as defined in the Section 14A of Parkland’s Management’s Discussion and Analysis dated August 4, 2022 (”Q2 2022 MD&A”). Expected Adjusted EBITDA includes 100 percent of International results for the period from August 4, 2022, when Parkland entered into the share exchange agreement with Simpson Oil Limited to acquire the remaining 25 percent shares of Sol Investments SEZC, to September 30, 2022. Expected Adjusted EBITDA is a preliminary number and is subject to Parkland’s quarter-end financial close procedures and as a result, final third quarter Adjusted EBITDA may differ from Expected Adjusted EBITDA disclosed in this news release.

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 may be 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: Parkland’s quarter-end financial close procedures; general economic, market and business conditions; competitive action by other companies; 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 “Forward-Looking Information” and “Risk Factors” included in Parkland’s Revised Annual Information Form dated March 17, 2022, and “Forward-Looking Information” and “Risk Factors” included in the Q2 2022 MD&A and the management discussion and analysis for the year ended December 31, 2021, dated March 3, 2022, 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.

• Q2 2022 Adjusted EBITDA¹ of $450 million
• Q2 2022 Net Earnings of $81 million, or $0.52 per share
• Q2 2022 Adjusted Earnings¹ of $166 million, or $1.07 per share
• Increases 2022 Adjusted EBITDA Guidance¹ to between $1.6 and $1.7 billion
• Announced agreement to issue 20 million Parkland common shares to consolidate our 100 percent ownership of Sol, our International Segment

CALGARY, AB, Aug. 4, 2022 /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, 2022.

Q2 2022 Highlights

• Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)¹ of $450 million, up approximately 40 percent from Q2 2021, underpinned by acquisitions, consistent operating performance and organic growth.
• Net earnings attributable to Parkland of $81 million, ($0.52 per share, basic), up approximately $145 million ($0.94 per share, basic) from Q2 2021, and Adjusted earnings attributable to Parkland¹ of $166 million, ($1.07 per share, basic), up $70 million ($0.43 per share) from Q2 2021.
• Trailing twelve months (”TTM”) distributable cash flow¹ of $748 million ($4.86 per share) and Q2 2022 cash generated from operating activities of $341 million, both broadly in line with Q2 2021.
• Reduced leverage ratio¹ by 0.3x from 3.5x in Q1 2022 to 3.2x.
• Fuel volumes of approximately 6.4 billion litres, up over 12 percent from Q2 2021, reflecting the strength of our marketing business and the impact of acquisitions.
• Completed the previously disclosed acquisition of four Eastern Canadian product terminals, extending our supply advantage and positioning us to accelerate our decarbonization strategy.
• Continued to expand our JOURNIE™ Rewards loyalty program, attracting approximately 300,000 new members for a total of 3.5 million members.

“Our record results demonstrate the resilience of our integrated business model and our ability to grow throughout economic cycles,” said Bob Espey, President and Chief Executive Officer. “The Parkland team continues to serve the needs of our customers, while simultaneously mitigating inflation, driving organic growth and strengthening our financial flexibility.”

“Consistent with our strategy, we continue to thoughtfully integrate acquisitions, capture synergies and reduce our leverage ratio,” added Espey. “Our operational performance year-to-date gives us confidence to increase our 2022 Adjusted EBITDA guidance. We are firmly on track with our ambition for $2 billion run-rate of Adjusted EBITDA by mid-decade.”

Q2 2022 Segment Highlights

• Canada delivered Adjusted EBITDA¹ of $174 million, up 38 percent, from Q2 2021 ($126 million). Performance was underpinned by robust margins and increased fuel volumes as a result of ongoing COVID recovery, the M&M and Crevier acquisitions, and organic growth. Our previously announced acquisition of select Husky branded retail locations is expected to close later this year.
• International delivered Adjusted EBITDA of $87 million, up 32 percent, from Q2 2021 ($66 million). Performance was underpinned by increased fuel volumes driven by continued recovery in tourism, aviation, and wholesale, acquisitions and synergy capture. Subsequent to the quarter, we completed our previously disclosed acquisition of the Jamaican business of GB Group and announced a share exchange for the remaining 25 percent of Sol Investments SEZC (”Sol”), to consolidate our 100 percent ownership of our International Segment.
• USA delivered Adjusted EBITDA of $51 million, up 70 percent, from Q2 2021 ($30 million). Performance was underpinned by the impact of prior year acquisitions, synergy capture, organic growth in our commercial and wholesale business and robust margins.
• Refining delivered Adjusted EBITDA¹ of $164 million, up 33 percent, from Q2 2021 ($123 million). Performance was underpinned by strong refining margins, partially offset by a power outage caused by a third party. Composite utilization² was 88.4 percent (97.4 percent in Q2 2021).

Updated 2022 Guidance

• Adjusted EBITDA (attributable to Parkland) increased to $1.6 – $1.7 billion (up from previous guidance of $1.5 billion +/- 5 percent).
• Capital expenditures (attributable to Parkland) are on track for the low-end of our previously guided range of between $425 million and $525 million.

The factors and assumptions which contribute to Parkland’s assessment of the increased 2022 Adjusted EBITDA Guidance are consistent with existing Parkland disclosures and such guidance is subject to risks and uncertainties inherent in Parkland’s business. Readers are directed to the “Risk Factors” section in the Q2 2022 MD&A and Parkland’s Revised Annual Information Form dated March 17, 2022 for a description of such factors, assumptions, risks and uncertainties. All other elements of Parkland’s previous guidance remain unchanged.

Sustainability Leadership

Sustainability is deeply embedded across our business. Notable accomplishments from the second quarter, and year-to-date, include:

• Reflecting our focus on safety, we more than halved our TTM lost time injury frequency rate² to 0.12 (Q2 2021: 0.26) and lowered our TTM total recordable injury frequency rate² to 1.06 (Q2 2021: 1.19).
• Co-processed over 30 million litres of bio-feedstocks during Q2 2022, and 50 million litres year-to-date. This has the equivalent environmental impact of taking over 24,000 and 40,000 cars off the road, respectively.
• Announced we are advancing our renewable fuel project, to be over 40 percent funded by the Government of British Columbia (”BC”), to expand our co-processing activity and build BC’s largest renewable diesel complex at our Burnaby Refinery. A Final Investment Decision is expected in the second half of 2023. Should this project advance, the renewable fuels produced will equate to the permanent removal of 700,000, or 25 percent of the passenger vehicles on BC’s roads.
• Generated $18 million of Total Renewable Adjusted EBITDA¹ in Q2 2022.
• Subsequent to the quarter (July 12, 2022), we published our 2021 Sustainability Report. In addition to highlighting our accomplishments, the timing of this report sets a new annual cadence for publishing future sustainability reports which more closely aligns with our annual reporting calendar. To read the 2021 Sustainability Report, please visit: https://www.parkland.ca/en/sustainability/overview

Consolidated Financial Overview

Q2 2022 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Friday, August 5, 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/8OZXrAXJQa5

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: 77903406). International participants may call 1-800-389-0704 (toll free) (Conference ID: 77903406).

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, 2022 (the “Q2 2022 MD&A”) and consolidated financial statements for the three and six months ended June 30, 2022 (the “Q2 2022 Consolidated Financial Statements”) provide a detailed explanation of Parkland’s operating results for the three and six months ended June 30, 2022. 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 Q2 2022 MD&A and Consolidated Financial Statements will be posted to www.parkland.ca and SEDAR as soon as they become available.

About Parkland Corporation

Parkland’s purpose is to Power Journeys and Energize Communities. We serve essential needs in our communities, providing our customers with the essential fuels they depend on to get around, quality foods and convenience items, while helping them achieve their goals of lowering their environmental impact. Through our portfolio of trusted and locally relevant brands, we serve well over one million customers per day across Canada, the United States, the Caribbean region and Central and South America.

In addition to leveraging our supply and storage capabilities to provide the essential fuels our diverse customers depend on; we are leading our customers through the energy transition. From electric vehicle charging, renewable fuels, solar energy and compliance and carbon offset trading, we are leaders in helping our customers lower their environmental impact.

Parkland’s proven strategy is centered around organic growth, our supply advantage, acquiring prudently, and integrating successfully. We are focused on developing our existing business in resilient markets, growing, and diversifying our retail business into food, convenience, and renewable energy solutions and helping our commercial customers decarbonize their operations. Our strategy is underpinned by our people, as well as 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 and strategies, the 2022 Adjusted EBITDA Guidance and the 2022 capital expenditure guidance and expectations relating thereto; consolidating 100 percent ownership of Sol and the completion thereof; being on track to achieve its ambition for $2 billion of Adjusted EBITDA by mid-decade; completing the acquisition of select Husky branded retail locations; integrating acquisitions, capturing synergies and reducing leverage ratio; continuing to meet customers’ needs; its ‘Drive to Zero’ strategy and goals with respect thereto; supporting the governments’ goals of achieving net-zero emissions by 2050; expanding its co-processing activity and building BC’s largest renewable diesel complex at the Burnaby Refinery, the completion, funding and timing thereof and the expected benefits relating thereto; future sustainability reports and the timing thereof; and its energy transition strategy and its goals and projects relating thereto.

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; Parkland’s ability to execute its business strategies, including without limitation; Parkland’s ability to successfully integrate acquisitions, capture synergies, reduce its leverage ratio, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to achieve its goals and targets relating to its “Drive to Zero” strategy; Parkland’s ability to complete transactions and projects, including consolidating 100 percent ownership of Sol, the acquisition of select Husky brand retail locations and expanding its co-processing activity and building BC’s largest renewable diesel complex at the Burnaby Refinery; 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 “Forward-Looking Information” and “Risk Factors” included in Parkland’s Revised Annual Information Form dated March 17, 2022, and “Forward-Looking Information” and “Risk Factors” included in the Q2 2022 MD&A dated August 4, 2022, 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, TTM lost time injury frequency rate and TTM 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 14 of the Q2 2022 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 ratios and 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 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 14 of the Q2 2022 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 is a non-GAAP financial measure and Adjusted earnings per share is a non-GAAP financial ratio included in this news release to assist management, investors and analysts with the analysis of the core operating performance of business activities of Parkland on a consolidated level. This non-GAAP financial measure and ratio do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. 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 14 of the Q2 2022 MD&A, which is incorporated by reference into this news release, for further details regarding Parkland’s non-GAAP financial measures and ratios. See below for the reconciliation of Adjusted earnings (loss) to net earnings (loss) and calculation of Adjusted earnings (loss) per share for the three months ended June 30, 2022 and June 30, 2021.

TTM distributable cash flow is a non-GAAP financial measure and TTM distributable cash flow per share is a non-GAAP ratio. TTM distributable cash flow is a cash metric that adjusts for the impact of seasonality in Parkland’s business by removing non-cash working capital items and excludes the effect of items that are not considered representative of Parkland’s ability to generate cash flows. Such items include: (i) acquisition, integration, and other costs; (ii) turnaround maintenance capital expenditures, and; (iii) interest on leases and long-term debt, and principal payments on leases attributable to non-controlling interests. Distributable cash flow does not have any standardized meaning under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Parkland uses this non-GAAP financial measure to monitor normalized cash flows of the business by eliminating the impact of Parkland’s working capital fluctuations and expenditures used in acquisition, integration and other activities, which can vary significantly from quarter-to-quarter.

Supplementary Financial Measures

Parkland uses a number of supplementary financial measures, including dividends per share, TTM dividends and TTM cash generated from (used in) operating activities, 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 14 of the Q2 2022 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 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 14 of the Q2 2022 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. Adjusted EBITDA for the Canada and Refining segments and Total Renewable Adjusted EBITDA (being a summation of Canada and Refining segment renewable subsegments) are also total of segments measures. 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 14 of the Q2 2022 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, 2022 and June 30, 2021.

CALGARY, AB, July 21, 2022 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) expects to announce its 2022 second quarter results after markets close on Thursday, August 4, 2022. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Friday, August 5, 2022, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/8OZXrAXJQa5

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: 77903406). International participants may call 1-800-389-0704 (toll free) (Conference ID: 77903406).

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’s purpose is to Power Journeys and Energize Communities. We serve essential needs in our communities, providing our customers with the fuels they depend on to get around, quality foods and convenience items, while helping them achieve their goals of lowering their environmental impact. Through our portfolio of trusted and locally relevant brands, we serve well over one million customers per day across Canada, the United States, the Caribbean region, and Central and South America.

In addition to leveraging our supply and storage capabilities to provide the fuels our diverse customers depend on; we are leading our customers through the energy transition. From electric vehicle charging, renewable fuels, solar energy and compliance and carbon offset trading, we are leaders in helping our customers lower their environmental impact.

Parkland’s proven strategy is centered around organic growth, our supply advantage, acquiring prudently, and integrating successfully. We are focused on developing our existing business in resilient markets, growing, and diversifying our retail business into food, convenience, and renewable energy solutions and helping our commercial customers decarbonize their operations. Our strategy is underpinned by our people, as well as our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

The environmental effect of the renewable fuels produced will equate to the permanent removal of approximately 700,000 or 25 per cent of the passenger vehicles on British Columbia’s roads

CALGARY, AB, May 9, 2022 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) announced plans to increase renewable fuel production at its Burnaby Refinery in British Columbia. This is one of many steps we are taking to advance our commercial decarbonization strategy and provide our customers with a portfolio of low carbon products and services to help them meet their low carbon goals. Today’s announced plans include:

• building on our track record of innovation and leadership, by expanding our existing co-processing volumes to approximately 5,500 barrels per day, and
• building a stand-alone renewable diesel complex, within the Burnaby Refinery capable of producing approximately 6,500 barrels per day of renewable diesel.

Renewable fuels produced through these plans will have one eighth of the carbon intensity of conventional fuels. They will reduce related greenhouse gas emissions by approximately 2 megatonnes per year. In addition, Parkland is designing the stand-alone renewable diesel complex to ensure it does not increase emissions from the Burnaby Refinery. Today’s announcement follows collaboration with the Government of British Columbia (”BC”) and supports the Government’s ambition to achieve net-zero emissions by 2050.

We currently estimate that these projects will require an investment of approximately $600 million, with the majority of capital investment expected to be deployed in 2024 and 2025. Parkland has received BC Government support for over 40 per cent of the project costs in the form of BC Low-Carbon Fuel Standard Compliance Credits.

“I applaud the Government of British Columbia for their vision and support of these innovative projects,” said Bob Espey, President & Chief Executive Officer. “This announcement advances our decarbonization strategy and our commitment to provide customers with low carbon choices which help them meet their environmental goals. Renewable fuels play a critical role in Canada’s climate ambitions by enabling customers to reduce their carbon footprint using their existing vehicle.”

“Parkland’s plans to increase our province’s renewable fuel capabilities support our Clean BC targets,” said The Hon. Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation. “This is a big step forward in our transition to a lower-carbon economy. Harnessing Parkland’s technical expertise and infrastructure to lower the environmental impact of our transportation is something we can be proud of. When combined with BC’s other sources of renewable power and efforts to electrify the passenger vehicle fleet, we continue to set the bar for Canada.”

These plans will have a positive impact on employment in British Columbia and are expected to directly create up to 1,000 high-quality, family sustaining jobs during the construction phase. Following stakeholder consultation, we aim to make a final investment decision in the second half of 2023, with production expected to commence in 2026. We are currently assessing the feasibility and availability of financial support to produce Sustainable Aviation Fuel (”SAF”) as part of these plans, in support of decarbonizing Canada’s aviation sector.

Parkland’s purpose is to Power Journeys and Energize Communities. We serve essential needs in our communities, providing our customers with the fuels they depend on to get around, quality foods and convenience items, while helping them achieve their goals of lowering their environmental impact. Through our portfolio of trusted and locally relevant brands, we serve well over one million customers per day across Canada, the United States, the Caribbean region and Central and South America.

In addition to leveraging our supply and storage capabilities to provide the fuels our diverse customers depend on; we are leading our customers through the energy transition. From electric vehicle charging, renewable fuels, solar energy and compliance and carbon offset trading, we are leaders in helping our customers lower their environmental impact.

Parkland’s proven strategy is centered around organic growth, our supply advantage, acquiring prudently, and integrating successfully. We are focused on developing our existing business in resilient markets, growing, and diversifying our retail business into food, convenience, and renewable energy solutions and helping our commercial customers decarbonize their operations. Our strategy is underpinned by our people, as well as 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 and strategies; plans to expand our co-processing capability to approximately 5,500 barrels per day; plans to build British Columbia’s largest renewable diesel complex capable of producing approximately 6,500 barrels per day of renewable diesel; the environmental effects of the renewable fuels produced through these plans, including equating to removing approximately 700,000 or 25 per cent of the passenger vehicles on British Columbia’s roads, having one eighth of the carbon-intensity of conventional fuels, reducing related greenhouse gas emissions by approximately 2 megatonnes per year and ensuring Parkland does not increase emissions from the Burnaby Refinery; the estimated required investment for these projects and the timing of the deployment thereof; the impact of these plans on the Government’s ambition to achieve net-zero emissions by 2050 and Clean BC targets; the impact of these plans on employment and job opportunities in British Columbia; details with respect to stakeholder consultation and making a final investment decision, including the timing thereof, and expected timing of commencing production; and Parkland’s commercial decarbonization strategy and its commitment to provide customers with low carbon choices.

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 may be 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: ability to execute and realize all or any of the anticipated benefits of expanding its co-processing activities and building a stand-alone renewable diesel complex; ability to fund these projects; the receipt of necessary approvals and support by third parties; general economic, market and business conditions; competitive action by other companies; 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 “Forward-Looking Information” and “Risk Factors” included in Parkland’s Revised Annual Information Form dated March 17, 2022, and “Forward-Looking Information” and “Risk Factors” included in the Q1 2022 MD&A dated May 4, 2022 and the Q4 MD&A dated March 3, 2022, 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.

CALGARY, AB, May 6, 2022 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation, (”Parkland”, “We”, the “Company”, or “Our”) (TSX: PKI) held its annual general meeting of shareholders on May 5, 2022 (the “Meeting”).

The Company is pleased to announce that all ten of the nominees listed in its management information circular dated March 25, 2022 (the “Information Circular”) were elected as directors of the Corporation and PricewaterhouseCoopers LLP, Chartered Accountants, was reappointed as Parkland’s auditor at the Meeting.

The results of these votes, as well as the results for the other items of business considered at the Meeting, are set out below:

Election of directors of Parkland for the ensuing year.

The reappointment of PricewaterhouseCoopers LLP, Chartered Accountants, as auditor of Parkland for the fiscal year ending December 31, 2022.

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

Voting results for all matters have been posted on SEDAR.

Parkland’s purpose is to Power Journeys and Energize Communities. We serve essential needs in our communities, providing our customers with the essential fuels they depend on to get around, quality foods and convenience items, while helping them achieve their goals of lowering their environmental impact. Through our portfolio of trusted and locally relevant brands, we serve well over one million customers per day across Canada, the United States, the Caribbean region and Central and South America.

In addition to leveraging our supply and storage capabilities to provide the essential fuels our diverse customers depend on; we are leading our customers through the energy transition. From electric vehicle charging, renewable fuels, solar energy and compliance and carbon offset trading, we are leaders in helping our customers lower their environmental impact.

Parkland’s proven strategy is centered around organic growth, our supply advantage, acquiring prudently, and integrating successfully. We are focused on developing our existing business in resilient markets, growing, and diversifying our retail business into food, convenience, and renewable energy solutions and helping our commercial customers decarbonize their operations. Our strategy is underpinned by our people, as well as our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

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CALGARY, AB, May 4, 2022 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), a leading international food and convenience store operator, independent supplier and marketer of fuel and petroleum products and leader in renewable energy, announced today its financial and operating results for the three months ended March 31, 2022. Highlights include:

Q1 2022 Highlights

• Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)¹ of $387 million, up 23 percent year-over-year underpinned by the impact of acquisitions, consistent operating performance, continued organic growth in our marketing business, strong supply performance and robust margins.
• Net earnings attributable to Parkland (”net earnings”) of $55 million, or $0.36 per share, basic, an increase of 90 percent from prior year and Adjusted earnings attributable to Parkland (”Adjusted earnings”)¹ of $136 million, or $0.88 per share, basic, up approximately 48 percent year-over-year.
• Trailing twelve months (”TTM”) distributable cash flow per share¹ of $4.73, an increase of approximately 9 percent relative to Q1 2021.
• Cash used in operating activities of $48 million, compared to cash generated from operating activities of $264 million, down $312 million year-over-year, driven by a working capital outlay of $436 million related to increasing commodity prices.
• Continued to strengthen our customer proposition with the close of the previously announced acquisitions of Crevier and M&M Food Market.
• Fuel volumes of approximately 7 billion liters, up over 26 percent from Q1 2021, reflecting the impact of acquisitions, growing customer demand for essential fuels and ongoing economic recovery from COVID.
• Continued to expand our ON the RUN convenience brand with 37 additional locations and attracted 300,000 new members to our JOURNIE™ Rewards loyalty program.
• Generated $25 million of Total Renewable Adjusted EBITDA¹ and accomplished a world first by co-processing tall oil to create renewable fuels at the Burnaby refinery. In addition to demonstrating our leading position in co-processing, tall oil further diversifies our bio-feedstock supply chain.

“Our first quarter results demonstrate the strength of our strategy,” said Bob Espey President and Chief Executive Officer. “We grew our marketing business by integrating recent acquisitions and leveraging our supply advantage.”

“We continue to prioritize organic growth initiatives, integrate and capture synergies from recent acquisitions and are confident we can achieve the high end of our 2022 Adjusted EBITDA guidance,” added Espey. “I am proud of the Parkland team who are dedicated to powering our customers’ journeys and energizing the communities we serve.”

Q1 2022 Segment Highlights

To align with strategic initiatives and provide greater visibility into our operations, we have made several enhancements to our reporting disclosures. To align with USA and International segment reporting, the Canada segment now includes its respective supply, trading and wholesale activities. The Burnaby refinery results can be found in a new Refining segment. In addition, Total Renewable Adjusted EBITDA and the results of our Retail and Commercial lines of business are separately disclosed. For comparative purposes, prior period information has been restated and reclassified to conform to the presentation used in the current period.

• Canada delivered Adjusted EBITDA² of $191 million, up 28 percent, from Q1 2021 ($149 million). Performance was underpinned by strong margins, increasing fuel volumes, the close of our previously announced acquisitions (Crevier and M&M Food Market), and organic growth. Food and Company C-Store Same Store Sales Growth² (”SSSG”) (excluding cigarettes) was 1.7 percent. We opened 37 new ON the RUN stores and welcomed an additional 300,000 customers to our JOURNIE™ Rewards loyalty program, bringing total members to 3.2 million.
• International delivered Adjusted EBITDA of $82 million, up 22 percent, from Q1 2021 ($67 million). Performance was underpinned by fuel volume growth primarily driven by a recovery in tourism (aviation) and wholesale, contribution from our previously announced acquisition in St. Maarten, and supply synergies from our Isla joint venture in Dominican Republic.
• USA delivered Adjusted EBITDA of $47 million, up 147 percent, from Q1 2021 ($19 million). Performance was underpinned by prior year acquisitions and related synergies, strong margins, higher marine fuel demand and new cruise ship contracts. Margin improvements helped mitigate the impact of inflation.
• Refining delivered Adjusted EBITDA² of $89 million, down 8 percent, from Q1 2021 ($97 million). Utilization³ of 92.2 percent (Q1 2021 – 91.0 percent) and a stronger margin was offset by higher operating costs.

Sustainability Leadership

Sustainability is deeply embedded across our business. Our ‘Drive to Zero’ strategy includes our goals to achieve zero safety incidents, zero spills, zero tolerance for racism and discrimination, zero tolerance for corruption, bribery, and unethical behaviour and to help our governments achieve their goal of net-zero emissions by 2050. Notable accomplishments from the first quarter include:

• Improving our TTM lost time injury frequency rate⁴ to 0.14 (Q1 2021 – 0.25) and TTM total recordable injury frequency rate⁴ to 1.19 (Q1 2021 – 1.22), reflecting our continued focus on safety.
• Delivering a world first, by co-processing tall oil in a fluid catalytic cracker without pretreatment to produce renewable fuels with approximately one eighth of the carbon intensity of regular fuels (tall oil is a waste product from the pulp and paper industry).
• Co-processing over 20 million litres of bio-feedstocks, which has the equivalent impact of taking over 16,000 cars off the road.
• Generating $25 million of Total Renewable Adjusted EBITDA.
• Advancing our plans to launch the largest (by site count) electric vehicle ultra-fast charger network in British Columbia, which is expected to open to customers in 2022.

Consolidated Financial Overview