CALGARY, AB, Aug. 5, 2025 /PRNewswire-HISPANIC PR WIRE/ — Parkland Company (“Parkland”, “we”, the “Firm”, or “our”) (TSX: PKI), at the moment introduced its monetary and working outcomes for the three and 6 months ended June 30, 2025.
“I wish to thank the Parkland workforce for safely serving our prospects to ship file second quarter outcomes,” mentioned Bob Espey, President and Chief Government Officer. “Our Canadian and Worldwide companies proceed to display energy and resilience, whereas sturdy provide optimization coupled with stable operations on the Burnaby refinery enabled us to seize above mid-cycle refining margins. These outcomes mirror the run charge potential of Parkland’s built-in platform and along with Sunoco, the mixed scale is nicely positioned to develop money circulation for years to come back.”
Q2 2025 Highlights
- Delivered Adjusted EBITDA of $508 million, as in comparison with $504 million in Q2 2024, primarily pushed by sturdy operations and margins on the Burnaby Refinery and sturdy efficiency within the Canada section. These had been partially offset by decrease gas unit margins within the Worldwide section and continued softness within the USA section primarily attributable to ongoing macroeconomic pressures.
- Web earnings of $172 million ($0.99 per share, primary), as in comparison with $70 million ($0.40 per share, primary) in Q2 2024, and Adjusted earnings3 of $158 million ($0.91 per share, primary3), as in comparison with $156 million ($0.89 per share, primary) in Q2 2024.
- Trailing twelve months (“TTM”) Out there money circulation3 of $551 million ($3.17 per share3), as in comparison with $823 million ($4.69 per share) in 2024, primarily reflecting a considerably decrease refining margin atmosphere in the course of the second half of 2024 and realized losses because of the wind down of California compliance market positions within the first quarter of 2025. TTM Money generated from (utilized in) working actions4 of $1,656 million ($9.52 per share4), as in comparison with $1,612 million ($9.19 per share) in 2024, reflecting beneficial working capital actions within the present interval.
- Leverage Ratio5 decreased to three.4 occasions (3.6 occasions in This fall 2024) and liquidity accessible4 of roughly $2.2 billion.
- Parkland’s complete recordable damage frequency charge6 on a TTM foundation was 1.15, in comparison with 1.21 in Q2 2024, reflecting the Parkland workforce’s continued deal with operational integrity.
Q2 2025 Section Highlights
- Canada delivered Adjusted EBITDA of $190 million, as in comparison with $168 million in Q2 2024. The rise was primarily pushed by stronger gas unit margins from continued worth and provide optimization, and quantity development in our company-owned community. We delivered firm same-store quantity development (“Firm SSVG”)6 of 4.6 p.c and Meals and Firm C-Retailer same-store gross sales development (“Meals and Firm C-Retailer SSSG”)3 excluding cigarettes of 4.2 p.c, reflecting stronger website execution, and elevated engagement although our loyalty program.
- Worldwide delivered Adjusted EBITDA of $168 million, as in comparison with $180 million in Q2 2024. Continued energy within the retail enterprise was greater than offset by decrease unit margins pushed by market instability from world conflicts leading to worth volatility, significantly in diesel.
- USA delivered Adjusted EBITDA of $26 million, as in comparison with $47 million in Q2 2024. The lower was primarily pushed by decrease gas unit margins attributable to an ongoing aggressive pricing atmosphere and diminished rail and regional arbitrage alternatives. Decrease retail volumes, client spending, and foot site visitors in comfort shops had been according to broader business tendencies.
- Refining delivered Adjusted EBITDA of $136 million, as in comparison with $119 million in Q2 2024. The rise was primarily pushed by increased refining margins mixed with sturdy composite utilization6 of 94.0 p.c.
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| (1) | Complete of segments measure. See “Measures of Section Revenue(Loss) and Complete of Segments Measures” part of this information launch. |
| (2) | On Could 5, 2025, Parkland and Sunoco LP (NYSE: SUN) (“Sunoco”) introduced that they entered right into a definitive settlement whereby Sunoco will purchase all excellent shares of Parkland in a money and fairness transaction valued at roughly U.S.$9.1 billion, together with assumed debt (the “Sunoco Transaction”). |
| (3) | Non-GAAP monetary measure or non-GAAP monetary ratio. See “Non-GAAP Monetary Measures and Ratios” part of this information launch. |
| (4) | Supplementary monetary measure. See “Supplementary Monetary Measures” part of this information launch. |
| (5) | Capital administration measure. See “Capital Administration Measures” part of this information launch. |
| (6) | Non-financial measure. See “Non-Monetary Measures” part of this information launch. |
Replace on the Sunoco Transaction
Parkland shareholders permitted the Sunoco Transaction on the June 24, 2025 Annual and Particular Assembly, with greater than 93 p.c of votes solid in favour. Following this sturdy shareholder endorsement, Parkland obtained a remaining order from the Court docket of King’s Bench of Alberta’s approval and the events have obtained Competitors Act (Canada) clearance.
The Sunoco Transaction continues to advance by the remaining regulatory evaluate processes and different closing situations, together with the continued evaluate beneath the Funding Canada Act, and is predicted to shut within the fourth quarter of 2025.
The Firm will terminate its Dividend Reinvestment Plan (“DRIP”) efficient August 6, 2025. The DRIP has been suspended since November 2, 2022.
2025 Steering
Following sturdy second quarter 2025 working and monetary outcomes, Parkland stays on observe to be inside its beforehand said 2025 Adjusted EBITDA Steering4 vary of $1,800 to $2,100 million and 2025 Capital Expenditure Steering4 vary of $475 to $525 million.
Attributable to anticipated transaction-related prices and sure restrictions related to the Sunoco Transaction, and to simplify exterior steerage, Parkland will not present updates with respect to its 2025 Out there money circulation per share, 2025 Leverage Ratio, non-core asset divestment program from 2023 to 2025 and 2025 Adjusted EBITDA for its Refining section.
Consolidated Monetary Overview
| ($ hundreds of thousands, until in any other case famous) | Three months ended June 30, | |
| Monetary Abstract | 2025 | 2024 |
| Gross sales and working income | 6,874 | 7,504 |
| Adjusted EBITDA(1) | 508 | 504 |
| Canada(2)(3) | 190 | 168 |
| Worldwide(2)(3) | 168 | 180 |
| USA(2)(3) | 26 | 47 |
| Refining(2)(3) | 136 | 119 |
| Company(2)(3) | (12) | (10) |
| Web earnings (loss) | 172 | 70 |
| Web earnings (loss) per share – primary ($ per share) | 0.99 | 0.40 |
| Web earnings (loss) per share – diluted ($ per share) | 0.97 | 0.39 |
| Trailing twelve months (“TTM”) Money generated from (utilized in) working actions(4) | 1,656 | 1,612 |
| TTM Money generated from (utilized in) working actions per share(4) | 9.52 | 9.19 |
| TTM Out there money circulation(5)(6) | 551 | 823 |
| TTM Out there money circulation per share(5)(6) | 3.17 | 4.69 |
| TTM ROIC(6) | 7.7 % | 9.0 % |
| (1) | Complete of segments measure. See “Measures of Section Revenue (Loss) and Complete of Segments Measures” part of this information launch. |
| (2) | For comparative functions, sure quantities in 2024 had been revised to adapt to the presentation used within the present interval with respect to the allocation of Company prices. See Be aware 2nd of the Interim Condensed Consolidated Monetary Statements for additional particulars |
| (3) | Measure of section revenue (loss). See “Measures of Section Revenue (Loss) and Complete of Segments Measures” part of this information launch. |
| (4) | Supplementary monetary measure. See “Supplementary Monetary Measures” part of this information launch. |
| (5) | For comparative functions, sure quantities had been reclassified between realized and unrealized acquire/(loss) on danger administration with no adjustments to Adjusted EBITDA or internet earnings to adapt to the presentation used within the present interval. |
| (6) | Non-GAAP monetary measure or non-GAAP monetary ratio. See “Non-GAAP Monetary Measures and Ratios” part of this information launch. |
MD&A and Annual Consolidated Monetary Statements
The Administration’s Dialogue and Evaluation for the three and 6 months ended June 30, 2025 (the “Q2 2025 MD&A”) and Interim Condensed Consolidated Monetary Statements for the three and 6 months ended June 30, 2025 (the “Q2 2025 Condensed Consolidated Monetary Statements”) present an in depth rationalization of Parkland’s working outcomes for the three and 6 months ended June 30, 2025. An English model of those paperwork shall be accessible on-line at www.parkland.ca and the System for Digital Knowledge Evaluation and Retrieval+ (“SEDAR+”) after the outcomes are launched by newswire beneath Parkland’s profile at www.sedarplus.ca. The French variations of the Q2 2025 MD&A and the Q2 2025 Condensed Consolidated Monetary Statements shall be posted to www.parkland.ca and SEDAR+ as quickly as they grow to be accessible.
About Parkland Company
Parkland is a number one worldwide gas distributor, marketer, and comfort retailer with protected and dependable operations in 26 nations throughout the Americas. Our retail community meets the gas and comfort wants of on a regular basis shoppers. Our industrial operations present companies with gas to function, full tasks and higher serve their prospects. Along with assembly our prospects’ wants for important fuels, Parkland offers a variety of decisions to assist them decrease their environmental influence, together with manufacturing and mixing renewable fuels, ultra-fast EV charging, a wide range of options for carbon credit and renewables, and solar energy. With roughly 4,000 retail and industrial places throughout Canada, the USA and the Caribbean area, we’ve developed provide, distribution and buying and selling capabilities to speed up development and enterprise efficiency.
Our technique is targeted on two interconnected pillars: our Buyer Benefit and our Provide Benefit. By way of our Buyer Benefit, we goal to be the primary alternative of our prospects by our proprietary manufacturers, differentiated presents, in depth community, aggressive pricing, dependable service, and compelling loyalty program. Our Provide Benefit is predicated on reaching the bottom price to serve amongst impartial gas entrepreneurs and distributors within the hard-to-serve markets during which we function, by our well-positioned belongings, vital scale, and deep provide and logistics capabilities. Our enterprise is underpinned by our individuals and our values of security, integrity, neighborhood and respect, that are embedded throughout our group.
Ahead-Trying Statements
Sure statements contained herein represent forward-looking info and statements (collectively, “forward-looking statements”). When used the phrases “count on”, “will”, “might”, “would”, “consider”, “proceed”, “pursue” and related expressions are meant to establish forward-looking statements. Particularly, this information launch accommodates forward-looking statements with respect to, amongst different issues: enterprise methods, targets and initiatives; run charge potential of Parkland’s built-in platform; Parkland and Sunoco nicely positioned to develop money circulation for years to come back; the Sunoco Transaction, together with progress of regulatory approvals and different closing situations and expectation to shut within the fourth quarter of 2025; anticipated prices regarding the Sunoco Transaction; anticipated to stay on observe to be inside its 2025 Adjusted EBITDA Steering and 2025 Capital Expenditure Steering ranges; and the termination of the DRIP and timing thereof.
These statements contain identified and unknown dangers, uncertainties and different elements that will trigger precise outcomes or occasions to vary materially from these anticipated in such forward-looking statements. No assurance might be provided that these expectations will show to be appropriate and such forward-looking statements included on this information launch shouldn’t be unduly relied upon. These forward-looking statements converse solely as of the date of this information launch. Parkland doesn’t undertake any obligation to publicly replace or revise any forward-looking statements besides as required by securities legislation. Precise outcomes might differ materially from these anticipated in these forward-looking statements on account of quite a few dangers and uncertainties together with, however not restricted to: the completion of the Sunoco Transaction, together with the power to acquire the approvals required in connection thereto, the timing thereof and realizing the advantages ensuing therefrom; Parkland’s skill to efficiently combine its operations with Sunoco following the Sunoco Transaction; normal financial, market and enterprise situations; micro and macroeconomic tendencies and situations, together with will increase in rates of interest, inflation, imposition of tariffs and fluctuating commodity costs; Parkland’s skill to execute its enterprise targets, tasks and techniques, together with the completion, financing and timing thereof, realizing the advantages therefrom, assembly our targets, outlook and commitments relating thereto, and the influence of the Sunoco Transaction thereon; skill to fall inside its 2025 Adjusted EBITDA Steering and 2025 Capital Expenditure Steering ranges and the assumptions relating thereto; and different elements, a lot of that are past the management of Parkland and the assumptions and dangers described in “Cautionary Assertion Relating to Ahead-Trying Info” and “Danger Components” included in Parkland’s most just lately filed Annual Info Type, and in “Ahead-Trying Info” and “Danger Components” within the This fall 2024 MD&A, every as filed on SEDAR+ and accessible on the Parkland web site at www.parkland.ca. As well as, the 2025 Adjusted EBITDA Steering displays continued integration of acquired companies and synergy seize, and development of natural development initiatives, and key materials assumptions embody: market tendencies according to Parkland’s present expectations; anticipated efficiency from Parkland’s retail and industrial strains of enterprise in the course of the 2025 monetary 12 months that’s according to the prior 12 months; Burnaby Refinery composite utilization of 90 to 95% primarily based on the Burnaby Refinery’s crude processing capability of 55,000 bpd, and completion of deliberate upkeep, together with deferral of the beforehand deliberate turnaround to 2026; and implementation of ongoing price reductions throughout the enterprise. The 2025 Capital Expenditure Steering is especially pushed by elevated Adjusted EBITDA and assumes no materials change to underlying operations and no deliberate turnaround on the Burnaby Refinery. The forward-looking statements contained on this information launch as expressly certified by these cautionary statements.
Specified Monetary Measures
This information launch accommodates complete of segments measures, non-GAAP monetary measures and non-GAAP monetary ratios, supplementary monetary measures and capital administration measures (collectively, “specified monetary measures”). Parkland’s administration makes use of sure specified monetary measures to investigate the working and monetary efficiency, leverage, and liquidity of the enterprise. These specified monetary measures would not have any standardized which means beneath Worldwide Monetary Reporting Requirements as issued by the Worldwide Accounting Requirements Board (“IFRS Accounting Requirements”) and are subsequently unlikely to be corresponding to related measures offered by different corporations. The required monetary measures shouldn’t be thought of in isolation or utilized in substitute for measures of efficiency ready in accordance with the IFRS Accounting Requirements. See Part 15 of the Q2 2025 MD&A, which is included by reference into this information launch, for additional particulars relating to specified monetary measures utilized by Parkland.
Non-GAAP Monetary Measures and Ratios
Adjusted earnings (loss) is a non-GAAP monetary measure and Adjusted earnings (loss) per share is a non-GAAP monetary ratio, every representing the underlying core working efficiency of enterprise actions of Parkland at a consolidated stage. Essentially the most straight comparable monetary measure to Adjusted earnings (loss) and Adjusted earnings (loss) per share is Web earnings (loss).
Adjusted earnings (loss) and Adjusted earnings (loss) per share characterize how nicely Parkland’s operational enterprise is performing, whereas contemplating depreciation and amortization, curiosity on leases and long-term debt, accretion and different finance prices, and earnings taxes. The Firm makes use of these measures as a result of it believes that Adjusted earnings (loss) and Adjusted earnings (loss) per share are helpful for administration and traders in assessing the Firm’s general efficiency, as they exclude sure objects that aren’t reflective of the Firm’s underlying enterprise operations.
See Part 15 of the Q2 2025 MD&A, which is included by reference into this information launch, for the detailed definition and composition of Adjusted earnings (loss) and Adjusted earnings (loss) per share.
Please see beneath for the reconciliation of Adjusted earnings (loss) to internet earnings (loss) and the calculation of Adjusted earnings (loss) per share.
| Three months ended June 30, |
Six months ended June 30, |
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| ($ hundreds of thousands, until in any other case said) | 2025 | 2024 | 2025 | 2024 |
| Web earnings (loss) | 172 | 70 | 236 | 65 |
| Add/(much less): | ||||
| Acquisition, integration and different prices | 46 | 46 | 75 | 76 |
| (Achieve) loss on overseas alternate – unrealized | (4) | 4 | (9) | 7 |
| (Achieve) loss on danger administration and different – unrealized(4) | (51) | 56 | (48) | 59 |
| Prices associated to the Sunoco Transaction | 46 | — | 46 | — |
| Different (positive aspects) and losses | (70) | (1) | (89) | 9 |
| Different adjusting objects(1)(4) | 17 | 8 | 11 | 26 |
| Tax normalization(2) | 2 | (27) | 1 | (43) |
| Adjusted earnings (loss) | 158 | 156 | 223 | 199 |
| Weighted common variety of frequent shares (million shares)(3) | 174 | 175 | 174 | 175 |
| Weighted common variety of frequent shares adjusted for the results of dilution (million shares)(3) |
177 | 177 | 176 | 178 |
| Adjusted earnings (loss) per share ($ per share) | ||||
| Primary | 0.91 | 0.89 | 1.28 | 1.14 |
| Diluted | 0.90 | 0.88 | 1.27 | 1.12 |
| (1) | Different adjusting objects for the three months ended June 30, 2025 embody: (i) realized positive aspects and losses on danger administration and different belongings and liabilities associated to underlying bodily gross sales exercise in one other interval of $12 million loss (2024 – $1 million loss); (ii) the share of depreciation, earnings taxes and different changes for investments in joint ventures and associates of $8 million (2024 – $3 million); (iii) different earnings of $1 million (2024 – $3 million); (iv)adjustment to overseas alternate positive aspects and losses associated to money pooling preparations of $4 million (2024 – $2 million); and (v) adjustment to realized danger administration positive aspects associated to rate of interest swaps, as these positive aspects don’t relate to commodity sale and buy transactions, of nil (2024 – $1 million). Different adjusting objects for the six months ended June 30, 2025 embody: (i) realized positive aspects and losses on danger administration and different belongings and liabilities associated to underlying bodily gross sales exercise in one other interval of $1 million acquire (2024 – $12 million loss); (ii) the share of depreciation, earnings taxes and different changes for investments in joint ventures and associates of $13 million (2024 – $7 million) (iii) different earnings of $3 million (2024 – $5 million); (iv) adjustment to overseas alternate positive aspects and losses associated to money pooling preparations of $4 million (2024 – $4 million); and (v) adjustment to realized danger administration positive aspects associated to rate of interest swaps, as these positive aspects don’t relate to commodity sale and buy transactions, of nil (2024 – $2 million acquire). For comparative functions, sure quantities had been reclassified between realized and unrealized acquire/(loss) on danger administration with no adjustments to Adjusted EBITDA or internet earnings, to adapt to the presentation used within the present interval. |
| (2) | The tax normalization adjustment was utilized to internet earnings (loss) adjusting objects that had been thought of non permanent variations, similar to acquisition, integration and different prices, unrealized overseas alternate positive aspects and losses, unrealized positive aspects and losses on danger administration and different, positive aspects and losses on asset disposals, adjustments in truthful worth of redemption choices, adjustments in estimates of environmental provisions, loss on stock write-downs for which there are offsetting related danger administration derivatives with unrealized positive aspects, impairments of non-current belongings and strategic transaction prices. The tax influence was estimated utilizing the efficient tax charges relevant to jurisdictions the place the associated objects happen. |
| (3) | Weighted common variety of frequent shares is calculated in accordance with Parkland’s accounting coverage contained in Be aware 2 of the Annual Consolidated Monetary Statements. |
| (4) | For comparative functions, sure quantities had been reclassified between realized and unrealized acquire/(loss) on danger administration with no adjustments to Adjusted earnings (loss) to adapt to the presentation used within the present interval. |
Out there money circulation is a non-GAAP monetary measure and Out there money circulation per share is a non-GAAP monetary ratio. Essentially the most straight comparable monetary measure for Out there money circulation and Out there money circulation per share is money generated from (utilized in) working actions. Parkland makes use of these measures to set targets (together with annual steerage and variable compensation goal) and monitor its skill to generate money circulation for capital allocation, together with distributions to shareholders, funding within the development of the enterprise, and deleveraging. See Part 15 of the Q2 2025 MD&A, which is included by reference into this information launch, for the detailed definition and composition of Out there money circulation and Out there money circulation per share. See the next desk for a calculation of historic Out there money circulation and Out there money circulation per share and a reconciliation to money generated from (utilized in) working actions.
| Three months ended | |||||
| Trailing twelve months ended June 30, 2025 |
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| ($ hundreds of thousands, until in any other case famous) | September 30, 2024 |
December 31, 2024 |
March 31, 2025 |
June 30, 2025 |
|
| Money generated from (utilized in) working actions | 406 | 462 | 286 | 502 | 1,656 |
| Reverse: Change in different belongings and different liabilities | (68) | 80 | 1 | (7) | 6 |
| Reverse: Web change in non-cash working capital associated to working actions(1) |
21 | (180) | 53 | (87) | (193) |
| Embody: Upkeep capital expenditures | (71) | (96) | (62) | (70) | (299) |
| Embody: Dividends obtained from investments in associates and joint ventures |
3 | 7 | 5 | 6 | 21 |
| Embody: Curiosity on leases and long-term debt | (85) | (87) | (89) | (83) | (344) |
| Embody: Funds of principal quantity on leases | (69) | (76) | (77) | (74) | (296) |
| Out there money circulation | 137 | 110 | 117 | 187 | 551 |
| Weighted common variety of frequent shares (hundreds of thousands)(2) | 174 | ||||
| TTM Out there money circulation per share | 3.17 | ||||
| Three months ended | |||||
| Trailing twelve months ended June 30, 2024 |
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| ($ hundreds of thousands, until in any other case famous) | September 30, 2023 |
December 31, 2023 |
March 31, 2024 (1) |
June 30, 2024 |
|
| Money generated from (utilized in) working actions | 528 | 417 | 217 | 450 | 1,612 |
| Reverse: Change in different belongings and different liabilities | 7 | (4) | 28 | 3 | 34 |
| Reverse: Web change in non-cash working capital associated to working actions(1) |
(14) | 17 | 55 | (34) | 24 |
| Embody: Upkeep capital expenditures | (52) | (93) | (59) | (53) | (257) |
| Embody: Dividends obtained from investments in associates and joint ventures |
4 | 3 | 2 | 8 | 17 |
| Embody: Curiosity on leases and long-term debt | (83) | (88) | (85) | (88) | (344) |
| Embody: Funds on principal quantity on leases | (57) | (71) | (71) | (64) | (263) |
| Out there money circulation | 333 | 181 | 87 | 222 | 823 |
| Weighted common variety of frequent shares (hundreds of thousands)(2) | 175 | ||||
| TTM Out there money circulation per share | 4.69 | ||||
| (1) | For comparative functions, sure quantities throughout the internet change in non-cash working capital associated to working actions for the three months ended March 31, 2024, had been revised to adapt to the present interval presentation. |
| (2) | Weighted common variety of frequent shares is calculated in accordance with Parkland’s accounting coverage contained in Be aware 2 of the Annual Consolidated Monetary Statements. |
ROIC is a non-GAAP monetary ratio. The measure is calculated as a ratio of Web working revenue after tax (“NOPAT”) divided by common invested capital. NOPAT describes the profitability of Parkland’s base operations, excluding the influence of leverage and sure different objects of earnings and expenditure that aren’t thought of consultant of Parkland’s underlying core working efficiency. NOPAT is predicated on Adjusted EBITDA, outlined within the “Measures of Section Revenue (Loss) and Complete of Segments Measures” part of this information launch, much less depreciation and amortization expense, together with pro-forma depreciation on belongings categorized as held on the market, and the estimated tax expense utilizing the anticipated common tax charge estimated utilizing statutory tax charges in every jurisdiction the place Parkland operates. Common invested capital is the quantity of capital deployed by Parkland that represents the common of opening and shutting debt, together with debt liabilities categorized as held on the market, in addition to shareholder’s fairness, together with fairness reserves, internet of money and money equivalents. We use this non-GAAP measure to evaluate Parkland’s effectivity in investing capital.
| ($ hundreds of thousands, until in any other case famous) | Three months ended | ||||
| ROIC | September 30, 2024 |
December 31, 2024 |
March 31, 2025 |
June 30, 2025 |
Trailing twelve months ended June 30, 2025 |
| Web earnings (loss) | 91 | (29) | 64 | 172 | 298 |
| Add/(much less): | |||||
| Revenue tax expense (restoration) | 17 | (8) | 8 | 39 | 56 |
| Acquisition, integration and different prices | 61 | 81 | 29 | 46 | 217 |
| Depreciation and amortization | 207 | 210 | 202 | 220 | 839 |
| Finance price | 96 | 92 | 99 | 93 | 380 |
| (Achieve) loss on overseas alternate – unrealized | 1 | (2) | (5) | (4) | (10) |
| (Achieve) loss on danger administration and different – unrealized | (48) | 34 | 3 | (51) | (62) |
| Prices associated to the Sunoco Transaction | — | — | — | 46 | 46 |
| Different (positive aspects) and losses | (1) | 30 | (19) | (70) | (60) |
| Different adjusting objects | 7 | 20 | (6) | 17 | 38 |
| Adjusted EBITDA | 431 | 428 | 375 | 508 | 1,742 |
| Much less: Depreciation and amortization | (207) | (210) | (202) | (220) | (839) |
| Much less: Professional-forma depreciation and amortization on belongings categorized as held on the market |
— | (7) | (7) | 14 | — |
| Adjusted EBIT | 224 | 211 | 166 | 302 | 903 |
| Common efficient tax charge | 21.0 % | ||||
| Much less: Taxes | (189) | ||||
| Web working revenue after tax | 714 | ||||
| Opening invested capital | 9,362 | ||||
| Closing invested capital | 9,201 | ||||
| Common invested capital | 9,282 | ||||
| Return on invested capital | 7.7 % | ||||
| Invested Capital | June 30, | |
| ($ hundreds of thousands, until in any other case famous) | 2025 | 2024 |
| Lengthy-term debt – present portion | 847 | 213 |
| Lengthy-term debt | 5,618 | 6,275 |
| Lengthy-term debt in liabilities categorized as held on the market(1) | 2 | 52 |
| Shareholders’ fairness | 3,173 | 3,138 |
| Exclude: Money and money equivalents | (439) | (316) |
| Complete | 9,201 | 9,362 |
| ($ hundreds of thousands, until in any other case famous) | Three months ended | ||||
| ROIC | September 30, 2023 |
December 31, 2023 |
March 31, 2024 |
June 30, 2024 |
Trailing twelve monthsended June 30, 2024 |
| Web earnings (loss) | 230 | 86 | (5) | 70 | 381 |
| Add/(much less): | |||||
| Revenue tax expense (restoration) | 54 | (15) | (29) | 20 | 30 |
| Acquisition, integration and different prices | 38 | 42 | 30 | 46 | 156 |
| Depreciation and amortization | 205 | 222 | 206 | 202 | 835 |
| Finance price | 93 | 89 | 91 | 99 | 372 |
| (Achieve) loss on overseas alternate – unrealized | 1 | — | 3 | 4 | 8 |
| (Achieve) loss on danger administration and different – unrealized(2) | (19) | 28 | 3 | 56 | 68 |
| Different (positive aspects) and losses | (37) | 5 | 10 | (1) | (23) |
| Different adjusting objects(2) | 20 | 6 | 18 | 8 | 52 |
| Adjusted EBITDA | 585 | 463 | 327 | 504 | 1,879 |
| Much less: Depreciation and amortization | (205) | (222) | (206) | (202) | (835) |
| Much less: Professional-forma depreciation and amortization on belongings categorized as held on the market | — | — | — | — | — |
| Adjusted EBIT | 380 | 241 | 121 | 302 | 1,044 |
| Common efficient tax charge | 19.9 % | ||||
| Much less: Taxes | (208) | ||||
| Web working revenue after tax | 836 | ||||
| Opening invested capital | 9,191 | ||||
| Closing invested capital | 9,362 | ||||
| Common invested capital | 9,277 | ||||
| Return on invested capital | 9.0 % | ||||
| Invested Capital | June 30, | |
| ($ hundreds of thousands, until in any other case famous) | 2024 | 2023 |
| Lengthy-term debt – present portion | 213 | 178 |
| Lengthy-term debt | 6,275 | 6,278 |
| Lengthy-term debt in liabilities categorized as held on the market(1) | 52 | — |
| Shareholders’ fairness | 3,138 | 3,080 |
| Exclude: Money and money equivalents | (316) | (345) |
| Complete | 9,362 | 9,191 |
| (1) | For comparative functions, long-term debt in liabilities categorized as held on the market had been included as a part of invested capital as at March 31, 2024, to adapt to the present interval presentation. |
| (2) | For comparative functions, sure quantities had been reclassified between realized and unrealized acquire/(loss) on danger administration for the three months ended March 31, 2024, with no adjustments to Adjusted EBITDA. |
Meals and Firm C-Retailer SSSG is a non-GAAP monetary ratio and refers back to the period-over-period gross sales development generated by retail meals and comfort shops on the similar Firm websites. The results of opening and shutting shops, non permanent closures (together with closures for On the Run / Marché Specific conversions), expansions of shops, renovations of shops, and shops with adjustments in meals service fashions within the interval are excluded to derive a comparable same-store metric. Similar-store gross sales development is a metric generally used within the retail business that gives significant info to traders in assessing the well being and energy of Parkland’s manufacturers and retail community, which in the end impacts monetary efficiency. Essentially the most straight comparable monetary measure to Meals and Firm C-Retailer SSSG is meals and comfort retailer income inside gross sales and working income.
Beneath is a reconciliation of comfort retailer income (Meals and C-Retailer income) for the Canada section with the Meals and Firm C-Retailer similar retailer gross sales (“SSS”), and the calculation of the Meals and Firm C-Retailer SSSG.
| Three months ended June 30, | Six months ended June 30, | |||||
| ($ hundreds of thousands, until in any other case famous) | 2025 | 2024 | %(1) | 2025 | 2024 | %(1) |
| Meals and Firm C-Retailer income | 83 | 82 | 162 | 160 | ||
| Add: | ||||||
| Level-of-sale (“POS”) worth of products and companies bought at Meals and Firm C-Retailer operated by retailers and franchisees(2) |
300 | 303 | 563 | 579 | ||
| Much less: | ||||||
| Rental and royalty earnings from retailers, franchisees and different(3) | (61) | (63) | (118) | (122) | ||
| Similar Retailer income changes(4) (excluding cigarettes) | (5) | (4) | (17) | (14) | ||
| Meals and Firm C-Retailer same-store gross sales (together with cigarettes) | 317 | 318 | (0.3) % | 590 | 603 | (2.1) % |
| Much less: | ||||||
| Similar Retailer income changes(4) (cigarettes) | (98) | (108) | (182) | (203) | ||
| Meals and Firm C-Retailer same-store gross sales (excluding cigarettes) | 219 | 210 | 4.2 % | 408 | 400 | 2.0 % |
| Three months ended June 30, | Six months ended June 30, | |||||
| ($ hundreds of thousands, until in any other case famous) | 2024 | 2023 | %(1) | 2024 | 2023 | %(1) |
| Meals and Firm C-Retailer income | 82 | 79 | 160 | 149 | ||
| Add: | ||||||
| Level-of-sale (“POS”) worth of products and companies bought at Meals and Firm C-Retailer operated by retailers(2) |
305 | 316 | 581 | 594 | ||
| Much less: | ||||||
| Rental earnings from retailers and different(3) | (63) | (64) | (122) | (119) | ||
| Similar Retailer income changes(4)(5) (excluding cigarettes) | (16) | (15) | (28) | (26) | ||
| Meals and Firm C-Retailer same-store gross sales (together with cigarettes) | 308 | 316 | (3.0) % | 591 | 598 | (1.3) % |
| Much less: | ||||||
| Similar Retailer income changes(4)(5) (cigarettes) | (105) | (112) | (200) | (213) | ||
| Meals and Firm C-Retailer same-store gross sales (excluding cigarettes) | 203 | 204 | (0.7) % | 391 | 385 | 1.1 % |
| (1) | Percentages are calculated primarily based on precise quantities and are impacted by rounding. |
| (2) | POS values used to calculate Meals and Firm C-Retailer SSSG usually are not a Parkland monetary measure and don’t kind a part of Parkland’s consolidated monetary statements as Parkland earns rental earnings from retailers within the type of a share lease on comfort retailer gross sales. POS values are calculated primarily based on the knowledge obtained from Parkland’s POS techniques at retail websites, together with transactional information, similar to gross sales, prices and volumes, that are topic to inner controls over monetary reporting. We additionally use this information to calculate rental earnings from retailers within the type of a share lease on comfort retailer gross sales, which is recorded as income in our consolidated monetary statements. |
| (3) | Contains rental earnings from retailers within the type of a share lease on Meals and Firm C-Retailer gross sales, royalty, and franchisee charges and excludes revenues from automated teller machines, POS system licensing charges, and different. |
| (4) | This adjustment excludes the results of acquisitions, opening and shutting shops, non permanent closures (together with closures for On the Run / Marché Specific conversions), expansions of shops, renovations of shops, and shops with adjustments in meals service fashions, to derive a comparable same-store metric. |
| (5) | Excludes gross sales from acquisitions accomplished throughout the 12 months as these is not going to influence the metric till after the completion of 1 12 months of the acquisitions when the gross sales or quantity generated establishes the baseline for these metrics. |
These non-GAAP monetary measures and ratios shouldn’t be thought of in isolation or utilized in substitute for measures of efficiency ready in accordance with IFRS Accounting Requirements. Besides as in any other case indicated, these non-GAAP monetary measures and ratios are calculated and disclosed on a constant foundation from interval to interval. See Part 15 of the Q2 2025 MD&A, which is included by reference into this information launch, for additional particulars relating to Parkland’s non-GAAP monetary measures and ratios.
Capital Administration Measures
Parkland’s major capital administration measure is the Leverage Ratio, which is used internally by key administration personnel to observe Parkland’s general monetary energy, capital construction flexibility, and skill to service debt and meet present and future commitments. With a view to handle its financing necessities, Parkland might regulate capital spending or dividends paid to shareholders or subject new shares or new debt. The Leverage Ratio is calculated as a ratio of Leverage Debt to Leverage EBITDA and doesn’t have any standardized which means prescribed beneath IFRS Accounting Requirements. It’s, subsequently, unlikely to be corresponding to related measures offered by different corporations. The detailed calculation of the Leverage Ratio is as follows:
| ($ hundreds of thousands, until in any other case famous) | June 30, 2025 | December 31, 2024 |
| Leverage Debt | 4,979 | 5,268 |
| Leverage EBITDA | 1,468 | 1,481 |
| Leverage Ratio | 3.4 | 3.6 |
| ($ hundreds of thousands, until in any other case famous) | June 30, 2025 | December 31, 2024 |
| Lengthy-term debt | 6,465 | 6,641 |
| Much less: | ||
| Lease obligations | (1,104) | (1,054) |
| Money and money equivalents | (439) | (385) |
| Non-recourse debt(1) | (55) | (30) |
| Danger administration legal responsibility (asset)(2) | 1 | (30) |
| Add: | ||
| Non-recourse money(1) | 35 | 31 |
| Letters of credit score and different | 76 | 95 |
| Leverage Debt | 4,979 | 5,268 |
| (1) | Represents non-recourse debt and non-recourse money stability associated to mission financing. |
| (2) | Represents the chance administration asset/legal responsibility related to the spot factor of the cross-currency swap designated in a money circulation hedge relationship to hedge the variability of principal money flows of the 2024 Senior Notes ensuing from adjustments within the spot alternate charges. |
| Three months ended | Trailing twelve months endedJune 30, 2025 |
||||
| ($ hundreds of thousands, until in any other case famous) | September 30, 2024 |
December 31, 2024 |
March 31, 2025 |
June 30, 2025 |
|
| Adjusted EBITDA | 431 | 428 | 375 | 508 | 1,742 |
| Share incentive compensation | 6 | 11 | 8 | 7 | 32 |
| Reverse: IFRS 16 influence(1) | (84) | (91) | (93) | (90) | (358) |
| 353 | 348 | 290 | 425 | 1,416 | |
| Acquisition pro-forma adjustment(2) | 6 | ||||
| Different changes(3) | 46 | ||||
| Leverage EBITDA | 1,468 | ||||
| (1) | Contains the influence of working leases previous to the adoption of IFRS 16, beforehand acknowledged beneath working prices, which aligns with administration’s view of the influence of earnings. |
| (2) | Contains the influence of pro-forma pre-acquisition EBITDA estimates primarily based on anticipated advantages, prices and synergies from acquisitions. |
| (3) | Contains changes to normalize Adjusted EBITDA for non-recurring occasions regarding the unplanned shutdown on the Burnaby Refinery, and the EBITDA attributable to EV charging operations financed by non-recourse mission financing. |
| Three months ended | Trailing twelve months ended December 31, 2024 |
||||
| ($ hundreds of thousands, until in any other case famous) | March 31, 2024 |
June 30, 2024 |
September 30, 2024 |
December 31, 2024 |
|
| Adjusted EBITDA | 327 | 504 | 431 | 428 | 1,690 |
| Share incentive compensation | 6 | 8 | 6 | 11 | 31 |
| Reverse: IFRS 16 influence(1) | (83) | (80) | (84) | (91) | (338) |
| 250 | 432 | 353 | 348 | 1,383 | |
| Acquisition pro-forma adjustment(2) | 11 | ||||
| Different changes(3) | 4481068-1-4_Proof.html Displaying 4481068-1-4_Proof.html.again to scg. Press tab to insert. |
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