Parkland increases 2023 Guidance and announces Investor Day; Expects to deliver $2 billion Adjusted EBITDA ambition one year early

• 2023 Adjusted EBITDA Guidance¹ increased to $1.8 billion to $1.85 billion, up from $1.7 billion to $1.8 billion

• 2024 Adjusted EBITDA Guidance of approximately $2 billion, which is one year earlier than our previously stated ambition

• Investor Day to provide update on strategy execution, capital allocation framework, and financial outlook

CALGARY, Alberta, September 5, 2023 -- Parkland Corporation ("Parkland", "we", "our", or the "Company") (TSX: PKI) announced that strong performance has resulted in higher 2023 Adjusted EBITDA Guidance of $1.8 billion to $1.85 billion and accelerated the delivery of its $2 billion Adjusted EBITDA ambition to 2024, one year earlier than anticipated. Parkland will host an Investor Day on November 14, 2023 to provide an update on the execution of its strategy, capital allocation framework, and financial outlook.

“At our 2021 Investor Day, we shared the ambitious goal of doubling our Adjusted EBITDA to $2 billion by 2025,” said Bob Espey, President and Chief Executive Officer. “By integrating acquired companies, capturing synergies, and driving organic growth and cost efficiencies, we now expect to accomplish this goal without further acquisitions, one year early.”

“We have built a strong platform for continued growth,” added Espey. “The operational improvements we have made are enabling us to reduce leverage, increase cash flow, and enhance returns. We look forward to sharing more on our future growth plans and capital allocation priorities at our upcoming Investor Day.”

2023 Adjusted EBITDA Guidance Raised

• 2023 Adjusted EBITDA Guidance increased to $1,800 million to $1,850 million² (“Revised 2023 Adjusted EBITDA Guidance”), up from $1,700 million to $1,800 million, reflecting the successful execution of our strategy, favourable crack margins, and confidence in our operational performance.

• 2023 Capital Expenditures Guidance¹ lowered to $450 million to $500 million (“Revised 2023 Capital Expenditures Guidance”), down from $500 million to $550 million, reflecting cost-effective procurement, prudent capital allocation, and the successful completion of our scheduled Burnaby Refinery turnaround.

• Leverage Ratio Guidance^1,2 of approximately 3 times by the end of 2023, down from 3.4 times at the end of 2022.

2024 Adjusted EBITDA Guidance of approximately $2 billion²

• 2024 Adjusted EBITDA Guidance reflects ongoing synergy capture, realization of our previously disclosed $100 million MG&A cost efficiencies, organic growth across our retail and commercial lines of business, and optimized supply advantage.

• Cash flow per share Guidance^1,2,3 of approximately $9.50 in 2024, up from $8.30 in 2022.

• Return on Invested Capital (“ROIC”) Guidance² of more than 11 percent in 2024, up from 8.3 percent in 2022.

• Leverage Ratio Guidance^1,2 within our target range of 2 to 3 times by the end of 2024.

2023 Investor Day Registration is Open

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

https://humancontact.formstack.com/forms/pkl_2023_investor_day_form

About Parkland Corporation

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

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

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

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, "forward-looking statements"). When used in this news release the words "expect", "will", "could", "would", "believe", "continue", "pursue" and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: business objectives, strategies and model; Parkland's strategy to deliver synergies, cost efficiencies, and organic growth and the progress thereof; Parkland’s Revised 2023 Adjusted EBITDA Guidance of $1,800 million to $1,850 million and 2024 Adjusted EBITDA Guidance of approximately $2 billion; Parkland’s ability to realize $100 million of MG&A cost efficiencies by 2024; Parkland's Revised 2023 Capital Expenditures Guidance of $450 million to $500 million in 2023; Parkland's Leverage Ratio Guidance of 3 times by the end of 2023 and 2 to 3 times by the end of 2024; Parkland's Cash generated from (used in) operating activities per share Guidance of $9.50 by 2024; and Parkland's ROIC Guidance of more than 11 percent by 2024.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions; micro and macroeconomic trends and conditions, including increases in interest rates, inflation and commodity prices; Parkland's ability to execute its business objectives, projects and strategies, including the completion, financing and timing thereof, realizing the benefits therefrom and meeting our targets and commitments relating thereto; Parkland’s management systems and programs and risk management strategy; the competitive environment of our industry; retail pricing, margins and refining crack spreads; availability and pricing of petroleum product supply; volatility of crude oil and refined product prices; ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; environmental impact; changes in environmental and regulatory laws, including the ability to obtain or maintain required permits; and other factors, many of which are beyond the control of Parkland. In addition, the Revised 2023 Adjusted EBITDA Guidance range reflects the full year contribution of 2022 acquisitions, integration and synergy capture, and organic growth initiatives, and the key material assumptions include: an increase in Retail and Commercial Fuel and petroleum product adjusted gross margin of approximately 10% and Food, convenience and other adjusted gross margin of approximately 15% as compared to the year ended December 31, 2022; and Refining adjusted gross margin of approximately $45 per barrel and average Burnaby Refinery utilization of approximately 80% based on the Burnaby Refinery's crude processing capacity of 55,000 barrels per day. 2024 Adjusted EBITDA Guidance reflects continued integration and synergy capture, and organic growth initiatives, and the key material assumptions include: an increase in Retail and Commercial Fuel and petroleum product adjusted gross margin and Food, convenience and other adjusted gross margin of approximately 5% as compared to the year ending December 31, 2023; the realization of $100 million of MG&A cost efficiencies by 2024; and Refining adjusted gross margin of approximately $40 per barrel and average Burnaby Refinery utilization of 90% to 95% based on the Burnaby Refinery's crude processing capacity of 55,000 barrels per day. Leverage Ratio Guidance and Cash generated from (used in) operating activities per share Guidance are mainly driven by increases in Adjusted EBITDA and assume no change in non-cash working capital. Interest expense is excluded from Cash generated from (used in) operating activities. See also the risks and uncertainties described in "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" included in Parkland's most recent Annual Information Form, and in "Forward-Looking Information" and "Risk Factors" included in the Q2 2023 MD&A, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Supplementary Financial Measures

This news release refers to Adjusted EBITDA Guidance, Capital Expenditures Guidance (which is the summation of Maintenance Capital Expenditures Guidance and Growth Capital Expenditures Guidance), Leverage Ratio Guidance, Cash generated from (used in) operating activities per share Guidance, Fuel and petroleum adjusted gross margin, and Food, convenience and other adjusted gross margin, which are supplementary financial measures and may not be comparable to similar measures used by other issuers, who may calculate these measures differently. See below and Section 16 of the Q2 2023 MD&A for a discussion of these supplementary financial measures, which is incorporated by reference into this presentation.

Cash generated from (used in) operating activities per share Guidance This measure represents our forecast of Cash generated from (used in) operating activities per share for the twelve months ending December 31, 2024 and is calculated based on historical data and estimates of future conditions as inputs to make informed forecasts that are predictive in determining the direction of future trends. This measure is a forward-looking measure and the equivalent historical measure is Trailing-twelve-months (“TTM”) cash generated from (used in) operating activities per share. Parkland uses this measure as Guidance to shareholders regarding expected cash generation of Parkland's business. See Section 16 of the Q2 2023 MD&A for further detail on the composition of TTM cash generated from (used in) operating activities per share. TTM cash generated from (used in) operating activities per share does not have any standardized meaning prescribed under IFRS. It is therefore unlikely to be comparable to similar measures presented by other companies.

Return on Invested Capital (“ROIC”) This measure is composed of Net Operating Profit After Tax (“NOPAT”) and Invested Capital. ROIC is a non-GAAP ratio and NOPAT and Invested Capital are non-GAAP measures, which do not have standardized meanings under IFRS and therefore may not be comparable to similarly named measures disclosed by other issuers. NOPAT describes the profitability of Parkland’s base operations, excluding the impact of leverage and expenses not directly related to operations. Invested Capital is a measure for the total amount of capital deployed by Parkland. Each is used by management to assess the Company’s efficiency in allocating capital. See table below for a calculation of historical ROIC for 2021 and 2022, the calculation of NOPAT and the reconciliation to net earnings and the calculation of Invested Capital.

ROIC Guidance This measure is the forward-looking metric of ROIC for 2024. 2024 NOPAT is assumed to grow in proportion to Adjusted EBITDA, where Parkland’s Adjusted EBITDA Guidance is $2 billion for 2024. The ROIC Guidance of more than 11 percent assumes Invested Capital increases at a slower pace than NOPAT through 2024. The ROIC calculated here differs from the absolute ROIC disclosed in the Management Information Circular.

¹Supplementary Financial Measure. See “Supplementary Financial Measure” section of this news release. ²See “Forward Looking Statements” section of this news release for assumptions underlying Parkland’s 2023 and 2024 Guidance. ³Cash generated from (used in) operating activities per share Guidance. Supplementary Financial Measure. See “Supplementary Financial Measure” section of this news release. Assumes approximately 175 million common shares are issued and outstanding in 2024.

For Further Information

Investor Inquiries Valerie Roberts Director, Investor Relations 403-956-9282 [email protected]

Media Inquiries Simon Scott Director, Corporate Communications 403-956-9272 [email protected]