Parkland Reports 2025 Third Quarter Results and Provides Update on the Sunoco Transaction

Executive Summary

• Parkland reported Q3 2025 Adjusted EBITDA of $540 million (up 25% YoY) and net earnings of $129 million, keeping the company on track to meet the midpoint of its 2025 Adjusted EBITDA guidance ($1.8‑$2.1 billion).
• The Sunoco transaction – a cash‑and‑equity plan of arrangement valued at ≈ US$9.1 billion – is slated to close on October 31, 2025; post‑closing, Parkland shares will be delisted and SunocoCorp Units will begin NYSE trading (ticker “SUNC”) on November 3, 2025.
• Shareholder elections for consideration were completed: ~95 million shares chose all‑cash, ~9.7 million chose all‑SunocoCorp Units, and ~69.9 million chose a mix of cash and units.

Key Details

• Financial Performance (Q3 2025 vs Q3 2024)
• Adjusted EBITDA: $540 M vs $431 M
• Net earnings: $129 M ($0.74/share) vs $91 M ($0.52/share)
• Adjusted earnings: $180 M ($1.03/share) vs $106 M ($0.61/share)
• TTM available cash flow: $668 M (up from $627 M)

• Leverage ratio improved to 3.1× (down from 3.6×).

• Segment Highlights

• Canada Adjusted EBITDA: $208 M (↑ 6%) – fuel margin strength, same‑store volume down 2.3%.
• International Adjusted EBITDA: $161 M (↑ 7%).
• USA Adjusted EBITDA: $28 M (down from $52 M) – competitive pricing pressure.

• Refining Adjusted EBITDA: $151 M (↑ 215%) – higher margins, utilization 103.1%.

• Sunoco Transaction Update

• Expected closing date: October 31, 2025 (subject to customary conditions).
• Post‑closing: Parkland shares delisted from TSX; SunocoCorp Units begin NYSE trading on Nov 3, 2025 (“SUNC”).
• Shareholder election results (as of Oct 17, 2025):
  • All‑cash elected: ~94.96 M shares
  • All‑SunocoCorp Unit elected: ~9.73 M shares
  • Mixed cash/units elected or deemed elected: ~69.91 M shares

• Election outcomes are subject to proration, caps and adjustments per the Plan of Arrangement.

• Liquidity & Capital Structure

• Liquidity available ≈ $2.3 billion.
• Long‑term debt (incl. current portion): $6.42 billion (down from $6.64 billion).

• Shareholder equity: $3.27 billion.

• Operational Metrics

• Total recordable injury frequency rate (TTM): 1.07 (vs 1.04 YoY).

• Composite refinery utilization (Burnaby): 103.1% (Q3 2025).

• Other Notables

• No conference call/webcast will be held due to pending transaction closing.
• Forward‑looking statements emphasize reliance on successful integration with Sunoco and achievement of EBITDA guidance.

Notable Quotes

“Parkland delivered another strong quarter… I am incredibly proud … excited about Parkland's next phase of growth with Sunoco, the power of the combined platform…” – Bob Espey, President & CEO.