Parkland Reports 2023 First Quarter Results.

CALGARY, AB: Parkland Corporation ("Parkland", "we", the "Company", or "our") (TSX: PKI), today announced its financial and operating results for the three months ended March 31, 2023.

Q1 2023 Highlights

Adjusted EBITDA attributable to Parkland ("Adjusted EBITDA"1) of $395 million, consistent with the first quarter of 2022 with contributions from acquisitions and organic growth offsetting the impact of the scheduled turnaround completed at the Burnaby Refinery in the first quarter of 2023 (the "2023 Turnaround").

Net earnings attributable to Parkland ("net earnings") of $77 million ($0.44 per share, basic) up 40 percent from the first quarter of 2022, and Adjusted earnings attributable to Parkland ("Adjusted earnings"2) of $114 million ($0.65 per share, basic) down 16 percent from the first quarter of 2022.

Cash generated from operating activities of $314 million ($1.79 per share, basic3) up $362 million from the first quarter of 2022.

Leverage ratio4 of 3.3x (3.4x in Q4 2022) and liquidity available3 of $1.5 billion.

Continued to expand our ON the RUN convenience brand to approximately 670 locations and grew our JOURNIETM rewards loyalty program to 4.5 million members.

Subsequent to the quarter, announced a partnership between JOURNIETM rewards loyalty program and Aeroplan and opened the first ON the RUN standalone retail location in British Columbia.

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

Q1 2023 Segment Highlights

Canada delivered Adjusted EBITDA of $167 million, down 13 percent from Q1 2022 ($191 million). Unseasonably warm weather lowered commercial volumes, partially offset by 2022 acquisitions and organic growth. Fuel margins declined year-over-year due to favourable retail market conditions in Q1 2022. Food and Company C-Store Same Store Sales Growth ("SSSG") (excluding cigarettes)2 was 6.8 percent (1.7 percent in Q1 2022).

International delivered Adjusted EBITDA of $183 million, up 123 percent, from Q1 2022 ($82 million). Performance was...