Parkland Reports Record 2022 Fourth Quarter and Year-End Results.

CALGARY, AB: Parkland Corporation ("Parkland", "we", the "Company", or "our") (TSX: PKI), today announced its financial and operating results for the three months and year ended December 31, 2022.

Q4 2022 Highlights

Record Adjusted EBITDA attributable to Parkland ("Adjusted EBITDA"1) of $455 million, up 75 percent from the fourth quarter of 2021, with each segment increasing compared to the prior year.

Cash generated from operating activities of $629 million ($3.65 per share, basic2) up 433 percent from 2021.

Net earnings attributable to Parkland ("net earnings") of $69 million ($0.39 per share, basic) up 214 percent from the fourth quarter of 2021, and Adjusted earnings attributable to Parkland ("Adjusted earnings"3) of $117 million ($0.67 per share, basic) up 113 percent from the fourth quarter of 2021.

Repurchased $40 million of Parkland common shares for cancellation.

Consolidated 100 percent ownership of our International segment effective October 18, 2022.

2022 Highlights

Parkland delivered its best safety performance in 2022, with a total recordable injury frequency rate4 of 1.05, an 8 percent improvement from the prior year.

Record Adjusted EBITDA of $1.620 billion, up 29 percent from 2021.

Cash generated from operating activities of $1.326 billion ($8.29 per share, basic2) up 47 percent from 2021.

Net earnings of $310 million ($1.94 per share, basic) up 220 percent from 2021 and Adjusted earnings of $468 million ($2.93 per share, basic) up 26 percent from 2021.

Leverage ratio5 of 3.4x and liquidity available2 of $1.5 billion.

Fuel volumes of 27 billion litres, up over 13 percent from 2021.

Continued to expand our ON the RUN convenience brand to more than 650 locations and grew our JOURNIE rewards loyalty program to 4.1 million members.

"I would like to thank the Parkland team for delivering an excellent year and commend them for their ongoing focus on safely serving our customers," said Bob Espey, President and Chief Executive Officer. "We advanced our strategy, strengthened our supply advantage, delivered record Adjusted EBITDA, and enhanced shareholder distributions. Our accomplishments demonstrate the strength of our integrated business model and highlight our focus on creating long-term shareholder value. We expect record Adjusted EBITDA in 2023 and are raising our annual dividend for the eleventh consecutive year."

"Having accelerated acquisitions, we are focused on integration, capturing synergies, deleveraging and enhancing...