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Parkland Corporation
Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025

























Parkland Corporation
Consolidated Balance Sheets
(Unaudited)

image_0.jpg
($ millions)NoteSeptember 30, 2025December 31, 2024
Assets
Current assets
Cash and cash equivalents
    406    
    385    
Accounts receivable
    1,580    
    1,510    
Inventories
    1,699    
    1,511    
Income taxes receivable
    38    
    69    
Risk management and other financial assets7 
    34    
    68    
Prepaid expenses and other
    125    
    93    
Assets classified as held for sale4 
    84    
    842    
    3,966    
    4,478    
Non-current assets
Property, plant and equipment
    5,452    
    5,032    
Intangible assets
    1,052    
    1,152    
Goodwill
    2,465    
    2,426    
Investments in associates and joint ventures
    337    
    344    
Other long-term assets
    5    
    419    
    333    
Deferred tax assets
    243    
    279    
    13,934    
    14,044    
Liabilities
Current liabilities
Accounts payable and accrued liabilities
    2,759    
    2,613    
Dividends declared and payable
    63    
    61    
Income taxes payable
    85    
    21    
Long-term debt – current portion6 
    848    
    261    
Provisions and other liabilities – current portion9, 14
    161    
    72    
Risk management and other financial liabilities7 
    28    
    62    
Liabilities associated with assets held for sale4 
    16    
    292    
    3,960    
    3,382    
Non-current liabilities
Long-term debt6 
    5,569    
    6,380    
Provisions and other liabilities9 
    765    
    712    
Deferred tax liabilities
    354    
    383    
Income taxes payable
    19    
    21    
    10,667    
    10,878    
Shareholders' equity
Shareholders' capital
    10    
    3,261    
    3,238    
Contributed surplus
    —    
    56    
Accumulated other comprehensive income (loss)
    (33)
    18    
Retained earnings (deficit)
    39    
    (146)
    3,267    
    3,166    
    13,934    
    14,044    
See accompanying notes to the interim condensed consolidated financial statements.
| Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited)


Parkland Corporation
Consolidated Statements of Income (Loss)
(Unaudited)
Three months ended September 30,Nine months ended September 30,
($ millions, unless otherwise stated)Note2025 2024 2025 2024 
Sales and operating revenue15 
    7,353    
    7,126    
    21,040    
    21,569    
Expenses
Cost of purchases15 
    6,261    
    6,249    
    17,956    
    18,804    
Operating costs
    384    
381 
    1,151    
    1,152    
Marketing, general and administrative
    151    
    153    
    452    
    444    
Acquisition, integration and other costs13 
    22    
    61    
    97    
    137    
Depreciation and amortization
    213    
    207    
    635    
    615    
Finance costs11 
    91    
    96    
    283    
    286    
Foreign exchange (gain) loss7 
    10    
    1    
    (9)
    16    
(Gain) loss on risk management and other7 
    23    
    (125)
    47    
    (46)
Costs related to the Sunoco Transaction1, 14
    38    
    —    
    84    
    —    
Other (gains) and losses12 
    (4)
    (1)
    (93)
    8    
Share of (earnings) loss of associates and joint ventures
    (4)
    (4)
    (14)
    (11)
Earnings (loss) before income taxes
    168    
    108    
    451    
    164    

Current income tax expense (recovery)
    41    
    32    
    93    
    53    
Deferred income tax expense (recovery)
    (2)
    (15)
    (7)
    (45)
Net earnings (loss)
    129    
    91    
    365    
    156    
Net earnings (loss) per share ($ per share):
Basic
    0.74    
    0.52    
    2.09    
    0.89    
 Diluted
    0.73    
    0.52    
    2.07    
    0.88    
Weighted average number of common shares (000's of shares)
    174,535    
    173,930    
    174,322    
    174,586    
Weighted average number of common shares adjusted for the effects of dilution (000's of shares)
    176,737    
    176,242    
    176,237    
    176,945    
See accompanying notes to the interim condensed consolidated financial statements.

Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited) 3    Parkland Corporation


Parkland Corporation
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)

Three months ended September 30,Nine months ended September 30,
($ millions)Note
2025
2024 
2025
2024 

Net earnings (loss)
    129    
    91    
    365    
    156    
Other comprehensive income (loss):
Items that may be reclassified to consolidated statements of income (loss) in subsequent periods:
Exchange differences on translation of foreign operations
    71    
    (61)
    (147)
    112    
Exchange differences on USD-denominated debt designated as a hedge of the net investment in foreign operations ("Net Investment Hedge"), net of tax
    7    
    (48)
    37    
    91    
    (98)
Changes in the fair value of cash flow hedges, net of tax
    7    
    21    
    (13)
    (21)
    (19)
Hedging (gains) losses reclassified to the consolidated statements of income (loss)
    7    
    (16)
    9    
    25    
    15    
Items that will not be reclassified to consolidated statements of income (loss) in subsequent periods:
Remeasurements on employee benefit plans
    —    
    —    
    1    
    —    
Other comprehensive income (loss)
    28    
    (28)
    (51)
    10    
Total comprehensive income (loss)
    157    
    63    
    314    
    166    
See accompanying notes to the interim condensed consolidated financial statements.


4    Parkland Corporation Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited)


Parkland Corporation
Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)


Shareholders' capital
Contributed surplus
Accumulated other comprehensive income (loss)
Equity reserve
Retained earnings (deficit)
Total shareholders' equity
($ millions)Note
As at January 1, 2025
    3,238    
    56    
    18    
    —    
    (146)
    3,166    
Net earnings (loss)
    —    
    —    
    —    
    —    
    365    
    365    
Other comprehensive income (loss)
    —    
    —    
    (51)
    —    
    —    
    (51)
Dividends
    —    
    —    
    —    
    —    
    (189)
    (189)
Share incentive compensation
    —    
    14    
    —    
    —    
    —    
    14    
Shares issued under share option plan
    10    
    11    
    (1)
    —    
    —    
    —    
    10    
Shares issued on vesting of performance share units
    10    
    12    
    (21)
    —    
    —    
    —    
    (9)
Transfer of unused contributions
    —    
    (9)
    —    
    —    
    9    
    —    
Acceleration of vesting related to the Sunoco Transaction
    —    
    39    
    —    
    —    
    —    
    39    
Transfer to liability on modification to cash-settled
    14    
    —    
    (78)
    —    
    —    
    —    
    (78)
As at September 30, 2025
    3,261    
    —    
    (33)
    —    
    39    
    3,267    
As at January 1, 20243,257 90 (69)(106)9 3,181 
Net earnings (loss)— — — — 156 156 
Other comprehensive income (loss)— — 10 — — 10 
Dividends— — — — (183)(183)
Change in liability for share purchase obligation— — — 106 — 106 
Shares repurchased through normal-course issuer bid ("NCIB")(54)— — — (71)(125)
Share incentive compensation— 18 — — — 18 
Shares issued under share option plan17 (2)— — — 15 
Shares issued on vesting of performance share units11 (25)— — — (14)
Transfer of unused contributions
    —    
(33)
    —    
    —    
33 
    —    
As at September 30, 20243,231 48 (59)
    —    
(56)3,164 
See accompanying notes to the interim condensed consolidated financial statements.
Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited) 5    Parkland Corporation


Parkland Corporation
Consolidated Statements of Cash Flows
(Unaudited)



Three months ended September 30,Nine months ended September 30,
($ millions)Note2025 2024 2025 2024 
Operating activities
Net earnings (loss)
    129    
    91    
    365    
    156    
Adjustments for:
Depreciation and amortization
    213    
    207    
    635    
    615    
Interest on leases and long-term debt11 
    82    
    85    
    254    
    258    
Share incentive compensation
    14    
    25    
    6    
    77    
    20    
Change in other assets and other liabilities
    (22)
    68    
    (16)    
    37    
Change in fair value of Redemption Options 12 
    —    
    (25)
    (76)
    (1)
Deferred income tax expense (recovery)
    (2)
    (15)
    (7)    
    (45)
Share of net (earnings) loss of associates and joint ventures  
    (4)
    (4)
    (14)    
    (11)
Other operating activities3 
    17    
    14    
    (26)    
    86    
Net change in non-cash working capital related to operating activities3 
    (42)
    (21)
    (8)    
    (42)
Cash generated from (used in) operating activities
    396    
    406    
    1,184    
    1,073    
Investing activities
Investment in associates and joint ventures
    —    
    —    
    —    
    (17)
Dividends received from investments in associates and joint ventures
    3    
    3    
    14    
    13    
Additions to property, plant and equipment and intangible assets
    (115)
    (124)
    (344)    
    (307)
Change in long-term receivables and other assets5 
    (29)
    (3)
    (38)    
    (7)
Proceeds on asset disposals
    3    
    22    
    16    
    26    
Net change in non-cash working capital related to investing activities
    3    
    1    
    1    
    5    
    (4)
Cash generated from (used in) investing activities
    (137)
    (101)
    (347)    
    (296)
Financing activities
Net proceeds from (repayments of) the Credit Facility
    6    
    (113)
    (722)
    (189)    
    (741)
Long-term debt (repayments) proceeds, excluding the Credit Facility and non-recourse debt
    6    
    —    
    —    
    —    
    (1)
Net proceeds (repayments) from non-recourse debt
    17    
    1    
    41    
    16    
Proceeds from long-term debt, net of financing costs, excluding the Credit Facility and non-recourse debt
    6    
    —    
    677    
    —    
    677    
Interest paid on long-term debt and leases
    11    
    (74)
    (62)
    (248)    
    (235)
Payments on principal amount on leases
    (71)
    (69)
    (222)    
    (204)
Dividends paid to shareholders
    (63)
    (61)
    (187)    
    (182)
Shares repurchased through normal-course issuer bid
    10    
    —    
    (14)
    —    
    (123)
Shares issued for cash, net of costs and taxes
    10    
    6    
    (1)
    1    
    1    
Cash generated from (used in) financing activities
    (298)
    (251)
    (804)    
    (792)
Increase (decrease) in cash and cash equivalents
    (39)
    54    
    33    
    (15)
Impact of foreign currency translation on cash
    6    
    (4)
    (12)    
    14    
Cash and cash equivalents reclassified from (to) assets held for sale
    4    
    —    
    (3)
    —    
    (23)
Cash and cash equivalents at beginning of period
    439    
    316    
    385    
    387    
Cash and cash equivalents at end of period
    406    
    363    
    406    
    363    
Supplementary cash flow information:
Income taxes refunded (paid)
    (4)
    (8)
    (1)    
    (36)
See accompanying notes to the interim condensed consolidated financial statements.
6    Parkland Corporation Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited)


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)
1.     CORPORATE INFORMATION
Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in 26 countries across the Americas. Our retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting our customers' needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. 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. Parkland is governed by the Business Corporations Act (Alberta) in Canada, and its corporate office is located at Suite 1800, 240 4 Ave SW, Calgary, Alberta, T2P 4H4, Canada. The interim condensed consolidated financial statements include the results of Parkland and its subsidiaries together with its interest in investments in associates and joint arrangements as at September 30, 2025.

Sunoco LP acquisition of Parkland
On May 5, 2025, Parkland and Sunoco LP (NYSE: SUN) (“Sunoco” or the “Partnership”) announced that they have entered into a definitive agreement (the "Agreement") whereby Sunoco will indirectly acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately $12.5 billion, including assumed debt (the “Transaction” or the "Sunoco Transaction"). The proposed Transaction will be effected pursuant to a plan of arrangement under the Business Corporations Act (Alberta). As part of the Transaction, Sunoco intends to list on the New York Stock Exchange a Delaware limited liability company named SunocoCorp LLC ("SunocoCorp"). SunocoCorp will hold limited partnership units of Sunoco that have similar attributes to Sunoco's publicly-traded common units on the basis of one Sunoco common unit for each outstanding SunocoCorp unit. Under the terms of the Agreement, Parkland shareholders will receive 0.295 SunocoCorp units and $19.80 for each Parkland share. Parkland shareholders can elect, in the alternative, to receive $44.00 per Parkland share in cash or 0.536 SunocoCorp units for each Parkland share, subject to pro-rations, cash and unit maximums, and adjustments as more particularly set out in the Agreement.

The Agreement imposes restrictions on Parkland prior to closing, including, without limitation, with respect to incurring capital expenditure or indebtedness or completing acquisitions and dispositions, in each case, above certain thresholds without prior written consent from Sunoco.

The Transaction was approved by Parkland's shareholders and all key regulatory approvals have also been obtained. The Transaction is expected to close on October 31, 2025, subject to the satisfaction or waiver of customary closing conditions. .
2.     SUMMARY OF MATERIAL ACCOUNTING POLICIES
(a)    Basis of preparation and statement of compliance
Parkland's interim condensed consolidated financial statements are prepared in accordance with International Accounting Standard (“IAS”) 34 - Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”). The interim condensed consolidated financial statements were prepared following the same accounting policies and methods of computation as the annual consolidated financial statements for the year ended December 31, 2024 (the “Annual Consolidated Financial Statements”) except for the changes and additions as per notes 2(d), 2(e) and 2(f) below and the recognition of income tax expense, which is based on an estimate of the weighted average effective annual income tax rate applied to the year-to-date earnings.

Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited) 7    Parkland Corporation


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)
The interim condensed consolidated financial statements do not contain certain notes and disclosures normally included in the Annual Consolidated Financial Statements. Accordingly, these interim consolidated financial statements should be read in conjunction with the Annual Consolidated Financial Statements.

These interim condensed consolidated financial statements were approved for issue by the Board of Directors on October 26, 2025.

(b)    Presentation and functional currency
The interim condensed consolidated financial statements are presented in Canadian dollars, which is Parkland's functional currency. The functional currency of each of Parkland's individual entities is based on the currency that reflects the primary economic environment in which it operates.

(c)    Use of estimates and judgments
The preparation of Parkland's financial statements requires management to make estimates and judgments that affect the reported amounts of revenue, expenses, assets, liabilities, and accompanying disclosures. Accordingly, actual results may differ from estimated amounts as future confirming events occur. Significant estimates and judgments used in the preparation of the interim condensed consolidated financial statements are described in the Annual Consolidated Financial Statements.

(d)    Changes in presentation
Certain shared costs for the comparative period related to marketing, general and administrative costs, were re-allocated to the remaining segments from corporate to conform to the current period allocation, which uses a more comprehensive and streamlined allocation of costs using the benefits received model and better aligns these costs to the relevant operating segments. Refer to note 15(a) for further details.

(e) Accounting policies
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Annual Consolidated Financial Statements, except for the addition of the following related to the modification of equity-settled share option plan, performance share units ("PSU"), and restricted share units ("RSU") as a result of the Sunoco Transaction:

When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. The fair value, measured as at the date of modification, is recognised as an expense with a corresponding increase to contributed surplus, for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. The expense related to the grant date and incremental fair value is recognized over the revised vesting period of the award, with a cumulative adjustment to the expense based on the revised vesting period on the date of modification.

When the terms of equity-settled share option, PSU, and RSU are modified to a cash-settled award, the fair value of the award on the modification date is transferred from contributed surplus reserve within equity to a liability within 'provisions and other liabilities.

(f) Amended standards adopted by Parkland
Parkland has adopted the following accounting amendment effective for the annual periods beginning January 1, 2025. The adoption of these amendments did not have a material impact on the interim condensed consolidated financial statements.
8    Parkland Corporation Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited)


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)

Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates ("IAS 21"), issued in 2023, address the lack of exchangeability of illiquid currencies and specify how an entity determines the exchange rate when a currency is not readily exchangeable at the measurement date, as well as additional required disclosures. This amendment has been applied retrospectively.
3.    SUPPLEMENTAL CASH FLOW INFORMATION
(a)    Net change in non-cash working capital related to operating activities
Three months ended September 30,Nine months ended September 30,
2025 2024 2025 2024 
Accounts receivable
    (59)
    118    
    (45)
    105    
Inventories
    (171)
    116    
    (217)
    113    
Prepaid expenses and other
    11    
    1    
    (35)
    (42)
Accounts payable and accrued liabilities
    182    
    (221)
    161    
    (179)
Income taxes payable
    27    
    18    
    63    
    25    
Income taxes receivable
    10    
    6    
    30    
    (8)
Deferred revenue
    (1)
    (4)
    6    
    (1)
Risk management and other
    (41)
    (55)
    29    
    (55)
Net cash inflow (outflow) from changes in non-cash working capital related to operating activities
    (42)
    (21)
    (8)
    (42)

(b)    Net change in non-cash working capital related to investing activities
Three months ended September 30,Nine months ended September 30,
2025 2024 2025 2024 
Accounts payable and accrued liabilities
    1    
    16    
    5    
    11    
Prepaid expenses and other
    —    
    (15)
    —    
    (15)
Net cash inflow (outflow) from changes in non-cash working capital related to investing activities
    1    
    1    
    5    
    (4)
Cash held in margin and project financing current accounts as at September 30, 2025 amounted to $109 (September 30, 2024 - $38).

(c)    Other operating activities
Three months ended September 30,Nine months ended September 30,
Note2025 2024 2025 2024 
(Gain) loss on risk management and other - unrealized
    (4)
    (48)
    (52)
    11    
Impairment and write-offs
    —    
    26    
    —    
    37    
Provision and other liabilities
    (2)
    24    
    (3)
    24    
(Gain) loss on disposal of assets12 
    1    
    (2)
    (1)
    (5)
Other items
    22    
    14    
    30    
    19    
    17    
    14    
    (26)
    86    

Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited)


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)
4.     ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE
As part of Parkland's portfolio optimization strategy, management committed to a plan to sell certain assets within the Canada and USA segments. Accordingly, these assets and associated liabilities are presented as held for sale.

The assets and associated liabilities include retail and commercial businesses (cardlock facilities, bulk storage plants and warehouses) located across Canada and the United States. The assets and liabilities classified as held for sale are presented below. Parkland measured its non-current assets classified as held for sale at the lower of the carrying amount and fair value less costs to sell.
Note
September 30, 2025
December 31, 2024
Assets classified as held for sale:
Accounts receivable
    24    
    89    
Inventories
    5    
    38    
Property, plant and equipment
    38    
    578    
Intangible assets
    —    
    36    
Goodwill(1)
    15    
    92    
Deferred tax asset
    2    
    9    
Total assets classified as held for sale
    84    
    842    
Liabilities directly associated with assets classified as held for sale:
Accounts payable
    —    
    47    
Long-term debt(2)
6 
    2    
    141    
Provisions and other liabilities9 
    14    
    79    
Deferred tax liabilities
    —    
    25    
Total liabilities associated with assets held for sale
    16    
    292    
(1) Goodwill has been allocated to the disposal groups on a relative fair value basis.
(2) Long-term debt primarily includes lease obligations.

During the nine months ended September 30, 2025, certain assets and associated liabilities, including retail sites within the Canada segment, retail and commercial business in Florida, and retail sites in various other states within the USA segment, that were classified as held for sale at December 31, 2024, no longer met the asset-held-for-sale recognition criteria, due to a change in Parkland's portfolio optimization strategy resulting from the Agreement with Sunoco (see Note 1). As a result, these were reclassified to their respective assets and liabilities on the consolidated balance sheets. This reclassification did not result in a material impact on the consolidated net earnings (loss) for the three and nine months ended September 30, 2025.

As at September 30, 2025, the percentage of net assets attributable to Canada and USA segments is 100% and nil, respectively, (December 31, 2024 - 28% and 72%).
5.    OTHER LONG-TERM ASSETS
Note
September 30, 2025
December 31, 2024
Redemption Options(1)
    7    
    127    
    51    
Deferred customer incentives
    84    
    75    
Long-term prepaid expenses, deposits, other assets and receivables
    108    
    107    
Note receivable
    100    
    100    
    419    
    333    

(1) Represents the fair value of optional redemption features that allow Parkland to redeem the Senior Notes prior to maturity at a premium.
10    Parkland Corporation Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited)


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)
6.    LONG-TERM DEBT
September 30, 2025December 31, 2024
Credit Facility
    10    
    198    
Unamortized deferred financing costs
    (1)
    (2)
    9    
    196    
Senior Notes:
3.875% Senior Notes, due 2026
    600    
    600    
5.875% US$500 Senior Notes, due 2027
    696    
    718    
6.00% Senior Notes, due 2028
    400    
    400    
4.375% Senior Notes, due 2029
    600    
    600    
4.50% US$800 Senior Notes, due 2029
    1,113    
    1,148    
4.625% US$800 Senior Notes, due 2030
    1,113    
    1,148    
6.625% US$500 Senior Notes, due 2032
    696    
    718    
Unamortized premium: Redemption Options
    46    
    55    
Unamortized discount: deferred financing costs
    (27)
    (34)
    5,237    
    5,353    
Non-recourse debt(2)
    73    
    30    
Other notes and borrowings
    7    
    8    
Total Credit Facility, Senior Notes, Other notes and borrowings
    5,326    
    5,587    
Lease obligations(1)
    1,091    
    1,054    
Total long-term debt
    6,417    
    6,641    
Less: current portion of Senior Notes(3)
    (599)
    —    
Less: current portion of Lease obligations
    (249)
    (261)
Long-term debt
    5,569    
    6,380    
(1)    Parkland has included extension options in the calculation of the lease obligations in limited circumstances where it has the right to extend a lease term at its discretion and is reasonably certain to exercise the extension option.
(2)    For the three and nine months ended September 30, 2025, $17 and $41 (September 30, 2024 - $1 and $16) were drawn on the non-recourse debt, respectively. As at September 30, 2025, the balance is comprised of $71 drawn to-date (December 31, 2024 - $30), less deferred government grant of $1 (December 31, 2024 - $1), plus accrued interest of $3 (December 31, 2024 - $1).
(3)    Includes the balance of the 3.875% Senior Notes, due 2026, net of unamortized premium and discount.

As at September 30, 2025, Parkland issued $66 million (December 31, 2024 - $74 million) of letters of credit to provide guarantees on behalf of its subsidiaries in the ordinary course of business, which are not recognized in the interim condensed consolidated financial statements. Maturity dates for these guarantees vary and are up to and including March 31, 2035.

On June 20, 2025, Parkland executed supplemental indentures to the Senior Notes (excluding the 3.875% Senior Notes due 2026) to eliminate Parkland's potential obligation to make a change of control offer as a result of the Sunoco Transaction and to amend the definition of change of control to include Sunoco and its affiliates as qualified owners of Parkland.

Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited) 11    Parkland Corporation


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)
7. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT ACTIVITIES
Parkland's financial instruments consist of cash and cash equivalents, accounts receivable, certain portions of other long-term assets, risk management and other financial assets and liabilities, certain portions of prepaid expenses and other, accounts payable and accrued liabilities, dividends declared and payable, long-term debt, and certain portions of provisions and other liabilities.

(a)    Fair value measurement hierarchy
The fair value hierarchy table for Parkland's financial assets and liabilities is as follows:
Fair value as at September 30, 2025
Note
Quoted prices in active market
(Level 1)
Significant observable inputs
(Level 2)
Significant unobservable inputs
(Level 3)
Total
Emission credit forward and option contracts(1)
    —    
    31    
    —    
    31    
Currency forward exchange contracts(2)
    —    
    3    
    —    
    3    
Risk management and other financial assets
    —    
    34    
    —    
    34    
Commodities swaps, forwards and futures contracts
    —    
    (2)
    —    
    (2)
Emission credit forward and option contracts(1)
    —    
    (26)
    —    
    (26)
Risk management and other financial liabilities
    —    
    (28)
    —    
    (28)
Other items included in other long-term assets:
Redemption Options
    5    
    —    
    127    
    —    
    127    
Other items included in other long-term assets
    —    
    127    
    —    
    127    

Fair value as at December 31, 2024
Note
Quoted prices in active market
(Level 1)
Significant observable inputs (Level 2)Significant unobservable inputs (Level 3)Total
Emission credit forward and option contracts(1)
    —    
    44    
    —    
    44    
Currency forward exchange contracts(2)
    —    
    24    
    —    
    24    
Risk management and other financial assets
    —    
    68    
    —    
    68    
Commodities swaps, forwards and futures contracts
    —    
    (4)
    —    
    (4)
Emission credit forward and option contracts(1)
    —    
    (58)
    —    
    (58)
Risk management and other financial liabilities
    —    
    (62)
    —    
    (62)
Redemption Options
    5    
    —    
    51    
    —    
    51    
Other items included in other long-term assets
    —    
    51    
    —    
    51    
(1)    Unrealized losses (gains) on emission credits forward contracts, option contracts, emission credits and allowances held for trading recognized within inventory, and the related emission obligations are realized when the contracts are settled, credits and allowances are purchased or sold, and the related obligations are settled. As at September 30, 2025, an unrealized loss of $22 (December 31, 2024: loss of $27) representing the fair value adjustment was included in emission credits and allowances held for trading within inventory with a fair value of $115 (December 31, 2024: $125) classified as level 2 in the fair value hierarchy.
(2)    The balance includes net risk management asset amounting to $1 as at September 30, 2025 (December 31, 2024 - $23 asset) in relation to the cash flow hedges. Refer to Note 7(d) for additional details of the cash flow hedges.

There were no changes in the nature, characteristics and risks of commodities swaps, forwards and futures contracts, currency forward exchange contracts, cross-currency and interest rate swap contracts, emission credit forward and option contracts, and Redemption Options that can result in change in class of financial assets and financial liabilities disclosed
12    Parkland Corporation Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited)


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)
above. There were no transfers between fair value measurement hierarchy levels during the nine months ended September 30, 2025.

(b)    Other financial instruments
The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities and dividends declared and payable approximate their fair values as at September 30, 2025 and December 31, 2024, due to the short-term nature of these instruments. The carrying value of the note receivable carried at amortized cost approximates its fair value, as the interest rate on the note receivable approximates the market rate of interest over the term of four years. The Senior Notes had a carrying value of $5,237 and an estimated fair value of $5,177 as at September 30, 2025 (December 31, 2024 – $5,353 and $5,115, respectively), determined by discounting future cash flows using discount rates ranging from 5.0% to 6.3% (December 31, 2024 - 5.5% to 6.9%), representing the rates available to Parkland for loans with similar terms, conditions and maturity dates. Estimated fair value of Senior Notes is classified as level 2 in the fair value hierarchy.

(c)    Net Investment Hedge
Parkland has designated certain USD-denominated debt and payable balances as a net investment hedge. During the three and nine months ended September 30, 2025, Parkland recognized a foreign exchange loss, net of tax, of $48 and gain, net of tax, of $91 respectively (2024 - a gain, net of tax, of $37 and a loss, net of tax, of $98) on these balances, representing the effective portion of the hedge in other comprehensive income (loss), offsetting exchange differences on translation of foreign operations. As at September 30, 2025, the US$2,100 of USD-denominated long-term debt was designated as the net investment hedge (December 31, 2024 - US$2,179).

(d)    Cash Flow Hedges
To mitigate foreign exchange risk arising on revaluation of certain USD-denominated receivable and payable balances, Parkland enters into foreign currency forward contracts to buy and sell a fixed amount of US dollars for a fixed amount of Canadian dollars at a future date. These balances and the related foreign currency forwards are designated as a cash flow hedge.

As at September 30, 2025, Parkland had forward contracts to buy and sell US$205 and US$30 (December 31, 2024 - US$87 and nil) at the weighted average forward rate of CAD$1.38 per US dollar, maturing in October 2025 (December 31, 2024 - CAD $1.41 per US dollar and nil, maturing in January 2025). For the three and nine months ended September 30, 2025, a revaluation gain of $3 and a loss of $7, respectively (2024 - nil and loss of $6, respectively) was recognized in other comprehensive income for the cash flow hedge and a total gain of $3 and loss of $7, respectively (2024 - nil and loss of $6, respectively) were reclassified from the accumulated other comprehensive income to consolidated statements of income (loss).

Parkland has entered into a three-year currency swap in relation to the issuance of the 2024 Senior Notes. The spot element of the cross-currency swap was designated in a cash flow hedge relationship to hedge the variability of the interest and principal cash flows of the 2024 Senior Notes. As at September 30, 2025, the fair value of the swap was an asset of $1 (December 31, 2024 - $21 asset). For the three and nine months ended September 30, 2025, a revaluation gain of $18 and a loss of $14, respectively on the hedging instrument (2024 - loss of $13 and $13, respectively) was recognized in other comprehensive income and a total gain of $13 and loss of $18, respectively (2024 - loss of $9 and $9, respectively) was reclassified to consolidated statements of income (loss). As at September 30, 2025, the balance recognized in the cash flow hedge reserve on this hedge was a loss of $8 (December 31, 2024 - loss of $12).

(e)     Fair value measurement
Parkland used the following techniques to value financial instruments categorized in Level 2:
Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited) 13    Parkland Corporation


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)
•fair values of the outstanding heating oil, gasoline and refined products put and call option contracts are determined using external counterparty information, which is compared to observable data;
•fair values of commodities forward contracts, futures contracts, emission credits and allowances inventory, forward and option contracts, currency forward exchange contracts, cross-currency and interest rate swap contracts are determined using independent price publications, third-party pricing services, market exchanges and investment dealer quotes;
•fair values of the Redemption Options are determined using a valuation model based on inputs from observable market data, including independent price publications, third-party pricing services, and market exchanges.
14    Parkland Corporation Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited)


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)
8.    CAPITAL MANAGEMENT
Parkland's capital structure comprises long-term debt (including the current portion) and shareholders' capital, less cash and cash equivalents. Parkland's objective when managing its capital structure is to maintain financial flexibility and availability of capital to finance internally generated growth and maintenance, pay dividends, and consider other growth and shareholder returns options. The transitory impacts of the Sunoco Transactions on Parkland's objectives when managing its capital structure are outlined in Note 1.

(a)    Leverage Ratio
Parkland's primary capital management measure is the Leverage Ratio, which is used internally by key management personnel to monitor Parkland's overall financial strength, capital structure flexibility, ability to service debt and meet current and future commitments. In order to manage its financing requirements, Parkland may (i) adjust its plan for capital spending, dividends paid to shareholders, and share repurchases, or (ii) issue new shares or new debt. The Leverage Ratio does not have any standardized meaning prescribed under IFRS Accounting Standards. It is, therefore, unlikely to be comparable to similar measures presented by other companies. The detailed calculation of the Leverage Ratio is as follows:
September 30, 2025
December 31, 2024
Leverage Debt
    4,937    
5,268 
Leverage EBITDA
    1,571    
1,481 
Leverage Ratio
    3.1    
3.6 

Note
September 30, 2025
December 31, 2024
Senior Funded Debt:

Long-term debt
    6    
    6,417    
    6,641    
Less:

Lease obligations
    6    
    (1,091)
(1,054)
Cash and cash equivalents
    (406)
(385)
Non-recourse debt(1)
    6    
    (73)
(30)
Risk management liability (asset)(2)
    (10)
(30)
Add:

Non-recourse cash(1)
    30    
31 
Letters of credit and others
    70    
95 
Leverage Debt
    4,937    
    5,268    

Three months ended
Trailing twelve months ended
NoteDec 31, 2024Mar 31. 2025June 30. 2025Sep 30. 2025
September 30, 2025
December 31, 2024
Adjusted EBITDA
    15    
    428    
    375    
    508    
    540    
    1,851    
1,690 
Share incentive compensation
    11    
    8    
    7    
    7    
    33    
31 
Reverse: IFRS 16 impact(3)
    (91)    
    (93)    
    (90)    
    (87)    
    (361)
(338)
    348    
    290    
    425    
    460    
    1,523    
    1,383    
Acquisition pro-forma adjustment(4)
    2    
11 
Other adjustments(5)
    46    
87 
Leverage EBITDA
    1,571    
    1,481    
(1)    Represents Non-recourse debt and Non-recourse cash balance related to project financing (see Note 6).
(2)    Represents the risk management asset/liability associated with the spot element of the cross-currency swap designated in a cash flow hedge relationship to hedge the variability of principal cash flows of the 2024 Senior Notes resulting from changes in the spot exchange rates (see Note 7).
Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited) 15    Parkland Corporation


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)
(3)    Includes the impact of operating leases prior to the adoption of IFRS 16, previously recognized under operating costs, which aligns with management's view of the impact of earnings.
(4)    Includes the impact of pro-forma pre-acquisition EBITDA estimates based on anticipated benefits, costs and synergies from acquisitions.
(5)    Includes adjustments to normalize Adjusted EBITDA for non-recurring events relating to the completion of turnarounds, unplanned shutdown resulting from extreme cold weather events, and the EBITDA attributable to EV charging operations financed through non-recourse project financing.
(b)    Credit Facility covenants
Parkland is required under the terms of its Credit Facility to comply with certain financial covenants consisting of (i) Senior Funded Debt to Credit Facility EBITDA ratio, (ii) Total Funded Debt to Credit Facility EBITDA ratio, and (iii) Interest coverage ratio (calculated as a ratio of Credit Facility EBITDA to Interest Expense) for each quarterly reporting period. The Credit Facility EBITDA, Senior Funded Debt and Interest Expense are defined under the terms of the Credit Facility and do not have any standardized meaning prescribed under IFRS Accounting Standards. They are, therefore, unlikely to be comparable to similar measures presented by other companies. Parkland was in compliance with all Credit Facility covenants throughout the nine months ended September 30, 2025, and expects to remain in compliance over the next year.

9.    PROVISIONS AND OTHER LIABILITIES
September 30, 2025
December 31, 2024
Asset retirement obligations - current (a)
    9    
    5    
Environmental provision - current (b)
    2    
    2    
Deferred revenue
    32    
    25    
Short-term deposits, provisions and other
    12    
    40    
Share-based compensation liability (1)
    106    
    —    
Provisions and other liabilities - current
    161    
    72    
Asset retirement obligations - non-current (a)
    577    
    519    
Environmental provision - non-current (b)
    102    
    109    
Employee benefits and other
    25    
    26    
Long-term deposits, provisions and other
    61    
    58    
Provisions and other liabilities - non-current
    765    
    712    
(1) Includes $6 (December 31, 2024 - nil) related to DSUs and $100 (December 31, 2024 - nil) related to PSUs, RSUs and share options. to be cash-settled on the closing of the Sunoco Transaction (also see Note 14).

(a)    Asset retirement obligations
January 1, 2025 to
September 30, 2025
January 1, 2024 to December 31, 2024
Asset retirement obligations, beginning of period
    524    
    594    
Additional provisions and changes in retirement cost estimates
    27    
    21    
Change due to passage of time, discount rate and inflation rate
    (13)
    (30)
Obligations settled or transferred during the period
    (11)
    (13)
Change due to foreign exchange
    (6)
    17    
Reclassification from (to) liabilities associated with assets classified as held for sale
    65    
    (65)
Asset retirement obligations, end of period
    586    
    524    
Current
    9    
    5    
Non-current
    577    
    519    
Asset retirement obligations, end of period
    586    
    524    

As at September 30, 2025, the inflation rate used to determine the value of future asset retirement costs ranged from 2.97% to 3.62% (December 31, 2024 - 2.97% to 3.24%), and the discount rate used to determine the present value of the future asset
16    Parkland Corporation Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited)


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)
retirement costs ranged from 5.42% to 6.51% (December 31, 2024 - 4.98% to 6.38%). The total undiscounted estimated future cash flows required to settle Parkland's asset retirement obligations (including certain obligations related to liabilities previously held for sale - see Note 4) were $1,215 as at September 30, 2025 (December 31, 2024 - $1,086). These costs are expected to be paid up to the year 2073 (December 31, 2024 - 2073).

(b)    Environmental provision
January 1, 2025 to
September 30, 2025
January 1, 2024 to December 31, 2024
Environmental provision, beginning of period
    111    
    126    
Additional provision made in the period
    3    
    8    
Change due to passage of time, discount rate and inflation rate
    (6)
    (24)
Obligations settled or transferred during the period
    (2)
    (4)
Change due to foreign exchange
    (2)
    5    
Environmental provision, end of period
    104    
    111    
Current
    2    
    2    
Non-current
    102    
    109    
Environmental provision, end of period
    104    
    111    
As at September 30, 2025, the inflation rate used to determine the value of future costs related to environmental activities ranged from 2.97% to 3.62% (December 31, 2024 - 2.97% to 3.24%), and the discount rates used to determine the present value of the future costs related to environmental activities ranged from 5.42% to 6.51% (December 31, 2024 - 4.98% to 6.38%). The total undiscounted estimated future cash flows required to settle Parkland's environmental provision obligations were $697 as at September 30, 2025 (December 31, 2024 - $689). The amount and timing of settlement with respect to environmental provision are uncertain and dependent on various factors, including regulatory requirements.

10. SHAREHOLDERS' CAPITAL
Authorized capital of Parkland consists of an unlimited number of common shares and an unlimited number of preferred shares issuable in series without par value. There are no preferred shares outstanding. Changes to shareholders' capital were as follows:
January 1, 2025 to
September 30, 2025
January 1, 2024 to December 31, 2024
Number of
common shares
(000's)
Amount
($ millions)
Number of
common shares
(000's)
Amount
($ millions)
Shareholders' capital, beginning of period
    173,931    
    3,238    
    175,781    
    3,257    
Issued under share option plan
    282    
    11    
    630    
23 
Issued on vesting of performance share units
    382    
    12    
    429    
12 
Shares repurchased through NCIB
    —    
    —    
    (2,909)
    (54)
Shareholders' capital, end of period
    174,595    
    3,261    
    173,931    
    3,238    
During the three and nine months ended September 30, 2025, Parkland purchased and cancelled nil common shares (2024 - 382,450 and 2,908,538, respectively) for a total of nil (2024 - $14 and $125, respectively) under the NCIB.
Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited)


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)
11.    FINANCE COSTS
Three Months Ended September 30,Nine Months Ended September 30,
2025 2024 2025 2024 
Interest on long-term debt
    66    
    69    
    205    
    211    
Interest on leases
    16    
    16    
    49    
    47    
Amortization, accretion and other finance costs
    9    
    11    
    29    
    28    
    91    
    96    
    283    
    286    

12.    OTHER (GAINS) AND LOSSES
Three Months Ended September 30,Nine months ended September 30,
Note
2025
2024 2025 2024 
(Gain) loss on disposal of assets
    1    
    (2)
    (1)
    (5)
Change in fair value of Redemption Options(1)
    7    
    —    
    (25)
    (76)
    (1)
Change in estimates of environmental provision
    9    
    1    
    5    
    (3)
    (11)
Other income
    (3)
    (3)
    (10)
    (8)
Other(2)
    (3)
    24    
    (3)
    33    
    (4)
    (1)
    (93)
    8    
(1) Represents the (gain)loss on changes in fair value of optional redemption features that allow Parkland to redeem the Senior Notes prior to maturity at a premium.
(2) Includes impairment and write-offs of nil and nil recognized for the three and nine months ended September 30, 2025, respectively (2024 - $26 and $37, respectively).

13. ACQUISITION, INTEGRATION AND OTHER COSTS
Acquisition, integration and other costs for the three and nine months ended September 30, 2025, primarily include the enterprise-wide system costs of $9 and $49 (2024 - $15 and $44), respectively, the restructuring activities related to outsourcing, transformation and cost efficiency initiatives of $6 and $30 (2024 - $6 and $26), respectively, the legal costs of nil and $10 (2024 - $2 and $5), respectively, and the settlement of certain items related to past acquisitions of nil and $(6) (2024 - $27 and $36), respectively and other costs of $7 and $14 (2024 - $11 and $26), respectively.

14. SUNOCO TRANSACTION COSTS
For the three and nine months ended September 30, 2025, Parkland recognized $38 and $84 (2024 - nil and nil) as costs in relation to the Sunoco Transaction. These costs include $18 and $55, respectively, that are related to the acceleration of the vesting period associated with the share options, performance share units ("PSU"), and restricted share units ("RSU") (collectively, "share units and options") to the expected close of the Sunoco Transaction in the fourth quarter of 2025 . The share units and options were also modified to be cash-settled upon vesting on the transaction close date, and the modification resulted in a transfer of reserve from contributed surplus to provisions and other liabilities of $78 as at September 30, 2025 (December 31, 2024 - nil).

Transaction costs also include restructuring, legal and other professional costs of $20 and $29, respectively, for the three and nine months ended September 30, 2025. Financial advisor fees and other transaction related costs due on closing of the Transaction will be recorded in the income statement in the fourth quarter of 2025, when the customary closing conditions are satisfied or waived..

Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited)


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)
15. SEGMENT AND OTHER INFORMATION
(a)    Operating segments
Parkland's reportable operating segments are differentiated by the nature of their products, services, and geographic boundaries. Parkland also reports activities not directly attributable to an operating segment under Corporate. No operating segments have been aggregated into reportable segments. The basis of segmentation remains consistent with that disclosed in the Annual Consolidated Financial Statements.

General information
Parkland's chief operating decision maker ("CODM") uses adjusted earnings (loss) before interest, tax, depreciation and amortization ("Adjusted EBITDA"), as a measure of segment profit under IFRS 8. In addition to the items disclosed in the Annual Consolidated Financial Statements. Adjusted EBITDA excludes Costs related to the Sunoco Transaction, as these costs are not indicative of the underlying core operating performance of business segment activities at an operational level and are not reviewed as part of the segment information by the CODM.
Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited)


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)
Segment information
CanadaInternationalUSARefining CorporateIntersegment eliminations Consolidated
For the three months ended September 30,
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
External fuel and petroleum product volume
    3,253    
    3,199    
    1,656    
    1,569    
    1,287    
    1,157    
    902    
    380    
    —    
    —    
    —    
    —    
    7,098    
    6,305    
Internal fuel and petroleum product volume(1)
    143    
    140    
    —    
    —    
    —    
    1    
    811    
    718    
    —    
    —    
    (954)
    (859)
    —    
    —    
Total fuel and petroleum product volume (million litres)
    3,396    
    3,339    
    1,656    
    1,569    
    1,287    
    1,158    
    1,713    
    1,098    
    —    
    —    
    (954)
    (859)
    7,098    
    6,305    
Sales and operating revenue(2)
Revenue from external customers
    3,480    
    3,583    
    1,883    
    1,876    
    1,423    
    1,378    
    567    
    289    
    —    
    —    
    —    
    —    
    7,353    
    7,126    
Inter-segment revenue(1)
    139    
    135    
    —    
    —    
    1    
    1    
    858    
    751    
    4    
    3    
    (1,002)
    (890)
    —    
    —    
Total sales and operating revenue
    3,619    
    3,718    
    1,883    
    1,876    
    1,424    
    1,379    
    1,425    
    1,040    
    4    
    3    
    (1,002)
    (890)
    7,353    
    7,126    
Cost of purchases
    3,163    
    3,280    
    1,624    
    1,699    
    1,275    
    1,215    
    1,194    
    937    
    —    
    1    
    (995)
    (883)
    6,261    
    6,249    
Adjusted gross margin
Fuel and petroleum product adjusted gross margin, before the following:
    360    
    339    
    224    
    143    
    83    
    96    
    231    
    103    
    —    
    —    
    —    
    —    
    898    
    681    
Gain (loss) on risk management and other - realized
    (12)
    2    
    (5)
    58    
    (2)
    4    
    (7)
    13    
    —    
    —    
    —    
    —    
    (26)
    77    
Gain (loss) on foreign exchange - realized
    —    
    2    
    (5)
    (3)
    —    
    —    
    1    
    2    
    1    
    —    
    —    
    —    
    (3)
    1    
Other adjusting items to adjusted gross margin(3)
    10    
    —    
    (11)
    (4)
    (2)
    4    
    —    
    —    
    —    
    —    
    —    
    —    
    (3)
    —    
Fuel and petroleum product adjusted gross margin
    358    
    343    
    203    
    194    
    79    
    104    
    225    
    118    
    1    
    —    
    —    
    —    
    866    
    759    
Food, convenience and other adjusted gross margin
    96    
    99    
    35    
    34    
    66    
    68    
    —    
    —    
    4    
    2    
    (7)
    (7)
    194    
    196    
Total adjusted gross margin
    454    
    442    
    238    
    228    
    145    
    172    
    225    
    118    
    5    
    2    
    (7)
    (7)
    1,060    
    955    
Operating costs
    181    
    180    
    55    
    55    
    85    
    89    
    67    
    63    
    —    
    —    
    (4)
    (6)
    384    
    381    
Marketing, general and administrative(6)
    66    
    67    
    36    
    33    
    32    
    31    
    7    
    7    
    13    
    16    
    (3)
    (1)
    151    
    153    
Share in (earnings) loss of associates and joint ventures
    —    
    —    
    (4)
    (4)
    —    
    —    
    —    
    —    
    —    
    —    
    —    
    —    
    (4)
    (4)    
(Gain) loss on foreign exchange - realized(4)
    —    
    —    
    —    
    —    
    —    
    —    
    —    
    —    
    —    
    1    
    —    
    —    
    —    
    1    
Other adjusting items to Adjusted EBITDA(5)
    (1)
    (1)
    (10)
    (6)
    —    
    —    
    —    
    —    
    —    
    —    
    —    
    —    
    (11)
    (7)    
Adjusted EBITDA
    208    
    196    
    161    
    150    
    28    
    52    
    151    
    48    
    (8)    
    (15)
    —    

    540    
    431    
Reconciliation to net earnings (loss)
Adjusted EBITDA
    540    
    431    
Acquisition, integration and other costs
    22    
    61    
Depreciation and amortization
    213    
    207    
Finance costs
    91    
    96    
(Gain) loss on foreign exchange – unrealized
    7    
    1    
(Gain) loss on risk management and other – unrealized
    (3)
    (48)    
Costs related to the Sunoco Transaction
    38    
    —    
Other (gains) and losses
    (4)
    (1)    
Other adjusting items(3)(5)
    8    
    7    
Income tax expense (recovery)
    39    
    17    
Net earnings (loss)
    129    
    91    
    
(1)    Internal fuel and petroleum product volume and inter-segment revenue includes transactions executed by Parkland where two Parkland group entities facilitate fuel and petroleum product exchange with the same third party. These exchange transactions are netted on consolidation.
(2)    See sections (c) and (d) for further details on sales and operating revenue.
(3)    Includes adjustment for realized gains and losses on risk management and other assets and liabilities related to underlying physical sales activity in another period of $10 loss for Canada (2024 - $4 loss), $11 gain for International (2024 - $4 gain), and $2 gain for USA (2024 - nil); and reallocation of margin relating to cross-border transactions with USA customers transacted by Canada operations resulting into nil loss for Canada (2024 - $4 loss), and nil gain for USA (2024 - $4 gain).
(4) Includes realized foreign exchange gains of nil for Corporate (2024 - $1).
(5)    Includes adjustment for the share of depreciation, income taxes and other adjustments for investments in joint ventures and associates of $8 for International (2024 - $4); other income of $2 for International (2024 - $2), and $1 for Canada (2024 - $1);
(6)    For comparative purposes, certain shared marketing, general and administrative costs within Corporate were reallocated to other segments as described in Note 2d. The reallocated amounts for the three months ended September 30, 2024 were: Canada ($4), International ($2), USA ($2), Refining ($1), and Corporate ($9).




Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)
CanadaInternationalUSARefining CorporateIntersegment eliminations Consolidated
For the nine months ended September 30,
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
External fuel and petroleum product volume
    9,751    
    9,361    
    5,085    
    4,979    
    3,420    
    3,368    
    1,872    
    1,274    
    —    
    —    
    —    
    —    
    20,128    
    18,982    
Internal fuel and petroleum product volume(1)
    380    
    401    
    —    
    —    
    9    
    39    
    2,218    
    1,991    
    —    
    —    
    (2,607)
    (2,431)
    —    
    —    
Total fuel and petroleum product volume (million litres)
    10,131    
    9,762    
    5,085    
    4,979    
    3,429    
    3,407    
    4,090    
    3,265    
    —    
    —    
    (2,607)
    (2,431)
    20,128    
    18,982    
Sales and operating revenue(2)
Revenue from external customers
    10,214    
    10,526    
    5,795    
    6,070    
    3,841    
    4,031    
    1,190    
    942    
    —    
    —    
    —    
    —    
    21,040    
    21,569    
Inter-segment revenue(1)
    356    
    383    
    —    
    —    
    12    
    44    
    2,365    
    2,238    
    10    
    8    
    (2,743)
    (2,673)
    —    
    —    
Total sales and operating revenue
    10,570    
    10,909    
    5,795    
    6,070    
    3,853    
    4,075    
    3,555    
    3,180    
    10    
    8    
    (2,743)
    (2,673)
    21,040    
    21,569    
Cost of purchases
    9,291    
    9,617    
    5,012    
    5,414    
    3,418    
    3,605    
    2,961    
    2,824    
    1    
    1    
    (2,727)
    (2,657)
    17,956    
    18,804    
Adjusted gross margin
Fuel and petroleum product adjusted gross margin, before the following:
    1,004    
    1,011    
    677    
    557    
    246    
    270    
    594    
    356    
    —    
    —    

    —    
    2,521    
    2,194    
Gain (loss) on risk management and other - realized(6)(8)
    (60)
    (9)
    (26)
    59    
    (6)
    4    
    (6)
    1    
    —    
    2    

    —    
    (98)
    57    
Gain (loss) on foreign exchange - realized
    5    
    1    
    (2)
    (6)
    —    
    —    
    (1)
    (2)
    5    
    (5)
    —    
    —    
    7    
    (12)
Other adjusting items to adjusted gross margin(3)(6)
    (4)
    6    
    —    
    —    
    —    
    6    
    —    
    —    
    (4)
    2    
    —    
    —    
    (8)
    14    
Fuel and petroleum product adjusted gross margin
    945    
    1,009    
    649    
    610    
    240    
    280    
    587    
    355    
    1    
    (1)
    —    
    —    
    2,422    
    2,253    
Food, convenience and other adjusted gross margin
    275    
    281    
    106    
    99    
    189    
    200    
    —    
    —    
    9    
    7    
    (16)
    (16)
    563    
    571    
Total adjusted gross margin
    1,220    
    1,290    
    755    
    709    
    429    
    480    
    587    
    355    
    10    
    6    
    (16)
    (16)
    2,985    
    2,824    
Operating costs
    518    
    542    
    179    
    162    
    262    
    257    
    202    
    202    
    —    
    —    
    (10)
    (11)
    1,151    
    1,152    
Marketing, general and administrative(7)
    195    
    200    
    106    
    97    
    97    
    94    
    19    
    19    
    41    
    39    
    (6)
    (5)
    452    
    444    
Share in (earnings) loss of associates and joint ventures
    —    
    —    
    (14)
    (11)
    —    
    —    
    —    
    —    
    —    
    —    
    —    
    —    
    (14)
    (11)
(Gain) loss on foreign exchange - realized(4)
    —    
    —    
    —    
    —    
    —    
    —    
    —    
    —    
    —    
    (4)
    —    
    —    
    —    
    (4)
Other adjusting items to Adjusted EBITDA(5)
    (1)
    (2)
    (26)
    (16)
    —    
    (1)
    —    
    —    
    —    
    —    
    —    
    —    
    (27)
    (19)
Adjusted EBITDA
    508    
    550    
    510    
    477    
    70    
    130    
    366    
    134    
    (31)
    (29)
    —    
    —    
    1,423    
    1,262    
Reconciliation to net earnings (loss)
Adjusted EBITDA
    1,423    
    1,262    
Acquisition, integration and other costs
    97    
    137    
Depreciation and amortization
    635    
    615    
Finance costs
    283    
    286    
(Gain) loss on foreign exchange - unrealized
    (2)
    8    
(Gain) loss on risk management and other derivatives - unrealized(6)
    (51)
    11    
Costs related to the Sunoco Transaction
    84    
    —    
Other (gains) and losses
    (93)
    8    
Other adjusting items(3)(5)(6)
    19    
    33    
Income tax expense (recovery)
    86    
    8    
Net earnings (loss)
    365    
    156    
    
(1)    Internal fuel and petroleum product volume and inter-segment revenue includes transactions executed by Parkland where two Parkland group entities facilitate fuel and petroleum product exchange with the same third party. These exchange transactions are netted on consolidation.
(2)    See sections (c) and (d) for further details on sales and operating revenue.
(3)    Includes adjustment for realized gains and losses on risk management and other assets and liabilities related to underlying physical sales activity in another period of $4 gain for Canada (2024 - $12 loss); adjustment to foreign exchange gains and losses related to cash pooling arrangements of $4 gain for Corporate (2024 - $4 loss); reallocation of margin relating to cross-border transaction with USA customers transacted by Canada operations resulting into nil loss for Canada (2024 - $6 loss) and nil gain for USA (2024 - $6 gain); and adjustment to realized risk management gains and losses of nil for Corporate (2024 - $2 gain).
(4) Includes realized foreign exchange gains of nil for Corporate (2024 - $4).
(5)    Includes adjustment for the share of depreciation, income taxes and other adjustments for investments in joint ventures and associates of $21 for International (2024 - $11); other income of $5 for International (2024 - $5), $1 for Canada (2024 - $2) and nil for US (2024 - $1).
(6)    For comparative purposes, certain amounts were reclassified between realized and unrealized gain/(loss) on risk management with no changes to Adjusted EBITDA or net earnings, to conform to the presentation used in the current period.
(7)    For comparative purposes, certain shared marketing, general and administrative costs within Corporate were reallocated to other segments as described in Note 2d. The reallocated amounts for the nine months ended September 30, 2024, and the years ended December 31, 2024 and December 31, 2023, were: Canada ($13, $18 and $29 respectively), International ($6, $8 and $5 respectively), USA ($6, $8 and $6 respectively), Refining ($4, $5 and $5, respectively), and Corporate ($29, $39 and $45, respectively). The revised amounts for the years ended December 31, 2024 and December 31, 2023 were: Canada ($269 and $270, respectively), International ($131 and $120, respectively), USA ($127 and $115, respectively), Refining ($24 and $28, respectively), and Corporate ($62 and $73, respectively).
Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited) 21    Parkland Corporation


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)
(8)    Gain (loss) on risk management and other - realized includes losses of $53 in Canada on emission credit forward and option contracts realized as a result of the commercial decision to wind down certain compliance market positions.
Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited)


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)
(b)    Property, plant, and equipment, intangible assets additions, acquisitions, and depreciation and amortization
For the three months ended September 30,
CanadaInternationalUSARefining CorporateConsolidated
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 
Additions to property, plant and equipment and intangible assets(1)
    49    
    41    
    22    
    21    
    11    
    10    
    30    
    42    
    3    
    10    
    115    
    124    
Depreciation and amortization
    84    
    80    
    68    
    66    
    29    
    27    
    24    
    28    
    8    
    6    
    213    
    207    

For the nine months ended September 30,
CanadaInternationalUSARefining CorporateConsolidated
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 
Additions to property, plant and equipment and intangible assets(1)
    143    
    87    
    67    
    43    
    25    
    19    
    97    
    133    
    12    
    25    
    344    
    307    
Depreciation and amortization
    235    
    234    
    212    
    196    
    96    
    84    
    73    
    83    
    19    
    18    
    635    
    615    
(1) Property, plant and equipment additions and acquisitions do not include right-of-use assets.

(c)    Geographic information
Sales and operating revenue from external customers
Three months ended September 30,Nine months ended September 30,
2025 2024 2025 2024 
Canada
    3,808    
    3,745    
    10,547    
    10,986    
United States
    1,845    
    1,706    
    5,245    
    5,111    
Other countries
    1,700    
    1,675    
    5,248    
    5,472    
    7,353    
    7,126    
    21,040    
    21,569    

September 30, 2025
CanadaUnited StatesOther countriesConsolidated
Property, plant and equipment
    3,182    
    930    
    1,340    
    5,452    
Intangible assets
    751    
    141    
    160    
    1,052    
Goodwill
    1,326    
    551    
    588    
    2,465    
    5,259    
    1,622    
    2,088    
    8,969    
December 31, 2024
CanadaUnited StatesOther countriesConsolidated
Property, plant and equipment
    3,060    
    543    
    1,429    
    5,032    
Intangible assets
    810    
    136    
    206    
    1,152    
Goodwill
    1,303    
    514    
    609    
    2,426    
    5,173    
    1,193    
    2,244    
    8,610    











Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited) 23    Parkland Corporation


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)


(d) Sales and operating revenue by product
CanadaInternationalUSARefiningConsolidated
For the three months ended September 30, 2025,2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 
Gasoline and diesel
    3,067    
    3,183    
    1,541    
    1,586    
    1,214    
    1,158    
    12    
    51    
    5,834    
    5,978    
Liquid petroleum gas(1)
    47    
    61    
    17    
    27    
    4    
    4    
    —    
    —    
    68    
    92    
Other fuel and petroleum products(2)
    241    
    218    
    272    
    213    
    4    
    3    
    555    
    238    
    1,072    
    672    
Fuel and petroleum product revenue
    3,355    
    3,462    
    1,830    
    1,826    
    1,222    
    1,165    
    567    
    289    
    6,974    
    6,742    
Food and convenience store(3)
    86    
    82    
    6    
    5    
    87    
    93    
    —    
    —    
    179    
    180    
Other retail(4)
    4    
    5    
    8    
    7    
    2    
    2    
    —    
    —    
    14    
    14    
Lubricants and other(5)
    35    
    34    
    39    
    38    
    112    
    118    
    —    
    —    
    186    
    190    
Food, convenience and other non-fuel revenue
    125    
    121    
    53    
    50    
    201    
    213    
    —    
    —    
    379    
    384    
External sales and operating revenue
    3,480    
    3,583    
    1,883    
    1,876    
    1,423    
    1,378    
    567    
    289    
    7,353    
    7,126    

CanadaInternationalUSARefiningConsolidated
For the nine months ended September 30,2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 
Gasoline and diesel
    8,859    
    9,294    
    4,722    
    5,023    
    3,220    
    3,381    
    55    
    129    
    16,856    
    17,827    
Liquid petroleum gas(1)
    243    
    284    
    68    
    81    
    16    
    11    
    —    
    —    
    327    
    376    
Other fuel and petroleum products(2)
    758    
    594    
    850    
    823    
    15    
    12    
    1,135    
    813    
    2,758    
    2,242    
Fuel and petroleum product revenue
    9,860    
    10,172    
    5,640    
    5,927    
    3,251    
    3,404    
    1,190    
    942    
    19,941    
    20,445    
Food and convenience store(3)
    248    
    242    
    19    
    18    
    241    
    261    
    —    
    —    
    508    
    521    
Other retail(4)
    12    
    12    
    22    
    21    
    4    
    5    
    —    
    —    
    38    
    38    
Lubricants and other(5)
    94    
    100    
    114    
    104    
    345    
    361    
    —    
    —    
    553    
    565    
Food, convenience and other non-fuel revenue
    354    
    354    
    155    
    143    
    590    
    627    
    —    
    —    
    1,099    
    1,124    
External sales and operating revenue
    10,214    
    10,526    
    5,795    
    6,070    
    3,841    
    4,031    
    1,190    
    942    
    21,040    
    21,569    
(1)    Liquid petroleum gas includes propane and butane.
(2)    Other fuel and petroleum products include crude oil, aviation fuel, asphalt, fuel oils, gas oils, ethanol, biodiesel and certain emission credits and allowances.
(3)    Food and convenience store revenue generated from Canada, International, and USA depends on the business model operated by each segment, and includes the sale of food and merchandise, suppliers' rebates, royalties and license fees and rental income from retailers in the form of a percentage rent on convenience store sales.
(4) Other retail revenue includes advertising revenue and other miscellaneous retail-related revenues.
(5)    Lubricants and other include lubricants, freight, tanks and parts installation, cylinder exchanges, other products and services, and revenue from operating leases. During the three and nine months ended September 30, 2025, distribution terminals in Canada recognized revenue from operating leases of $8 and $24 (2024 - $7 and $20), respectively.


















24    Parkland Corporation Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited)


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)







16.    OTHER DISCLOSURES
In addition to the reportable operating segments disclosed above, Parkland also voluntarily discloses business performance by lines of business. The basis of line of business remains consistent with those disclosed in the Annual Consolidated Financial Statements.

(a) Lines of business
Retail(5)
Commercial(5)
RefiningCorporateEliminationsConsolidated
For the three months ended September 30,
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
External fuel and petroleum product volume(4)
    2,774    
    2,806    
    3,422    
    3,119    
    902    
    380    
    —    
    —    
    —    
    —    
    7,098    
    6,305    
Adjusted gross margin
Fuel and petroleum product adjusted gross margin(4), before the following:
    403    
    356    
    273    
    230    
    231    
    103    
    —    
    —    
    (9)
    (8)
    898    
    681    
Gain (loss) on risk management and other - realized
    (1)
    13    
    (18)
    51    
    (7)
    13    
    —    
    —    
    —    
    —    
    (26)
    77    
Gain (loss) on foreign exchange - realized
    —    
    —    
    (5)
    (1)
    1    
    2    
    1    
    —    
    —    
    —    
    (3)
    1    
Other adjusting items to adjusted gross margin(1)
    —    
    —    
    (3)
    —    
    —    
    —    
    —    
    —    
    —    
    —    
    (3)
    —    
Fuel and petroleum product adjusted gross margin(4)
    402    
    369    
    247    
    280    
    225    
    118    
    1    
    —    
    (9)
    (8)
    866    
    759    
Food, convenience and other adjusted gross margin
    117    
    117    
    80    
    83    
    —    
    —    
    4    
    2    
    (7)
    (6)
    194    
    196    
Total adjusted gross margin(4)
    519    
    486    
    327    
    363    
    225    
    118    
    5    
    2    
    (16)
    (14)
    1,060    
    955    
Operating costs(4)
    197    
    194    
    134    
    136    
    67    
    63    
    —    
    —    
    (14)
    (12)
    384    
    381    
Marketing, general and administrative(4)
    68    
    64    
    65    
    68    
    7    
    7    
    13    
    16    
    (2)
    (2)
    151    
    153    
Share in (earnings) loss of associates and joint ventures
    (3)
    (3)
    (1)
    (1)
    —    
    —    
    —    
    —    
    —    
    —    
    (4)
    (4)
(Gain) loss on foreign exchange - realized(2)
    —    
    —    
    —    
    —    
    —    
    —    
    —    
    1    
    —    
    —    
    —    
    1    
Other adjusting items to Adjusted EBITDA(3)
    (3)
    (4)
    (8)
    (3)
    —    
    —    
    —    
    —    
    —    
    —    
    (11)
    (7)
Adjusted EBITDA(4)
    260    
    235    
    137    
    163    
    151    
    48    
    (8)
    (15)
    —    
    —    
    540    
    431    
(1)    Includes adjustment for realized gains and losses on risk management and other assets and liabilities related to underlying physical sales activity in another period of $3 gain for Commercial (2024 - nil).
(2)    Includes realized foreign exchange loss of nil for Corporate (2024 - $1) on settlement of financing balances not included within adjusted gross margin as these gains do not relate to the commodity sale and purchase transactions.
(3)    Includes adjustment for the share of depreciation, income taxes and other adjustments for investments in joint ventures and associates of $3 for Retail (2024 - $4) and $5 for Commercial (2024 - nil); and other income of $3 for Commercial (2024 - $3).
(4) For comparative purposes, certain amounts within (i) external fuel and petroleum product volume, (ii) fuel and petroleum product adjusted gross margin, (iii) total adjusted gross margin, (iv) operating costs, (v) marketing, general and administrative, and (vi) adjusted EBITDA were revised to conform to the presentation used in the current period. The amount of revision for the three months ended September 30, 2024, were: Retail (39 million litres, $1, $1, $6, $10, and $15 respectively); Commercial (39 million litres, $1, $1, $6, $2, and $7 respectively); Refining (nil, nil, nil, nil, $1, and $1 respectively); and Corporate (nil, nil, nil, nil, $9, and $9 respectively).
(5)    The Adjusted EBITDA for our marketing business, which includes both the Retail and Commercial lines of business, was $397 (2024 - $398).
Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited) 25    Parkland Corporation


Parkland Corporation
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
For the three and nine months ended September 30, 2025
($ millions, unless otherwise stated)
Retail(6)
Commercial(6)
RefiningCorporateEliminationsConsolidated
For the nine months ended September 30,
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
External fuel and petroleum product volume(5)
    7,892    
    7,905    
    10,364    
    9,803    
    1,872    
    1,274    
    —    
    —    
    —    
    —    
    20,128    
    18,982    
Adjusted gross margin
Fuel and petroleum product adjusted gross margin(5), before the following:
    1,123    
    1,024    
    827    
    837    
    594    
    356    
    —    
    —    
    (23)
    (23)    
    2,521    
    2,194    
Gain (loss) on risk management and other - realized(4)
    6    
    18    
    (98)
    36    
    (6)
    1    
    —    
    2    
    —    
    —    
    (98)
    57    
Gain (loss) on foreign exchange - realized
    —    
    —    
    3    
    (5)    
    (1)
    (2)    
    5    
    (5)    
    —    
    —    
    7    
    (12)    
Other adjusting items to adjusted gross margin(1)(4)
    —    
    —    
    (4)
    12    
    —    
    —    
    (4)
    2    
    —    
    —    
    (8)
    14    
Fuel and petroleum product adjusted gross margin(5)
    1,129    
    1,042    
    728    
    880    
    587    
    355    
    1    
    (1)    
    (23)
    (23)    
    2,422    
    2,253    
Food, convenience and other adjusted gross margin
    333    
    341    
    237    
    239    
    —    
    —    
    9    
    7    
    (16)
    (16)    
    563    
    571    
Total adjusted gross margin(5)
    1,462    
    1,383    
    965    
    1,119    
    587    
    355    
    10    
    6    
    (39)
    (39)    
    2,985    
    2,824    
Operating costs(5)
    571    
    558    
    411    
    426    
    202    
    202    
    —    
    —    
    (33)
    (34)    
    1,151    
    1,152    
Marketing, general and administrative(5)
    197    
    189    
    201    
    202    
    19    
    19    
    41    
    39    
    (6)
    (5)    
    452    
    444    
Share in (earnings) loss of associates and joint ventures
    (10)
    (10)    
    (4)
    (1)    
    —    
    —    
    —    
    —    
    —    
    —    
    (14)
    (11)    
(Gain) loss on foreign exchange - realized(2)
    —    
    —    
    —    
    —    
    —    
    —    
    —    
    (4)    
    —    
    —    
    —    
    (4)    
Other adjusting items to Adjusted EBITDA(3)
    (11)
    (11)    
    (16)
    (8)    
    —    
    —    
    —    
    —    
    —    
    —    
    (27)
    (19)    
Adjusted EBITDA(4)(5)
    715    
    657    
    373    
    500    
    366    
    134    
    (31)
    (29)    
    —    
    —    
    1,423    
    1,262    
(1)    Includes adjustment for realized gains and losses on risk management and other assets and liabilities related to underlying physical sales activity in another period of $4 gain for Commercial (2024 - $12 loss); and adjustment to foreign exchange gains and losses related to cash pooling arrangements of $4 gain for Corporate (2024 - $4 loss); and adjustment to realized risk management gains of nil for Corporate, related to interest rate swaps as these gains do not relate to commodity sale and purchase transactions (2024 - $2 gain).
(2)    Includes realized foreign exchange gains of nil for Corporate (2024 - $4) on settlement of financing balances not included within adjusted gross margin as these gains do not relate to the commodity sale and purchase transactions.
(3)    Includes adjustment for the share of depreciation, income taxes and other adjustments for investments in joint ventures and associates of $11 for Retail (2024 - $11) and $10 for Commercial (2024 - nil); and other income of $6 for Commercial (2024 - $8).
(4)    For comparative purposes, certain amounts were reclassified between realized and unrealized gain/(loss) on risk management with no changes to Adjusted EBITDA or net earnings, to conform to the presentation used in the current period.
(5) For comparative purposes, certain amounts within (i) external fuel and petroleum product volume, (ii) fuel and petroleum product adjusted gross margin, (iii) total adjusted gross margin, (iv) operating costs, (v) marketing, general and administrative, and (vi) adjusted EBITDA were revised to conform to the presentation used in the current period. The amount of revision for the nine months ended September 30, 2024, were: Retail (151 million litres, $3, $3, $17, $33, and $47 respectively); Commercial (151 million litres, $3, $3, $17, $8, and $22 respectively); Refining (nil, nil, nil, nil, $4, and $4 respectively); and Corporate (nil, nil, nil, nil, $29, and $29 respectively).
(6)    The Adjusted EBITDA for our marketing business, which includes both the Retail and Commercial lines of business, was $1,088 (2024 - $1,157).

Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited)