Parkland (PKI) Investor Presentation summary

Business overview and financial performance

• Operates in 25 countries with ~4,000 locations, $13.8B enterprise value, and $7.8B market cap as of Q3 2023.

• Sold ~28B litres of product TTM Q3 2023, with 6,000 employees and a 3.1% dividend yield.

• 2023 share price performance delivered ~50% total shareholder return.

• Adjusted EBITDA for TTM Q3 2023 was $1.9B, with net earnings of $454M and available cash flow per share of $4.25.

• Fuel volume reached 27.5B litres and adjusted gross margin $3.98B, both with strong multi-year CAGR.

Business model and growth platform

• Diversified across refining (23% of EBITDA), retail (43%), and commercial (34%) segments.

• Geographic mix: Canada (36% of EBITDA), International (31%), USA (10%).

• Customer loyalty, logistics assets, and supply scale drive lowest cost to serve.

• Organic growth initiatives include expanding differentiated food offers, digital platforms, and renewable business.

• 2024 guidance: $2B adjusted EBITDA, $5 available cash flow/share, $475–$525M capex, ROIC 11%+.

Capital allocation and financial discipline

• $6B cumulative available cash flow targeted between 2024–2028: 25% to dividends/buybacks, 25% to organic growth, 50% to deleveraging.

• Track record of growing dividends per share at 3% CAGR, reaching $1.36 in 2023.

• No corporate bond maturities until 2026; leverage ratio at 2.9x, targeting low end of 2–3x by 2025.

• Additional capital to be allocated to buybacks or inorganic growth after deleveraging.