Exhibit 99.2

















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























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Parkland Corporation
Consolidated Balance Sheets
(Unaudited)
($ millions)NoteSeptember 30, 2025December 31, 2024
Assets
Current assets
Cash and cash equivalents406 385 
Accounts receivable1,580 1,510 
Inventories1,699 1,511 
Income taxes receivable38 69 
Risk management and other financial assets734 68 
Prepaid expenses and other125 93 
Assets classified as held for sale484 842 
3,966 4,478 
Non-current assets
Property, plant and equipment5,452 5,032 
Intangible assets1,052 1,152 
Goodwill2,465 2,426 
Investments in associates and joint ventures337 344 
Other long-term assets5 419 333 
Deferred tax assets243 279 
13,934 14,044 
Liabilities
Current liabilities
Accounts payable and accrued liabilities2,759 2,613 
Dividends declared and payable63 61 
Income taxes payable85 21 
Long-term debt – current portion6848 261 
Provisions and other liabilities – current portion9, 14161 72 
Risk management and other financial liabilities728 62 
Liabilities associated with assets held for sale416 292 
3,960 3,382 
Non-current liabilities
Long-term debt65,569 6,380 
Provisions and other liabilities9765 712 
Deferred tax liabilities354 383 
Income taxes payable19 21 
10,667 10,878 
Shareholders' equity
Shareholders' capital10 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.
2 Parkland Corporation | 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)Note2025202420252024
Sales and operating revenue157,353 7,126 21,040 21,569 
Expenses
Cost of purchases156,261 6,249 17,956 18,804 
Operating costs384 3811,151 1,152 
Marketing, general and administrative151 153 452 444 
Acquisition, integration and other costs1322 61 97 137 
Depreciation and amortization213 207 635 615 
Finance costs1191 96 283 286 
Foreign exchange (gain) loss710 1 (9)16 
(Gain) loss on risk management and other723 (125)47 (46)
Costs related to the Sunoco Transaction
1, 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 taxes168 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):
Basic0.74 0.52 2.09 0.89 
 Diluted0.73 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
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)

Three months ended September 30,Nine months ended September 30,
($ millions)Note2025202420252024
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 operations71 (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 tax7 (48)37 91 (98)
Changes in the fair value of cash flow hedges, net of tax7 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 | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited)


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


Shareholders' capitalContributed surplusAccumulated other comprehensive income (loss)Equity reserveRetained earnings (deficit)Total shareholders' equity
($ millions)Note
As at January 1, 20253,238 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 plan10 11 (1)— — — 10 
Shares issued on vesting of performance share units10 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-settled14 — (78)— — — (78)
As at September 30, 20253,261 — (33)— 39 3,267 
As at January 1, 20243,25790(69)(106)93,181
Net earnings (loss)————156156
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, 20243,23148(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
Consolidated Statements of Cash Flows
(Unaudited)



Three months ended September 30,Nine months ended September 30,
($ millions)Note2025202420252024
Operating activities
Net earnings (loss)129 91 365 156 
Adjustments for:
Depreciation and amortization 213 207 635 615 
Interest on leases and long-term debt1182 85 254 258 
Share incentive compensation14 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 activities317 14 (26)86 
Net change in non-cash working capital related to operating activities3(42)(21)(8)(42)
Cash generated from (used in) operating activities396 406 1,184 1,073 
Investing activities
Investment in associates and joint ventures— — — (17)
Dividends received from investments in associates and joint ventures3 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 disposals3 22 16 26 
Net change in non-cash working capital related to investing activities3 1 1 5 (4)
Cash generated from (used in) investing activities(137)(101)(347)(296)
Financing activities
Net proceeds from (repayments of) the Credit Facility6 (113)(722)(189)(741)
Long-term debt (repayments) proceeds, excluding the Credit Facility and non-recourse debt6 — — — (1)
Net proceeds (repayments) from non-recourse debt17 1 41 16 
Proceeds from long-term debt, net of financing costs, excluding the Credit Facility and non-recourse debt6 — 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 bid10 — (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 cash6 (4)(12)14 
Cash and cash equivalents reclassified from (to) assets held for sale4 — (3)— (23)
Cash and cash equivalents at beginning of period439 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 | 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.

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.

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


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)    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.

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.
8 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)
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,
2025202420252024
Accounts receivable(59)118 (45)105 
Inventories(171)116 (217)113 
Prepaid expenses and other11 1 (35)(42)
Accounts payable and accrued liabilities182 (221)161 (179)
Income taxes payable27 18 63 25 
Income taxes receivable10 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,
2025202420252024
Accounts payable and accrued liabilities1 16 5 11 
Prepaid expenses and other— (15)— (15)
Net cash inflow (outflow) from changes in non-cash working capital related to investing activities1 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,
Note
2025202420252024
(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 assets121 (2)(1)(5)
Other items
22 14 30 19 
17 14 (26)86 
Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited) 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)
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.
NoteSeptember 30, 2025December 31, 2024
Assets classified as held for sale:
Accounts receivable24 89 
Inventories5 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 sale84 842 
Liabilities directly associated with assets classified as held for sale:
Accounts payable— 47 
Long-term debt(2)
62 141 
Provisions and other liabilities914 79 
Deferred tax liabilities— 25 
Total liabilities associated with assets held for sale16 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
NoteSeptember 30, 2025December 31, 2024
Redemption Options(1)
7 127 51 
Deferred customer incentives84 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 | 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 Facility10 198 
Unamortized deferred financing costs(1)(2)
9 196 
Senior Notes:
3.875% Senior Notes, due 2026600 600 
5.875% US$500 Senior Notes, due 2027696 718 
6.00% Senior Notes, due 2028400 400 
4.375% Senior Notes, due 2029600 600 
4.50% US$800 Senior Notes, due 20291,113 1,148 
4.625% US$800 Senior Notes, due 20301,113 1,148 
6.625% US$500 Senior Notes, due 2032696 718 
Unamortized premium: Redemption Options46 55 
Unamortized discount: deferred financing costs(27)(34)
5,237 5,353 
Non-recourse debt(2)
73 30 
Other notes and borrowings7 8 
Total Credit Facility, Senior Notes, Other notes and borrowings5,326 5,587 
Lease obligations(1)
1,091 1,054 
Total long-term debt6,417 6,641 
Less: current portion of Senior Notes(3)
(599)— 
Less: current portion of Lease obligations(249)(261)
Long-term debt5,569 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
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
NoteQuoted 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 Options5 — 127 — 127 
Other items included in other long-term assets— 127 — 127 
Fair value as at December 31, 2024
NoteQuoted 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)
Other items included in other long-term assets
Redemption Options5 — 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 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
12 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)
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:
•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.
Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited) 13


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, 2025December 31, 2024
Leverage Debt4,937 5,268
Leverage EBITDA1,571 1,481
Leverage Ratio3.1 3.6
NoteSeptember 30, 2025December 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 Debt4,937 5,268 
Three months endedTrailing twelve months ended
Note
Dec 31, 2024
Mar 31. 2025
June 30. 2025
Sep 30. 2025
September 30, 2025December 31, 2024
Adjusted EBITDA
15 428 375 508 540 1,851 1,690
Share incentive compensation11 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).
(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.

14 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)    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, 2025December 31, 2024
Asset retirement obligations - current (a)9 5 
Environmental provision - current (b)2 2 
Deferred revenue32 25 
Short-term deposits, provisions and other12 40 
Share-based compensation liability (1)
106 — 
Provisions and other liabilities - current161 72 
Asset retirement obligations - non-current (a)577 519 
Environmental provision - non-current (b)102 109 
Employee benefits and other25 26 
Long-term deposits, provisions and other61 58 
Provisions and other liabilities - non-current765 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 period524 594 
Additional provisions and changes in retirement cost estimates27 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 period586 524 
Current9 5 
Non-current577 519 
Asset retirement obligations, end of period586 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 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).

Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited) 15


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)    Environmental provision
January 1, 2025 to
September 30, 2025		January 1, 2024 to December 31, 2024
Environmental provision, beginning of period111 126 
Additional provision made in the period3 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 period104 111 
Current 2 2 
Non-current102 109 
Environmental provision, end of period104 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 period173,931 3,238 175,781 3,257 
Issued under share option plan282 11 630 23
Issued on vesting of performance share units382 12 429 12
Shares repurchased through NCIB— — (2,909)(54)
Shareholders' capital, end of period174,595 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.
11.    FINANCE COSTS
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Interest on long-term debt66 69 205 211 
Interest on leases 16 16 49 47 
Amortization, accretion and other finance costs9 11 29 28 
91 96 283 286 

16 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)
12.    OTHER (GAINS) AND LOSSES
Three Months Ended September 30,Nine months ended September 30,
Note
2025202420252024
(Gain) loss on disposal of assets1 (2)(1)(5)
Change in fair value of Redemption Options(1)
7 — (25)(76)(1)
Change in estimates of environmental provision9 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.

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) 17


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 informationCanadaInternationalUSARefining CorporateIntersegment eliminations Consolidated
For the three months ended September 30,20252024202520242025202420252024202520242025202420252024
External fuel and petroleum product volume3,253 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 customers3,480 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 revenue3,619 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 purchases3,163 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 margin358 343 203 194 79 104 225 118 1 — — — 866 759 
Food, convenience and other adjusted gross margin96 99 35 34 66 68 — — 4 2 (7)(7)194 196 
Total adjusted gross margin454 442 238 228 145 172 225 118 5 2 (7)(7)1,060 955 
Operating costs181 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 EBITDA208 196 161 150 28 52 151 48 (8)(15)— 540 431 
Reconciliation to net earnings (loss)
Adjusted EBITDA540 431 
Acquisition, integration and other costs22 61 
Depreciation and amortization213 207 
Finance costs91 96 
(Gain) loss on foreign exchange – unrealized7 1 
(Gain) loss on risk management and other – unrealized(3)(48)
Costs related to the Sunoco Transaction38 — 
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 30,20252024202520242025202420252024202520242025202420252024
External fuel and petroleum product volume9,751 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 customers10,214 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 revenue10,570 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 - realized5 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 margin275 281 106 99 189 200 — — 9 7 (16)(16)563 571 
Total adjusted gross margin1,220 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 costs97 137 
Depreciation and amortization635 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 Transaction84 — 
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).
(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) 19


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
202520242025202420252024202520242025202420252024
Additions to property, plant and equipment and intangible assets(1)
49 41 22 21 11 10 30 42 3 10 115 124 
Depreciation and amortization84 80 68 66 29 27 24 28 8 6 213 207 

For the nine months ended September 30,CanadaInternationalUSARefining CorporateConsolidated
202520242025202420252024202520242025202420252024
Additions to property, plant and equipment and intangible assets(1)
143 87 67 43 25 19 97 133 12 25 344 307 
Depreciation and amortization235 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 customersThree months ended September 30,Nine months ended September 30,
2025202420252024
Canada
3,808 3,745 10,547 10,986 
United States
1,845 1,706 5,245 5,111 
Other countries1,700 1,675 5,248 5,472 
7,353 7,126 21,040 21,569 

September 30, 2025
CanadaUnited StatesOther countriesConsolidated
Property, plant and equipment3,182 930 1,340 5,452 
Intangible assets751 141 160 1,052 
Goodwill1,326 551 588 2,465 
5,259 1,622 2,088 8,969 
December 31, 2024
CanadaUnited StatesOther countriesConsolidated
Property, plant and equipment3,060 543 1,429 5,032 
Intangible assets810 136 206 1,152 
Goodwill1,303 514 609 2,426 
5,173 1,193 2,244 8,610 














20 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)
(d) Sales and operating revenue by product
Canada
InternationalUSARefiningConsolidated
For the three months ended September 30, 2025,2025202420252024202520242025202420252024
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 revenue3,355 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)
3534 3938 112118 —— 186190 
Food, convenience and other non-fuel revenue125 121 53 50 201 213 — — 379 384 
External sales and operating revenue3,480 3,583 1,883 1,876 1,423 1,378 567 289 7,353 7,126 
Canada
InternationalUSARefiningConsolidated
For the nine months ended September 30,2025202420252024202520242025202420252024
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 revenue9,860 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 revenue354 354 155 143 590 627 — — 1,099 1,124 
External sales and operating revenue10,214 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.


























Parkland Corporation | Q3 2025 Interim Condensed Consolidated Financial Statements (Unaudited) 21


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 30,202520242025202420252024202520242025202420252024
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 margin117 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).

22 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)
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) 23