Exhibit 99.3

Parkland Corporation

Consolidated Financial Statements

For the year ended December 31, 2024

Report of Independent Auditors

To the Board of Directors of Parkland Corporation

Opinion

We have audited the accompanying consolidated financial statements of Parkland Corporation and its subsidiaries (the “Company”), which comprise the consolidated balance sheets as of December 31, 2024 and December 31, 2023 and the related consolidated statements of income (loss), comprehensive income (loss), changes in shareholders’ equity and cash flows for the years then ended, including the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and December 31, 2023 and the results of its operations and its cash flows for the years then ended in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”).

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (“US GAAS”). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the consolidated financial statements are issued.

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will

PricewaterhouseCoopers LLP

Suncor Energy Centre, 111 5th Avenue South West, Suite 2900, Calgary, Alberta, Canada T2P 5L3

T.: +1 403 509 7500, F.: +1 403 781 1825, Fax to mail: ca_calgary_main_fax@pwc.com

“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.

In performing an audit in accordance with US GAAS, we:

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ PricewaterhouseCoopers LLP

Chartered Professional Accountants

Calgary, Alberta

September 4, 2025

Parkland Corporation

Consolidated Balance Sheets

See accompanying notes to the consolidated financial statements.

2  Parkland Corporation | 2024 Consolidated Financial Statements

Parkland Corporation

Consolidated Statements of Income (Loss)

See accompanying notes to the consolidated financial statements.

Parkland Corporation | 2024 Consolidated Financial Statements  3

Parkland Corporation

Consolidated Statements of Comprehensive Income (Loss)

See accompanying notes to the consolidated financial statements.

4  Parkland Corporation | 2024 Consolidated Financial Statements

Parkland Corporation

Consolidated Statements of Changes in Shareholders’ Equity

See accompanying notes to the consolidated financial statements.

Parkland Corporation | 2024 Consolidated Financial Statements  5

Parkland Corporation

Consolidated Statements of Cash Flows

See accompanying notes to the consolidated financial statements.

6  Parkland Corporation | 2024 Consolidated Financial Statements

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ 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 consolidated financial statements include the results of Parkland and its subsidiaries together with its interest in investments in associates and joint arrangements as at December 31, 2024.

2. SUMMARY OF MATERIAL ACCOUNTING POLICIES

(a) Statement of compliance

Parkland’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). These consolidated financial statements were approved for issue by the Board of Directors on March 5, 2025.

(b) Basis of measurement

Parkland’s consolidated financial statements are prepared on a historical cost basis, except for certain items recorded at fair value as detailed in the accounting policies disclosed below.

(c) Presentation and functional currency

The consolidated financial statements are presented in Canadian dollars, which is Parkland’s functional currency.

(d) Changes in presentation and other disclosures

Certain amounts for the comparative periods related to (i) freight costs within the cost of purchases and operating costs and (ii) sales and operating revenue and cost of purchases, were revised to conform to the current year presentation. Refer to note 26 for further details.

(e) Basis of consolidation

The consolidated financial statements comprise the financial statements of Parkland and its subsidiaries. Subsidiaries are all entities over which Parkland has control. Control is achieved when Parkland is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. When assessing power over an investee, Parkland considers all relevant facts and circumstances including voting rights, rights arising from contractual arrangements with the investee and other vote holders of the investee and potential voting rights in relation to the investee. All intercompany transactions, balances, and unrealized gains and losses are eliminated upon consolidation. Subsidiaries are consolidated from the date control is obtained by Parkland and de-consolidated from the date control ceases.

Non-controlling interest (“NCI”) represents the portion of equity ownership in subsidiaries not attributable to Parkland shareholders. Parkland recognizes any NCI in a subsidiary on an acquisition-by-acquisition basis either at fair value or at the NCI’s proportionate share of the subsidiary’s net identifiable assets. NCI is subsequently measured by recording the proportionate share of net earnings (loss) and other comprehensive income (loss) attributable to the NCI, as well as any dividends or distributions paid to the NCI. Changes in the ownership interests in subsidiaries that do not result in loss of control of the subsidiary are equity transactions. When the proportion held by the NCI changes, the carrying amount of the NCI is adjusted to reflect such change. Any difference between the amount by which the NCI is adjusted and the fair value of the consideration paid or received is recognized in retained earnings (deficit).

Parkland Corporation | 2024 Consolidated Financial Statements   7

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

(f) Business combinations and goodwill

Business combinations are accounted for using the acquisition method. Goodwill is measured at cost, being the difference between the acquisition date fair value of consideration transferred, including the recognized amount of any non-controlling interest in the acquiree over the net fair value amount of the identifiable assets acquired and the liabilities assumed, all measured as at the acquisition date. Consideration transferred includes the fair value of assets transferred (including cash and contingent consideration, if any), liabilities incurred by Parkland on behalf of the acquiree, and equity interests issued by Parkland. Goodwill is allocated to the cash-generating units (“CGUs”) or group of CGUs (“CGU group”) expected to benefit from the business combination.

The fair values of property, plant and equipment recognized as a result of a business combination are based on either the cost approach or market approach, as applicable. Under the cost approach, the current replacement cost or reproduction cost for each major asset is calculated. Under the market approach, the market value of property is the estimated amount for which a property could be exchanged on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties each act knowledgeably and willingly.

The fair values of customer relationships, franchise agreements, trade names and other intangible assets acquired in a business combination are determined using an income approach. This method is based on the discounted cash flows expected to be derived from ownership of the assets. The present value of the cash flows represents the value of the intangible assets.

The fair values of lease liabilities acquired in a business combination where Parkland is a lessee are determined at the present value of the remaining lease payments as if the acquired lease were a new lease at the acquisition date. Parkland measures the right-of-use asset for such leases at the same amount as the lease liability, adjusted to reflect favourable or unfavourable terms of the lease when compared with market terms.

Parkland classifies lease contracts acquired in a business combination where it is a lessor as operating or finance leases on the basis of the contractual terms. For finance leases, the fair value of net investment in the lease is determined using the contractual aggregate lease payments and market participant assumptions on the discount rates. For off-market operating leases acquired in a business combination, Parkland does not recognize separate assets or liabilities associated with favourable or unfavourable terms, but instead includes them in the value of the underlying assets acquired.

The fair values of inventories acquired in a business combination are determined based on the estimated selling price in the ordinary course of business less the estimated costs of sale, and a reasonable profit margin based on the effort required to complete and sell the inventories.

Acquisition-related costs are expensed as incurred and are included in acquisition, integration and other costs.

(g) Foreign currency translation

The functional currency for each of Parkland’s individual entities is the currency of the primary economic environment in which the entity operates. Transactions in foreign currencies are translated to the respective functional currencies at the exchange rates applicable on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated to the appropriate functional currency at the exchange rate at the consolidated balance sheet date. Foreign exchange gains and losses are recorded in the consolidated statements of income (loss). Non-monetary assets and liabilities denominated in foreign currencies are measured at cost using the exchange rates on the dates of initial recognition.

On consolidation, the financial statements of foreign operations are translated into Canadian dollars. The assets and liabilities of foreign operations are translated into Canadian dollars at the exchange rate prevailing at the consolidated balance sheet date. Income and expenses of foreign operations are translated into Canadian dollars at the exchange rates that approximate those on the dates of the transactions. Foreign exchange differences arising on translation for consolidation are recognized in other comprehensive income (loss). The results and financial position of subsidiaries with the functional currencies of hyperinflationary economies, after being restated for the effects of inflation in line with Parkland’s policy over hyperinflation accounting, are translated into Canadian dollars at the exchange rate prevailing at the consolidated balance sheet date.

8  Parkland Corporation | 2024 Consolidated Financial Statements

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

(h) Joint arrangements

Joint arrangements represent activities where Parkland has joint control established by a contractual agreement. Joint control requires unanimous consent for financial and operational decisions. A joint arrangement can be classified as either a joint operation or a joint venture. Classification of a joint arrangement requires judgment. In determining classification, Parkland considers the legal structure of the joint arrangement and whether the contractual rights and obligations of the arrangement give Parkland direct rights to the assets and obligations for the liabilities within the normal course of business.

Where Parkland has rights to the assets and obligations for the liabilities of a joint arrangement, such arrangements are classified as a joint operation with Parkland’s share of the assets, liabilities, revenue and expenses included in the consolidated financial statements.

Where Parkland has rights to the net assets of an arrangement, the arrangement is classified as a joint venture and accounted for using the equity method of accounting. Under the equity method, Parkland’s initial investment is recognized at cost and subsequently adjusted for Parkland’s share of the joint venture’s total comprehensive income (loss), less distributions received. The carrying amount of investments in joint ventures is tested for impairment in accordance with the policy described in Note 2(r).

(i) Investments in associates

An associate is an investee for which Parkland has significant influence and thereby has the power to participate in the financial and operational decisions but does not control or jointly control the investee. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost and subsequently adjusted for the proportionate share of the investee’s net assets. Parkland’s consolidated financial statements include its share of the investee’s net earnings (loss) and other comprehensive income (loss) until the date that significant influence ceases. Dividends received or receivable from associates are recognized as a reduction in the carrying amount of the investment. The carrying amount of investments in associates is tested for impairment in accordance with the policy described in Note 2(r).

(j) Operating segments

An operating segment is a component of Parkland for which discrete financial information is available and whose operating results are regularly reviewed by Parkland’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and that engages in business activities from which it may earn revenue and incur expenses, including revenue and expenses that relate to transactions with any of Parkland’s other operations. Parkland makes adjustments and eliminations in preparing the financial statements and allocates revenues, expenses, and gains and losses in determining the reported segment performance measures, only if they are included in the performance measures used by the chief operating decision maker.

When providing Parkland-wide disclosures on revenue by geography, Parkland attributes revenues earned from external customers in foreign countries based on the customer location.

(k) Cash and cash equivalents and restricted cash

Cash and cash equivalents consist primarily of cash on hand, deposits held with banks, cash held in margin accounts, and other highly liquid investments. Restricted cash includes cash that is pledged as collateral or guarantees for certain of Parkland’s projects, obligations, and agreements.

(l) Inventories

Inventories are valued at the lower of cost and net realizable value on a weighted average cost basis or first-in, first-out basis. The cost of inventories includes the cost of purchase net of vendor rebates and discounts and other costs directly incurred to bring each product to its present location and condition. This also encompasses refining costs, including expenses for processing, conversion, and treatment to transform raw materials into finished goods, as well as the costs of utilities, labour, and maintenance required during the refining process. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. If the carrying amount exceeds the net realizable value, a write-down is recognized.

Parkland Corporation | 2024 Consolidated Financial Statements  9

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

(m) Emission credits, allowances and liabilities

Emission credits and allowances purchased, or internally generated for use by Parkland are recorded at cost and are carried at the lower of cost and net realizable value in inventories. Credits granted to Parkland are recorded at nominal value.

Emission credits and allowances that are held for trading are carried within inventories and are valued at fair value less costs to sell. The cost to sell is usually nominal and is not factored into the valuation. Gains and losses from the emission credits and allowances held for trading are recorded within gain (loss) on risk management and other on the consolidated statements of income (loss).

Forward or option agreements to purchase or sell emission credits and allowances that meet the definition of a derivative are accounted for using the fair value method of accounting within risk management and other financial assets and liabilities. Gains and losses from those instruments are recorded within gain (loss) on risk management and other on the consolidated statements of income (loss).

Emission liabilities are recorded in the period in which the emissions occur using the best estimate of the amount required by Parkland to settle its obligation based on the carrying amount of emissions credits and allowances held on hand and the expected market price of the additional credits and allowances required to cover the shortfall in meeting the obligation. Offsetting of the emission credits and allowances against the respective liabilities occurs at the end of the compliance period, when the credits and allowances are used to settle the liabilities.

(n) Cost of purchases

Cost of purchases consists primarily of costs to purchase fuel and petroleum products as well as non-fuel products. In addition, it includes transportation costs, excise taxes, cost of emission credits and allowances, and cost of miscellaneous materials.

(o) Property, plant and equipment

Property, plant and equipment are stated at historical cost, net of accumulated depreciation and accumulated impairment losses, if any. Historical cost includes expenditures directly attributable to the acquisition of the asset. The costs of major refurbishments, turnarounds, overhauls or replacements are capitalized when it is probable the future economic benefits will be realized by Parkland and the associated carrying amount of the replaced component is derecognized.

Planned major maintenance includes inspection, repair, maintenance and replacement of existing components and is performed at regular intervals. Costs incurred for planned major maintenance activities are capitalized in the period maintenance activities occur and are amortized on a straight-line basis over the term until the next major maintenance event. All other repair and maintenance costs are recognized in the consolidated statements of income (loss) as incurred.

Land is recorded at cost, less any accumulated impairment.

Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:

The estimated useful lives and depreciation methods are reviewed annually and adjusted prospectively as appropriate. Any gain or loss arising on derecognition of property, plant and equipment is recognized in the consolidated statements of income (loss) within other (gains) and losses.

(p) Leases

Parkland holds various leases for assets such as land, buildings, shipping vessels, railcars, vehicles, tanks and others to support the operations of the business.

10  Parkland Corporation | 2024 Consolidated Financial Statements

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

Parkland as a lessee

Parkland distinguishes between leases and service contracts based on whether it controls the use of an identified asset (right-of-use asset). Control is considered to exist if Parkland has the right to obtain substantially all of the economic benefits from the use of an identified asset and the right to direct the use of that asset.

Lease liabilities and right-of-use assets are recognized on the consolidated balance sheets when the leased assets are available for use by Parkland and measured on a present value basis.

Lease liabilities are measured at the net present value of the fixed or in-substance fixed payments, variable lease payments based on the index or a rate, amounts expected to be paid by the lessee under the residual value guarantees over the remaining lease term, as well as any purchase or extension options if Parkland is reasonably certain to exercise the options, or termination penalties that are expected to be incurred, less any incentives receivable discounted using Parkland’s incremental borrowing rate or the interest rate implicit in the lease if available. The right-of-use assets are measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments, initial direct costs, restoration costs, and lease incentives.

In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not to exercise a termination option. The lease term is adjusted to reflect the impact of termination penalties and extension options only when those are within the control of Parkland and the probability of their exercise is reasonably certain.

Parkland uses a single discount rate for a portfolio of leases with reasonably similar characteristics.

Right-of-use assets are subsequently measured at cost, net of accumulated depreciation and impairment losses, if any.

Lease liabilities are subsequently measured at amortized cost using the effective interest rate method. The interest expense on the lease liability is recorded within finance costs on the consolidated statements of income (loss) over the lease period so as to produce a constant periodic interest rate on the remaining balance of the liability for each period.

Lease liabilities are remeasured in cases of lease modification, reassessments or revisions to the in-substance fixed lease payments. Lease modifications are accounted for as a separate lease if the scope of the lease increases and the consideration increases by an amount that would reflect the stand-alone price of the new scope of the lease. For the modifications, where there is no increase in the scope of the lease or where the increase in consideration is not commensurate with the new lease, Parkland will re-measure the lease liability using the revised lease payments and a revised discount rate with the corresponding adjustment to the right-of-use assets. A modification decreasing the scope of the lease will be accounted for by decreasing the carrying amount of the right-of-use asset, and recognizing gain or loss in the consolidated statements of income (loss) reflecting the proportionate decrease in scope.

A sale and leaseback transaction involves the transfer of an asset from the seller-lessee to the buyer-lessor and the leaseback of the same asset by the seller-lessee. A sale and leaseback qualifies as a sale if the buyer-lessor obtains control of the underlying asset. If the transfer of the asset is a sale, the sale transaction is accounted for in accordance with revenue recognition policy. The right-of-use asset arising from the leaseback is measured at the proportion of the previous carrying amount of the asset that relates to the right-of-use retained and any gain or loss recognized is limited to the proportion that relates to the rights transferred. Lease liability is measured in the same way as in the regular lease. If the transfer of the asset is not a sale, the transferred asset is not derecognized, and consideration received is accounted for as financial liability measured at amortized cost.

Short-term leases and leases of low-value assets for certain classes of assets are recognized on a straight-line basis within operating costs or marketing, general and administrative expenses, depending on the nature of the business activities to which the leases relate. Short-term leases are those with a lease term of twelve months or less. Low-value assets consist mostly of small IT equipment and office furniture items.

Parkland Corporation | 2024 Consolidated Financial Statements  11

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

Parkland as a lessor

Leases in which Parkland transfers substantially all the risks and rewards of ownership of an asset are classified as finance leases while leases that do not meet this criteria are classified as operating leases. Under an operating lease, Parkland recognizes lease payments received as revenue on a straight-line basis over the lease term in the consolidated statements of income (loss).

Under a finance lease, Parkland recognizes a receivable at an amount equal to the net investment in the lease, which is the present value of aggregate lease payments receivable by the lessor discounted at the interest rate implicit in the lease. Subsequent to initial recognition, Parkland recognizes finance income in the consolidated statements of income (loss) over the lease term, based on a pattern reflecting a constant period rate of return on Parkland’s net investment in the lease. Revenue on variable lease payments and non-lease components not included in the net investment in the lease are recognized as revenue separately in the consolidated statements of income (loss).

(q) Intangible assets

Intangible assets are recognized when Parkland has control of an intangible asset, expects future economic benefits from the intangible asset, and can reliably measure the cost of the intangible asset. Intangible assets are carried at historical cost, net of accumulated amortization and accumulated impairment losses, if any. Historical cost includes expenditures directly attributable to the acquisition of assets, which may include internally incurred costs, such as labour. Costs are only capitalized if a project is in the development stage. All costs related to research activities are recognized as an expense.

Intangible assets with finite lives are amortized over their respective useful economic lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization expense on intangible assets is recognized in the consolidated statements of income (loss) within depreciation and amortization.

Amortization of intangible assets is calculated on a straight-line basis over the estimated useful lives of the assets as follows:

Any gain or loss arising on derecognition of an intangible asset is recognized in the consolidated statements of income (loss) within other (gains) and losses.

(r) Impairment of non-financial assets

Parkland assesses at each reporting date whether there is an indication that an asset may be impaired. Goodwill and indefinite life intangible assets are tested for impairment annually. If indicators of impairment exist, Parkland estimates the asset’s recoverable amount, which is the higher of the asset’s fair value less costs of disposal (“FVLCOD”) and its value in use (“VIU”). In determining FVLCOD, an earnings multiple approach and recent market transactions are considered. If no such multiples or transactions can be identified, another appropriate valuation model is used. VIU is assessed using the present value of the expected future cash flows of the relevant asset.

The recoverable amount is determined for an individual asset unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Corporate assets are tested for impairment at the minimum grouping of CGUs to which they can be reasonably and consistently allocated. When the carrying amount of an asset, CGU or CGU group exceeds its recoverable amount, it is considered impaired and written down to its recoverable amount.

Parkland applies a two-step impairment test process for non-financial assets, including goodwill, that are allocated to CGU groups. The first step under this process is to test individual CGUs within the group for impairment and write down the individual CGUs’ carrying amounts to their respective recoverable amounts, where an impairment exists. The second step is to test the CGU groups using the restated carrying amounts of the individual CGUs from the first step along with the allocated

12  Parkland Corporation | 2024 Consolidated Financial Statements

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

goodwill or other non-financial assets to that CGU group to identify if there is an impairment for that CGU group. An impairment loss is allocated to first reduce the carrying amount of any goodwill allocated to the CGU or CGU groups and then to reduce the carrying amounts of other assets.

Impairment losses, excluding goodwill impairments, are assessed at each reporting date for any indicators the impairment losses may no longer exist. If such an indication is present, the carrying amount of the CGU or non-financial asset is increased to its revised recoverable amount, which cannot exceed the carrying amount determined, net of depreciation and amortization, had no impairment been recognized. Impairment losses, if any, are recognized in the consolidated statements of income (loss).

(s) Provisions

Provisions are recognized when Parkland has a present legal or constructive obligation due to past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Insurance proceeds receivable are recognized as an income or a reduction of the costs they relate to when it becomes virtually certain they will be received.

Asset retirement obligation (“ARO”) provisions are recognized for decommissioning, restoration and remediation obligations associated with sites and locations on which Parkland operates, and include known legal, contractual and constructive obligations related to required environmental restoration or remediation of a site and the removal of Parkland’s structures, equipment and storage tanks at leased or owned properties. Parkland assumes that all leased and owned sites will be remediated and decommissioned when a site is vacated, a site lease has expired, or a site has reached the end of its useful life, in the absence of an indemnity or contractual agreement. ARO provisions are measured at the present value of management’s best estimate of the future cash flows required to settle the obligation using a credit-adjusted risk-free interest rate. The value of the obligation is added to the carrying amount of the associated asset in property, plant and equipment, and depreciated over the useful life of the asset. The provision is accreted over time through finance costs, and actual expenditures are charged against the accumulated obligation. Changes in estimated obligations resulting from revisions to estimated future cash flows or timing are recognized as a change in the ARO provision and the related asset. Certain of Parkland’s ARO provisions are based on legal obligations to perform remediation activities at the Burnaby Refinery once it permanently ceases refinery operations.

Environmental provisions are recognized for constructive or legal obligations to remediate and contain the known environmental impacts caused by Parkland’s operations, such as spills, leaks or other incidents not related to the retirement of assets. The provisions relate to the regular environmental impact mitigation and monitoring activities at the Burnaby Refinery, as a result of past environmental impacts and remediation of environmental impacts at Parkland’s other operational sites. The value of environmental provisions is measured at the present value of management’s best estimate of future cash flows required to settle the obligation using the credit adjusted risk-free rate with the offset recognized within the consolidated statements of income (loss).

Restructuring provisions are recognized primarily in respect of employee termination benefits, or recognized when a detailed plan for the restructuring exists and a valid expectation has been raised to those affected that the plan will be carried out.

(t) Income taxes

Tax expenses for the year comprise current and deferred income tax expenses. Income tax expenses are recognized in the consolidated statements of income (loss), except to the extent that they relate to items recognized in other comprehensive income (loss) or directly in equity.

Current income tax is calculated based on the tax laws enacted or substantively enacted as at the consolidated balance sheet date in the countries where Parkland and its subsidiaries operate and generate taxable income. Provisions are established, where appropriate, based on the amounts expected to be paid to the tax authorities.

Parkland Corporation | 2024 Consolidated Financial Statements  13

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

Deferred income tax is recognized on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax is not recognized if it arises from the initial recognition of goodwill or the initial recognition of an asset or liability in a transaction other than a business combination that affects neither accounting nor taxable income at the time of the transaction. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the consolidated balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Parkland is within the scope of the OECD Pillar Two model rules (“Pillar Two rules”). Pillar Two legislation was enacted in Canada, the jurisdiction in which Parkland is incorporated. Parkland applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes in the consolidated financial statements.

Deferred income tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries, except for deferred income tax liabilities where the timing of the reversal of the temporary differences is controlled by Parkland and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred income tax assets are recognized on deductible temporary differences arising from investments in subsidiaries only to the extent that it is probable the temporary differences will reverse in the future and there is sufficient taxable profit available against which the temporary differences can be utilized.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

(u) Share-based payments

Parkland’s share-based payments consist of share options, performance share units (“PSUs”), restricted share units (“RSUs”) and deferred share units (“DSUs”). The share-based payment expense is included in marketing, general and administrative expenses and operating costs. Change in the fair value of DSU liabilities is recognized as other cost within acquisition, integration and other costs.

Share options

Parkland has equity-settled share option plans granted annually for certain officers and employees. Share options vest by a third each year at the grant anniversary and expire after eight years. The fair value of options at the date of grant is calculated using the Black-Scholes option pricing model and is recognized as an expense over the vesting period of the options, with the corresponding increase to contributed surplus. Forfeitures are estimated and accounted for at the grant date and adjusted, if necessary, in subsequent periods. When options are exercised, the proceeds, together with the amount recorded in contributed surplus, are transferred to shareholders’ capital.

Share unit plan

Parkland’s PSUs and RSUs are granted annually to certain officers and employees. The units are awarded at no cost to the recipient and cliff vest over a three-year performance period. For PSUs, vesting level is subject to achieving key pre-determined performance measures and can range from 0% to 200%. PSUs and RSUs are paid out in common shares. Additional share units are granted upon each dividend payment made by Parkland.

The fair market value of the PSU and RSU award is based on the volume-weighted average trading price for Parkland’s common shares for five days preceding the date of the grant and the expected performance conditions (for PSUs only). Performance conditions can be market conditions that are used to estimate the fair value of the share units on the date of the grant, and non-market conditions that are used to measure the number of units expected to vest determined initially on the date of grant and revised subsequently at the end of each reporting period. Share unit expense is recognized over the vesting period with a related credit to contributed surplus.

Deferred share units

Parkland has a cash-settled DSU plan for non-executive members of the Board of Directors. DSUs vest immediately on the grant date and can be redeemed for cash after the non-executive member ceases to be a member of the Board of Directors.

14  Parkland Corporation | 2024 Consolidated Financial Statements

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

DSU liability is measured based on the volume-weighted average trading price for Parkland’s common shares on the exchange for five days preceding the date of the measurement. The cost of the DSUs including deemed dividend equivalents and the changes in the fair value of the outstanding DSU liability are recorded as an expense in the consolidated statements of income (loss).

(v) Shareholders’ capital

Ordinary shares issued are accounted for as an increase in shareholders’ capital equal to the fair value of consideration received net of incremental costs directly attributable to the issuance. Issuance costs are recognized net of associated income tax benefit.

Own shares reacquired are recognized at cost and deducted from shareholders’ capital. No gain or loss is recognized on the purchase, sale, issue or cancellation of own equity instruments. Any difference between the carrying amount of share capital reduced for own shares acquired and the consideration paid, including any directly attributable cost and taxes, is recognized in retained earnings (deficit).

A financial liability representing an unavoidable obligation for shares to be purchased by a broker under certain automatic share purchase plans is initially measured at the present value of the redemption amount and is presented within share repurchase reserve in the consolidated statements of changes in shareholders’ equity. The liability is subsequently measured at amortized cost. Share repurchase reserve is increased for the amounts of additional share purchase obligations and decreased for the actual amounts of share purchases made and reversals of the previously unexercised share purchase obligations.

(w) Financial instruments

Financial assets and financial liabilities, including derivatives, are recognized in the consolidated balance sheets when Parkland becomes a party to the contractual provisions of a financial instrument or a non-financial derivative contract. All financial assets and financial liabilities are initially measured at fair value, net of transaction costs, except for financial instruments classified as fair value through profit or loss (“FVTPL”), where transaction costs are recognized immediately in profit or loss.

Financial assets and liabilities are classified and measured based on Parkland’s business model for managing its assets and the contractual terms of the cash flows. Financial assets that meet the following conditions are subsequently measured at amortized cost: (i) assets held for the collection of contractual cash flows; and (ii) contractual cash flows that consist solely of principal and interest payments on the principal amount outstanding. All other financial assets are subsequently measured at FVTPL. Financial liabilities are classified as FVTPL when held for trading. All other financial liabilities are subsequently measured at amortized cost. Parkland classifies its financial instruments according to IFRS 9 - Financial Instruments (“IFRS 9”) into one of the following categories:

Parkland Corporation | 2024 Consolidated Financial Statements  15

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

Financial instruments at FVTPL

Financial instruments at FVTPL are initially recognized at fair value on the date that Parkland commits to purchase or sell the asset (trade date), with changes in fair value recognized in (gain) loss on risk management and other, other (gains) and losses, or finance costs in the consolidated statements of income (loss) in the period they arise.

Certain physical commodity contracts, when used for trading purposes, are deemed to be derivative financial instruments for accounting purposes. Physical commodity contracts entered into for the purpose of receipt or delivery in accordance with Parkland’s expected purchase, sale or usage requirements are not considered to be derivative financial instruments.

Risk management and other assets and liabilities include outstanding commodities swaps, forward and future contracts, emission credit and allowance forward and option contracts, currency forward exchange contracts, cross-currency and interest rate swaps. Parkland periodically enters into derivative contracts to manage exposure to movements in commodity and emission credit prices and US dollar exchange rates.

Derivative instruments embedded in financial or non-financial contracts are assets and liabilities that are accounted for as separate derivatives if their risks and characteristics are not closely related to their host contracts, and the contracts are not measured at fair value. Parkland’s Senior Notes contain Redemption Options (see Note 15) that are accounted for as embedded derivative financial instruments. Changes in the fair values of the Redemption Options are recognized in other (gains) and losses within the consolidated statements of income (loss). Changes in the fair values of other derivative instruments are recognized in (gain) loss on risk management and other.

The best evidence of a financial instrument’s fair value on initial recognition is normally the transaction price (i.e., fair value of the consideration given or received). If Parkland determines that the fair value on initial recognition differs from the transaction price and the fair value is neither evidenced by a quoted price in the active market for an identical asset or liability nor based on a valuation technique that only uses data from observable markets, then the financial instrument is initially measured at fair value, adjusted to defer the difference between fair value on initial recognition and the transaction price (day-one profit or loss). Subsequently, the day-one difference is recognized in profit or loss on an appropriate basis over the life of the instrument, but no later than when the transaction is settled.

Financial instruments measured at amortized cost

Financial assets measured at amortized cost are initially recognized at fair value plus transaction costs, and are subsequently measured at amortized cost using the effective interest method, less any provision for impairment.

Financial liabilities measured at amortized cost are initially recognized at fair value net of transaction costs, and are subsequently measured at amortized cost using the effective interest rate method.

Amortized cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate method. The effective interest rate amortization and gains or losses on derecognition of the financial liabilities are recognized in finance costs. The effective interest rate amortization and gains or losses on derecognition of the financial assets are recognized in other (gains) and losses with exception of interest income generated on cash and cash equivalents, which is recognized in finance costs.

Impairment of financial assets

Allowance for Expected credit losses (“ECLs”) is required on (i) financial assets subsequently measured at amortized cost, (ii) lease receivables, and (iii) loan commitments and financial guarantee contracts to which the impairment requirements of IFRS 9 apply.

Parkland measures loss allowances on its trade accounts receivable and lease receivables using the simplified approach at an amount equal to their lifetime ECL. For all other financial assets, Parkland recognizes the lifetime ECL when there is a significant increase in credit risk since initial recognition. If the credit risk on the financial asset did not increase significantly, Parkland recognizes an ECL equal to the 12-month ECL. The assessment of whether the lifetime ECL is recognized is based on significant increases in the likelihood or risk of default occurring since initial recognition and not on evidence of a financial asset being credit impaired as at the reporting date, or an actual default occurring. The loss allowance for ECL is presented as a deduction from the gross carrying amount for financial assets carried at amortized cost.

16  Parkland Corporation | 2024 Consolidated Financial Statements

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

In assessing whether the credit risk on a financial asset has increased significantly since initial recognition, Parkland compares the risk of a default occurring on the financial instrument as at the reporting date, with the risk of a default occurring as at the date of initial recognition.

In making this assessment, Parkland considers both qualitative and quantitative information that is reasonable and supportable, including historical experience and forward-looking information, relevant industry-specific economic outlooks, and external sources of actual and forecasted economic factors related to Parkland’s core operations, such as fuel commodity prices, unemployment rates and interest rates.

Where information is not available on an individual instrument level, financial assets can be grouped in a variety of ways including: the nature of the financial asset; past-due status; nature, size or industry of counterparty; or geographic location. Parkland regularly reviews groupings to ensure the constituents of each group continue to share similar credit risk characteristics and the groupings used are most relevant to Parkland’s operations.

Offsetting of financial instruments

Financial assets and financial liabilities are offset against one another, and the net amount is reported in the consolidated balance sheets in circumstances where there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis to realize the assets and settle the liabilities simultaneously.

Derecognition

A financial asset is derecognized when the rights to receive cash flows from the asset have expired or when Parkland transfers its rights to receive cash flows from the asset and the associated risks and rewards to a third party. A financial liability is derecognized when the obligation under the liability expires or is discharged or cancelled. Parkland accounts for substantial modification in the terms of an existing financial liability as an extinguishment of such liability and the recognition of a new financial liability. If the modification in the terms is not substantial, Parkland recognizes gain or loss on modification as the difference between the carrying amount of the existing financial liability and present value of the cash flows of the modified financial liability.

(x) Hedges

Parkland may apply hedge accounting to arrangements that qualify for designated hedge accounting treatment. Designated hedges are assessed at each reporting date to determine if the relationship between the derivative or other hedging instrument and the underlying hedged exposure is still effective and to quantify any ineffectiveness in such relationship.

Parkland may use a fair value hedge to mitigate commodity price risk. The carrying value of the hedged item is adjusted for changes in fair value attributable to the hedged risk, and these changes are recognized in the consolidated statements of income (loss). Changes in the fair value of the hedged item, to the extent the hedging relationship is effective, are offset by changes in the fair value of the hedging instrument, which are also recorded in the consolidated statements of income (loss). If hedge accounting is discontinued, the carrying value of the hedged item is no longer adjusted, and the cumulative fair value adjustment to the carrying value of the hedged item is amortized to the consolidated statements of income (loss) over the remaining term of the original hedging relationship.

Parkland may enter into a cash flow hedging relationship, where the effective portion of the change in the fair value of the hedging derivative is initially recognized in other comprehensive income (loss), while any ineffective portion is recognized in the consolidated statements of income (loss) in the same financial statement line item as the underlying transaction. The amounts previously recognized in accumulated other comprehensive income (loss) are reclassified to net earnings (loss) during the period when the variability in cash flows of the hedged item affects consolidated net earnings (loss) or as the original hedged item settles. Gains and losses on derivatives are reclassified immediately to net earnings (loss) from accumulated other comprehensive income (loss) when the hedged item is sold or terminated early, or when it becomes probable that the anticipated transaction will not occur.

Parkland Corporation | 2024 Consolidated Financial Statements  17

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

Parkland may use a net investment hedge to mitigate foreign exchange risk related to foreign operations. The foreign exchange gain or loss relating to the effective portion of the hedging instrument is recognized in other comprehensive income (loss). The gain or loss relating to the ineffective portion is recognized in the consolidated statements of income (loss). The gains and losses accumulated in equity are included in the consolidated statements of income (loss) when Parkland ceases to have control of the foreign operation.

(y) Fair value measurement

Parkland’s financial assets and liabilities measured at FVTPL are categorized into a three-level hierarchy depending on the degree to which the inputs are observable as follows:

The fair values of Parkland’s recurring measurements of risk management and other are determined based on Level 2 inputs. Parkland used the following techniques to value financial instruments categorized in Level 2:

(z) Revenue recognition

Fuel and petroleum product revenue

Parkland delivers a range of refined fuel and petroleum products to retail and commercial customers. Revenue from contracts to sell fuel and petroleum products to retail and commercial customers is recognized at the point of sale, which is the time control of the goods has passed to the purchaser and collection is probable. Supply and wholesale contracts are typically long-term in nature. Revenue for these sales is recognized when control of the goods passes to the customer, collection is probable and generally when physical delivery has occurred.

Revenue is measured on the stand-alone sales price specified in sales contracts, which may be based on independently published rack prices, net of discounts at the time of sale. Volume discounts are assessed using anticipated annual volumes. Historical experience is used to estimate and provide for discounts, and revenue is reduced accordingly. Parkland also provides long-term incentives to its commercial customers in the form of cash advances, which are forgiven relative to the future purchases from Parkland. Long-term incentives are deferred within other long term-assets and recognized in the consolidated statements of income (loss) within sales and operating revenue either straight-line over the period of the sale contracts or proportionate to the sale volumes.

Certain fuel contracts have specified annual volumes that customers must purchase over the contract duration. Contractual minimums are not enforceable and customers may purchase less than the contractual minimum with no penalties. In such cases, contracts are viewed as having options to purchase rather than fixed volume sales requirements, and each delivery of product is considered as a separate performance obligation.

Food, Convenience, Lubricants and other non-fuel revenue

Food and Convenience store

Parkland operates in food and convenience stores with revenue from sales of confectionery, groceries, food, beverages and other convenience store products. In the case of company-owned stores, revenue is recognized when a retail customer purchases an item at the convenience store or through the online ordering platform, control of the goods is transferred, and a payment for the transaction occurs immediately at the point of sale. Royalties and license fees include those charged to the operators under the franchise and express store agreements. Royalty and license fee revenue is recognized as it is earned in line with the relevant agreement, which is generally based on the percentage of occurred sales. For retailer operated stores, Parkland recognizes rent income as a percentage of store sales or gross margin recognized over the term of the agreement.

18  Parkland Corporation | 2024 Consolidated Financial Statements

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

Lubricants

Parkland sells branded and private label lubricants to commercial and wholesale customers. Revenue for these sales is recognized when control of the goods passes to the customer, collection is probable, and generally when physical delivery has occurred.

Other non-fuel revenue

Parkland’s other revenue consists of revenue from operating leases, tanks and parts installation, terminal storage and services, and other products and services. Operating lease revenue is recognized over the lease term. Revenue on services is recognized in the accounting period in which the services are rendered.

When Parkland delivers third-party branded fuel and petroleum products as an exclusive reseller, Parkland evaluates whether it acts as a principal or agent. Where Parkland acts as an agent, revenue is reported from these transactions on a net basis, as the performance obligation is to facilitate the transportation of branded fuels from the branded suppliers to their customers, for which Parkland earns delivery fees. The portion of the gross amount billed to customers and remitted to the branded suppliers is not reflected in sales and operating revenue.

Physical exchanges of inventory are reported on a net basis for similar items as are sales and purchases made with a common counterparty as part of an arrangement similar to a physical exchange.

Loyalty programs

Customer loyalty awards are accounted for as a separate performance obligation in the sales transactions in which they are granted. Parkland defers revenue at the time the award is earned by members at an amount equal to the relative fair value of the award and the expected redemption rate, which is regularly remeasured. The relative fair value is determined by allocating consideration between the fair value of the loyalty awards earned by loyalty program members, net of breakage, and the goods and services on which the awards were earned, based on their relative stand-alone selling price. The deferred revenue is recognized as revenue when the points are redeemed.

(aa) Earnings per share

Basic earnings per share (“Basic EPS”) is calculated by dividing net earnings (loss) attributable to the shareholders of Parkland by the weighted average number of common shares outstanding during the period.

Diluted earnings per share (“Diluted EPS”) is calculated by adjusting the weighted average number of common shares outstanding for dilutive common shares related to Parkland’s share-based compensation plan. The dilutive effect of share options and PSUs is determined using the treasury stock method, based on the current status of the dilutive conditions as at the reporting date. Net earnings (loss) attributable to the shareholders of Parkland are the same for both the Basic EPS and Diluted EPS calculations.

(ab) Assets held for sale

Assets (and disposal groups) are classified as held for sale if their carrying amount will be recovered primarily through a sale as opposed to continued use by Parkland. Assets (and disposal groups) to be disposed that meet the held for sale criteria are reported at the lower of their carrying amount and fair value less costs to sell, and are no longer depreciated. Assets and associated liabilities classified as held for sale are reported as current assets and current liabilities in the consolidated balance sheets. Prior and subsequent to initial classification as held for sale, non-financial assets are subject to impairment assessment under Note 2 (r) using FVLCOD approach to estimate recoverable amounts.

Parkland Corporation | 2024 Consolidated Financial Statements  19

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

(ac) Government grants

Grants from the government are recognized at their fair value where there is reasonable assurance that the grant will be received and Parkland will meet the attached conditions. When the grant relates to an expense item, Parkland recognizes it as income over the period necessary to match the grant with the costs that it is intended to compensate. Parkland presents such grants in the consolidated statements of income (loss) as a deduction in reporting the related expense. Grants related to assets are recorded as a reduction to the asset’s carrying amount and are depreciated over the useful life of the asset. The presentation approach is applied consistently to all similar grants.

(ad) Hyperinflation accounting

If the functional currency of a foreign subsidiary of Parkland is considered to be hyperinflationary, hyperinflation accounting is applied. The application of hyperinflation accounting requires restatement of non-monetary assets and liabilities, shareholders’ equity, items in the statement of comprehensive income (loss), and the adjustment of index-linked items to reflect the impact of inflation in the financial statements of the subsidiary before being included in the consolidated financial statements of Parkland. Monetary assets and liabilities are not restated, as these items are already expressed in a monetary unit representing current purchasing power at the end of the reporting period.

The gain (loss) on net monetary position arising from hyperinflation is included in the consolidated statements of income (loss) from the beginning of the reporting period. Parkland’s consolidated financial statements for the comparative periods are not restated for the effects of hyperinflation. On and subsequent to the adoption, the differences between the restated comparative balances and opening balances of the subsidiary for the effects of hyperinflation are recognized within other comprehensive income (loss).

(ae) Operating costs and marketing, general and administrative

Operating cost includes all costs related to the day-to-day activities of delivering services and products sold by Parkland as well as maintaining the day-to-day operations of the business. Marketing, general and administrative expenses largely include costs of the support function activities and other costs not directly related to the operations.

(af) Acquisition, integration and other costs

Acquisition, integration and other costs include (i) transaction costs in relation to potential and completed acquisitions, (ii) costs incurred to integrate the acquired businesses, and enable system and process transformation, and (iii) business restructuring and other costs not reflective of Parkland’s underlying operating performance.

(ag) Significant accounting estimates, assumptions and judgments

The preparation of Parkland’s consolidated financial statements requires management to make estimates, assumptions and judgments that affect the reported amounts of revenue, expenses, assets, liabilities, accompanying disclosures and the disclosure of contingent liabilities. These estimates and judgments are subject to change based on experience and new information. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amounts of assets or liabilities affecting future periods. Estimates and judgments are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. The financial statement areas that require significant estimates and judgments are as follows:

20  Parkland Corporation | 2024 Consolidated Financial Statements

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

Asset retirement and environmental provisions

ARO and environmental provisions represent the present value estimates of Parkland’s cost to remediate sites and perform other environmental activities. Parkland applies judgment in assessing the existence, extent and expected method of remediation, decommissioning and other environmental activities required at the end of each reporting period. Parkland also uses judgment to determine whether the nature of the activities performed relate to decommissioning and remediation activities or normal operating activities. In addition, the provisions are based on estimated costs, which consider the anticipated method and extent of remediation, technological advances, possible future uses of the site, and regulatory, environmental and safety considerations. Actual costs are uncertain and estimates can vary as a result of changes to relevant laws and regulations, the emergence of new technologies, operating experience, prices and closure plans. The estimated timing of future decommissioning and remediation may change due to factors such as closure plans and regulatory considerations. Changes to estimates relating to future expected costs, discount rates and timing may have a material impact on the amounts presented.

Contingencies and legal matters

Contingencies are subject to measurement uncertainty as the financial impact will only be confirmed by the outcome of a future event. The assessment of contingencies and legal matters involves a significant amount of judgment, including assessing whether a present obligation exists, assessing factors that may mitigate or reduce the obligation, and determining a reliable estimate of the amount of cash outflow required in settling the obligation. Parkland is required to both determine whether a loss is probable and whether the loss can be reasonably estimated. The uncertainty involved with the time and amount at which a contingency may be settled may have a material impact on the consolidated financial statements of future periods to the extent that the amount provided for differs from the actual outcome.

Business combinations

Parkland uses judgment in applying the acquisition method of accounting for business combinations and estimates to value identifiable assets and liabilities as at the acquisition date. Estimates are used to determine cash flow projections, including the period of future benefit, and future growth and discount rates, among other factors. The values placed on the acquired assets and liabilities assumed affect the amount of goodwill recorded on an acquisition.

Asset impairment

Asset impairment tests require the allocation of assets to CGUs or CGU groups, which requires significant judgment and interpretation with respect to the integration between assets, the existence of active markets, similar exposure to market risks, shared resources and assets, and the way in which management monitors the operations.

The assessment of whether there is any indication of impairment is performed at the end of each reporting period, and requires the application of judgment, historical experience, and use of external and internal sources of information.

Asset impairment tests require the estimation of the recoverable amount of the non-financial asset or the CGU group, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on an earnings multiple approach, available data from binding sales transactions conducted at arm’s length for similar assets, valuation appraisals, or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow model. Parkland references Adjusted EBITDA forecasts and implied earnings multiples and appropriate discount rates for the recoverable amount calculations. The forecasts do not include restructuring activities that Parkland is not yet committed to, or significant future investments that will enhance the performance of the asset or CGU being tested. The implied multiples are determined by utilizing multiples of comparable public companies and recently completed transactions by operating segment. The recoverable amount is sensitive to Adjusted EBITDA forecasts, implied earnings multiples, the discount rate used for the discounted cash flow model as well as the expected future cash flows and the growth rate used for cash flow forecasts. These estimates are most relevant to goodwill, property, plant and equipment, intangible assets and non-financial assets held for sale recognized by Parkland.

Parkland Corporation | 2024 Consolidated Financial Statements  21

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

Depreciation and amortization

Depreciation of property, plant and equipment and amortization of intangible assets incorporate estimates of useful lives and residual values. These estimates are based on past experience and industry norms, and may change as more experience is obtained or as market conditions change.

Fair value of financial instruments

The fair value of financial instruments is determined wherever possible based on observable market data. If not available, Parkland uses third-party models, independent price publications, market exchanges, investment dealer quotes, and valuation methodologies that utilize observable data. Actual values may significantly differ from these estimates.

Income taxes

Estimation of income taxes includes evaluating the recoverability of deferred tax assets based on an assessment of the ability to use the underlying future tax deductions against future taxable income before the deductions expire. The assessment is based on existing tax laws and estimates of future taxable income. For uncertain tax positions, Parkland calculates provisions using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors and reviews the adequacy of these provisions at the end of each reporting period.

Judgments and estimates made in assessing the impact of climate change

Parkland considers the impacts of climate change, including transition to a low-carbon economy, in the preparation of its consolidated financial statements. The impacts could be significant as they could result in lower future demand for refined products, significant change in the regulations or increase in catastrophic events. Climate change factors are considered by Parkland in making significant accounting judgments and assumptions including (i) calculations of asset retirement obligations (estimated timing and costs of future decommissioning) and environmental provisions, (ii) preparation of management forecasts used in testing assets for impairment, (iii) determination of useful lives for calculation of depreciation and amortization. As at December 31, 2024, climate-related risks have no material impact on these judgments and assumptions.

(ah) Amended standards adopted by Parkland

Parkland has adopted the following accounting amendments that are effective for the annual periods beginning January 1, 2024. The adoption of these amendments did not have a material impact on the consolidated financial statements.

(ai) Recently announced accounting pronouncements

The following standards, amendments and interpretations are issued, but not yet effective as at December 31, 2024, and Parkland intends to adopt these standards, amendments and interpretations when they become effective:

Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates

In August 2023, the IASB issued amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates (“IAS 21”). The amendments 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. When a currency is not exchangeable, an entity estimates the spot rate as the rate that would have been applied to an orderly

22  Parkland Corporation | 2024 Consolidated Financial Statements

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

transaction between market participants at the measurement date and that would reflect the prevailing economic conditions. An entity must disclose information that would enable users to evaluate how a currency’s lack of exchangeability affects the financial performance, financial position, and cash flows of an entity. The amendments to IAS 21 are effective January 1, 2025. Parkland does not expect these amendments to have a material impact on its operations or consolidated financial statements.

IFRS 18 - Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued new IFRS 18 - Presentation and Disclosure in Financial Statements (“IFRS 18”) replacing IAS 1. The new guidance is expected to improve the usefulness of information presented and disclosed in the financial statements of companies. IFRS 18 introduces the following key changes:

IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, with early adoption permitted. Parkland is currently assessing the impact of this new IFRS accounting standard on its consolidated financial statements.

Amendments to IFRS 9 - Financial Instruments and IFRS 7 - Financial Instruments: Disclosures

In May 2024, the IASB issued narrow-scope amendments to the recognition, derecognition and classification requirements in IFRS 9 - Financial Instruments (“IFRS 9”) and introduced additional disclosure requirements in IFRS 7 - Financial Instruments: Disclosure (“IFRS 7”). The amendments include:

The amendments are effective for annual reporting periods beginning on or after January 1, 2026. Parkland is currently assessing the impact of these amendments on its consolidated financial statements.

Parkland Corporation | 2024 Consolidated Financial Statements  23

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

3. NET EARNINGS (LOSS) PER SHARE

4. ACCOUNTS RECEIVABLE

Refer to Note 15 for details on Parkland’s exposure to credit and market risks as well as impairment losses for accounts receivable.

5. INVENTORIES

For the year ended December 31, 2024, $24,537 (2023 - $28,472) of inventories was recognized within cost of purchases.

24  Parkland Corporation | 2024 Consolidated Financial Statements

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)

6. PROPERTY, PLANT AND EQUIPMENT

Parkland Corporation | 2024 Consolidated Financial Statements  25

Parkland Corporation

Notes to the Consolidated Financial Statements

For the year ended December 31, 2024

($ millions, unless otherwise stated)